We employ a stochastic dynamic programming approach to study decision making by an individual wishing to have an arranged marriage. First, we show that this individual never opts out of a voluntarily agreed upon marriage. Second, we demonstrate that our marrying individual uses a reservation...

We analyze two hitherto little studied but salient questions concerning the trinity of asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy. First, we use a two period model to analyze the contractual relationship between entrepreneurs and...

Issues germane to the provision of guided tours for tourists wishing to visit a particular location during the slack season have received scant theoretical attention in the tourism literature. Therefore, we conduct a stochastic analysis of guided tours for tourists during the slack season. We...

We study the provision of information to tourists in a probabilistic setting. Specifically, we provide answers to three hitherto unstudied questions in the tourism literature. We first delineate a continuous-time Markov chain (CTMC) model of a tourist information center (TIC) and then we compute...