The paper presents an application of the chaos theory to tourism, a sector in which operators' choices are particularly elaborate and complex. The dynamics of the tourist industry are, in fact, the result of close interactions between units of production, tourist flows, local authorities and...

This paper incorporates the phenomenon of tolerance into an economic analysis, showing how different attitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and...

We propose an evolutionary game to analyse the dynamics of tolerance among heterogeneous economic agents. We show that: (i) intolerance is much more persistent than tolerance; (ii) a fully tolerant society assures prosperity; (iii) cultural integration should precede economic integration.

The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...

This paper argues that, in the September 1992 European currency crisis, market trends in derivatives, in terms of price volatility and change in volumes traded, might have represented an early indicator, in reference to the spot market, of the lack of confidence in the ability of the Italian...

In this paper we develop two simple discrete-time Ramsey models augmented with migrant workers to assess the impact of migration on per-capita domestic consumption. In one model we assume perfect substitutability between migrants and natives while in a second model we explore the effect of...

This paper investigates the economic consequences of migration in the Ramsey-type dynamic optimizing context. In contrast to Hazari and Sgro (2003) conclusions, we show that with a Cobb-Douglas production function migration unambiguously reduces per-capita domestic consumption growth, whereas...

This article derives optimal fiscal rules within a stochastic model of Keynesian type in the context of Poole (1970) analysis. By using optimal control theory and applying the Hamilton-Jacoby Bellman equation, we extend the original Poole results concerning the output stabilization properties of...