The sizeable literature on extinction in economics has paid scant attention to the problem of constructing measures of species extinction. Moreover, this literature has not studied the question of species extinction in stochastic systems that are jointly determined. Consequently, the objective...

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...

The economics literature on extinction has not paid much attention to the task of constructing metrics of species extinction. Further, this literature has not analyzed the issue of species extinction in stochastic ecological-economic systems that are jointly determined. As such, the goal of this...

This paper provides a theoretical analysis of time restrictions in the context of natural resource management in North America. The economic inefficiencies arising from the use of time restrictions to protect natural resources have been well documented by researchers. We first show that in the...

This article provides a theoretical study of temporal restrictions in the context of natural resource management in North America. The economic inefficiencies arising from the use of temporal restrictions to protect natural resources have been well documented by researchers. We first demonstrate...

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 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 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...