Measuring the psychic return of art investments is a debated issue in Cultural economics. Several works suggest Jensen's alpha as a measure of the psychic return. Since the Jensen's alpha is defined in the CAPM framework, its uncritical application as a measure of the psychic return may be...

In this paper, we present a model for the marketability of a Tribal artwork and we test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results show a significant relationship between the...

An avalanche of empirical studies has addressed the validity of the rank-size rule (or Zipf's law) in a multi-city context in many countries. City size in most countries seems to obey Zipf's law, but the question under which conditions (e.g. sample size, spatial scale) this 'law' holds remained...

The authors solve a linear problem where a potential conflict between two agents (Destination manager and Firm) arises in a tourism destination. The Destination manager has to choose how to allocate limited resources (capital and land) between either second homes or hotels. This conflict stems...

The authors solve a linear problem where a potential conflict between two agents (Destination manager and Firm) arises in a tourism destination. Destination manager has to choose how to allocate limited resources (capital and land) between either second homes or hotels. This conflict stems from...

In this paper, starting from the two-sector Uzawa-Lucas model, we study a three-sector endogenous growth model with leisure services. By extending the endogenous growth model with leisure developed by Ladrón-de Guevara et al. [1999], our model generalizes the standard time allocation problem,...