We theoretically study the rescue of destitute migrants seeking to reach Europe on boats across the Mediterranean Sea. To this end, we first construct a discrete-time Markov chain (DTMC) model of a stylized rescue process. Second, we specify the one-step transition probabilities of the DTMC....

We analyze the economic growth related effects of learning by doing in a region that is creative in the sense of Richard Florida. Firms in this region use physical and creative capital to produce output. We model learning by doing and our analysis of the working of this creative region leads to...

We analyze the impact that stochastically occurring innovations have on Schumpeterian economic growth in a region that is creative in the sense of Richard Florida. Our analysis leads to four findings. First, we delineate the so called balanced growth path (BGP) equilibrium and then compute the...

We follow Batabyal and Beladi (2014, 2015) and theoretically study a regional economy that produces a final consumption good with physical and creative capital. However, in contrast with the approach taken in the above two papers, in our model, the means for obtaining acquired creative capital...

We first construct a theoretical model of a regional economy that produces a final consumption good such as a knowledge good with two factors of production, namely, physical and creative capital. Next, we analyze the creative capital accumulation decision faced by individuals in this regional...

We first construct a theoretical model of a regional economy that produces a final consumption good such as a knowledge good with two factors of production, namely, physical and creative capital. Next, we analyze the creative capital accumulation decision faced by individuals in this regional...

In this note, we study a guided tour providing firm that operates in a stochastic environment. The environment is stochastic because this firm’s costs are deterministic but its revenues are stochastic. Since revenues are stochastic, the profits of this firm are also stochastic. For such a...

A key goal of renewable resource managers in developing countries is to take actions to ensure that the resource being managed stays away from irreversible or crisis states in which it provides neither consumptive nor non-consumptive services to humans. However, despite a manager's best efforts,...

We analyze the problem of preventing biological invasions caused by ships transporting internationally traded goods between countries and continents. Specifically, we ask the following question: Should a port manager have a small number of inspectors inspect arriving ships less stringently or...

We propose and develop a new framework for studying the problem of preventing biological invasions caused by ships transporting internationally traded goods between countries and continents. Specifically, we apply the methods of queuing theory to analyze the problem of preventing a biological...