This study offers an extension of Grossman and Helpman (1994) political-economic framework to model an industry regulated by an integrated system of both direct and market-based policies. The model is incorporated into a normative theoretical analysis and serves as a basis for structural...

Historically, rural areas have been the place where most of the population lived and made its living. As a result of various economic, demographic, social and cultural changes, the second half of the 20th century was characterized by structural change in many western rural regions. Within this...

Two-sided reflected Markov-modulated Brownian motion with applications to fluid queues and dividend payouts

In this paper we consider the first passage process of a spectrally negative Markov additive process (MAP). The law of this process is uniquely characterized by a certain matrix function, which plays a crucial role in fluctuation theory. We show how to identify this matrix using the theory of...

In this paper we consider the two-sided reflection of a Markov modulated Brownian motion by analyzing the spectral properties of the matrix polynomial associated with the generator of the free process. We show how to compute for the general case the Laplace transform of the stationary...

Historically, rural areas have been the place where most of the population lived and made its living. As a result of various economic, demographic, social and cultural changes, the second half of the 20th century was characterized by structural change in many western rural regions. Within this...

This paper applies a discrete-choice framework with product differentiation to model the rural tourism industry in Israel and to jointly estimate the effect of lodging and farm characteristics on consumer preferences and firms' costs. The model accounts for heterogeneity in tastes and...