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...

We first delineate a general model that accounts for the common features of sightseeing trips to city attractions and to locations such as lakes and parks. Next, we use the theory of discrete-time Markov chains (DTMCs) to formalize this general model and then we compute the one-step transition...

We first delineate a general model that accounts for the common features of sightseeing trips to city attractions and to locations such as lakes and parks. Next, we use the theory of discrete-time Markov chains (DTMCs) to formalize this general model and then we compute the one-step transition...

Resources such as orchards are vulnerable to the detrimental effects of successful invasions by alien animal or plant species. To outline an appropriate policy response, we first use renewal theory to construct a stochastic model of optimal orchard management in the presence of a deleterious...

Recently, Batabyal and Yoo (2007) have proposed a new probabilistic approach to orchard management. In this approach, a manager minimizes an economic criterion function, namely, the long run expected net cost of orchard management subject to an ecological constraint which says that the...

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...

Resources such as orchards are vulnerable to the detrimental effects of successful invasions by alien animal or plant species. To outline an appropriate policy response, we first use renewal theory to construct a stochastic model of optimal orchard management in the presence of a deleterious...

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 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....