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...

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 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....

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...