In this paper we use a Moore Automata with Binary Stochastic Output Function for exploring the extensive decision on tax evasion made by subjects in experiments run in Chile and Italy. We show first how an hypothesis about subject behavior is converted into an automaton and how do we compute the...

By employing a dynamic model with two limit order books, we show that fragmentation is associated with reduced competition among liquidity suppliers and lower picking-off risk of limit orders. Due to these countervailing channels, the impact of fragmentation on liquidity and welfare differs with...

Purpose – The purpose of this paper is to explain the onshore satisfaction of cruise passengers, in the port of call of Cartagena de Indias. Design/methodology/approach – A questionnaire was given to 1,361 passengers of 28 cruise ships during October and November of 2009, then factor...

This paper gives a contribution to the debate on regional convergence by comparing the long run prediction of convergence clubs introduced by Quah (1996 and 1997) with the actual observed dynamics of the Italian regions during the period 1970–2004. To this end we analyze the evolution of per...

<title>Abstract</title> This paper computes the cost of traffic congestion in the city of Antofagasta in Chile. A microsimulation is implemented where all the agents of the system travel across the transport network. The congestion cost is computed through the aggregation of the opportunity cost of people...