OPTIMAL PARTICIPATION IN ILLEGITIMATE MARKET ACTIVITIES COMPLETE ANALYSIS OF 2 DIMENSIONAL CASES

David Carfì () and Angelica Pintaudi ()
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Angelica Pintaudi: University of Messina Italy, Postal: IT

Journal of Advanced Research in Law and Economics, 2012, vol. 3, issue 1(5), 10-25

Abstract: In this paper we consider the quantitative decision problem to allocate a certain amount of time upon two possible market activities specifically a legal one and an illegal one The problem was considered in literature by Isaac Ehrlich in his seminal paper Participation in Illegitimate Activities A Theoretical and Empirical Investigation published in The Journal of Political Economy in 1973 The mathematical model we propose and use is essentially a formal mathematical translation of the ideas presented by Ehrlich but on the other hand our approach will allow to apply efficiently and quantitatively the Ehrlich qualitative model We model an Ehrlich decision problem as a pair P f where the function f T Rm is a vector payoff function defined upon a compact m dimensional decision time constrain T and with values into the m dimensional payoff space Rm for some natural number m in our paper m is 2 Finally we apply the Complete Analysis of a Differentiable Decision Problem and part of the Complete Analysis of a Differentiable normal form Game recently introduced in literature by David Carf to examine exhaustively an example of Ehrlich decision problem

Date: 2012
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Working Paper: Optimal participation in illegitimate market activities: complete analysis of 2-dimensional cases (2012)
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