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To Adjust or not to Adjust after a Cost-Push Shock? A Simple Duopoly Model with (and without) Resilience - Lambertini, Luca; Marattin, Luigi
We characterize the equilibrium in a homogeneous good Cournot duopoly in which firms have the choice to react to a cost-push shock by paying a lump-sum adjustment cost in order to offset the initial rise in marginal cost. Our results show that the size of the shock and the size of the adjustment cost jointly determine the nature and the number of the equilibria generated in the game. In particular, if the adjustment cost is high enough, at least one firm decides not to adjust at the pure strategy equilibrium, and such a partial adjustment by the industry can be...
The Paradox of Fiscal Imbalances in India - Mahamallik, Motilal; Sahu, Pareswar; Mahapatra, Sushanta
An attempt has been made to examine the nature and extent of fiscal imbalances in India using the secondary data over a period of thirty years from 1980-81 to 2009-10 (BE). It has been established that there is persistence and growing vertical as well as horizontal fiscal imbalances even after a series of corrective fiscal measures. Efforts to reduce these imbalances found to be ineffective due to contradictions among different measures of fiscal correction. Methodologies adopted to maintain equity contradict with methodologies used to increase efficiency. The 14th finance commission may take initiative to resolve this paradox through a ‘weight...
The Causal Effect of Scholarships Targeted at Low Income Students on Performance: Evidence from Italy - Rattini, Veronica
This paper exploits discontinuities in the assigment of scholarships targeted at low income students in an Italian University in order to evaluate the effects of monetary incentives on students' academic achievement. Results reveal positive and sizeable causal effects both in terms of credits and grades. Gender differentials also emerge: male students drive the results on credits outcome while females students drive the effect on grades. These results suggest that the scholarship design contributes to reducing the probability of delayed graduation ("Fuori Corso" problem).
Political Corruption and Minority Capture - Giannoccolo, Pierpaolo; Lisciandra, Maurizio
This analysis investigates a political corruption model that builds on previous literature on corruption in hierarchies. Our study enriches the literature on political corruption emphasizing the contrasting role of the minorities having a control role of the majorities. In particular, this paper provides a set-up for the conditions in which a briber can choose between either bribing only the majority and accepting the monitoring of the minority, or alternatively, bribing also the minority, which gives up to its control role and increases the probability of success of the illicit action.
Minorities can exploit their typical monitoring role in modern democracies either...
Climate Change Vulnerability in Agriculture Sector: Indexing and Mapping of Four Southern Indian States - Sridevi, G.; Jyotishi, Amalendu; Mahapatra, Sushanta; Jagadeesh, G.; Bedamatta, Satyasiba
Agriculture is the sector most vulnerable to climate change due to its high dependence on climate and weather conditions. Climate change is a main challenge for agriculture, food security and rural livelihoods for millions of people in India. Among India’s population of more than one billion people, about 68% are directly or indirectly involved in the agricultural sector. This sector is particularly vulnerable to present-day climate variability. In this paper an attempt is made to map and analyze the vulnerability to climate change in different districts of four south Indian states: Andhra Pradesh, Karnataka, Tamil Nadu and Kerala. We have...
Organized Crime and Electoral Outcomes in Sicily - Buonanno, Paolo; Prarolo, Giovanni; Vanin, Paolo
This paper investigates the relationship between mafia and politics by focusing on the market for votes. It exploits the fact that in the early 1990s the Italian party system collapsed, new parties emerged and mafia families had to look for new political allies. It presents evidence, based on disaggregated data from the Italian region of Sicily, that between 1994 and 2008 Silvio Berlusconi’s party, Forza Italia, obtained higher vote shares in municipalities plagued by mafia. The result is robust to the use of different measures of mafia presence, both contemporary and historical, to the inclusion of different sets of controls...
Being a consultant “expert” in a developing country: the legacy and lessons of Albert Hirschman - Ardeni, Pier Giorgio
After more than half a century, the reflections of Albert O. Hirschman on development assistance, the role of consultant "experts" in providing policy advice and the "visiting economist's syndrome" are still very current. In as much as Hirschman argued against all-encompassing policy frameworks, overall development plans and universal models, "one-size-fits-all" models abstracting from the local, historical, geographic and institutional conditions have remained the prevailing modus operandi of international development agencies and governments in development assistance. In spite of Paul Krugman's criticism of Hirschman's lack of a mathematically-consistent approach in favor of an ad hoc pragmatism, Hirschman's avoidance of assuming a...
SOC(HE)-Italy: a classification for graduate occupations - Cattani, Luca; Purcell, Kate; Elias, Peter
This paper presents an application to the Italian labour force of the British SOC(HE)2010 classification for graduate occupations, thereby creating a statistical tool for exploration of the Italian graduate labour market. In order to achieve this goal, the classification is replicated, using methodology that differs slightly to take account of differences in existing Italian data, to construct SOC(HE)-Italy. This classification allocates each of the official 800 Italian occupational categories to four groups distinguishing between ‘graduate’ and ‘non-graduate’ groups on the basis of their relative levels of knowledge and skills requirements. It is then validated using the Rilevazione Continua sulle Forze...
Horizontal Mergers with Capital Adjustments: Workers' Cooperatives and the Merger Paradox - Delbono, Flavio; Lambertini, Luca
We study the incentives towards horizontal merger among firms when the amount of capital is the strategic variable. The type of firms we focus on is workers' cooperatives, but our conclusions apply also to employment-constrained profit maximisers. Within a simple oligopoly model, we prove that the horizontal merger, for any merger size, is: (i) privately efficient for insiders as well as for outsiders; (ii) socially efficient if market size is large
enough, including the case of merger to monopoly.
Fiscal Policy Announcements of Italian Governments and Spread Reaction during the Sovereign Debt Crisis - Falagiarda, Matteo; Gregori, Wildmer Daniel
This paper attempts to evaluate the effects of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three cabinets that followed one another during the period 2009-2013. The results suggest that only fiscal policy announcements made by members of Monti's cabinet have been effective in influencing the Italian spread, revealing a remarkable credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
pca2: implementing a strategy to reduce the instrument count in panel GMM - Bontempi, Maria Elena; Mammi, Irene
The problem of instrument proliferation and its consequences (overfitting of the endogenous explanatory variables, biased IV and GMM estimators, weakening of the power of the overidentification tests) are well known. This paper introduces a statistical method to reduce the instrument count. The principal component analysis (PCA) is applied on the instrument matrix, and the PCA scores are used as instruments for the panel generalized method-of-moments (GMM) estimation. This strategy is implemented through the new command pca2.
CSR in an Asymmetric Duopoly with Environmental Externalities - Lambertini, Luca; Palestini, Arsen; Tampieri, Alessandro
We investigate a linear state dfferential game describing an asymmetric Cournot duopoly with capacity accumulation à la Ramsey and a negative environmental externality (pollution), in which one of the firms has adopted corporate social responsibility (CSR) in its statute, and therefore includes consumer surplus and the environmental effects of production in its objective function. If the market is sufficiently large, the CSR firm sells more, accumulates more capital and earns higher profits than its profit-seeking rival.
Settima giornata di studio Ettore Funaioli, 19 luglio 2013
In questo volume sono raccolte le memorie presentate in occasione della “Settima Giornata di Studio Ettore Funaioli”, che si è svolta il 19 luglio 2013 presso la Scuola di Ingegneria e Architettura dell’Alma Mater Studiorum – Università di Bologna.
La Giornata è stata organizzata dagli ex allievi del Prof. Ettore Funaioli con la collaborazione del DIN – Dipartimento di Ingegneria Industriale e della Scuola di Ingegneria e Architettura dell’Alma Mater Studiorum – Università di Bologna, e con il patrocinio dell’Accademia delle Scienze dell’Istituto di Bologna e del GMA – Gruppo di Meccanica Applicata.
Green Consumers, Greenwashing and the Misperception of Environmental Quality - Lambertini, Luca; Pignataro, Giuseppe; Tampieri, Alessandro
In this paper we analyse a setup where consumers are heterogeneous in the perception of environmental quality. The equilibrium is verified in a setting with horizontal and vertical (green) differentiation. Profits are increasing in the misperception of quality, while, the investment in green quality decreases the more the goods are substitutes. We further consider the introduction of either an emission tax or an environmental standard. The former rises the investment in environmental quality due to the higher cost of production, whereas in equilibrium quality always improves after the introduction of the latter. We show that an optimal environmental standard is...
Higher order beliefs and the dynamics of exchange rates - Pancotto, Francesca; Pignataro, Giuseppe; Raggi, Davide
This paper investigates the role of higher order beliefs in the formation of exchange rates. Our model combines a standard macroeconomic dynamics for the exchange rates with a microeconomic specification of agents' heterogeneity and their interactions. The empirical analysis relies on a state space model estimated through Bayesian methods. We exploit data on macroeconomic fundamentals in a panel of subjective forecasts on the euro/dollar exchange rate. The equilibrium strategy on the optimization process of the predictors shows that higher order beliefs is the relevant factor in performing individual
forecasting. Moreover public information, namely past exchange rates and fundamentals, plays a crucial...
Psichiatria per Professioni Sanitarie - Lia, Loredana; Serretti, Alessandro
Il presente manuale offre una preparazione psichiatrica per gli operatori delle professioni sanitarie. Considerata la grande prevalenza di disturbi psichiatrici nella popolazione, appare importante avere le basi dei disturbi psichiatrici, dei trattamenti, delle strutture che configurano l'attività psichiatrica e dei diversi approcci da tenere nei confronti di persone affette da patologie psichiatriche.
Il manuale è diviso in capitoli specifici per consentire un rapido accesso alle informazioni necessarie.
ICT and Non-ICT investments: short and long run macro dynamics - Bacchini, Fabio; Bontempi, Maria Elena; Golinelli, Roberto; Jona Lasinio, Cecilia
In this paper, we model business investment distinguishing between ICT (communication equipment, hardware and software) and Non-ICT (machinery and equipment, and nonresidential buildings) components and taking into account asset specific characteristics potentially affecting the reactivity of capital accumulation over the business cycle. Business investment and ICT and Non-ICT assets are estimated within a VECM model to test, in a unique framework, the assumptions of the flexible accelerator model (Clark, 1944, and Koyck, 1954) and of the neoclassical model of Hall and Jorgenson (1967), as well as how
financial constraints and uncertainty influence investment behaviour (Hall and Lerner, 2010, and Bloom, 2007)....
Rapporto sul mercato del lavoro della provincia di Bologna nel 2013 : uscire dal labirinto - Tassinari, Giorgio
The paper contains the main informations about labour market in the county of Bologna during 2013. T in 2008he Bologna labour market suffers deeply of the effects of the economic crisis started goes through great transformations: from full employment to mass unemployment. Moreover, it witnessed an heavy diffusion of short term jobs and other non standard contracts. The paper shows that this changes are shared with what has happened at regional and national levels.