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Public Transit Subsidy: from the Economics of Welfare to the Theory of Incentives - Fabbri, Daniele
Public Transit is publicly managed almost all over Europe. Public intervention in this sector is due to market failures: economies of scale and misperceptions of social and private costs may cause an insufficient supply of transit services. These arguments have been thouroughly analyzed within the standard welfarist approach to the theory and practice of subsidization. Ramsey rules and cost-benefit analysis emerged as useful devices for the definition of subsidy allocation. However remedies to market failures should be traded-off against government failures. Lack of incentives, X-inefficiency, regulatory capture, bureaucracy power are common facts in the internal organization of public administration. If...
Are Labor-Managed Firms Really Able to Survive Competition With Profit-Maximizing Firms? - Lambertini, Luca; Rossini, Gianpaolo
The behaviour of labor managed and profit seeking firms in a Cournot duopoly with capital
strategic interaction is analysed. Whena pure labor managed duopoly is considered, firms choose their capital commitments according to the level of the interest rate, unlike what usually happens when only profit maximizing firms operate in the market. If we consider a mixed duopoly, the profit maximizing firm underinvests as a reaction to the strategic asymmetry characterizing competition in the quantity stage regardless of the rental cost of capital, while the investment decision taken by the labor managed firm is again affected by the cost of capital....
Il cambio della lira attraverso controlli e interventi: variabili fondamentali e analisi "chartiste - Basevi, Giorgio; Pignataro, Andrea
This paper has two aims, one theoretical and the other empirical. At the theoretical level, we advance an interpretation of the apparent inability of models based on rational expectations to
explain the time evolution of exchange rates. The interpretation is based on the inadequate treatment of the different time frequencies with which new information on the different variables that affect the foreign exchange markets becomes available. At the empirical level, we attempt to re-examine the effectiveness of controls on capital movements, during a period in which these were used in Italy; moreover we analyse the effectiveness of official foreign exchange interventions.
Una critica alla dottrina liberal-individualista dei diritti - Zamagni, Stefano
Il saggio svolge un'analisi critica della versione individualista della dottrina liberale dei diritti, a partire dalla considerazione delle conseguenze che discendono dalla negazione del concetto di bene comune. Viene poi esaminata la debolezza della teoria neocontrattualista a fornire un soddisfacente fondamento per una teoria dei diritti. L'argomento giunge alla conclusione che la dottrina liberal-personalista rappresenta una valida alternativa a quella liberal-individualista, soprattutto in vista delle applicazioni ad un ambito di studio come quello dell'economia politica.
Tax Amnesties, Plea Bargains and the Optional Enforcement Policy - Franzoni, Luigi Alberto
This paper develops a model of tax enforcement in which the tax agency is allowed to make pre-audit settlement offers to taxpayers. Settlements can either take the form of public amnesties or individual plea bargains. In this model, pre-audit settlements allow the agency to overcome its limited control over the enforcement parameters (the agency takes the tax and penalty levels as given) and to increase its net revenue. Public amnesties prove to be superior to individual plea bargains, since they allow the agency to extract from taxpayers, not only the prospective defence cost, but also the risk premium associated with...
Minimum Quality Standards and Collusion - Ecchia, Giulio; Lambertini, Luca
We model the introduction of a minimum quality standard in a vertically differentiated duopoly. We extend the literature in determining the standard endogenously, showing that the maximisation of social welfare entails an increase in the surplus accruing to consumers served by the low quality firm and a decrease in the surplus of the remaining consumers. Then, we consider the effects of the standard on the stability of price collusion, proving that the standard makes it more difficult for firms to collude if consumers are sufficiently rich.
The Ad-As Model and its Solutions: Some New Results in A Disequilibrium Perspective - Chirco, Alessandra; Colombo, Caterina
This paper extends the disequilibrium approach to aggregate demand and aggregate supply to situation in which the level of the fixed nominal wage is compatible with shortage of labour. We show that discontinuities arise in the AD-AS curves and that only a 'one sided,, not bilaterally stable equilibrium exists, which corresponds to the underconsumption regime. In order to show peculiarities, this extends AD-AS framework is then applied to a standard policy problem.
On Prices' Cyclical Behaviour in Oligopolistic Markets - Lambertini, Luca; Marattin, Luigi
We revisit the discussion about the relationship between price’s cyclical features, implicit collusion and the demand level in an oligopoly supergame where a positive shock may hit demand and disrupt collusion. The novel feature of our model consists in characterising the post-shock noncooperative price and comparing it against the cartel price played in the last period of the collusive path, to single out the conditions for procyclicality to arise both in the short and in the long-run.
Entry-Exit Timing and Profit Sharing - Moretto, Michele; Pastorello, Sergio
We analyze the effects of two compound investment options, a shut down and a reopening option, on a Aoki's profit sharing firm organization. Whilst the introduction of a credible threat of shutting down weakens labour's position in the bargaining and favors the shareholders on profit sharing, the option to reopen the plant acts in the opposite direction, reducing the abandoning threat and reinforcing the workers' bargaining power. More specifically, as long as an increase in uncertainty leads to an increase in the benefit from reopening, and hence in the firm's market value, the overall result implies a weakening of the...
Prosecutorial Discretion and Criminal Deterrence - Franzoni, Luigi Alberto
This paper develops a model of law enforcement in which the indicted and the enforcer can negotiate the level of the penalty by means of a settlement. The emphasis of the analysis is on the credibility of the settlement other: the enforcer cannot threaten an incredibly large conviction rate if the negotiation fails. The introduction of the negotiation stage brings about several novel features of the optimal enforcement policy, one of which is the possibility that a ¯nite penalty is optimal (globally or locally). We show that the skimming process associated with the negotiation stage reduces the incentives for the...
Profit Sharing Regulation, Repeated Bargaining and Shut-Down Option - Moretto, Michele; Rossini, Gianpaolo
We analyse the behavior of a firm where workers share profits with shareholders by using a model cast in an Aoki framework. Our firm faces two sorts of uncertainty: one relates to the market price assumed to follow a random walk in continuous time and the other relates to internal organization, i.e. the share of profits to be distributed between workers and shareholders. The firm is assumed to be flexible, since it has the possibility of shutting down by paying laid off workers a bonus, which represents a sunk cost for the firm. The distributive share is determined through a...
Multivariate Estimation of Exponential Affine Models of the Term Structure of Interest Rates - Pastorello, Sergio
In this paper I consider the estimation of multi-factor exponential affine models of the term structure of interest rates. I start with a survey of the empirical work on the term structure in continuous time, showing that in most cases the implementation of the models has not fully exploited the theoretical restrictions. I also show that these works have almost always focused on “generalizations” of the theoretical model based on the inclusion of measurement errors in bills and bonds prices. I then suggest two approaches to statistical inference: the first is based on the Kalman filter, while the second follows...
Proportional Import Restraints in Oligopoly - Denicolò, Vincenzo; Garella, Paolo
We study the differences in the impact of trade restrictions on the level of imports (e.g. 200,000 automobiles per years) and restrictions defined in terms of market shares (e.g. 10% of the market). We argue that if domestic firms enjoy some market power proportional trade restrictions have a stronger anticompetitive effect than volume restrictions, and therefore lead to higher equilibrium prices and lower social welfeare. In the case of Cournot competition and constant marginal costs, with proportional import restraints the equilibrium price sticks to the autarchic level, independently of the market share reserved for foreign firms. As a consequence, enlarging...
Potential Output and Fiscal Rules in a Monetary Union under Asymmetric Information - 2nd ed - Marattin, Luigi; Meraglia, Simone
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states’ potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states’ output gap. In the presence of asymmetric information and bailout, the first-best deficit is not implementable. Bail-out lowers the scope for signalling (discrimination) by member states (lenders) and induces overborrowing by member states characterized by a low output gap. The Monetary Union can design a mechanism such that a member state with a smaller negative output gap runs an optimal budget...
Trade Liberalization May Be Harmful under Endogenous Differentiation - Lambertini, Luca
The consequences of free trade are investigated in an international duopoly under horizontal differentiation and convex transportation costs. It is shown that the smaller country may benefit from trade if it is sufficiently small to allow for a significant volume of exports by the domestic firm. On the contrary, the larger country never benefits from trade, since liberalization decreases the domestic firm’s profit more than it increases consumer surplus.
Monopolistic Competition, Trade and Endogenous Spatial Fluctuations - Ottaviano, Gianmarco
This paper investigates the possibility of endogenous fluctuations in the international distribution of economic activities in the presence of increasing returns, monopolistic competition, trade and convex adjustment costs. Differently from the existing literature, it does not allow for any local productive externalities. Using a 2-country dynamic general equilibrium model, it derives necessary and sufficient conditions for the existence of self-reinforcing relocation processes. It shows that the occurrence of multiple equilibria and endogenous fluctuations is associated with a high degree of increasing returns to scale as well as low trade and adjustment costs. Under such circumstances relocation processes are driven by...
No-Envy Arrow's Conditions - Denicolò, Vincenzo
This paper studies the relationship between the theory of distributive justice based on the concept of envy-freeness and Arrovian social choise theory. We define two conditions of No-envy and study their relationship with Arrow' scondition of independence of irrelevant alternatives, a weakening of this condition called Personal States Independence and the condition of Minimal Equity, that says that each individual must have the power to veto (in a limited sense) at least one alternative (presumably, one alternative which is particularly unfair to him).