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Experiencing breast cancer at the workplace - Zanella, Giulio; Banerjee, Ritesh
We study unique data from a dynamic natural experiment involving more than 7,000 American women to understand how a woman’s propensity to perform an annual mammography changes over time after a co-worker is diagnosed with breast cancer. We find that in the year this event occurs the probability that a woman performs a mammography drops by about 8 percentage points, off a base level of about 70%. This impact effect is persistent during at least the following 2 years, is driven by cases of breast cancer diagnosed at non-early stages, and by the behavior of individuals who are less knowledgeable...
Grandchildren and Their Grandparents’ Labor Supply - Rupert, Peter; Zanella, Giulio
We study how becoming a grandparent affects grandparents’ labor supply. In a simple model
of the allocation of time in which seniors care about their offspring’s welfare and also value
time spent with family children, the sign of the effect is ambiguous. Using data from the Panel
Study of Income Dynamics we find evidence that becoming a grandparent causes a reduction
of employed grandmother’s hours of work. We identify a lower bound of about 190. This
effect originates towards the bottom of the hours distribution (i.e., among women less attached
to the labor market). For employed grandfathers, the effect is also negative, originates towards
the top of...
Revisiting wage, earnings, and hours profiles - Rupert, Peter; Zanella, Giulio
We document empirical life cycle profiles of wages, earnings, and hours of work for pay from
the Panel Study of Income Dynamics, following the same workers for up to four decades. For
six of the eight cohorts we analyze the wage profile does not decline with age (not before 65,
at least), while the earnings profile always does. The discrepancy is explained by a sharp drop
in the hours of work for pay profile beginning shortly after age 50, when many workers start a
smooth transition into retirement by working progressively fewer hours. This pattern is not an
artifact of staggered abrupt retirement, and is robust...
Effective Trade Execution - Cesari, Riccardo; Marzo, Massimiliano; Zagaglia , Paolo
This paper examines the role of algorithmic trading in modern financial markets. Additionally, order types, characteristics, and special features of algorithmic trading are described under the lens provided by the large development of high frequency trading technology. Special order types are examined together with an intuitive description of the implied dynamics of the order book conditional to special orders (iceberg and hidden). The chapter provides an analysis of the transaction costs associated with trading activity and examines the most common trading strategy employed in the market. It also examines optimal execution strategy with the description of the Efficient Trading Frontier....
One more in my backyard? Insights from the 2011 Italian nuclear referendum - Pignataro, Giuseppe; Prarolo, Giovanni
This paper investigates the 2011 Italian referendum on nuclear power as a clean laboratory for recovering information on the spatial pattern of votes about the construction (or restoration) of nuclear facilities. Our results show that voting preferences on building nuclear facilities are sensible to proximity determined by a strong local component. Voters’opposition to nuclear installments tends to be even higher when the effect of both existing and proposed plants is taken into account. The study tracks the changes of risk perception and voting preferences finding a positive correlation between the distance-related perceived nuclear risk and the share of participation against...
L’imposta sul valore aggiunto: regime ordinario e regime del margine a confronto. Il caso del mercato dell’arte - Candela, Guido; Randon, Emanuela; Scorcu, Antonello Eugenio
In letteratura, il confronto tra i metodi di calcolo dell’imposta sul valore aggiunto (regime ordinario e regime del margine) è limitato: si riduce al risultato di equivalenza ottenuto con aliquote identiche e uniformi nelle diverse fasi della produzione e dello scambio. In questo lavoro proponiamo un’analisi comparativa generale per stabilire la desiderabilità di un metodo rispetto all’altro in relazione alla struttura delle aliquote, alla tipologia dei soggetti coinvolti, alle politiche di commercializzazione. I risultati sono applicati per valutare il meccanismo di formazione dei prezzi nel mercato dell’arte. Si propongono degli interventi di riforma per rendere il regime fiscale neutrale e...
A Top Dog Tale with Preference Rigidities - Randon, Emanuela; Simmons, Peter
With preference rigidities we find Pareto optima of an exchange economy, some of which involve unconsumed endowments. We show that such Pareto Optima can only be attained as market equilibria if there is a top dog in the initial endowment distribution who is richer than the
other individuals. The most inegalitarian efficient allocation favouring the top dog is globally stable and is in the core. For endowment distributions with a top dog, the core contains efficient allocations more equal than the market equilibrium. A voting mechanism or government policy
can also offset the top dog’s power.
Measuring Consumption Externalities - Randon, Emanuela
Estimation and measurement of consumption externalities are still challenging problems in applied research. In this paper, externalities as Nash equilibrium are estimated using consumer demand theory and a large data set. We estimate Nash equilibrium consumption externalities in petrol budget shares of households living in a metropolitan area in UK. The reaction curves are derived from an Almost Ideal Demand
System (AIDS) with externalities. A continuous set of ten year cross sections from the Family Expenditure Surveys is used. In each year, income decile cohorts are created. Results of 2SLS with Panel Data are presented after 2SLS estimates with pooling cross...
Structural distortions in the Euro interbank market: The role of ‘key players’ during the recent market turmoil - Liberati, Caterina; Marzo, Massimiliano; Zagaglia , Paolo; Zappa, Paola
We study the frictions in the patterns of trades in the Euro money market. We characterize the structure of lending relations during the period of recent financial turmoil. We use network-topology method on data from overnight transactions in the Electronic Market for Interbank Deposits (e-Mid) to investigate on two main issues. First, we characterize the division of roles between borrowers and lenders in long-run relations by providing evidence on network formation at a yearly frequency. Second, we identify the ‘key players’ in the marketplace and study their behaviour. Key players are ‘locally-central banks’ within a network that lend (or borrow)...
Do Households Anchor their Inflation Expectations? Theory and Evidence from a Household Survey - Easaw, Joshy; Golinelli, Roberto; Malgarini, Marco
The purpose of the present paper is to study how households form inflation expectations. Using a novel survey-base dataset of Italian households’ opinions of inflation we investigate two separate, but related, types of behavior: ‘inattentiveness’ and ‘anchoring’. The present analysis extends the existing literature by incorporating explicitly inflation targets and distinguishing between aggregate and disaggregate dynamics based on demographic groups. In addition, we extend the literature by considering both the short- and long-run dynamics as households update their inflation expectations while also accounting for their state-varying behavior. All these issues provide important insights into understanding actual inflation dynamics and the...
A strategy to reduce the count of moment conditions in panel data GMM - Bontempi, Maria Elena; Mammi, Irene
The problem of instrument proliferation and its consequences (overfitting of endogenous variables, bias of estimates, weakening of Sargan/Hansen test) are well known. The literature provides little guidance on how many instruments is too many. It is common practice to report the instrument count and to test the sensitivity of results to the use of more or fewer instruments.
Strategies to alleviate the instrument proliferation problem are the lag-depth truncation and/or the collapse of the instrument set (the latter being an horizontal squeezing of the instrument matrix). However, such strategies involve either a certain degree of arbitrariness (based on the ability and...
Poor Institutions, Rich Mines: Resource Curse and the Origins of the Sicilian Mafia - Buonanno, Paolo; Durante , Ruben; Prarolo, Giovanni; Vanin, Paolo
This study explains the emergence of the Sicilian mafia in the XIX century as the product of the interaction between natural resource abundance and weak institutions. We advance the hypothesis that the mafia emerged after the collapse of the Bourbon Kingdom in a context characterized by a severe lack of state property-right enforcement in response to the rising demand for the protection of sulfur - Sicily's most valuable export commodity - whose demand in the international markets was soaring at the time. We test this hypothesis combining data on the early presence of the mafia and on the distribution of...
Self-Financing of Traditional and R&D Investments: Evidence from Italian SMEs - Brighi, Paola; Patuelli, Roberto; Torluccio, Giuseppe
Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set of Italian manufacturing firms to investigate this issue. We analyse the role of a wide number of financial variables in driving the rate of self-financing of firms, in both traditional and R&D investments, and we focus on public subsidies and firm size as critical factors explaining heterogeneity. First, we perform logit and logistic regressions separately for traditional...
Does inequality harm democracy? An empirical investigation
on the UK - Soci, Anna; Maccagnan, Anna; Mantovani, Daniela
This paper presents an empirical investigation about the effect of an increase in economic inequality on some aspects of the quality of a democracy. The main novelty of the paper lies in its methodology: it applies to a single country (instead of a pool of countries) - the UK - in a long run perspective. Using survey data, we select three questions and check whether an increase in inequality alters the answers to these questions, subject to other control variables. Another novelty is the use of several measures of inequality (rather than the usual GINI only) both for disentangling what...
La responsiveness dei sistemi sanitari: un’analisi empirica sull’assistenza ospedaliera nel Servizio Sanitario Regionale dell’Emilia Romagna - Robone, Silvana; Fiorentini, Gianluca; Nicoli, M. Augusta; Stefania, Rodella
The release of the World Health Report 2000 has brought to the fore the concept of responsiveness as an indicator of
health system performance. Responsiveness relates to a system’s ability to respond to the legitimate expectations of potential users about non-health enhancing aspects of care (Valentine et al. 2003). A few studies have investigated how standard socio-demographic characteristics (such as income or education) have an influence on the evaluation of responsiveness by health care users (Puentes Rosas et al. 2006, Sirven et al. 2012, Rice et al. 2012). However, we are not aware of any study investigating the relationship between the...
Are bad health and pain making us grumpy? An empirical evaluation of reporting heterogeneity in rating health system responsiveness - Fiorentini, Gianluca; Ragazzi, Giovanni; Robone, Silvana
This paper considers the influence of patients’ characteristics on their evaluation of a health system’s responsiveness, that is, a system’s ability to respond to the legitimate expectations of potential users regarding non-health enhancing aspects of care (Valentine et al. 2003a). Since responsiveness is evaluated by patients on a categorical scale, their selfevaluation can be affected by the phenomenon of reporting heterogeneity (Rice et al. 2012).
A few studies have investigated how standard socio-demographic characteristics influence the reporting style of health care users with regard to the question of the health system’s responsiveness (Sirven et al. 2012, Rice et al. 2012). However,...
Separating Gender Composition Effect from Peer Effects in Education - Jahanshahi, Babak
This paper aims to highlight the importance of considering endogenous peer effects, as defined by Manski (1993), in order to identify gender composition effect on education outcome appropriately. Using Manski (1993) linear-in-means model, this paper illustrates that the gender composition effect that is currently estimated in education function is the function of three parameters: social multiplier, gender differences in outcome and gender composition effect (known as a gender peer effect). The appropriate gender peer effect is identified after using Graham's variance restriction method to identify and rule out a social multiplier effect. The findings suggest that a social multiplier plays...
Production theory: accounting for firm heterogeneity and technical change - Dosi, Giovanni; Grazzi, Marco; Marengo, Luigi; Settepanella, Simona
The paper presents a new framework to assess firm level heterogeneity and to study the rate and direction of technical change. Building on the analysis of revealed short-run production functions by Hildenbrand (1981), we propose the (normalized) volume of the zonotope composed by vectors-firms in a narrowly defined industry as an indicator of inter-firm heterogeneity. Moreover, the angles that the main diagonal of the zonotope form with the axes provide a measure of the rates and directions of technical change over time. The proposed framework can easily account for n-inputs and m-outputs and, crucially, the measures of heterogeneity and technical...
Trade, externalities, and the impact of asymmetric information on trade policy - Gori, Giuseppe Francesco; Lambertini, Luca
This paper investigates the relationship between trade liberalisation, consumers' environmental awareness and a negative environmental externality in consumption. We adopt an international Hotelling duopoly setup, where firms are located in two asymmetric countries. We find that, if the intensity of environmental externality is common knowledge for country governments, this setup delivers no need of accompanying trade policies in order to enforce trade liberalisation. In the opposite case, in which information is asymmetric, i.e., the small country's Government cannot observe the positive enviromental effects of its firm's exports to foreign consumers, we find that: (i) the Pareto optimum is always enforced,...
R&D for green technologies in a dynamic oligopoly: Schumpeter, Arrow and inverted-U’s - Feichtinger, Gustav; Lambertini, Luca; Leitmann, George; Wrzaczek, Stefan
We extend a well known differential oligopoly game to encompass the possibility for production to generate a negative environmental externality, regulated through Pigouvian taxation and price caps. We show that, if the price cap is set so as to fix the tolerable maximum amount of emissions, the resulting equilibrium investment in green R&D is indeed concave in the structure of the industry. Our analysis appears to indicate that inverted-U-shaped investment curves are generated by regulatory measures instead of being a "natural" feature of firms’ decisions.