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Pension expectations and reality. What do Italian workers know about their future public pension benefits? - Baldini, Massimo; Mazzaferro, Carlo; Onofri, Paolo
We use 6 waves of the Bank of Italy’s Survey on household income and wealth (SHIW) to check the evolution of workers’ expectations on future pension benefits and retirement age from 2000 to 2012. Based on these two subjective evaluations, we compute a measure of expected pension benefit and compare it with a “true” measure of the same variable that we estimate on the basis of the pension rules in each year of the considered time lapse. By comparing subjective and “true” measures of the variable, we are able to measure the evolution over time of the “expectation error” and...
Aspetti del Primitivismo in Italia - Borgogelli, Alessandra; Bonzano, Raffaella; Cavallini, Francesco; Nardoni, Pierluca
Nei primi due decenni del Novecento si diffonde anche in Italia uno stile espressionista, in cui le icone sintetiche del Simbolismo sono sottoposte a un trattamento brutale che elimina richiami ultra-terreni a favore di “visioni” crude e immanenti, caratterizzate da una ripresa sistematica del passato italiano. Questo “Primitivismo” si attua anche grazie a una potente “deformazione”, soprattutto in Toscana. La “linea sintetica” dell’arte toscana evidenzia il rapporto che lega gli artisti del periodo ai predecessori Macchiaioli, soffermandosi sui alcuni protagonisti (Lorenzo Viani, Spartaco Carlini, Moses Levy, Amedeo Modigliani), fino agli sconfinamenti regressivi nel mondo popolare ed infantile che nel caso...
Inside the Virtuous Cycle between Productivity, Profitability, Investment and Corporate Growth: An Anatomy of China Industrialization - Yu, Xiaodan; Dosi, Giovanni; Grazzi, Marco; Lei, Jiasu
This article explores the dynamics of market selection by investigating of the relationships linking productivity, profitability, investment and growth, based on China's manufacturing firm-level dataset over the period 1998-2007. First, we find that productivity variations, rather than relative levels, are the dominant productivity-related determinant of firm growth, and account for 15%-20% of the variance in firms' growth rates. The direct relation between profitability and firm growth is much weaker as it contributes for less than 5% to explain the different patterns of firm growth. On the other hand, the profitability-growth relationship is mediated via investment. Firm's contemporaneous and lagged profitabilities...
Indirect exporters and importers - Grazzi, Marco; Tomasi, Chiara
This paper analyses the relation between firms' productivity and the different modes of participation to international trade. In particular, we account for the
> possibility that firms can not only export their products, but also internationally source their inputs, either directly or indirectly. Using a cross section of firm-level data for several advanced and developing economies, the study confirms the productivity-sorting prediction according to which domestic firms are less efficient than those resorting to an export intermediary, while the latter are less productive than producers which export directly. We show that the same sorting exists also on the import side. Finally,...
What do firms know? What do they produce? A new look at the relationship between patenting profiles and patterns of product diversification - Dosi, Giovanni; Grazzi, Marco; Moschella, Daniele
In this work we analyze the relationship between the patterns of firm diversification, if any, across product lines and across bodies of innovative knowledge, proxied by the patent classes where the firm is present. Putting it more emphatically we investigate the relationship between "what a firm does" and "what a firm knows". Using a newly developed dataset matching information on patents and products at the firm level, we provide evidence concerning firms' technological and product scope, their relationships, the size-scaling and coherence
properties of diversification itself. Our analysis shows that typically firms are much more diversified in terms of products...
Mascagni, Mocchi, Sonzogno. La Società Teatrale Internazionale (1908-1931) e i suoi protagonisti - Paoletti, Matteo
Fondata nel 1908, la Società Teatrale Internazionale (STIn) nasce con lo scopo di superare la crisi del teatro lirico attraverso una rivoluzione secondo criteri “industriali” dei modelli ottocenteschi di produzione, riunendo intorno a un capitale imponente, organizzato in una società anonima per azioni, i principali protagonisti della scena teatrale dell'Italia liberale (in primis Pietro Mascagni, gli editori Edoardo e Renzo Sonzogno, l'agente Walter Mocchi, il soprano Emma Carelli). Attiva fino al 1931, la società verrà liquidata dal Governatorato fascista di Roma, che diventato azionista nel 1926 troverà nella STIn – e nel teatro di sua proprietà, il Costanzi – un...
Cournot Retrouvé under Price or Supply Function Competition - Delbono, Flavio; Lambertini, Luca
This paper aims at participating in the long-lasting debate about the analytical foundations of the Cournot equilibrium. In a homogeneous oligopoly, under standard regularity conditions, we prove that Cournot-Nash emerges both under (i) price competition and Cournot conjectures; and (ii) supply function competition with ex post market clearing. We demonstrate both results within a model of exogenous product differentiation.
Economic Development, Novelty Consumption, and Body Weight: Evidence from the East German Transition to Capitalism - Dragone, Davide; Ziebarth, Nicolas R.
This paper develops a conceptual framework that can explain why economic development goes along with increases in body weight and obesity rates. We first introduce the concept of novelty consumption, which refers to an increase in food availability due to trade or innovation. Then we study how novel food products alter the optimal consumption bundle and welfare, and possibly lead to changes in body weight. We test our model employing the German reunification as a fast motion natural experiment of economic development. Our data elicit detailed information on East Germans’ food consumption, body mass, and diet-related health. After the fall...
La rilevanza della dimensione spazio-temporale nella conservazione documentale bio-bibliografica per una filologia italiana post-accademica - Tonfoni, Graziella
Una ricercatrice interdisciplinare, che ha portato a compimento una fase ulteriore, particolarmente delicata della sua attività scientifica accademica, riproduce, letteralmente, alcuni file, corredandoli di propri commenti in corsivo, predisponendoli in occasione della Giornata Mondiale del Libro, proclamata dall'Unesco (23 aprile, Giornata Mondiale del Libro e del Diritto di Autore). L'autrice intende preservare per gli studiosi, alcune informazioni bio-bibliografiche, per fornire un quadro complessivo dell’attività didattica, accademica, scientifica, divulgativa, svolta per la comunità accademica italiana. Sottolinea la necessità di conservare il modello di presentazione del profilo di Ricercatrice Universitaria, nella forma appositamente prevista e predisposta dalla modulistica attuale, destinata alla consultazione...
Il Romanzo di Ricerca: l’avvio editoriale di nuova narrativa italiana realistico-surreale nel secondo decennio del terzo millennio - Tonfoni, Graziella
Valutando una per una, comprendendo, catalogando, le ragioni delle attuali difficoltà gestionali, delle asperità economiche, di questi tempi complicati, osservando le tensioni interne, che si generano nell'ambito di ogni direzione editoriale, accerchiata, inondata da innumerevoli proposte, prevedendo e preventivandone le conseguenze, sulle relative scelte, che ne derivano, l’autrice indica con obiettività, le ragioni per cui molto spesso lei è in disaccordo con le decisioni finali, relative ai criteri di selezione delle opere di narrativa stabile, da pubblicare. Con approccio scientifico, si allontana, per osservare le tendenze e i risvolti, dalla letteratura attuale mainstream, distanziandosi volutamente dalla prosa e dalla critica...
Optimal Commodity Taxation and Income Distribution - Benassi, Corrado; Randon, Emanuela
We consider the interplay between income distribution and optimal commodity taxation, linking equity issues to optimal taxes through the effect of income distribution on market demand and its price elasticity.
We find conditions to conciliate the equity and efficiency tradeoff and to assess the impact of inequality changes on the optimal taxation of necessity and luxury goods. We show that the regressivity or progressivity of the tax system is determined by the distribution of luxuries and necessities in the economy. If the tax system is regressive (progressive), a decrease (increase) of income inequality leads to an average decrease of the optimal...
Ranking Bertrand, Cournot and Supply Function Equilibria in Oligopoly - Delbono, Flavio; Lambertini, Luca
We show that the standard argument according to which supply function equilibria rank intermediate between Bertrand and Cournot equilibria may be reversed. We prove this result within a static oligopolistic game in which both supply function competition and Cournot competition yield a unique Nash equilibrium, whereas price setting yields a continuum of Nash equilibria. There are parameter regions in which Bertrand profits are higher than Cournot ones, with the latter being higher than in the supply function equilibrium. Such reversal of the typical ranking occurs when price-setting mimics collusion. We then show that the reversal in profits is responsible for...
Scholarships vs. training for happiness gained from education in creativity: an analytical model - Zagonari, Fabio
This paper presents an analytical model of the dynamic interrelationships between education, creativity, and happiness based on both theoretical insights and recent empirical neurological studies. In the model, the outcome is conditional on individual intelligence and risk aversion.
Specifically, it focuses on two main determinants of creativity (divergent and convergent thinking), and compares two main educational policies (scholarships vs. training) in terms of their impacts on the happiness gained from creativity in the general and healthy population. An empirical test is provided by matching the model’s predictions with the results of recent neuroscience research. Numerical simulations suggested that improving convergent...
Students' Social Origins and Targeted Grade Inflation - Tampieri, Alessandro
Having unique data we investigate the link between job separations (displacement and quits) and informal employment, which we define in several ways posing the general question whether the burden of informality falls disproportionately on job separators in the Russian labor market. After we have established positive causal effects of displacement and quits on informal employment we analyze whether displaced workers experience more involuntary informal employment than their non-displaced counterparts. Our main results confirm our contention that displacement entraps some of the workers in involuntary informal employment.
Those who quit, in turn, experience voluntary informality for the most part, but there...
Measuring market liquidity: An introductory survey - Gabrielsen, Alexandros; Marzo, Massimiliano; Zagaglia, Paolo
Asset liquidity in modern financial markets is a key but elusive concept. A market is often said to be liquid when the prevailing structure of transactions provides a prompt and secure link between the demand and supply of assets, thus delivering low costs of transaction. Providing a rigorous and empirically relevant definition of market liquidity has, however, provided to be a difficult task. This paper provides a critical review of the frameworks currently available for modelling and estimating the market liquidity of assets. We consider definitions that stress the role of the bid-ask spread and the estimation of its components...
The Interplay of Human and Social Capital in Shaping Entrepreneurial Performance: The Case of Vietnam - Santarelli, Enrico; Thu Tran, Hien
This study investigates the effects of human capital, social capital and their interaction on the performance of 1,398 Vietnamese new-born firms. Operating profit is used as the measure of success. Human capital is captured by individual-level professional education, start-up experience, and learning. Whereas the first two dimensions of human capital are measured with traditional indicators, we define learning as ability to accumulate knowledge to conduct innovation activities (new product introduction, product innovation and process innovation). Social capital is measured as benefits
obtained from personal strong-tie and weak-tie networks. Key findings are three-fold: (i) human capital strongly predicts firm success, with learning...
The Change of Job Opportunities: the Role of Computerization and Institutions - Nellas, Viki; Olivieri, Elisabetta
This paper studies the pattern of job opportunities over the last two decades in European countries. We find that the share of high-skilled jobs have been expanding over time, while the share of medium-skilled jobs have been declining. These changes are in line with the US patterns and, according to the previous literature, they come from recent technological changes. However, our data show an interesting difference between the US and Europe: in Europe there is not any increase in the share of low-skilled employment. Moreover, we find that the difference between the proportion of employment hired in low-skilled and medium-skilled...
Are Self-regarding Subjects More Strategic? - Arruñada, Benito; Casari, Marco; Pancotto, Francesca
To investigate the relationship between the depth of strategic thinking and social preferences we ask subjects in an experiment to perform dictator games and a guessing game. The guessing game measures depth of strategic thinking while dictator games control for social preferences. When performing a comparison within the same degree of strategic reasoning, self-regarding subjects show more strategic sophistication than other subjects.
On price competition with market share delegation contracts - Lambertini, Luca; Kopel, Michael
We identify a mistake in the specification of the demand system used in the strategic delegation model based on market shares by Jansen et al. (2007), whereby the price remains above marginal cost when goods are homogeneous. After amending this aspect, we perform a profit comparison with the alternative delegation scheme à la
Fershtman and Judd (1987)