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Mostrando recursos 1 - 20 de 797
Time Preference Instability, Financial and Working Status - Giannetti, Caterina
In this paper we study the drivers of change in individuals’ discount rates. Our panel dataset allows us to jointly consider socio-demographics, financial status and literacy, as well as job characteristics among the possible determinants. Our results suggest that individual time-preferences are not stable over time, especially among individuals who hold debts. Labour market variables do not play any direct role. A large part of the variation, however, is not explained by none these drivers. This supports the view that discount rates are related to an underlying unobservable individual trait.
Fiscal Rules and Public Spending: Evidence from Italian Municipalities - Gregori, Wildmer Daniel
The aim of this paper is to investigate the extent to which local budget spending composition reacts to fiscal rules variations. I consider the budget of Italian municipalities and exploit specific changes in the Domestic Stability Pact’s rules, to perform a difference-in-discontinuities analysis. The results show that not all rules are equally effective: imposing a cap on the total amount of consumption and investment is not as binding as two caps, one specific for consumption and a different one for investment spending. More specifically, the consumption variation is triggered by changes in the level of wages and services spending, while...
Lobbying in a multidimensional policy space with salient issues - Roberti, Paolo
We present a citizen-candidate model on a multidimensional policy space with lobbying, where citizens regard some issues more salient than others. We find that special interest groups that lobby on less salient topics move the implemented policy closer to their preferred policy, compared to the ones that lobby on more salient issues. When we introduce two types of citizens, who differ with respect to the salience of issues, we find pooling equilibria where voters are not able to offset the effect of lobbying on the implemented policy. This result is in sharp contrast with previous work on unidimensional citizen-candidate models...
Testing exogeneity of multinomial regressors in count data models: does two stage residual inclusion work? - Geraci, Andrea; Fabbri, Daniele; Monfardini, Chiara
We study a simple exogeneity test in count data models with possibly endogenous multinomial treatment.
The test is based on Two Stage Residual Inclusion (2SRI). Results from a broad Monte Carlo study provide novel
evidence on important features of this approach in nonlinear settings. We find differences in the finite sample performance of various likelihood-based tests under correct specification and when the outcome equation is misspecified due to neglected over-dispersion or non-linearity. We compare alternative 2SRI procedures and uncover that standardizing the variance of the first stage residuals leads to higher power of the test and reduces the bias of...
When Foul Play Seems Fair: Dishonesty as a Response to Violations of Just Deserts - Kline, Reuben; Galeotti, Fabio; Orsini, Raimondello
We investigate the norm of just deserts and its effect on honesty. Just deserts is an essential norm in a market society, and honesty is an important factor in economic and
social exchange. In particular, we analyze what happens when the social distributive rules betray the reasonable expectation that who deserves more will obtain a larger payoff. Using a formal-theoretic framework—equity theory—we explore the nexus between the perception of just deserts and honesty, combining cross-national survey (WVS)
evidence and data from two laboratory experiments—conducted in the United States and Italy—to study whether violations of the principle of just deserts contribute to an...
The Role of Indicator Selection in Nowcasting Euro Area GDP in
Pseudo Real Time - Girardi, Alessandro; Golinelli, Roberto; Pappalardo, Carmine
Building on the literature on regularization and dimension reduction methods, we have developed a quarterly forecasting model for euro area GDP. This method consists in bridging quarterly national accounts data using factors extracted from a large panel of monthly and quarterly series including business surveys and financial indicators. The pseudo real-time nature of the information set is accounted for as the pattern of publication lags is considered. Forecast evaluation exercises show that predictions obtained through various dimension reduction methods outperform both the benchmark AR and the diffusion index model without pre-selected indicators. Moreover, forecast combination significantly reduces forecast error.
Luck vs Skill in Gambling over the Recession. Evidence from Italy - Capacci, Sara; Randon, Emanuela; Scorcu, Antonello E.
We perform an econometric analysis of the gambling market in Italy over the recession (2009-2012), observing the consumption patterns in "luck" and "skill" games. We find a different effect between the early and late period of the crisis. Whereas gambling initially behaves as normal good,
in the long run luck games increase with the worsening of economic conditions. Moreover, skill games are more persistent and influence luck games, but not the opposite. Skill players choose simple lottery games, but luck players cannot handle complex games. Our results provide insights
on investment choices in financial markets among expert and naïve buyers.
Eco labels and tourism flows: How much is a Blue Flag worth? - Capacci, Sara; Scorcu, Antonello E.; Vici, Laura
The rise in destination accessibility and the emergence of new market segments have increased the competition among tourism destinations, both at national and international level. In order to gain a significant competitive advantage over competitors, destinations increasingly make use of signals that certify and communicate the level of quality provided. While existing research on tourism certifications mostly pertains to quality evaluation, this study exploits quantitative methods to assess the economic impact of destinations’ labels. The analysis considers one of the most popular certification of environmental quality attributed to beaches, the Blue Flag award. It explores the relationship between the certification...
Credit, Endogenous Collateral and Risky Assets: A DSGE Model - Falagiarda, Matteo; Saia, Alessandro
This paper proposes a new Dynamic Stochastic General Equilibrium (DSGE) model with credit frictions and a banking sector, which endogenizes loan-to-value (LTV) ratios of households and banks by expressing them as a function of systemic and idiosyncratic proxies for risk. Moreover, the model features endogenous balance sheet choices and a novel formulation of the targeted leverage ratio, in which assets are risk-weighted by risk-sensitivity measures. The results highlighted in this paper are important along two dimensions. First of all, the presence of endogenous LTV ratios exacerbates the procyclicality of lending conditions. Second, the model contributes to deeper understand the role...
Storie di imprese - Albano, Valentina; Barbini, Francesco Maria; Berdicchia, Domenico; Ferri, Paolo; Maggi, Bruno; Masino, Giovanni; Salento, Angelo
How do enterprises change? This volume tells the “stories” of the organizational transformations implemented in the first decade of the new millennium by five enterprises: Fiat Auto, Finmeccanica, Ciba Specialty Chemicals, Zurich, and Poste Italiane. Stories dealing with transformations of organizational configurations, changes in the policies of personnel management, implementation of mergers and acquisitions, reorganization of internal work processes, etc. These stories were collected during the workshops of the Research Program “L’Officina di Organizzazione”, in which managers and executives, protagonists of the organizational transformations, discuss about them with colleagues from other enterprises and university scholars. Each story is first told...
Birth order and child outcomes: does maternal quality time matter? - Monfardini, Chiara; See, Sarah Grace
Higher birth order positions are often associated with poorer outcomes, possibly due to fewer resources received within the household. Using a sample of PSID-CDS children, we investigate whether the birth order effects in their outcomes are due to unequal allocation of the particular resource represented by maternal quality time. OLS regressions show that the negative birth order effects on various test scores are only slightly diminished when maternal time is included among the regressors. This result is confirmed when we account for unobserved heterogeneity at the household level, exploiting the presence of siblings in the data. Our evidence therefore suggests...
On the Emergence of Overcompliance with Endogenous Environmental Standards and Patronising Consumers - Lambertini, Luca; Tampieri, Alessandro
We propose a model of environmental overcompliance in a duopoly setting where consumers are environmentally concerned and may patronise the product they buy, firms set their green investment to abate the impact of productivity on pollution and a government sets the environmental standard with the aim to maximise welfare. We show that, with no patronising consumers, overcompliance is unilateral by the firm with higher quality standard under Bertrand behaviour, whereas both firms may overcomply under Cournot competition if the environmental impact of production is sufficiently low. Conversely with patronising consumers, overcompliance is unilateral with low environmental impact of production under...
Self investments of adolescents and their cognitive development - Del Boca, Daniela; Monfardini, Chiara; Nicoletti, Cheti
While a large literature has focused on the impact of parental investments on child cognitive development, very little is known about the role of child's own investments. Information on how children invest their time separately from parents is probably little informative for babies and toddlers, but it becomes more and more important in later stages of life, such as adolescence, when children start to take decisions independently. By using the Child Development Supplement of the PSID (Panel Study of Income Dynamics), we model the production of cognitive ability of adolescents and extend the set of inputs to include the child's...
The Role of Job Satisfaction in Transitions into Self-Employment - Guerra, Giuliano; Patuelli, Roberto
As observed in many advanced economies experiencing an increase of self-employment rates since the late 1970s, a flourishing small- and medium-size enterprise sector is traditionally associated with positive economic development and growth. In the regional context, areas benefiting from an established entrepreneurial culture are in general more successful and innovative, as well as better equipped to sustain structural changes and to lessen unemployment. It is therefore important to investigate the reasons why individuals choose self-employment, and why they do it despite lower protection, higher risks, and possibly more effort than what is required in a comparable wage employment position. Existing...