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A note on acquisition of complements in a vertically differentiated market - Tarola, Ornella; Vergari, Cecilia
This note is concerned with the effects of joint ownership of complements when they are vertically differentiated. We provide strong arguments for the positive nature of network integration among firms, while showing at the same time that, in some circumstances, anti-competitive consequences can be observed under acquisition.
Product innovation in a vertically differentiated model - Filippini, Luigi; Vergari, Cecilia
We study the licensing incentives of an independent input producer owning a patented product innovation which allows the downstream firms to improve the quality of their final goods. We consider a general two-part tariff contract for both outside and incumbent innovators. We find that technology diffusion critically depends on the nature of market competition (Cournot vs. Bertrand). Moreover, the vertical merger with either downstream firm is always privately profitable and it is welfare improving for large innovations: this implies that not all profitable mergers should be rejected.
The Effects of World Heritage Sites on Domestic Tourism: A Spatial Interaction Model for Italy - Patuelli, Roberto; Mussoni, Maurizio; Candela, Guido
Culture is gaining increasing importance in the modern tourism industry, and represents a significant force of attraction for tourists (both domestic and international). Cultural tourism allows destinations and regions to expand their customer base, diversify their offer, extend the stay of the
tourist, and reduce seasonality. Great efforts are made, by national governments and regions, in order to obtain official designation regarding the relevance of their historical/cultural attractions, for example through UNESCO’s World Heritage Sites (WHS) list. Such an aspect seems particularly relevant for a country like Italy, which has a high number of entries in the WHS list, and where...
Short-Run Regional Forecasts: Spatial Models through Varying Cross-Sectional and Temporal Dimensions - Mayor-Fernández, Matías; Patuelli, Roberto
In any economic analysis, regions or municipalities should not be regarded as isolated spatial units, but rather as highly interrelated small open economies. These spatial interrelations must be considered also when the aim is to forecast economic variables. For example, policy makers need accurate forecasts of the unemployment evolution in order to design short- or long-run local welfare policies. These predictions should then consider the spatial interrelations and dynamics of regional unemployment. In addition, a number of papers have demonstrated the improvement in the reliability of long-run forecasts when spatial dependence is accounted for. We estimate a heterogeneouscoefficients dynamic panel...
Misspecification and Expectations Correction in New
Keynesian DSGE Models - Angelini, Giovanni; Fanelli, Luca
Abstract: This paper focuses on the dynamic misspecification that characterizes the class
of small-scale New-Keynesian models and provides a `natural' remedy for the typical difficulties
these models have in accounting for the rich contemporaneous and dynamic correlation structure
of the data, generally faced with ad hoc shock specifications. We suggest using the `best fitting'
statistical model for the data as a device through which it is possible to adapt the econometric
specification of the New-Keynesian model. The statistical model may feature an autocorrelation
structure that is more involved than the autocorrelation structure implied by the structural
model's reduced form solution under rational expectations, and it is treated...
Information and Online Reviews - Mantovani, Andrea; Loginova, Oksana
Online review aggregators, such as TripAdvisor, HotelClub and OpenTable help consumers
identify the products and services that best match their preferences. The goal of this
study is to understand the impact of online review aggregators on firms and consumers. We
adopt Salop’s circular city model in which consumers initially do not know the locations of
the firms in the product space. The firms decide whether or not to be listed on an online review
aggregator’s website and choose their prices. When a firm resorts to the aggregator, its
location and price become observable to the consumers who visit the website. We consider
two different scenarios, depending on...
Let Young People Join The Legislative Process. A Twitter Based Experiment On Internships - Barbieri, Paolo Nicola; Fazio, Francesca; Gamberini, Gabriele
The aim of this research is to examine the possible effects of labour market institutional characteristics
on young people's perceptions of their internship experiences as expressed on Twitter. By looking at
these opinions (satisfaction versus dissatisfaction) in relation to certain features of internships as well as to
the more general labour market regulatory framework, this project aims to give a voice to young people,
enabling them (indirectly) to provide policy suggestions to law-makers. Furthermore, we propose a preview
of a possible empirical model for data collection based on the manual coding of Tweets. By employing a
Probit regression and Blinder-Oaxaca and Fairlie decompositions, we have tried...
To Know or Not To Know: Strategic Inattention and Endogenous Market Structure - Cellini, Roberto; Lambertini, Luca; Ottaviano, Gianmarco I.P.
We model an industry in which a discrete number of firms choose the output of their differentiated products deciding whether or not to consider the impact of their decisions on aggregate output. We show that two threshold numbers of firms exist such that: below the lower one there is a unique equilibrium in which all firms consider their aggregate impact as in standard oligopoly; above the higher threshold
there is a unique equilibrium in which all firms disregard that impact as in standard monopolistic competition; between the two thresholds there are two equilibria, one in which all firms consider their aggregate...
Bertrand versus Cournot with Convex Variable Costs - Delbono, Flavio; Lambertini, Luca
Within a simple model of homogeneous oligopoly, we show that the traditional ranking between Bertrand and Cournot equilibria may be reversed. For price setting entails a continuum of price equilibria under convex variable costs, departure from marginal cost pricing may be observed. As a consequence, Bertrand-Nash equilibrium profits (welfare) may be higher (lower) than Cournot-Nash ones. The reversal of the standard rankings occurs when pricing strategies mimic collusive behaviour.
Saggistica Economica vs Economia Saggistica (TonfoniG. 2012-2013): norme per la redazione di un consuntivo in forma di compendio - Tonfoni, Graziella
Un percorso di ricapitalizzazione concettuale corretta, che deriva da venti “semilavorati editoriali” di contenuto scientifico stabile, può semplicemente passare attraverso il consolidamento selettivo, la riconduzione ad un compendio unico, redazionalmente ricapitolato ovvero ridotto, di valore didattico fisso. In questo saggio, la scienziata e autrice procede all’illustrazione delle peculiarità stilistiche, delle specificità retoriche, delle varianti espressive, come da lei intese, attraverso l’analisi complessiva di un ampio repertorio di saggi attuali completi, conclusi, disponibili. Propone alcune linee guida di rilettura, illustrando gli aspetti più complessi della interdipendenza interdisciplinare fra docenti, nel settore dell’Europeistica contrastiva. Dimostra inoltre di avere distinto, separando chiaramente l’aspetto...
“…then came Cisco, and the rest is history”: a ‘history friendly’ model of the Local Area Networking industry - Fontana, Roberto; Zirulia, Lorenzo
We study the role that switching costs, compatibility, and mergers and acquisitions, play in influencing the evolution of a multi-market industry. By looking at the case of the Local Area Networking industry, we propose a ‘history friendly model’ to replicate its evolution during the 1990s. Our model explains how a firm can start from a dominant position in one of the existing markets and exploit switching costs and compatibility to enter a new market when it opens. Mergers and acquisitions also play an important role as the new market is pioneered by a new start-up, which is soon acquired by...
Coherence, efficiency, and independence of the EU environmental policy system: results of complementary statistical and econometric analyses - Zagonari, Fabio
This paper presents the first empirical test of coherence (i.e., consistency of policies within a framework), efficiency (i.e., ability of policies to meet their objectives), and independence (i.e., logical priority of objectives over policies) of the overall EU environmental policy system. To do so, I applied statistical (cross-sectional and time series) and econometric (dynamic tri-probit) analyses to an original panel dataset, based on addressed issues rather than on implemented policies.
In contrast with previous studies of single EU environmental policies, characteristics of the EU environmental policy, or EU environmental objectives, I found that the overall EU environmental policy system is coherent,...
De Jure Determinants of New Firm Formation: How the Pillars of Constitutions Influence Entrepreneurship - Carbonara, Emanuela; Santarelli, Enrico
This paper provides empirical evidence supporting the view that constitutions may influence the organization of economic activities. Dealing with the issue of the institutional determinants of entrepreneurship, it shows that some of the provisions contained in national constitutions are positively and significantly associated to a standard measure of entrepreneurial dynamics, namely the rate of new business density. Using a novel dataset containing the characteristics of the constitutions enacted in the world and a sample of 115 countries, the paper finds that provisions about the right to conduct/establish a business, the right to strike, consumer protection, protection of trademarks, and education...
Managerial delegation in a dynamic renewable resource oligopoly - Lambertini, Luca
I propose a differential oligopoly game of resource extraction under (quasi-static) open-loop and nonlinear feedback strategies, where firms are managerial and two alternative types of delegation contract are considered. Under open-loop information, delegation expands the residual steady state resource stock. Conversely, under nonlinear feedback information the outcome depends on the structure of managerial incentives. If sales are used, once again delegation favours resource preservation. On the contrary, if market shares are included in the delegation contract, this combines with an underlying voracity effect in shrinking the steady state volume of the resource.
Competition among Coalitions in a Cournot Industry: A Validation of the Porter Hypothesis - Lambertini, Luca; Pignataro, Giuseppe; Tampieri, Alessandro
We determine the emergence of the Porter Hypothesis in a large oligopoly setting where the industry-wide adoption of green technologies is endogenously determined as a result of competition among coalitions. We examine a setting where the initial technology is polluting, firms decide whether to be brown or green and compete in quantities. We find that the Porter hypothesis may emerge as a market configuration with all green firms spurred by environmental regulation, even if consumers are not environmentally concerned. Finally, we single out the necessary and sufficient conditions under which the green grand coalition is socially optimal and therefore yields...
High Density Building Stock Retrofit through Solar Strategies and Hybrid Ventilation Systems - Barbolini, Fausto; Guardigli, Luca; Cappellacci, Paolo
The very actual theme of building stock retrofit includes wide ranges of possible actions, especially in social housing. Multi-criteria assessments should be lead to evaluate the proper operational approach (considering social, structural, maintenance, thermal and economic parameters). The lower-impact actions typically involve improvements on the building skin, such as insulation and window re-placement, while the higher-impact solutions lead to demolition and re-building. Overall, building retrofit through solar technologies represents a relevant strategy to achieve significant energy saving. In this context two comparative solutions have been proposed for an early ‘80s social building in Modena. The former consists in the ap-plication...
Dynamic corporate capital structure behavior: empirical assessment in the light of heterogeneity and non stationarity - Bontempi, Maria Elena; Bottazzi, Laura; Golinelli, Roberto
Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and stationarity, which are motivated by the need of model’s
simplicity and treatability, rather than being based on an empirical ground. In this paper we provide robust evidence of non-stationarity for a significantly large share of US
firms' debt ratios and of strong heterogeneity in the speeds at which firms adjust towards their targets. These results stimulate new directions of...
To know or not to know: Endogenous market structure when information can be strategically neglected - Cellini, Roberto; Lambertini, Luca; Ottaviano, Gianmarco I.P.
We study the firms’ choice of whether or not to consider pieces of information concerning their interdependence. In particular, any firm can strategically choose to consider or not the fact that industry output is affected by its own production choice. If this piece of information is considered, the firm behaves as an aligopolist; if not,
firm behaves in a monopolistically competitive way. Thus, the market regime is endogenously determined. We show that different outcomes can emerge, depending on the number of firms, the degree of product substitutability and the cost structure.
Political Institutions and Government Spending Behavior: Theory and Evidence from Iran - Dizaji, Sajjad Faraji; Farzanegan, Mohammad Reza; Naghavi, Alireza
This study examines how quality of political institutions affects the distribution of government budget in Iran. We first introduce a mechanism through which this can shift government expenditure from patronage to more constructive public spending. Using impulse response functions (IRF) and variance decomposition analysis (VDC) on the basis of Vector Autoregressive (VAR) model, our results imply that a positive shock towards more democratic institutions leads to negative and statistically significant response of military spending and positive and statistically significant response of education expenditures. Our results are robust to different political institutional quality indicators, ordering of variables in the VAR and...
Relationship-Specific Investments and Intellectual Property
Rights Enforcement with Heterogeneous Suppliers - Naghavi, Alireza; Peng, Shin-Kun; Tsai, Yingyi
This paper examines the impact of intellectual property rights (IPR) enforcement on multinationals' choice of input suppliers and industry profits in a host economy. The framework consists of suppliers with heterogeneous capabilities who must engage in a relation-specific investment to customize intermediate inputs upon a transfer payment by final producers.
An outsourcing contract with better technologically-endowed suppliers requires a lower transfer and generates a higher surplus. Stronger IPR enforcement leads firms to self-select into better quality suppliers on average by reducing their outside option. Weak legal institutions instead make it possible for a larger range of suppliers, including the less...