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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...
From Communal to State Finance: a New Fiscal Pact in the Early Modern Papal States - Carboni, Mauro
State building and state competition during the 16th century triggered a creative moment in the history of public finance. Recent scholarship has clearly identified the Papal States and their communities as active participants both in the state building process and the reorganization of public finance. Banking on a wealth of fiscal records, it is argued that Papal authority succeeded in forging a new fiscal pact – which lasted over two centuries - between central and local authorities. Blending conservatism and innovation the papacy promoted a contractual approach: local powers were granted a large degree of autonomy in selecting fiscal instruments,...
Household Inflation Expectations: Information Gathering, Inattentive or ‘Stubborn’? - Easaw, Joshy; Golinelli, Roberto
The purpose of this paper is to investigate the microfoundations of how non-experts’ (or general public) form inflation expectations. Using a unique dataset we investigate the range of near rational inflation expectations. An important contribution to understanding how non-experts form their expectations is ‘sticky information expectations’, specifically the epidemiological model. Our analysis uses an extended version of the epidemiological model. We find that the general public are best depicted as those who are either information gathers or inattentive. In addition, the inattentive general public can be either forward-looking or ‘stubborn’, that is persistent.
Labor Market Institutions and Informality in Transition and Latin American Countries - Lehmann, Hartmut; Muravyev, Alexander
This paper analyzes, using country-level panel data from transition economies and Latin America, the impact of labor market institutions on informal economic activity. The measure of informal economic activity is taken from Schneider et al. (2010), the most comprehensive study to date. The data on institutions, which cover employment protection legislation (EPL), the tax wedge, the unemployment benefit level, unemployment benefit duration and union density, are assembled at the IZA (transition countries) and the World Bank (LAC countries). We find that a more regulated labor market (higher EPL) increases the size of the informal economy. There is also evidence that...
On the optimal timing of switching from non-renewable to renewable resources: dirty vs clean energy sources and the relative efficiency of generators - Agliardi, Elettra; Sereno, Luigi
We develop a model on the optimal timing of switching from non-renewable to renewable energy sources with endogenous extraction choices under emission taxes and abatement costs. We assume that non-renewable resources are "dirty" inputs and create environmental degradation, while renewable resources are more environmentally friendly, although they may be more or less productive than the exhaustible resources. The value of the switching option from non-renewable to renewable resources is characterized. Numerical applications show that an increase in emission taxes, abatement costs or demand elasticity slows down the adoption of substitutable renewable resources, while an increase in the natural rate of...
On the Optimal Number of Firms in the Commons: Cournot vs Bertrand - Dragone, Davide; Lambertini, Luca; Palestini, Arsen; Tampieri, Alessandro
We revisit the debate on the optimal number of firms in the commons in a differential oligopoly game in which firms are either quantity-or price-setting agents. Production exploits a natural resource and involves a negative externality. We calculate the number of firms maximising industry profits, finding that it is larger in the Cournot case. While industry structure is always inefficient under Bertrand behaviour, it may or may not be so under Cournot behaviour, depending on parameter values. The comparison of private industry optima reveals that the Cournot steady state welfare level exceeds the corresponding Bertrand magnitude if the weight of...
On the coevolution of social norms in primitive societies - Bagnoli, Lidia; Negroni, Giorgio
Two parties bargaining over a pie, the size of which is determined by their previous investment decisions. The bargaining rule is sensitive to investment behavior. Two games are considered. In both, bargaining proceeds according to the Nash Demand Game when a symmetric investments profile is observed. When, on the other hand, an asymmetric investments profile is observed, we assume that bargaining proceeds according to the Ultimatum Game in one case and according to a Dictator Game in the other. We hereby show that in both games when a unique stochastically stable outcome exists it supports an homogeneous behavior in the...
On the Feedback Solutions of Differential Oligopoly Games with Hyperbolic Demand Curve and Capacity Accumulation - Lambertini, Luca; Palestini, Arsen
We characterise the subgame perfect equilibrium of a differential market game with hyperbolic inverse demand where firms are quantity-setters and accumulate capacity over time à la Ramsey. The related Hamilton-Jacobi-Bellman are solved in closed form both on infinite and on finite horizon setups and the optimal strategies are determined. Then, we analyse the feasibility of horizontal mergers in both static and dynamic settings, and find appropriate conditions for their profitability under both circumstances. Static profitability of a merger implies dynamic profitability of the same merger. It appears that such a demand structure makes mergers more likely to occur than they...
Sovereign Contagion in Europe: Evidence from the CDS Market - Manasse, Paolo; Zavalloni, Luca
This paper addresses the following questions. Is there evidence of financial contagion in the Eurozone? To what extent a country's vulnerability to contagion depends on "fundamentals" as opposed the government's "credibility"? We look at the empirical evidence on European sovereigns CDS spreads and estimate an econometric model where a crucial role is played by time varying parameters. We model CDS spread changes at country level as reflecting three different factors: a Global sovereign risk factor, a European sovereign risk factor and a Financial intermediaries risk factor. Our main findings are as follows. First, Unlike the US subprime crisis which affected...
Tra economia e diritto. Le società in accomandita nella Bologna d’antico regime - Carboni, Mauro; Fornasari, Massimo
The limited partnership emerged as a key societal innovation during the early modern age. It allowed an effective separation between partners – those acting and those conferring capital – and it granted limited liability to partners in case of insolvency. The diffusion of limited partnership – between the Sixteenth and Seventeenth centuries - came at a crucial crossroad in the economic history of early modern Italian cities. Banking on new archival sources this paper will argue that in Bologna the diffusion of this new societal form was closely associated to a fundamental renewal of the city economic landscape. On the...
Dynamics of productivity and cost of labor in Italian Manufacturing firms - Bottazzi, Giulio; Grazzi, Marco
This paper studies the impact of size on labor cost and productivity for Italian manufacturing firms. The distributions of both labor cost and productivity display a wide support, even when disaggregated by sector of industrial activity. Further, both labor cost and productivity, when considered alone, are growing with the size of the firm. We investigate this relationship on a new set of data and we are able to show that once accounted for productivity differences among firms, size still retains a positive effect on cost of labor in most of the sectors considered.
Temporary Workers Are Not Free-Riders: An Experimental Investigation - Dragone, Davide; Galeotti, Fabio; Orsini, Raimondello
We conduct an artefactual field experiment to study whether the individual preferences and propensity to cooperate of temporary workers differ from permanent contract workers. We find that temporary and permanent contract workers have different other-regarding preferences, but display similar contribution patterns in an anonymous Public Good Game. Students, instead, are more selfish and contribute less than temporary and permanent workers.
Gender Discrimination in Property Rights - Casari, Marco; Lisciandra, Maurizio
In the Middle Ages women in the Italian Alps had substantially more rights on collective properties than in the Modern Age. The documental evidence shows a progressive erosion of women’s rights and a convergence toward gender-biased inheritance systems. We tracked the evolution of inheritance regulations on collective land in the peasant communities of Trentino over a period of six centuries (13th-19th). Considering a panel of hundreds of communities, we provide a long-term perspective of institutional change. When population pressure increased, a patrilineal system emerged as a protective measure to preserve the per-capita endowment of collective properties within a community. This...
Advermational territories on the web: hybridity or resemiotisation? - Petroni, Sandra
Negli ultimi decenni molti studiosi (tra cui Fairclough 2009, 2010; Castells 1996, 1997; Lemke 2002; Petroni 2010, 2011) hanno messo in luce come il discorso istituzionale abbia subito un evidente cambiamento e come le nuove tecnologie abbiano preso parte a questa trasformazione in maniera determinante. Fairclough, nel suo approccio critico all’analisi del discorso, sostiene che da tempo stiamo assistendo a processi che tendono a “informalizzare” il discorso pubblico e istituzionale e allo stesso tempo a trasformarlo in “merce”. Tutto questo implica una variazione in termini di stile e di registro all'interno delle rispettive pratiche discorsive.
Il presente contributo ha come scopo...
Intrinsic Motivation in the Labor Market: Not Too Much, Thank You - Barigozzi, Francesca; Burani, Nadia
We study the screening problem of a firm that needs to hire a worker to produce output and that can not observe either the productive ability or the intrinsic motivation of the worker applying for the job. We completely characterize the set of optimal contracts and we show that it is always in the firm’s interest to hire all types of worker, even the worst ones, and to offer different contracts to different types of employees. Interestingly, the smallest distortions arise when motivation is high but not as much as to become more significant than productive ability. Moreover, when motivation...
Migration Costs and Networks: household optimal investment in migration - Gentili, Andrea
International migration is an expensive form of investment, that only households relatively better off can afford. However poorer households have the higher incentive to migrate. Migration decision is conditional on the entry cost, expected returns and risks of migration. This paper, using data from Mexican rural and urban areas, examines the relation between household and community networks and costs and risks of migration focusing on the optimal investment in migration. To investigate an household optimal number of migrants this paper introduces a Three Step procedure to solve simultaneously for the endogeneity of network size and possible selection of migrants. The...
Cumulative Causation at Work: Intergenerational Transfers and Social Capital in a Spatially Varied Economy - Gentili, Andrea; Ferretti, Luca
This paper models the dynamic of migration with a particular focus on the cumulative process that causes a variation in the distribution of income in sending communities and therefore a variation in the distribution of skills across different cohorts. The model provides a theoretical framework to Cumulative Causation theory of migration and specifically a theoretical rationale behind the use of migration prevalence ratio to study migration flows. Moreover the model shows how brain drain (in sending communities) and negative cohort effect in terms of education (in receiving communities) are the result of a positive selection of migrants in terms of...
Dynamics of Investment and Firm Performance: Comparative evidence from manufacturing industries - Grazzi, Marco; Jacoby, Nadia; Treibich, Tania
If the relation between investment and economic growth is well established in the macroeconomic literature, the existence of a similar link at the level of the firm has been challenged by empirical work. This paper investigates the channels linking investment and firm performance in the French and Italian manufacturing industries. It does so by putting forth a novel methodology to identify investment spikes that corrects for size dependence. While maintaining the desired properties of a spike measure, our chosen proxy retrieves the expected relation between investment and firm performance. Ex-ante, more efficient and fast growing firms display a higher probability...