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AMS Acta (8,183 recursos)
Repository of the University of Bologna.

["viewname_eprint_types" not defined] = Monografia

Mostrando recursos 41 - 60 de 969

41. Religious attitudes and home bias: theory and evidence from a pilot study - Leroch, Martin; Reggiani, Carlo; Rossini, Gianpaolo; Zucchelli, Eugenio
This paper examines the relationship between religion and home bias. We propose a simple theoretical framework that suggests that countries interacting via their representative individuals might show a certain degree of religion-driven international altruism that in turn affects trade. We test these predictions exploiting data from a survey on religious attitudes and individuals' preferences over consumption of home-produced versus foreign goods that we designed and carried out in 15 different countries. We find evidence that religious openness and home bias are negatively correlated. This appears to provide some support to the hypothesis that religious openness, through trust and altruism, may have...

42. Religious attitudes and home bias: theory and evidence from a pilot study - Lambertini, Luca; Tampieri, Alessandro
We compare a Bertrand with a Cournot duopoly in a setting where production is polluting and exploits natural resources, and firms bear convex production costs. We adopt Dastidar's (1995) approach, yielding a continuum of Bertrand-Nash equilibria ranging above marginal cost pricing also, to show that softening price competition may lead to a lower output production in a Bertrand rather than a Cournot industry. The market structure bringing about the lowest output determines the highest social welfare, given the fact that the negative environmental effects of production more than offset the gain in consumer surplus.

43. Efficient Horizontal Mergers in Polluting Industries with Cournot Competition - Lambertini, Luca; Tampieri, Alessandro
We compare a Bertrand with a Cournot duopoly in a setting where production is polluting and exploits natural resources, and firms bear convex production costs. We adopt Dastidar's (1995) approach, yielding a continuum of Bertrand-Nash equilibria ranging above marginal cost pricing also, to show that softening price competition may lead to a lower output production in a Bertrand rather than a Cournot industry. The market structure bringing about the lowest output determines the highest social welfare, given the fact that the negative environmental effects of production more than offset the gain in consumer surplus.

44. The strategic interplay between bundling and merging in complementary markets - Mantovani, Andrea; Vandekerckhove, Jan
In this paper, two pairs of complementors have to decide whether to merge and eventually bundle their products. Depending on the degree of competitive pressure in the market, either both pairs decide to merge (with or without bundling), or only one pair merges and bundles, while rivals remain independent. The latter case can very harmful for consumers as it brings surge in prices. We also consider the case in which one pair moves first. Interestingly, we find a parametric region where first movers merge but refrain from bundling, to not induce rivals to merge as well.

45. Social Expenditures at Sub-National Level: An Experience from Indian state of Odisha - Sahu, Pareswar; Mahapatra, Sushanta Kumar
The composition and trends of social expenditures at sub-national level in India has been examined using the secondary data from 1987-88 to 2013-14 of the state of Odisha. The composition shows (1) the insignificant share of productive social expenditures, (2) significant share of education relegating the role of health care and (3) higher priority of transfer payments relative to the level of employment and health. The comparative analysis of the composition between pre and post-restructuring period indicates the shifting of priority from education and health towards transfer payments in the later than the former period. The level of social expenditures...

46. Does death make us all equal? Conformism and status-seeking under mortality salience - Orsini, Raimondello; Ciaramelli, Elisa; Giannetti, Caterina
The thought of one’s own death induces anxiety and threatens self-esteem. According to Terror Management Theory, to reduce this existential threat individuals typically embrace their cultural worldview, and seek for an increase in self-esteem and status by improving their productivity. Within an experimental economy setting, this paper investigates the effect of Mortality Salience (MS) on individual productivity, using for the first time a real-effort task where the economic incentive is to not perform. We investigated whether the improvement in productivity was significantly driven by self-esteem or status seeking, providing either private feedback alone or, additionally, public feedback. Always controlling for...

47. Endogenous Timing in Quality Investments and Price Competition - Lambertini, Luca; Tampieri, Alessandro
We modify the price-setting version of the vertically differentiated duopoly model by Aoki (2003) by introducing an extended game in which firms noncooperatively choose the timing of moves at the quality stage. Our results show that there are multiple equilibria in pure strategies, in which firms always select sequential play at the quality stage. We also investigate the mixed-strategy equilibrium, revealing that the probability of generating outcomes out of equilibrium is higher than its complement to one. In the alternative of full market coverage, we show that the quality stage is solved in dominant strategies and therefore the choice of...

48. Did Zipf Anticipate Socio-Economic Spatial Networks? - Reggiani, Aura; Nijkamp, Peter
An avalanche of empirical studies has addressed the validity of the rank-size rule (or Zipf’s law) in a multi-city context in many countries. City size in most countries seems to obey Zipf’s law, but the question under which conditions (e.g. sample size, spatial scale) this ‘law’ holds remained largely underinvestigated. Another complementary question is whether socio-economic networks in space also show a similar hierarchical pattern. Against this background, the present paper investigates – from a methodological viewpoint – the relationship between network connectivity and the rank-size rule (or Zipf’s law) in an urban-economic network constellation. After a review of the literature, we address in...

49. Event Clustering and Abnormal Returns: Reassessing the Informational Value of Bets - Castellani, Massimiliano; Pattitoni, Pierpaolo; Patuelli, Roberto
An avalanche of empirical studies has addressed the validity of the rank-size rule (or Zipf’s law) in a multi-city context in many countries. City size in most countries seems to obey Zipf’s law, but the question under which conditions (e.g. sample size, spatial scale) this ‘law’ holds remained largely underinvestigated. Another complementary question is whether socio-economic networks in space also show a similar hierarchical pattern. Against this background, the present paper investigates – from a methodological viewpoint – the relationship between network connectivity and the rank-size rule (or Zipf’s law) in an urban-economic network constellation. After a review of the literature, we address in...

50. Size, Trend, and Policy Implications of the Underground Economy - Orsi, Renzo; Raggi, Davide; Turino, Francesco
We study the underground economy in a dynamic and stochastic general equilibrium framework. Our model combines limited tax enforcement with an otherwise standard two-sector neoclassical stochastic growth model. The Bayesian estimation of the model based on Italian data provides evidence in favor of an important underground sector in Italy, with a size that has steadily increased over the whole sample period. We show that this pattern is due to a persistent increase in taxation. Fiscal policy experiments suggest that a moderate tax cut, along with a stronger effort in the monitoring process, causes a sensitive reduction in the size of...

51. Spatial Commuting Patterns of German Regional Labour Markets: A Sustainability Perspective - Tedeschi, Federico; Reggiani, Aura; Nijkamp, Peter
This paper aims to investigate the relationship between commuting and spatial labour market developments in the framework of sustainability issues. To do so, we propose, first, an exploratory investigation of the effects of inbound commuter flows on employment in regional labour markets in Germany. Next, we address sustainability issues as a common umbrella for the relationship ‘economy-transportation’. In this context, we show that the German production system is faced with negative environmental externalities, which are clearly associated with a specific transport mode, viz. the private car. Negative environmental externalities as a result of modal choices in Germany are confirmed by...

52. Cartel Stability, Mark-Up Cyclicality and Government Spending Multipliers - Lambertini, Luca; Marattin, Luigi
Mark-up cyclical behaviour is relevant in determining the size of government spending multiplier on output. While theoretical literature priviliged the counteryclical hypothesis, empirical evidence is far from being conclusive. Based on seminal Rotemberg and Saloner (1986) contribution, we build a theoretical framework based on Bertrand duopoly, stochastic demand and product differentiation, where the analysis of cartel stability under partial collusion points towards procyclical pricing. According to the intensity of marginal cost cyclicality, this can produce a procyclical mark up or - at least- render it less countercyclical than expected, with relevant effects on the transmission mechanism of government spending stimuli.

53. Bonds Transaction Services and the Term Structure of Interest Rates: Implications for Equilibrium Determinacy - Marzo, Massimiliano; Zagaglia, Paolo
Bonds Transaction Services and the Term Structure of Interest Rates: Implications for Equilibrium Determinacy Abstract: We introduce two bonds in a standard New-Keynesian model to study the role of segmentation in bond markets for the determinacy of rational expectations equilibria. We use a strongly-separable utility function to model short-term bonds providing transaction services for the purchase of consumption goods. Long-term bonds, instead, provide the standard services of store of value. We obtain a fully analytical solution for the bond pricing kernel, allowing to endogenize the term spread within the model. In this way, we study equilibrium determinacy properties within a context...

54. The Polish growth miracle: outcome of persistent reform efforts - Lehmann, Hartmut
Since the beginning of transition in 1990 from a centrally planned to a market oriented economy, the performance of Poland’s economy has been outstanding if we take GDP growth as our measure. In our opinion it is not specific reforms that can explain this performance but the radical (“big bang”) reforms at the beginning of transition in conjunction with persistent efforts during the two decades by all governments, no matter what their political orientation, to keep on a reform path. Reforming a centrally planned economy that has very serious macroeconomic disequilibria implies reforms that can be done immediately but also...

55. Vertical relations and number of channels in quality-differentiated markets - Bacchiega, Emanuele; Bonroy, Olivier
Double marginalization causes inefficiencies in vertical markets. This paper argues that such inefficiencies may be beneficial to final consumers in markets producing vertically differentiated goods. The rationale behind this result is that enhancing efficiency in high-quality supply chains through vertical integration may drive out of the market low-quality ones, thus affecting market structure. As a consequence, restoring-efficiency vertical integration may reduce consumer surplus, even in the absence of foreclosure strategies by the newly integrated firms. From a policy standpoint, our paper suggests that input and/or customer foreclosure should not be considered as the only source of antitrust concern when assessing the...

56. Trade liberalisation between Asymmetric Countries with Environmentally Concerned Consumers - Gori, Giuseppe Francesco; Lambertini, Luca
This paper investigates the impact of free trade on welfare in a two-country world modelled as an international Hotelling duopoly with quadratic transport costs and asymmetric countries, where a negative environmental externality is associated with the consumption of the good produced in the smaller country. Countries’ relative sizes as well as the intensity of negative environmental externality affect potential welfare gains of trade liberalisation. In line with Lambertini (1997a) we show that, as long as no trade policy is undertaken by the government of the larger country, trade liberalisation is not feasible since the latter always loses from opening to trade. A subsidy...

57. Equilibrium Innovation Ecosystems: The Dark Side of Collaborating with Complementors - Mantovani, Andrea; Ruiz-Aliseda, Francisco
The recent years have exhibited a burst in the amount of collaborative activities among firms selling complementary products. This paper aims at providing a rationale for such a large extent of collaboration ties among complementors. To this end, we analyze a game in which the two producers of a certain component have the possibility to form pairwise collaboration ties with each of the two producers of a complementary component. Once ties are formed, each of the four firms decides how much to invest in improving the quality of the match with each possible complementor, under the assumption that collaborating with...

58. Wages and international factors’ mobility - Podrecca, Elena; Rossini, Gianpaolo
The labor wage is the result of market variables and institutional settings of a country. In an open economy the determination of the market wage rate may be further affected by the extent of international mobility of both factors of production, labor and capital. Labor mobility is represented by migration in and out of a country, while capital mobility relates mostly to the extent of foreign direct investment (FDI) outflows and inflows. Migrants may represent an addition to the native labor force of a country and, in some cases, play a substitute role with respect to incumbent workers. FDI, in...

59. Trustworthy by Convention - Bigoni, Maria; Stefania, Bortolotti; Marco, Casari; Diego, Gambetta
Social life offers innumerable instances in which trust relations involve multiple agents. In an experiment, we study a new setting called Collective Trust Game where there are multiple trustees, who may have an incentive to coordinate their actions. Trustworthiness has also a strategic motivation, and the trusters' decision depends upon their beliefs about the predominant convention with regard to trustworthiness. In this respect, the Collective Trust Games offers a richer pattern of behavior than dyadic games. We report that the levels of trustworthiness are almost thirty percentage points higher when strategic motivations are present rather than not. Higher levels of...

60. Strategies of cooperation and punishment among students and clerical workers - Bigoni, Maria; Camera, Gabriele; Casari, Marco
We study individual behavior of students and workers in an experiment where they repeatedly faced with the same cooperative task. The data show that clerical workers differ from college students in overall cooperation rates, strategies adopted, and use of punishment opportunities. Students cooperate more than workers, and cooperation increases in both subject pools when a personal punishment option is available. Students are less likely than workers to adopt strategies of unconditional defection and more likely to select strategies of conditional cooperation. Finally, students are more likely than workers to sanction uncooperative behavior with decentralized punishment and also personal punishment when available.

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