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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...
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...
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.
GPs and hospital expenditures. Should we keep expenditure containment programs alive? - Fiorentini, Gianluca; Lippi Bruni, Matteo; Ugolini, Cristina
Pay-for-performance programs offering additional payments to GPs can be used not only to improve the quality of care but also for cost containment purposes. In this paper, we analyse the impact of removing financial incentives in primary care that were aimed at containing hospital
expenditure in the Italian region of Emilia Romagna during the period 2002-04. Our analysis draws on regional databanks linking GPs’ characteristics to those of their patients (including all sources of public payments made to GPs), together with information on the utilisation of
hospital services. We employ a difference-in-difference specification to assess changes in expenditures for avoidable and total...
A DSGE model with Endogenous Term Structure - Falagiarda, Matteo; Marzo, Massimiliano
In this paper, we propose a DSGE model with the term structure of interest rates drawing on the framework introduced by Andrés et al. (2004) and Marzo et al. (2008). In particular, we reproduce segmentation in financial markets by introducing bonds of different maturities and bond adjustment costs non-zero at the steady state, introducing a structural liquidity frictions among bonds with different maturities: agents are assumed to pay a cost whenever they trade bonds. As a result, the model is able to generate a non-zero demand for bonds of different maturities, which become imperfect substitutes, due to differential liquidity conditions....
Forecasting Value-at-Risk with Time-Varying Variance, Skewnessn and Kurtosis in an Exponential Weighted Moving Average Framework - Gabrielsen, Alexandros; Zagaglia, Paolo; Kirchner, Axel; Liu, Zhuoshi
This paper provides an insight to the time-varying dynamics of the shape of the distribution of financial return series by proposing an exponential weighted moving average model that jointly estimates volatility, skewness and kurtosis over time using a modified form of the Gram-Charlier density in which skewness and kurtosis appear directly in the functional form of this density. In this setting VaR can be described as a function of the time-varying higher moments by applying the Cornish-Fisher expansion series of the first four moments. An evaluation of the predictive performance of the proposed model in the estimation of 1-day and...
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.