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Horizontal Mergers with Capital Adjustments: Workers' Cooperatives and the Merger Paradox - Delbono, Flavio; Lambertini, Luca
We study the incentives towards horizontal merger among firms when the amount of capital is the strategic variable. The type of firms we focus on is workers' cooperatives, but our conclusions apply also to employment-constrained profit maximisers. Within a simple oligopoly model, we prove that the horizontal merger, for any merger size, is: (i) privately efficient for insiders as well as for outsiders; (ii) socially efficient if market size is large
enough, including the case of merger to monopoly.
Fiscal Policy Announcements of Italian Governments and Spread Reaction during the Sovereign Debt Crisis - Falagiarda, Matteo; Gregori, Wildmer Daniel
This paper attempts to evaluate the effects of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three cabinets that followed one another during the period 2009-2013. The results suggest that only fiscal policy announcements made by members of Monti's cabinet have been effective in influencing the Italian spread, revealing a remarkable credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
pca2: implementing a strategy to reduce the instrument count in panel GMM - Bontempi, Maria Elena; Mammi, Irene
The problem of instrument proliferation and its consequences (overfitting of the endogenous explanatory variables, biased IV and GMM estimators, weakening of the power of the overidentification tests) are well known. This paper introduces a statistical method to reduce the instrument count. The principal component analysis (PCA) is applied on the instrument matrix, and the PCA scores are used as instruments for the panel generalized method-of-moments (GMM) estimation. This strategy is implemented through the new command pca2.
CSR in an Asymmetric Duopoly with Environmental Externalities - Lambertini, Luca; Palestini, Arsen; Tampieri, Alessandro
We investigate a linear state dfferential game describing an asymmetric Cournot duopoly with capacity accumulation à la Ramsey and a negative environmental externality (pollution), in which one of the firms has adopted corporate social responsibility (CSR) in its statute, and therefore includes consumer surplus and the environmental effects of production in its objective function. If the market is sufficiently large, the CSR firm sells more, accumulates more capital and earns higher profits than its profit-seeking rival.
Settima giornata di studio Ettore Funaioli, 19 luglio 2013
In questo volume sono raccolte le memorie presentate in occasione della “Settima Giornata di Studio Ettore Funaioli”, che si è svolta il 19 luglio 2013 presso la Scuola di Ingegneria e Architettura dell’Alma Mater Studiorum – Università di Bologna.
La Giornata è stata organizzata dagli ex allievi del Prof. Ettore Funaioli con la collaborazione del DIN – Dipartimento di Ingegneria Industriale e della Scuola di Ingegneria e Architettura dell’Alma Mater Studiorum – Università di Bologna, e con il patrocinio dell’Accademia delle Scienze dell’Istituto di Bologna e del GMA – Gruppo di Meccanica Applicata.
Green Consumers, Greenwashing and the Misperception of Environmental Quality - Lambertini, Luca; Pignataro, Giuseppe; Tampieri, Alessandro
In this paper we analyse a setup where consumers are heterogeneous in the perception of environmental quality. The equilibrium is verified in a setting with horizontal and vertical (green) differentiation. Profits are increasing in the misperception of quality, while, the investment in green quality decreases the more the goods are substitutes. We further consider the introduction of either an emission tax or an environmental standard. The former rises the investment in environmental quality due to the higher cost of production, whereas in equilibrium quality always improves after the introduction of the latter. We show that an optimal environmental standard is...
Higher order beliefs and the dynamics of exchange rates - Pancotto, Francesca; Pignataro, Giuseppe; Raggi, Davide
This paper investigates the role of higher order beliefs in the formation of exchange rates. Our model combines a standard macroeconomic dynamics for the exchange rates with a microeconomic specification of agents' heterogeneity and their interactions. The empirical analysis relies on a state space model estimated through Bayesian methods. We exploit data on macroeconomic fundamentals in a panel of subjective forecasts on the euro/dollar exchange rate. The equilibrium strategy on the optimization process of the predictors shows that higher order beliefs is the relevant factor in performing individual
forecasting. Moreover public information, namely past exchange rates and fundamentals, plays a crucial...
Psichiatria per Professioni Sanitarie - Lia, Loredana; Serretti, Alessandro
Il presente manuale offre una preparazione psichiatrica per gli operatori delle professioni sanitarie. Considerata la grande prevalenza di disturbi psichiatrici nella popolazione, appare importante avere le basi dei disturbi psichiatrici, dei trattamenti, delle strutture che configurano l'attività psichiatrica e dei diversi approcci da tenere nei confronti di persone affette da patologie psichiatriche.
Il manuale è diviso in capitoli specifici per consentire un rapido accesso alle informazioni necessarie.
ICT and Non-ICT investments: short and long run macro dynamics - Bacchini, Fabio; Bontempi, Maria Elena; Golinelli, Roberto; Jona Lasinio, Cecilia
In this paper, we model business investment distinguishing between ICT (communication equipment, hardware and software) and Non-ICT (machinery and equipment, and nonresidential buildings) components and taking into account asset specific characteristics potentially affecting the reactivity of capital accumulation over the business cycle. Business investment and ICT and Non-ICT assets are estimated within a VECM model to test, in a unique framework, the assumptions of the flexible accelerator model (Clark, 1944, and Koyck, 1954) and of the neoclassical model of Hall and Jorgenson (1967), as well as how
financial constraints and uncertainty influence investment behaviour (Hall and Lerner, 2010, and Bloom, 2007)....
Rapporto sul mercato del lavoro della provincia di Bologna nel 2013 : uscire dal labirinto - Tassinari, Giorgio
The paper contains the main informations about labour market in the county of Bologna during 2013. T in 2008he Bologna labour market suffers deeply of the effects of the economic crisis started goes through great transformations: from full employment to mass unemployment. Moreover, it witnessed an heavy diffusion of short term jobs and other non standard contracts. The paper shows that this changes are shared with what has happened at regional and national levels.
Optimal firms' mix in oligopoly with twofold environmental externality - Delbono, Flavio; Lambertini, Luca
We charaterise the socially optimal mix of firms in an oligopoly with both profit-seeking and labour-managed firms.
The policy maker faces a twofold externality: (i) production entails the exploitation of a common pool natural resource and (ii) production/consumption pollutes the environment. We study the relationship between firms' mix and social welfare in the Cournot-Nash equilibrium of the industry and the resulting policy implications.
Inverted-U aggregate investment curves in a dynamic game of advertising - Lambertini, Luca; Zaccour, Georges
We revisit the relationship between market power and firms' investment incentives in a noncooperative differential oligopoly game in which firms sell differentiated goods and invest in advertising to increase the brand equity of their respective goods. The feedback equilibrium obtains under open-loop rules, and aggregate expenditure on goodwill takes an inverted-U shape under both Cournot and Bertrand behaviour, provided product differentiation is sufficiently high. Total industry expenditure is higher under Cournot competition.
Competition and Screening with Skilled and Motivated Workers - Barigozzi, Francesca; Nadia, Burani
We study optimal contracts offered by two firms competing for the exclusive services of one worker, who is privately informed about her ability and her motivation. Firms differ both in their production technology and in the mission they pursue and a motivated worker is keen to be hired by the mission-oriented firm. We find that the matching of worker types to firms is always Pareto-efficient. When the difference in firms’ technology is high, only the most efficient firm is active. When the difference is not very high, then agent types sort themselves by motivation: the mission-oriented firm hires motivated types...
Adjustment to Equilibrium after a Demand Shock: A Strategic Interaction View - Lambertini, Luca; Marattin, Luigi
In this paper we verify the functioning of the standard neoclassical adjustment to equilibrium after a demand shock in a non-cooperative simultaneous Cournot duopoly with complete, symmetric and imperfect information. Our results show that in such a framework the adjustment to the long-run level of output by the entire industry or part of it is no longer guaranteed. We show that the size of the demand shock determines the nature and number of equilibria generated by strategic interaction, whereas the post-adjustment real wage level determines which equilibrium is actually obtained.
Quale insegnamento dalla "epopea" dell'amianto? - Avio, Alberto; Barbini, Francesco Maria; Bertazzi, Pier Alberto; Carnevale, Francesco; Maggi, Bruno; Rulli, Giovanni
What lessons can be drawn from the “epic history” of asbestos? How this emblematic case can help the reflection on prevention in the workplace? The subjects of primary prevention, risk management, laws and regulation protecting safety and health in the workplace are discussed from different points of view, such as history of medicine, epidemiology, occupational and preventive medicine, labour law, organization theory, science methodology. These collected papers are aimed at proposing prevention strategies allowing to avoid mistakes and pitfalls like the ones that characterized the history of asbestos.
Cournot Competition and “Green” Innovation: An Inverted-U Relationship - Lambertini, Luca; Poyago-Theotoky, Joanna; Tampieri, Alessandro
We evaluate the relationship between competition and innovation in an industry where production is polluting and R&D has the aim to reduce emissions. We build up an oligopoly model where n firms compete in quantities and decide their investment in green R&D. When environmental taxation is exogenous, the investment in green R&D always increases with the number of firms in the industry. We analyse next the case where taxation is endougenously determined by a regulator with the aim to maximise social welfare. An inverted-U relationship exists under reasonable conditions, and it is driven by the presence of spillovers.
Management della verità. Il valore della persona nella formazione, nelle organizzazioni e nel lavoro - Grisi, Cesare
"IL MANAGEMENT DELLA VERITA'" è uno studio sulla tematica del valore della persona nel contesto lavorativo, presa in considerazione da molteplici punti di vista. Ha un taglio multidisciplinare e sottopone il soggetto della trattazione a diverse chiavi di lettura, evitando gli stereotipi della specializzazione irrelata. Lo spunto che serve da abbrivio è di dare una spiegazione ad un fenomeno assai diffuso nel mondo del lavoro, nelle organizzazioni e nella formazione: il compulsivo ricorso al "valore della persona". La perplessità che deriva dall’uso di questo leitmotiv scaturisce, a fronte di una analisi documentata da uno studio bibliografico comparativo, dalla discrasia tra...
On the effect of social norms to reduce pollution - Mantovani, Andrea; Tarola, Ornella; Vergari, Cecilia
We analyse how market competition in a vertically differentiated polluting industry is affected by product variants that comply at different levels with "green" social norms. A green consumption behaviour is considered as a byword of good citizenship. Consumer preferences depend on a combination of hedonic quality and compliance with the norms. Assuming that the high hedonic quality variant complies less with the norms than the low hedonic quality one, we characterize the different equilibrium configurations, depending on the perceived intensity of such norms. Then, we focus on the role that institutions may have in using these norms to reduce pollution...
Costruire comunità ospitali e sostenibili. Nuove sfide per la Psicologia di Comunità
Il volume presenta gli atti del X Convegno Nazionale della Società Italiana di Psicologia di Comunità (SIPCO), che si è svolto a Cesena dal 19 al 21 giugno 2014. "Ospitalità" e "sostenibilità" sono i temi scelti per questa edizione del Convegno: concetti che si è voluto assumere come stimolo a rivisitare – attraverso la riflessione teorica e la presentazione di esperienze concrete di ricerca ed intervento – due temi centrali per la disciplina, tra loro strettamente interconnessi: quello della "relazione con l’altro" (che comprende il "diverso" da sé, per provenienza, cultura, genere, condizione di salute, ecc.) e quello del benessere....