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Approaching an investigation of multi-dimensional inequality
through the lenses of variety in models of capitalism - Antonelli, Gilberto; Calia, Pinuccia Pasqualina; Guidetti, Giovanni
After a synthetic presentation of the state of poverty and inequality in the world and the contradictions incurred by economic theory in this field after decades of globalization and in the midst of a persisting global crisis, in paragraphs 2. and 3. we outline the rational for our theoretical analysis, underlining two main aspects. First of all, in paragraph 2. we recall the reasons which makes inequality a multidimensional phenomenon, while in paragraph 3. we explore the reasons why the models of capitalism theory is relevant for studying multidimensional inequality. These paragraphs emphasise that inequality is a multidimensional and cumulative...
Legge del valore, legge dello scambio e problema della trasformazione: una nota - Gozzi, Giancarlo
Marx’s analysis of the determination of the general rate of profit and of the associated relative prices is based on the conceptual distinction between law of value and law of
exchange. The law of value states that simple, necessary abstract labour is the substance and measure of the value of commodities and is fundamental in the analysis of the social relations of the capitalist economy, i.e. for the analysis of the creation of surplus-value; it therefore represents the theoretical framework within which the problem of the distribution of surplus-value among the different capitals may be approached, i.e. the law of
Theories on stress / Teorie sullo stress - Bottaccioli, Francesco; Rulli, Giovanni
Two theories on stress are introduced. The first one proposes the unification of the two great research traditions on stress, biological and psychological, within a systemic science, psychoneuroendocrineimmunologic, aimed at both explaining the complex interaction between different levels of stress incidence on health and disease, and integrating the care of the others and the care of oneself. The other theory, oriented towards the study and the improvement of human being's condition, especially well-being at work, criticizes the psychological interpretative perspectives. According to this theory, stress is conceived as a psychoneuroendocrineimmune process, while health and prevention are seen as perfectible processes....
Informal employment in transition countries: empirical evidence and research challenges - Lehmann, Hartmut
Even though informal employment is wide-spread in transition economies the literature on this phenomenon in the region is rather scarce. For policy makers it is important to know the incidence and the determinants of informal employment. In the first part of the paper we demonstrate that its incidence and to a lesser degree its determinants depend on the definition used. We then discuss studies that attempt to test for labor market segmentation in transition economies along the formal-informal divide. The presented results are inconclusive and we come to the conclusion that more work needs to be done before we can...
Assessing temporal trends and industry contributions to air and water pollution using stochastic dominance - Agliardi, Elettra; Pinar, Mehmet; Stengos, Thanasis
We employ a stochastic dominance (SD) approach to analyze the components that contribute to environmental degradation over time. The variables that are considered include countries’ greenhouse gas (GHG)
emissions and water pollution. Our approach is based on pair-wise SD tests. First, we study the dynamic
progress of each separate variable over time, from 1990 to 2005, within 5-year horizons. Then, pair-wise SD
tests are used to study the major industry contributors to the overall GHG emissions and water pollution at
any given time, to uncover the industry which contributes the most to total emissions and water pollution.
We find that CO2 emissions not only contribute...
Le travail de soudure pour l’ingénierie nucléaire / Il lavoro di saldatura per l’ingegneria nucleare - Maggi, Bruno; Faïta, Daniel; Rulli, Giovanni
A welding work process in a plant for the production of heavy components for the nuclear industry is analyzed through two different methodologies. The first analysis concerns the work of welders, according to the Méthode de l’Auto-confrontation, proposed by Daniel Faïta and widely utilized in France. An organizational analysis, extended to a biomedical analysis of health and safety conditions of workers, concerns the whole welding process, according to the Method of Organizational Congruences, proposed by Bruno Maggi, and adopted for three decades within the Interdisciplinary Research Program “Organization and Well-being”. The two methods’ complementarity and synergy, already discussed in previous...
Debt Maturity Choices, Multi-stage Investments and Financing Constraints - Agliardi, Elettra; Koussis, Nicos
We develop a dynamic investment options framework with optimal capital structure and analyze the effect of debt maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most literature results, in the absence of constraints, higher volatility may increase initial debt for firms with low initial revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option value of receiving the value of assets and remaining tax savings, does not hold for short term debt and firms with high profitability, where an increase...
Cash holdings and financing decisions under ambiguity - Agliardi, Elettra; Agliardi, Rossella; Spanjers, Willem
This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial constraints and ambiguity, or when facing the threat of an unpredictable financial crisis? We analyze how the values of the firm’s equity and debt are affected by ambiguity. We also show that cash holdings are retained longer if the investors’ ambiguity aversion bias is sufficiently large, while cash holdings become less attractive when the...
The attitudinal work of news journalism images – a search for visual and verbal analogues - White, Peter R.R.
This paper is concerned with the potential of journalistic still images (photographs, pictorial layouts, artwork and political cartooning) to position readers/viewers to take a positive or negative view of the people, events and situations which are the subject matter of news journalism coverage. Referencing prior work by Economou (2009) and Swain (2012), it offers an account of the mechanisms, the particular visual qualities and compositional arrangements, by which such attitudinal effects are achieved. Its primary concern is exploring the grounds by which the mechanisms through which journalistic images activate positive or negative attitudes might be treated as analogous to related...
Does the extension of primary care practice opening hours reduce the use of emergency services? - Lippi Bruni, Matteo; Mammi, Irene; Ugolini, Cristina
Over-crowding in Emergency Departments (EDs) generates potential inefficiencies. Using regional administrative data, we investigate the impact of an increase in the accessibility of primary care on ED visits in Italy. We test whether extending practice opening hours up to 12 hours/day reduces inappropriate ED visits. We estimate count data models, considering different measures for ED visits recorded at the list level. Since the extension programme is voluntary, we also account for the potential endogeneity of participation, using a two-stage residual inclusion and a GMM approach. Our results show that improving primary care accessibility favours a more appropriate use of EDs.
Theocracy and Resilience Against Economic Sanctions - Naghavi, Alireza; Pignataro, Giuseppe
This paper provides a simply theory to explain the impact of sanctions on a regime's policies and behavior. Sanctions are generally put to strip the target country from its available rents and weaken the government's stance against growing discontent in the population. We show however that sanctions may give legitimacy to an incumbent government by influencing the optimal level of religious ideology provided by the state and further stabilizing its grip to power and rents. While in a good state of nature sanctions build resilience as long as religious ideology among the population is strong, at bad times they compel...
On the Interplay between Resource Extraction and Polluting Emissions in Oligopoly - Lambertini, Luca
This paper offers an overview of the literature discussing oligopoly games in which polluti ng emissions are generated by the supply of goods requiring a natural resource as an input. An analytical summary of the main features of
the interplay between pollution and resource extraction is then given using a differential game based on the Cournot oligopoly model, in which (i) the bearings on resource preservation of Pigouvian tax rate tailored on emissions
are singled out and (ii) the issue of the optimal number of firms in the commons is also addressed.
A simple mechanism for the roommate problem - Evci, Bora
Gale and Shapley (1962) proposed that there is a similar game to the marriage problem called "the roommate problem". And, they showed that unlike the marriage problem, the roommate problem may have unstable solutions. In other words, the stability theorem fails for the roommate problem. In this paper, we propose a new mechanism for the roommate problem. The mechanism is successful in determining the reason of instability in our game scenario. And, we show that our mechanism implements the full set of stable matchings in the existence of stability, and it ends up with Pareto Optimal matching in the instance...
A new dynamic mechanism to the marriage problem with a variant - Evci, Bora
We know from Gale and Shapley (1962) that every Two-Sided Matching Game has a stable solution. It is also well-known that the number of stable matchings increases with the number of agents on both sides. In this paper, we propose two mechanisms, one of which is a variant of the other, to the marriage problem. Our original mechanism implements the full set of stable matchings for any preference profile. On the other hand, the variant mechanism parititons the domain of preference profiles into two; for one set, it implements the full set of stable matchings like the original mechanism and...
Islam, Inequality and Pre-Industrial
Comparative Development - Michalopoulos, Stelios; Naghavi, Alireza; Prarolo, Giovanni
This study explores the interaction between trade and geography in shaping the Islamic economic doctrine and in turn the comparative development of the Muslim world. We build a model where an unequal distribution of land quality in presence of trade opportunities conferred differential gains from trade across regions, fostering predatory behavior from the poorly endowed ones. We show that in such an environment it was mutually beneficial to institute an economic system of income redistribution featuring direct income transfers in return for safe passage to conduct trade. A commitment problem, however, rendered a merely static redistribution system unsustainable. Islam added...
Nationalization as credible threat against tacit collusion - Delbono, Flavio; Lambertini, Luca
Within a simple model of differentiated oligopoly, we show that tacit collusion may be prevented by the threat of nationalising a private firm coupled with the appropriate choice of the weight given to private profits in the maximand of the nationalised company. We characterise the properties of such a threat and prove that it may allow to credibly deter tacit collusion.
Risparmio dei lavoratori e contrattazione in un modello di capitalismo come gioco differenziale - Gozzi, Giancarlo
In un articolo del 1984 M. Pohjola ha introdotto nel modello di Lancaster la considerazione della contrattazione fra capitalisti e lavoratori nella analisi della relazione fra distribuzione del reddito e accumulazione del capitale in termini di un gioco differenziale. Lo scopo del nostro lavoro è quello di estendere l’analisi di Pohjola al caso in cui i lavoratori possono decidere di risparmiare e quindi di accumulare capitale per analizzarne le conseguenze sull’equilibrio non cooperativo del corrispondente gioco differenziale.
In his paper of 1984 M. Pohjola generalized Lancaster’s model of capitalism as a differential game by considering the bargaining process between capitalists and...
To Adjust or not to Adjust after a Cost-Push Shock? A Simple Duopoly Model with (and without) Resilience - Lambertini, Luca; Marattin, Luigi
We characterize the equilibrium in a homogeneous good Cournot duopoly in which firms have the choice to react to a cost-push shock by paying a lump-sum adjustment cost in order to offset the initial rise in marginal cost. Our results show that the size of the shock and the size of the adjustment cost jointly determine the nature and the number of the equilibria generated in the game. In particular, if the adjustment cost is high enough, at least one firm decides not to adjust at the pure strategy equilibrium, and such a partial adjustment by the industry can be...