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["viewname_eprint_types" not defined] = Monografia
Mostrando recursos 41 - 60 de 1,654
Is Social Security Really Bad For Growth? - Bellettini, Giorgio; Berti Ceroni, Carlotta
This paper develops a model of endogenous growth with overlapping generations to investigate the joint determination of social security, public investment and growth in a small open economy. We argue that a pure pay-as-you-go system provides the taxpayers with the incentives to support growth-oriented policies, which increase the future productivity of labor. We find that outcomes characterized by positive levels of intergenerational redistribution, public investment and long run growth can be sustained as subgame-perfect Nash equilibria of an infinitely repeated intergenerational game, if and only if the marginal productivity of public capital is large enough. Furthermore, we show that transfers...
Exogenous Product Differentiation and the Stability of Collusion - Lambertini, Luca
The stability of collusion in quantities in a differentiated duopoly is analised, and the
result is compared to that emerging in the case of price-setting behaviour. It turns out that quantity collusion is generally better sustained than price collusion, unless products are almost perfect substitutes. Under both quantity and price competition, the social damage associated with collusion is increasing in the degree of substitutability.
Wage Indexation And Political Cycles - Scorcu, Antonello Eugenio
If the wage indexation rate is chosen discretionarily, a Left hand government lowers it in order to increase the output effects of surprise inflation, while a Right hand government prefers high indexation. These choices magnify the differences between the inflation rates preferred by the two parties. When binding commitments before the signature of the labor contract are possible, both parties prefer a higher wage indexation with respect to the discretionary situation, in order to reduce the inflationary bias.
Productivity and Infrastructure in the Italian Regions - Picci, Lucio
We address the issue of whether public infrastructure play an important role in determining factor productivity in Italy, and we show that the evidence is mixed. Public capital is significant in explaining output in most cases. However, when the attention is drawn on the long-run properties of the data, or when care is taken to rule out contemporaneous short-run effects, then public capital results to be either non-significant, or significant but of negligible importance.We conclude that the influence of infrastructure on output is probably due, to a great extent, to short-run demand-side phenomena.
The Optimum Life of a Patent When the Timing of Innovations is Stochastic - Denicolò, Vincenzo
This paper studies the optimal lifetime of a patent in a model where the timing of innovatons: is uncertain. We assume a Poisson discovery process with a linear hazard function and contractural R&D costs. The invention industry is modelled in three alternative ways: i) monopoly; ii) oligopoly with free entry; iii) perfect competition. Several comparative staties results are derived.
Carbon is Forever: a Climate Change Experiment on Cooperation - Calzolari, Giacomo; Casari, Marco; Ghidoni, Riccardo
Greenhouse gases generate impacts that can last longer than human civilization itself. Such persistence may affect the behavioral ability to cooperate. Here we study mitigation efforts within a framework that reflects key features of climate change and then contrasts a dynamic versus a static setting. In a treatment with persistence, the pollution cumulates and generates damages over time while in another treatment it has only immediate effects and then disappears. We find that cooperation is not hampered, on average, by pollution persistence. Mitigation efforts, though, should not be delayed, because cooperation levels appear to deteriorate for high stocks of pollution.
The Multiproduct Monopolist Under Vertical Differentiation: an Inductive Approach - Lambertini, Luca
The behaviour of a multiproduct profit seeking monopolist is evaluated vis à vis that of a
social planner, in a model where there is a continuum of consumers characterized by different
marginal willingness to pay for quality. When the market is completely covered, the monopolist
undersupplies all qualities as long as their number is finite. When quality becomes continuous,
the richest consumer is provided with the socially optimal quality. Under the alternative
assumption of partial market coverage, the monopolist supplies the same qualities as the social
planner, restricting though total output. Finally, it turns out that, for a given number of varieties,
under partial market coverage the...
Product Innovation Under Vertical Differentiation and the Persistence of Monopoly - Lambertini, Luca
The incentives to innovate for the incumbent and the entrant in a vertically differentiated market are analised, in the absence of uncertainty. It turns out that if consumers’ marginal willingness to pay for quality is sufficiently low, the efficiency effect observationally works so as to favour innovation by the entrant, i.e., competition. Otherwise, it operates to the advantage of the incumbent who acquire the right to innovate, preempting thus the rival.
Lo Stock di Capitale nelle Regioni Italiane - Picci, Lucio
In questo lavoro si descrive la costruzione di una base di dati dello stock di capitale, sia privato che pubblico, nelle regioni italiane. Il capitale privato e’ calcolato utilizzando come riferimento una ripartizione regionale dello stock aggregato per l’anno 1981. Le stime per gli altri anni, dal 1970 al 1991, si ottengono ripartendo le variazioni dello stock aggregato in base all’andamento degli investimenti regionali. Il capitale pubblico e’ calcolato con la tecnica dell’inventario permanente. L’investimento pubblico aggregato e’ ripartito per regione e per tipologia di bene utilizzando i dati contenuti nella pubblicazione annuale dell’ISTAT "Opere Pubbliche". Si ottengono cosi’ delle...
Advertising as a Signal of Quality, A New Explanation - Garella, Paolo; Fluet, Claude Denys
The present article provides a unied explanation for several phenomena related to advertising by rms. (i) Advertising without repeat purchase of the product, (ii) advertising from established brands, or post-introductory, (iii) simultaneous advertising from low and high quality rms, (iv) its persistence and pro-cyclicality. The explanation is original because it rests upon oligopolistic interaction. The analysis hinges upon two fundamental results. The rst is that advertising allows separation when a signal via prices only does not. The second is that purely dissipative advertising can be used to strategically deter entry. Hence, a link is established between entry deterrence and signaling.
International Business Cycle: Does Trade Matter? - Picci, Lucio
This paper addresses the question of whether trade interdependencies are significant in explaining the international synchronization of business cycles, or "international business cycles". Using an econometric framework that combines the concept of separate cointegration (Granger an Konishi, 1992) with that of common feature analysis (Engle and Kozicki, 1993; Vahid and Engle, 1993), we are able to formulate meaningful ways of characterizing the links between trade flow dynamics and international output dynamics. We conclude that trade interdependencies do have an effect in explaining the international business cycle.
Intraindustry Trade Under Vertical Product Differentiation - Lambertini, Luca
The paper focuses on trade between two countries where a vertically differentiated commodityis produced by a single firm in each country, operating initially in autarkic conditions. It is assumed that the two countries have overlapping income distributions, giving thus rise, under certain conditions, to two-way trade, i.e., a proper intraindustry trade. It emerges that while consumers always benefit from trade, especially if two-way trade arises, firms may have conflicting preferences on the choice between (i) autarky and trade, as well as (ii) one-way trade and two-way trade.
Public Transit Subsidy: from the Economics of Welfare to the Theory of Incentives - Fabbri, Daniele
Public Transit is publicly managed almost all over Europe. Public intervention in this sector is due to market failures: economies of scale and misperceptions of social and private costs may cause an insufficient supply of transit services. These arguments have been thouroughly analyzed within the standard welfarist approach to the theory and practice of subsidization. Ramsey rules and cost-benefit analysis emerged as useful devices for the definition of subsidy allocation. However remedies to market failures should be traded-off against government failures. Lack of incentives, X-inefficiency, regulatory capture, bureaucracy power are common facts in the internal organization of public administration. If...
Are Labor-Managed Firms Really Able to Survive Competition With Profit-Maximizing Firms? - Lambertini, Luca; Rossini, Gianpaolo
The behaviour of labor managed and profit seeking firms in a Cournot duopoly with capital
strategic interaction is analysed. Whena pure labor managed duopoly is considered, firms choose their capital commitments according to the level of the interest rate, unlike what usually happens when only profit maximizing firms operate in the market. If we consider a mixed duopoly, the profit maximizing firm underinvests as a reaction to the strategic asymmetry characterizing competition in the quantity stage regardless of the rental cost of capital, while the investment decision taken by the labor managed firm is again affected by the cost of capital....
Il cambio della lira attraverso controlli e interventi: variabili fondamentali e analisi "chartiste - Basevi, Giorgio; Pignataro, Andrea
This paper has two aims, one theoretical and the other empirical. At the theoretical level, we advance an interpretation of the apparent inability of models based on rational expectations to
explain the time evolution of exchange rates. The interpretation is based on the inadequate treatment of the different time frequencies with which new information on the different variables that affect the foreign exchange markets becomes available. At the empirical level, we attempt to re-examine the effectiveness of controls on capital movements, during a period in which these were used in Italy; moreover we analyse the effectiveness of official foreign exchange interventions.
Una critica alla dottrina liberal-individualista dei diritti - Zamagni, Stefano
Il saggio svolge un'analisi critica della versione individualista della dottrina liberale dei diritti, a partire dalla considerazione delle conseguenze che discendono dalla negazione del concetto di bene comune. Viene poi esaminata la debolezza della teoria neocontrattualista a fornire un soddisfacente fondamento per una teoria dei diritti. L'argomento giunge alla conclusione che la dottrina liberal-personalista rappresenta una valida alternativa a quella liberal-individualista, soprattutto in vista delle applicazioni ad un ambito di studio come quello dell'economia politica.
Tax Amnesties, Plea Bargains and the Optional Enforcement Policy - Franzoni, Luigi Alberto
This paper develops a model of tax enforcement in which the tax agency is allowed to make pre-audit settlement offers to taxpayers. Settlements can either take the form of public amnesties or individual plea bargains. In this model, pre-audit settlements allow the agency to overcome its limited control over the enforcement parameters (the agency takes the tax and penalty levels as given) and to increase its net revenue. Public amnesties prove to be superior to individual plea bargains, since they allow the agency to extract from taxpayers, not only the prospective defence cost, but also the risk premium associated with...
Minimum Quality Standards and Collusion - Ecchia, Giulio; Lambertini, Luca
We model the introduction of a minimum quality standard in a vertically differentiated duopoly. We extend the literature in determining the standard endogenously, showing that the maximisation of social welfare entails an increase in the surplus accruing to consumers served by the low quality firm and a decrease in the surplus of the remaining consumers. Then, we consider the effects of the standard on the stability of price collusion, proving that the standard makes it more difficult for firms to collude if consumers are sufficiently rich.
The Ad-As Model and its Solutions: Some New Results in A Disequilibrium Perspective - Chirco, Alessandra; Colombo, Caterina
This paper extends the disequilibrium approach to aggregate demand and aggregate supply to situation in which the level of the fixed nominal wage is compatible with shortage of labour. We show that discontinuities arise in the AD-AS curves and that only a 'one sided,, not bilaterally stable equilibrium exists, which corresponds to the underconsumption regime. In order to show peculiarities, this extends AD-AS framework is then applied to a standard policy problem.
On Prices' Cyclical Behaviour in Oligopolistic Markets - Lambertini, Luca; Marattin, Luigi
We revisit the discussion about the relationship between price’s cyclical features, implicit collusion and the demand level in an oligopoly supergame where a positive shock may hit demand and disrupt collusion. The novel feature of our model consists in characterising the post-shock noncooperative price and comparing it against the cartel price played in the last period of the collusive path, to single out the conditions for procyclicality to arise both in the short and in the long-run.