Showing papers by "Libera! published in 2015"

Prior selection for vector autoregressions

Abstract: Vector autoregressions (VARs) are ∞exible time series models that can capture complex dynamic interrelationships among macroeconomic variables. However, their dense parameterization leads to unstable inference and inaccurate out-ofsample forecasts, particularly for models with many variables. A potential solution to this problem is to use informative priors, in order to shrink the richly parameterized unrestricted model towards a parsimonious na˜‡ve benchmark, and thus reduce estimation uncertainty. This paper studies the optimal choice of the informativeness of these priors, which we treat as additional parameters, in the spirit of hierarchical modeling. This approach is theoretically grounded, easy to implement, and greatly reduces the number and importance of subjective choices in the setting of the prior. Moreover, it performs very well both in terms of out-of-sample forecasting, and accuracy in the estimation of impulse response functions.

Which European Union?: Europe after the Euro Crisis

Abstract: Preface: how many Unions? Part I. Institutionalisation of Multiple Unions: 1. From Rome to the Lisbon Treaty 2. The Lisbon Treaty and the Euro Crisis 3. Institutionalisation and constitutional divisions Part II. Main Perspectives on the European Union: 4. The perspective of the economic community 5. The perspective of intergovernmental union 6. The perspective of parliamentary union Part III. Towards the Compound Union Perspective: 7. Comparing democratic models 8. Compound unions and the EU 9. A new political order in Europe.

Crowdfunding as 'Donations': Theory & Evidence

Abstract: For a wide class of crowdfunding approaches, we argue that the reward structure (for funders) is closer to that of charitable donations to public goods than it is to traditional entrepreneurial finance. Many features of the design of crowdfunding platforms can therefore be understood as attempts to deal with attendant “free-rider” problems in motivating contributions. Reviewing institutional features of today’s crowdfunding, we clarify that there are often limits in the extent to which tangible rewards can be used to motivate contributions. Drawing on analogies with charitable donations, we theorize that intangible sources of motivation — (i) direct psychological rewards, (ii) reciprocity and (iii) social interactions — can play a role in entrepreneurial crowdfunding. In our detailed empirical analysis of a representative project we find abundant evidence consistent with this characterization and we proceed to discuss implications for platform design and entrepreneurial funding and unique and defining characteristics of crowdfunding.

Utility maximization with current utility on the wealth: regularity of solutions to the HJB equation

Abstract: This paper deals with an investment–consumption portfolio problem when the current utility depends also on the wealth process. Such problems arise e.g. in portfolio optimization with random horizon or random trading times. To overcome the difficulties of the problem, a dual approach is employed: a dual control problem is defined and treated by means of dynamic programming, showing that the viscosity solutions of the associated Hamilton–Jacobi–Bellman equation belong to a suitable class of smooth functions. This allows defining a smooth solution of the primal Hamilton–Jacobi–Bellman equation, and proving by verification that such a solution is indeed unique in a suitable class of smooth functions and coincides with the value function of the primal problem. Applications to specific financial problems are given.

Social cost of chronic pain in Italy

Abstract: Chronic pain negatively impacts on sick people's daily life and their working ability, and it is a heavy financial burden on the health systems. This article is aimed at evaluating the social costs of chronic pain in Italy.The analysis is based on national tariffs and prices and on epidemiologic, health resource consumption, and absence from work published data; when no information specifically related to Italy was available, results from studies carried out in other European Countries were used as appropriate.The average annual cost per patient amounts to €4,556, 31% of which (€1,400) is charged on the National Health Service. Of this share, 51% is due to hospitalisation and 6% to analgesic drug (mostly NSAIDs) costs. Indirect costs (€3,157) are caused by sickness leaves (31%) and retirements.Based on an estimated prevalence of 8 million people with pain in Italy, the impact of chronic pain direct costs on public health expenditure results 9.6%, whereas the impact of total costs on gross domestic product...

Path-dependent equations and viscosity solutions in infinite dimension

Abstract: Path-dependent PDEs (PPDEs) are natural objects to study when one deals with non Markovian models. Recently, after the introduction of the so-called pathwise (or functional or Dupire) calculus (see [15]), in the case of finite-dimensional underlying space various papers have been devoted to studying the well-posedness of such kind of equations, both from the point of view of regular solutions (see e.g. [15, 9]) and viscosity solutions (see e.g. [16]). In this paper, motivated by the study of models driven by path-dependent stochastic PDEs, we give a first well-posedness result for viscosity solutions of PPDEs when the underlying space is a separable Hilbert space. We also observe that, in contrast with the finite-dimensional case, our well-posedness result, even in the Markovian case, applies to equations which cannot be treated, up to now, with the known theory of viscosity solutions.

Muslim women between secular state and religion

Abstract: The main thesis of this paper assumes that, while we are not arguing for a full-fledged personal law system in Italy (which provides Muslims with different legal systems), we assume that diversity-conscious respect for difference and its legal recognition is a better strategy for achieving justice than a blindfolded Eurocentric vision, based on uniformising secular methods. This paper suggests the adoption of a model of legal intervention for integrating Muslims into Italian liberal democracy. I will call this model a ‘pluralistic institutional approach to integration’, based on a ‘a joint governance approach’. It requires a conceptual break with absolute, unlimited and undivided sovereignty and jurisdiction. Such a pluralistic institutional approach to integration encourages the accommodation of some of the most pressing minority demands in some limited areas. In family law – as we will see – there can be different possible solutions available to conduct their private relationship compatible with their u...

Dentro lo Spatial Turn: luogo e località, spazio e territorio

Abstract: Inside Spatial Turn: place and locality, space and territory The paper deals with the question of the place as a result of socio-historical action on the territory by individuals and communities. Starting point of reflection is a text of Augustin Berque entitled Ecoumene. Introduction a l’etude des milieux humains. In the first chapter of this book the French geographer says that throughout modernity the place was almost exclusively represented by cartography, while the opposite it takes on a deeper meaning that differentiates it from the concept of locality with which it is often confused. In the same way, the concepts spatiality and territoriality, often combined in a single meaning, in practice taking a deep geographical difference between them. Dans le tournant spatiale: lieu et localite, espace et territoire L’article traite de la question du lieu effet de l’action socio-historique sur le territoire par des individus et des communautes. La reflexion a comme point de depart un texte par Augustin Berque appelait Ecoumene. Introduction a l’etude des milieux humains. Au premier chapitre de ce volume, le geographe francais affirme que tout au long de la modernite le lieu a ete presque exclusivement represente par la cartographie, alors qu’en fait, il prend une signification plus profonde qui le differencie de la notion de la localite dans laquelle elle est souvent confondue. De facon similaire, les concepts d’espacialite et de territorialite, souvent combines dans un seul sens, montrent une profonde difference entre elles dans la pratique geographique.

How much are flexibility and uncertainty worth in patent licensing

Abstract: As patent licensing has become the prime driver of technology trade, understanding the rationales behind a properly-defined payment structure of the agreements is essential. Specifically, among the other remuneration components, upfront fees are critical in license negotiations since they imply a significant initial investment by the licensee and represent a source of liquidity for the licensor. We investigate how contractual flexibility, market uncertainty and technical uncertainty shape upfront fees from the licensee’s perspective. Upfront fees are shown to be positively associated with contractual flexibility and market uncertainty, while technical uncertainty is positively associated with upfront fees only if the license warrants contractual flexibility to the licensee. Licensees therefore do not necessarily see uncertainty as a negative attribute of a patent license, but rather as a potential value, above all if in presence of contractual flexibility.

[Antidepressant use in pregnancy: a critical review of the risk and benefits].

Abstract: Aim Pregnancy is considered a high-risk period for the development of a depressive disorder in women, particularly in those with a pre-existing affective disorder. The use of antidepressants in pregnancy may be responsible for congenital malformations and neonatal toxicity. The aim of the study is to review the literature examining the various antidepressants used in pregnancy and their relationship with the development of congenital malformation and neonatal diseases; in particular, we have focused on the evaluation of the risk/benefit in the administration of specific drugs, the possible teratogenicity and placental transfer. Materials and methods We performed a computerized search of PubMed through the papers published from 1996 to 2014, identifying the studies that have showed a relationship between treatment with antidepressants in pregnancy and teratogenic effects and toxicity in the short and long term. Results The revision of the pharmacovigilance studies indicate that most of the selective serotonin reuptake inhibitors have a teratogenic risk substantially similar to that of unexposed controls. For other antidepressants (tricyclics, mirtazapine, venlafaxine, escitalopram, duloxetine) the evidences on the level of risk are still numerically inconsistent and need to be clarified by further research. Conclusions Despite the lack of guidelines for the treatment of depressive disorders during pregnancy, clinically relevant data are continuing to accumulate in the literature. For many medications, compared to the past, we are now able to make a more rational and less approximate estimate of the risk/benefit ratio.

Reti strategiche come evoluzione delle reti emergenti: L'esperienza di due contratti di rete nel bresciano

Abstract: Purpose of the paper : Italian firms are increasingly drawn to modify their own competitive positioning. Traditional network relations, such as industrial districts or subcontracting value chains, are not themselves sufficient to generate this repositioning, since they are not designed to achieve a strategic goal, but tend to emerge spontaneously. We focus on an evolutionary path, empirically drawn from two case studies, leading to the definition of strategic network, i.e., an aggregation resulting from joint projects designed to manage the shift of partner firms towards an higher value-added segment of the value chain. Methodology : This paper analyzes the formal network contract as an empirical phenomenon capturing the theoretical concept of strategic network. It does so investigating the case of network contracts flourished in the area of Brescia. Findings : Strategic networks analyzed via two network contracts showed that different strategies exist to exploit value from the diversity of member firms; risks can arise from this diversity; risks can be tackled by means of proper governance mechanisms. Research limits : The analysis is focused on two representative cases. Undoubtedly, enriching this analysis with the observation of networks embedded in other areas would enhance and enrich the discussion raised in the article. Practical implications : The article analyzes the problems tackled, the strategies used, and the solutions selected by the network actors embedded in a “network-intensive area” (Brescia province). The idea is that these networks can act as a models for other entrepreneurs who want to build new networks or promote the existing ones. Originality of the study : The emergence of networks by means of formal network contracts remains largely unexplored. The analysis highlights the critical issues and the great potential of this instrument. Italian Obiettivo del paper : L’impresa italiana e chiamata a governare il proprio riposizionamento competitivo. Le aggregazioni reticolari tipiche dei nostri territori, come i distretti industriali o le filiere di subfornitura, non sono piu sufficienti a generare questo riposizionamento, poiche sono aggregazioni emergenti, non progettate strategicamente per raggiungere un obiettivo. Nell’articolo viene presentato un percorso evolutivo, empiricamente rappresentato da due casi studio, che porta alla definizione del concetto di rete strategica, vale a dire coscientemente disegnata per riposizionare le imprese che ne fanno parte in un segmento a piu alto valore aggiunto della catena del valore. Metodologia : Questo lavoro analizza il contratto di rete come fenomeno empirico che cattura il concetto teorico di rete strategica, approfondendo il caso di due contratti di rete stipulati nella provincia di Brescia. Risultati : Le reti strategiche analizzate tramite i due contratti di rete oggetti di analisi hanno permesso di capire come vi siano diverse strategie volte a mettere a valore la diversita delle compagini di imprese retiste, come questa diversita possa sollevare dei rischi, e come questi rischi possano essere affrontati con opportune scelte di governance. Limiti della ricerca : L’analisi si concentra su due casi emblematici. Sicuramente, l’ampliamento dell’analisi a reti presenti in territori diversi porterebbe ad una estensione ed arricchimento delle tematiche affrontate nell’articolo. Implicazioni pratiche : Nell’articolo vengono analizzati i problemi affrontati, le strategie messe in campo e le soluzioni scelte da imprenditori retisti localizzati in un’area “ad alta densita di reti” (l’area bresciana). L’idea e che possano fungere da modello per altri imprenditori che vogliano costituire nuove reti o promuovere l’evoluzione di quelle gia esistenti. Originalita del lavoro : La costruzione di reti a mezzo di contratti resta ancora largamente inesplorata. Nell’analisi, si evidenziano alcune criticita e contestualmente le enormi potenzialita dello strumento.

Lo spatial turn come figura epistemologica. Una meditazione a partire dalla geografia politica della modernità

Abstract: The spatial turn as epistemological figure. A consideration from the political geography of modernity Taking on the spatial turn as an interpretive category of Geography, we show the epistemological nature and, consequently, the relevance in the historical evolution of thought and disciplinary practice. The main focus of our reflection is the passage of the Political Geography from the Middle Ages to the Renaissance, identifying in the spatial turn a regressive process in the organization of this ancient form of knowledge. The scene involves great personalities, from Botero to Montesquieu, from Machiavelli to Voltaire, from Hobbes to Kant. But the representation also takes in consideration the interpreters, namely who have accepted and validated the contents of a political geography of modernity. Finally it imposes the need for a reflexive epistemology in defining and continuously updating the status of ideological and cognitive knowledge foundation of Western scientific tradition. Le tournant spatial comme figure epistemologique. Meditation a partir de la geographie politique de la modernite En assumant le tournant spatial comme une categorie interpretative de la Geographie, nous en montrons la nature epistemoligique et, par reflex, la pertinence dans l’evolution historique de la pensee et de la pratique disciplinaire. Le point crucial de notre meditation c’est le passage de la Geographie Politique du Moyen Âge a la Renaissance, en ciblant le spatial turn comme un processus regressif dans l’organisation de cette forme de savoir, pourtant si ancienne. Bien sur, on voit une scene comblee de personnages importants: de Botero a Montesquieu, de Machiavelli a Voltaire, de Hobbes a Kant. Purtant, la representation convoque non seulement les grands protagonistes mais aussi les interpretes: ceux qui ont credite – et en quelques sortes officialise – les contenus de la Geographie Politique de la modernite. L’exigence s’affirme ainsi d’une epistemologie reflexive pour definir et perenniser la mise a jour du statut ideologique et cognitif d’une connaissance fondationnelle de la tradition scientifique occidentale.

Utility maximization with current utility on the wealth: regularity of solutions to the HJB equation

Abstract: We consider a utility maximization problem for an investment-consumption portfolio when the current utility depends also on the wealth process. Such kind of problems arise, e.g., in portfolio optimization with random horizon or with random trading times. To overcome the difficulties of the problem we use the dual approach. We define a dual problem and treat it by means of dynamic programming, showing that the viscosity solutions of the associated Hamilton-Jacobi-Bellman equation belong to a suitable class of smooth functions. This allows to define a smooth solution of the primal Hamilton-Jacobi-Bellman equation, proving that this solution is indeed unique in a suitable class and coincides with the value function of the primal problem. Some financial applications of the results are provided.

Evaluación de la competencia emocional de los estudiantes en la Educación Superior

Abstract: Las demandas de un mundo globalizado requieren universidades capaces de formar a estudiantes con un potencial desempeno profesional. Se buscan nuevas maneras de preparar a los universitarios para lograr una exitosa insercion laboral. De hecho, la mision de la Asociacion Europea para la Garantia de la Calidad en la Educacion Superior (ENQA) es contribuir al mantenimiento y mejora de la calidad de la educacion superior europea con un alto nivel de excelencia. Con el fin de conseguir este objetivo, este estudio toma la competencia emocional como factor importante del exito entre los estudiantes universitarios. La inteligencia emocional implica dos competencias importantes para alcanzar el exito profesional: (1) la capacidad de reconocer sus propios sentimientos y emociones de los demas; (2) la capacidad de utili- zar esa informacion para resolver los conflictos y mejorar la socializacion. Por lo tanto, el trabajo de los valores, la multi- culturalidad y el desarrollo de competencias sociomocionales podria ser integrado en el curriculum academico puesto que se considera un facilitador del exito. Una gran cantidad de expertos creen que la inteligencia emocional se debe pro- mover en la universidad no solo de forma puntual, sino de una manera holistica. ASSESSING STUDENTS’ EMOTIONAL COMPETENCE IN HIGHER EDUCATION The expanding globalised workforce requires universities to train students in order to improve their job performance. Educators are looking for new ways to prepare students to join properly the professional world. In fact, the mission of the European Association for Quality Assurance in Higher Education (ENQA) is to contribute significantly to the maintenance and enhancement of the quality of European higher education at a high level. In order to get this aim, this study examines emotional competence as an important skill of academic and career success among university students. Emotional intelligence involves two important competencies to make career successful: (1) the ability to recognise their own feelings and other people’s feelings and emotions, as well; (2) the ability to use that information to resolve conflicts, problems, and improve interactions with other people. Therefore, the social and emotional skills should be integrated in academic curriculum because emotional well-being is considered a predictor of success in personal and professional life. A lot of educational experts believe that emotional intelligence should be promoted at the university not only as a subject, perhaps like a holistic manner.

International Capital Mobility and Unemployment Dynamics: Empirical Evidence from OECD Countries

Abstract: We use a panel of 20 OECD countries over a 30-year period to investigate empirically the implications of international capital mobility for aggregate unemployment dynamics. To this aim, we employ standard regression analysis and dynamic simulations to illustrate the channels through which international capital mobility impacts unemployment adjustments to productivity shocks and in turn quantify its effect on unemployment volatility. We find that capital mobility plays a significant role in generating unemployment responses to idiosyncratic productivity shocks which are wider but less persistent. Moreover, the evidence we provide suggests that the responsive- ness effect dominates the persistence effect, implying a net increase in unemployment volatility due to higher international capital mobility. Finally, if we simulate the effects of an increase of international capital mobility of the same order of magnitude of that occurred in the OECD countries after the mid-80s, we obtain a rise in the volatility of unemployment rate which is comparable to that observed in those countries in the same years.

Low-protein diet delivery: a feasible proposal?

Abstract: Nutritional therapy is an integral part of the care of CKD. However, the compliance and the concordance to dietary therapy are not always optimal, especially in the elderly and in people who live alone, without a caregiver and with low culture or economic difficulties. The possibility for these people to receive the diet meal directly at home could help them to have a greater adherence to dietary therapy, delaying the progression of kidney damage. The possibility to receive a ready and cooked low-protein meal, prepared according to the guidelines and the amounts prescribed by the dietitian, could be a proposal to evaluate, in order to guarantee a better adherence to nutritional therapy, not only for the elderly and not independant people but also for younger people who have difficulties to prepare what they need and to ensure proper meals for their dietary needs everyday.