Libera Università Internazionale degli Studi Sociali Guido Carli

About: Libera Università Internazionale degli Studi Sociali Guido Carli is a education organization based out in Rome, Lazio, Italy. It is known for research contribution in the topics: Politics & Monetary policy. The organization has 692 authors who have published 2493 publications receiving 36411 citations. The organization is also known as: Libera Universita Internazionale degli Studi Sociali Guido Carli & Libera Università Internazionale degli Studi Sociali "Guido Carli".

Implicit–explicit numerical schemes for jump–diffusion processes

Abstract: We study the numerical approximation of solutions for parabolic integro-differential equations (PIDE). Similar models arise in option pricing, to generalize the Black–Scholes equation, when the processes which generate the underlying stock returns may contain both a continuous part and jumps. Due to the non-local nature of the integral term, unconditionally stable implicit difference schemes are not practically feasible. Here we propose using implicit-explicit (IMEX) Runge-Kutta methods for the time integration to solve the integral term explicitly, giving higher-order accuracy schemes under weak stability time-step restrictions. Numerical tests are presented to show the computational efficiency of the approximation. Mathematics Subject Classification (1991): Primary: 65M12; Secondary: 35K55, 49L25

European Economic Governance and Parliamentary Representation. What Place for the European Parliament

Abstract: This article aims to analyse the European Parliament's (EP) position in the reform of the European economic governance, in particular after the adoption of the "six-pack", the "two-pack" and the "fiscal compact". References are made to the involvement of the EP in the decision-making process that led to the adoption of the new measures as well as to the substantive role assigned to this institution in the new regulatory framework. The article argues that the new provisions, which undermine the budgetary authority of national parliaments while, at the same time, designing a limited role for the EP -though strengthened compared to the previous version of the Stability and Growth Pact- can jeopardise the effectiveness of the landmark principle of "no taxation without parliamentary representation" in the EU.

Location-inventory problem in supply chains: a modeling review

Abstract: A location-inventory problem (LIP) aims to integrate strategic supply chain design decisions with tactical and operational inventory management decisions. This study provides an extensive review of the existing literature of LIP modelling. A mathematical model is presented for a basic LIP, which can be further developed to incorporate additional features for use in real-world scenarios. We also discuss the evolution of LIP modelling literature over the past three decades and provide summary tables outlining characteristics of the published works including key modelling attributes and objective function cost components. Additional classifications are completed based on the solution methods adopted and real-world applications investigated. Our observations provide important insights and identify potential directions for future research in the field.

Noise and bias in eliciting preferences

Abstract: In the context of eliciting preferences for decision making under risk, we analyse the features of four different elicitation methods—pairwise choice, willingness-to-pay, willingness-to-accept, and the Becker-DeGroot-Marschak mechanism—and estimate noise, bias and risk attitudes for two different preference functionals, Expected Utility and Rank-Dependent Expected Utility. It is well-known that methods differ in terms of the bias in the elicitation; it is rather less well-known that methods differ in terms of their noisiness. It has also been reported that risk attitudes are not stable across different elicitation methods. Our results suggest that elicited preferences should only be used in the context in which they were elicited, and the bias in the certainty-equivalent methods should be kept in mind when making predictions based on the elicited preferences. Moreover, conclusions should be moderated to take into account the various methods’ noise, which is generally lowest in the case of pairwise choice.