Template-type: ReDIF-Article 1.0 Author-Name: Maurizio Mistri Title: Addiction and Economic Rationality. A theoretical contraddiction? Abstract: Addiction and Economic Rationality. A Theoretical Contraddiction? (di Maurizio Mistri) - ABSTRACT: In this article the author discusses certain matters relating to the nature of addiction as an involuntary consumer learning phenomenon. In particular, he criticizes the theoretical approach of rational addiction, in the convinction that we can only speak of addiction proper in the case of there being temporal inconsistency between the consumption plans and the choice actually made later on. In the author?s opinion, it is important for economic science to return to the fundamental ideas of the neurosciences, focusing on the part can be played by the voluntary behavior of an addicted individual. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22048&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Riccardo Martina Author-Name: Salvatore Piccolo Title: Una nota sui problemi di selezione avversa nei mercati oligopolistici Abstract: A Note on Adverse Selection in Oligopolistic Markets (di Riccardo Martina, Salvatore Piccolo) - ABSTRACT: This paper analyzes the effects of adverse selection in oligopolistic markets. The note is aimed at characterizing the relationship between competition and market distortions entailed by adverse selection. First, we examine the case of a monopolistic firm where the owner delegates the production of a good to a manager who possesses private information on the technology (marginal cost). Second, we extend the analysis to the case of Cournot competition with N vertical hierarchies. In this framework, we show that the contract implemented within each owner-manager pair entails quantity distortion and makes consumers worse off with respect to the complete information framework. However, we show that despite of the allocative inefficiency due to adverse selection it may be the case that all the owners are better-off with respect to the case of incomplete information. This effect is due to the rise in marginal costs entailed by the presence of an informational rent that each owner must pay in order to extract the information from the agent. Finally, we show that in a Stackelberg game where firms? marginal costs are perfectly correlated, the effects of adverse selection are negligible since a signalling issue arises. More specifically, the owner of the firm acting as a leader signals the realization of the marginal costs to her competitors (owners of the follower firms) through the contract offered to the manager. It follows that, in this setting, a second mover advantage may arise at equilibrium. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22049&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Riccardo Patern? Title: Velocit? attesa ed overshooting nel modello di Dornbusch Abstract: The Expected Rate of Convergence to the Study State in the Model of Dornbusch (di Riccardo Patern?) - ABSTRACT: In the Dornbusch model, the (d) interest rate speed of adjustment, q*, is a function of (p), price flexibility; (d, s) price and interest rate elasticity of real demand; (l) interest rate responsiveness of money demand. However, while an increase in p, and/or d and/or s, increases q* and decreases overshooting, an increase in l, decreases q* and the overshooting. Dornbusch has shown these effects, but never explained why the same overshooting rate could be coherent with n values of ?*.. We show the reason for this effect. Furthermore we show an incoherence in Dornbusch arguments as he states the More generally, those factors that serves to speed up the adjustment process, in particular high interest rate responsiveness of money demand, but also that the economy will converge faster the lower the interest response of money demand. In order to provide an explanation we suppose that in the two passages, l is related to two different concepts: adjustment speed and total adjustment time. However we show that total adjustment time is uniquely and inversely related to ?*, therefore there cannot be two different causaliy links: from l to ?*, and l and total adjustment time. The incoherence in Dornbusch passage remains. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22050&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Yu Hsing Title: Effectiveness of monetary policy tools in Japan: a Var Model Abstract: Effectiveness of Monetary Policy Tools in Japan: A Var Model (di Yu Hsing) - ABSTRACT: Applying the VAR model, the author finds that targeting real MC+CD is the most effective monetary policy in raising real GDP for Japan. Real monetary base ranks second whereas there is a 95% probability that the confidence interval of the response of real output to the overnight call rate contains a zero value. More government debt has a negative effect on output. Yen appreciation is expansionary in the long run. Real equity prices seem not to affect real output. Therefore, the proposals to pursue debt-financed spending or yen depreciation to help Japan?s economy may need to be reassessed thoroughly. Because the overnight call rate is probably too low to be cut and is insignificant, the Bank of Japan may consider switching to M2+CD and/or the monetary base as a policy instrument in stimulating Japan?s economy as suggested by McCallum (2002) and Meyer (2001). Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22051&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Rita De Siano Title: Approccio stocastico alla frontiera efficiente del sistema bancario italiano: caratteristiche delle banche e inefficenza tecnica Abstract: A Stochastic Approach to the Efficient Frontier of the Italian Banking Sector: Bank?s Characteristics and Technical Inefficiency (di Rita De Siano) - ABSTRACT: During the 1990s the Italian banking sector experienced a considerable evolution due, first of all, by the accelerating process of monetary and financial integration among the countries joining the European Union. The deep modernization of the credit law contributed to the concentration process and to increase the role played by technical efficiency in valuating banking performance. The aim of this study is to measure the influence of strategic behaviour on banking efficiency over a sample of 551 firms which shows all the peculiarities of the Italian credit sector. The analysis is based on the costrunction of a stochastic cost function in the form of a Translog, considered to be the best in modelling the frontier of an efficient multi-product firm. We followed the intermediation approach which allowed us to emphasize interesting differences of technical inefficiency and to indicate the firm characteristics most important for these differences. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22052&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Valentino Parisi Author-Name: Cristina Berliri Title: Poverty targeting e impatto redistributivo del reddito minimo di inserimento Abstract: Poverty targeting e impatto redistributivo del reddito minimo di inserimento (di Cristina Berliri, Valentino Parisi) - ABSTRACT: In this paper we estimate the redistributive impact of extending at national level the Reddito Minimo di Inserimento, a minimum income programme introduced experimentally in 1999 in some Italian municipalities. Furthermore, we analyse the poverty targeting of the benefit under the eligibility criteria provided by the current scheme and by the new means-testing indicator Indicatore della Situazione Economica (ISE). For this purpose we develop a microsimulation model reproducing the current Italian tax-benefit system. The simulation results show that the impact of the benefit is relevant in terms of both inequality and poverty reduction (poverty rate, poverty gap). However, in spite of high efficiency of the expenditure in fighting poverty, the ISE means-testing criterion shows better capacity in selecting poor households. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22053&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: Marcello D'Amato Author-Name: Mariangela Bonasia Title: Una nota sul disegno dei sistemi pensionistici pubblici: means tested e programmi universali a confronto Abstract: A Note on Social Security Design. Means Tested vs Universal Programs (di Marcello D'Amato) - ABSTRACT: Due to the slowdown of demographic and economic growth in developed countries, it has been argued that universal programs in social security should be replaced by means test programs. This reshuffling of the social security system would achieve a double objective: on the one hand it would protect people in need, on the other hand, by reducing the tax rate, it would allow reducing distortions in choices made by working generations, who will also be able to profit from larger expected returns provided in fully funded systems. With the aim of reconsidering the welfare foundations of the argument provided above, in this paper we extend the basic overlapping generations model provided in Feldstein (1985,1987) to the case of heterogeneous labor income. The results show that, in dynamically efficient economies, the argument has to be considered carefully: equilibrium tax rate in a means tested program is lower than under a universal program as long as the returns warranted by a pay as you go system are sufficiently high so that incentive constraints in the means test programs are binding. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22054&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081007 Number: 7 Template-type: ReDIF-Article 1.0 Author-Name: Francesco Pastore Author-Name: Michele Mosca Title: La coesistenza fra organizzazioni forprofit e nonprofit. Una possibile spiegazione Abstract: La coesistenza fra organizzazioni forprofit e nonprofit. Una possibile spiegazione (di Michele Mosca, Francesco Pastore) - ABSTRACT: The Coexistence Among Forprofit and Nonprofit Organisations. A Possible Explanation This paper aims to extrapolate the conditions under which the existence of wage differentials in favour of for-profit and against non-profit organisations, found in many empirical studies, can be beneficial to the development of both and ultimately lead to a harmonious coexistence. In the spirit of Akerlof and Yellen (1990), the key concept of the analysis is that the workers? remuneration comprises two parts, the first of which is monetary and the second, non-monetary. In fact, if the remuneration is only monetary and labour is a homogeneous good, no long-term difference can possibly exist between the for-profit and the non-profit sector. The two sectors coexist only when the remuneration includes non-monetary factors, as ideologically heterogeneous workers sort themselves out into either one or the other sector. This result is illustrated by presenting two simple theoretical exercises. Classification-JEL: Keywords: Note: Pages: Volume: 2003/81 Year: 2003 Issue:81 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=22055&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/Ste2003-081008 Number: 8