Selection and Gratitude: Anonymity and gratitude

What kind of candidate is selected into a job when the principal has to appoint a committee to measure the candidate's ability and select a winner through a call specifying a wage for the job? In a model where the principal fixes the wage anticipating the committee's choice, under a rather natural assumption about the committee's objective we find that if the committee takes into account the candidate's gratitude a candidate with less than first best ability will be selected in equilibrium. First best selection is achieved if the committee is anonymous to the candidates. If the committee could also set the wage the first best candidate would be selected, but the principal would be worse off hence he would not implement full delegation

Correction to: Crowding out the change: business networks and persisting economic elites in the South of Italy over Unification (1840–1880)

The article Crowding out the change: business networks and persisting economic elites in the South of Italy over Unification

Interleukin-10 contrasts inflammatory synaptopathy and central neurodegenerative damage in multiple sclerosis

Proinflammatory cytokines are implicated in promoting neurodegeneration in multiple sclerosis (MS) by affecting excitatory and inhibitory transmission at central synapses. Conversely, the synaptic effects of anti-inflammatory molecules remain underexplored, despite their potential neuroprotective properties and their presence in the cerebrospinal fluid (CSF) of patients. In a study involving 184 newly diagnosed relapsing–remitting (RR)-MS patients, we investigated whether CSF levels of the anti-inflammatory interleukin (IL)-10 were linked to disease severity and neurodegeneration measures. Additionally, we examined IL-10 impact on synaptic transmission in striatal medium spiny neurons and its role in counteracting inflammatory synaptopathy induced by IL-1β in female C57BL/6 mice with experimental autoimmune encephalomyelitis (EAE). Our findings revealed a significant positive correlation between IL-10 CSF levels and changes in EDSS (Expanded Disability Status Scale) scores one year after MS diagnosis. Moreover, IL-10 levels in the CSF were positively correlated with volumes of specific subcortical brain structures, such as the nucleus caudate. In both MS patients’ CSF and EAE mice striatum, IL-10 and IL-1β expressions were upregulated, suggesting possible antagonistic effects of these cytokines. Notably, IL-10 exhibited the ability to decrease glutamate transmission, increase GABA transmission in the striatum, and reverse IL-1β-induced abnormal synaptic transmission in EAE. In conclusion, our data suggest that IL-10 exerts direct neuroprotective effects in MS patients by modulating both excitatory and inhibitory transmission and attenuating IL-1β-induced inflammatory synaptopathy. These findings underscore the potential therapeutic significance of IL-10 in mitigating neurodegeneration in MS

The Investments of the Neapolitan Public Banks: A Long Run View (1587–1806)

We quantify the operations of deposits and investments of the public banks in Naples between the end of the seventeenth to the beginning of the nineteenth century. Drawing on the vast accounting documentation produced by the banks, we reconstruct at half yearly frequency the composition of their balance sheets as deposits (or fedi di credito, which circulated as near-money), reserves and many investment categories. The quantitative history of the banks highlights their resilience to recurrent crises. We argue that the banks found the right balance between public supervision and independence. After the crisis of 1622, they radically innovated their business model by switching to a more prudent investment policy and lending mainly against pawns. Both these facts explain their survival for over two centuries

Optimal Taxation of Family Income with non-separable disutility of effort

This paper studies the optimal non linear income taxation for a couple with two earners, each with two possible productivity types. For the case of zero cross-elasticity of labor supply, I find the full solution in terms of type distribution and social welfare weights. Binding diagonal constraints are found to be relevant even with independent types. For the case of non zero cross elasticity, some partial results are obtained. No distortion at the top occurs only in families where both earners are at the top of their distribution. High types in heterogeneous families can be upward distorted, even when only downward incentive constraints bind. The sign of their marginal tax depend on the sign of cross elasticity of labor supply. An example with quadratic disutility of effort is solved using numerical optimization