Stable Sets and Public Projects

We introduce von Neumann-Morgenstern solution concepts in market models involving the choice of a public project. We show that vN-M stable sets, suitably defined in connection to public goods provision, are consistent with results from bargaining via cartels. We find as necessary the assumption that stability is defined with respect to blocking procedures in which coalitions do not necessarily pay for the whole realization of the project, but only for a fraction of it and that costs are distributed uniformly in each corner of the market. Under this assumption, we obtain large games solutions by the finite ones via embedding procedures. Going further in the investigation of stable solutions, we define stable sets following the “sophisticated” approach suggested by Harsanyi (see [15] and [17]), proving that a sigma-sophisticated stable set corresponds to the solution in the associated payoff space.Public project, sigma-core, von Neumann-Morgenstern sigma-stable set, sigma-sophisticated stable sets

On Fairness of Equilibria in Economies with Differential Information

The paper proposes a notion of fairness which overcomes the conflict arising between efficiency and the absence of envy in economies with uncertainty and asymmetrically informed agents. We do it in general economies which include, as particular cases, the main differential information economies studied in the literature. The analysis is further extended by allowing the presence of large traders, which may cause the lack of perfect competition.Mixed markets, fairness, envy, efficiency, asymmetric information

Mixed Markets with Public Goods

We use a mixed market model for analyzing economies with public projects in which the condition of perfect competition is violated. We discuss core-equivalence results in the general framework of non-Euclidean representation of the collective goods. We show that if large traders are similar to each other, then they lose their market power and hence the equivalence theorem can be restored. This is possible assuming a cost distribution function to fix the fraction that each large or small agent is expected to cover of the total cost of providing the project. We show that, for each given individual and coalitional contribution scheme, the resulting core is equivalent to the corresponding linear cost share equilibria. Finally, we investigate on weaker equivalences when the assumption that all large traders are of the same type is dropped. An analysis of mixed markets with public goods via atomless economies is provided, joint with an extension of Schmeidler and Vind results on the measure of blocking coalitions.Mixed markets, coalitional fairness, envy, efficiency, asymmetric information

Fairness Properties of Constrained Market Equilibria

This paper studies the notion of fairness in pure exchange economies involving uncertainty and asymmetric information. We propose a new concept of coalitional fair allocation in order to solve the tension that may exist between efficiency and envy-freeness when the equity of allocations is evaluated at the {\it interim} stage. Some characterizations of constrained market equilibria are derived extending the analysis to economies that have both an atomic and an atomless sector.Mixed markets, coalitional fairness, envy, efficiency, asymmetric information

A Measure of Social Loss for Production Economies with Externalities

In this paper we consider a production economy and adopt a cooperative approach to equilibrium analysis which allows each individual to cooperate with others and to form a coalition whose members have access to the available technologies. Our definition of the core requires a blocking coalition to take account of the consequences of its blocking for the production of the counter-coalition. Following Montesano (2002), we introduce a measure of social loss with respect to the core of the economy which characterizes the corresponding core allocations. Our characterization holds in the presence of consumption externalities and an optimistic attitude of coalition agents with respect to the behavior of outsiders

The Equitable Bargaining Set

We define the equitable bargaining set for exchange economies. Our definition differs from that in Mas-Colell (1989) because it requires that objections and counterobjections must satisfy some equitability conditions. We show that the equitable bargaining set coincides with that of Mas-Colell when the underlying economy is atomless, but not in general. Then we provide two sets of conditions for economies with market imperfections that apply to finite economies and to mixed market economies. In the first case our conditions imply that the equitable bargaining set is a subset of the core, and so it converges to the set of competitive allocations if the economy is replicated. In the second case, we show that all allocations in the equitable bargaining set are competitive, extending the Walras-bargaining equivalence of Mas-Colell (1989) to the framework of mixed markets. All the conditions we use follow from wellestablished assumptions from the literature in finite and mixed market economies

Stable Sets for Exchange Economies with Interdependent Preferences

We introduce the notion of stable sets with externalities and address the existence problem. The importance of this solution concept is related to the fact that the existence of core allocations for exchange economies is not in general assured in a framework with more than two traders

Blue and red in financial documents: the influence on attentional mechanisms and behavior

Purpose This study investigates whether colors red or blue in financial disclosure documents (Key Investor Information Documents – KIIDs) affect attention distribution toward the visual stimulus and the perception of financial attractiveness of the products. Design/methodology/approach In order to observe and measure financial consumers' visual attention, the unobtrusive methodology of eye-tracking is used on a sample of nonprofessional investors, applying an ecological protocol, through a cross-sectional design. Findings Financial information processing and visual attention distribution are influenced by the color of the KIID document, as red seems to attract attention, proxied by gazing behavior, more than blue. Red color, compared to blue, is also observed to push investors to rate the products as less financially attractive, especially when the product Risk Reward Profile is high. Practical implications The findings highlight the role of the basic visual properties of documents conveying financial information, prompting to investigate the unconscious and automatic mechanisms of individual's attention and its influence on decision making. Originality/value Using the eye-tracking tool, this study bridges neuroscience, color research, marketing and finance and provides new knowledge on the underlying neural mechanisms of financial consumers' behavior

Evaluation of the effects of a dynamic culture on osteogenic differentiation of oral-periosteal cells grown on PLGA sponges

Oral-periosteum derived stem cells represent an innovative cell source for bone tissue engineering applications in terms of accessibility and self-commitment towards osteogenic lineage [1]. In this scenario, biomaterials play a pivotal role in tissue engineering in supporting stem cells growth and regeneration of tissue defects [2]. Among these biomaterials, Fisiograft®, a synthetic co-polymer composed of polylactic and polyglycholic acids produced by Ghimas (Bologna, Italy), is highly biocom- patible and completely absorbed within 4-6 months. In particular, Fisiograft® sponges are normally used in dental applications to fix completely periodontal defects without damage Schneider’s membrane. We evaluated the osteogenic potential of Fisiograft® sponges on oral-periosteal cells derived from patients undergoing dental extractions. For this purpose, we created a dynamic culture based on a rotating apparatus in which we seeded periosteal cells with Fisiograft® sponges for 7, 14 and 21 days without adding osteogenic supplement in the medium. Osteoblast differen- tiation of cells was evaluated by Alizarin Red S staining and by qRT-PCR on genes involved in bone development. Results show that Fisograft® sponges promote greater osteogenic differentiation of cells in the dynamic culture with respect to standard condition already at 14 days, as demonstrated by Alizarin Red staining. BMP-2 and Osteoprotegerin genes are highly expressed by cells grown on Fisiograft® sponges in dynamic culture at 14 days with respect to plastic culture. Taken together, these results confirm the osteogenic potential of Fisiograft® sponges in accelerating the dif- ferentiation of cells to an osteoblast phenotype (already to 14 days of culture) without any osteogenic induction. The combination of this PLGA biomaterial and oral-peri- osteal cells could represent a promising bio-complex in maxillo-facial tissue repair

Next Generation Molecular Diagnosis of Hereditary Spastic Paraplegias: An Italian Cross-Sectional Study

Hereditary spastic paraplegia (HSP) refers to a group of genetically heterogeneous neurodegenerative motor neuron disorders characterized by progressive age-dependent loss of corticospinal motor tract function, lower limb spasticity, and weakness. Recent clinical use of next generation sequencing (NGS) methodologies suggests that they facilitate the diagnostic approach to HSP, but the power of NGS as a first-tier diagnostic procedure is unclear. The larger-than-expected genetic heterogeneity-there are over 80 potential disease-associated genes-and frequent overlap with other clinical conditions affecting the motor system make a molecular diagnosis in HSP cumbersome and time consuming. In a single-center, cross-sectional study, spanning 4 years, 239 subjects with a clinical diagnosis of HSP underwent molecular screening of a large set of genes, using two different customized NGS panels. The latest version of our targeted sequencing panel (SpastiSure3.0) comprises 118 genes known to be associated with HSP. Using an in-house validated bioinformatics pipeline and several in silico tools to predict mutation pathogenicity, we obtained a positive diagnostic yield of 29% (70/239), whereas variants of unknown significance (VUS) were found in 86 patients (36%), and 83 cases remained unsolved. This study is among the largest screenings of consecutive HSP index cases enrolled in real-life clinical-diagnostic settings. Its results corroborate NGS as a modern, first-step procedure for molecular diagnosis of HSP. It also disclosed a significant number of new mutations in ultra-rare genes, expanding the clinical spectrum, and genetic landscape of HSP, at least in Italy