Governance-technology co-evolution and misalignment in the electricity industry

This paper explores some reasons why the alignment between governance and technology in infrastructures may be unstable or not easy to achieve. Focusing on the electricity industry, we claim that the decentralization of governance – an essential step towards a decentralized technical coordination - may be hampered by if deregulation magnifies behavioural uncertainties and asset specificities; and that in a technically decentralized system, political demand for centralized coordination may arise if the players are able to collude and lobby, and if such practices lead to higher electricity rates and lower efficiency. Our claims are supported by insights coming from approaches as diverse as transaction cost economics, the competence-based view of the firm, and political economy.Governance; Technology; Coherence; Competence; Transaction costs; Regulation.

The creation function of a junior listing venue : an empirical test on the Alternative Investment Market

Working LEM papers, n°32, http://www.lem.sssup.it/wplem.htm

An essay on the emergence, organization and performance of financial markets : the case of the Alternative Investment Market

Working LEM papers, n°15, http://www.lem.sssup.it/wplem.htmlWorking LEM papers, n°15, http://www.lem.sssup.it/wplem.htm

Wage gaps and gender discrimination in the private and public sectors: the case of Italian graduate young workers

The issues of gender discrimination and segregation in the Italian labour market are analyzed in this paper, with a view to understanding whether the public sector is able to mitigate discriminatory outcomes. Based on the analysis of a sample of graduate workers observed 5 years after their degree, provided by the AlmaLaurea consortium, we find: (i) network-based job search channels are more intensely used by women and in the private sector, even when controlling for public examinations; (ii) vertical segregation in similar across sectors; (iii) women employed in the public sector are characterized by higher job satisfaction; (iv) in an Oaxaca-Blinder decomposition of wage differ- entials across genders, the share attributable to discrimination in the public sector is lower

The viscoelastic paradox in a nonlinear Kelvin-Voigt type model of dynamic fracture

In this paper we consider a dynamic model of fracture for viscoelastic materials, in which the constitutive relation, involving the Cauchy stress and the strain tensors, is given in an implicit nonlinear form. We prove the existence of a solution to the associated viscoelastic dynamic system on a prescribed time-dependent cracked domain via a discretisation-in-time argument. Moreover, we show that such a solution satisfies an energy-dissipation balance in which the energy used to increase the crack does not appear. As a consequence, in analogy to the linear case this nonlinear model exhibits the so-called viscoelastic paradox.Comment: 24 page

Financial regimes, financialization patterns and industrial performances: preliminary remarks

Working LEM papers, n°25, http://www.lem.sssup.it/wplem.htmlWorking LEM papers, n°25, http://www.lem.sssup.it/wplem.htm

Faraway, so Close: Coupled Climate and Economic Dynamics in an Agent-Based Integrated Assessment Model

In this work we develop an agent-based model that offers an alternative to standard, computable general equilibrium integrated assessment models (IAMs). The Dystopian Schumpeter meeting Keynes (DSK) model is composed of heterogeneous firms belonging to capital-good, consumption-good and energy sectors. Production and energy generation lead to greenhouse gas emissions, which affect temperature dynamics. Climate damages are modelled at the individual level as stochastic shocks hitting workers' labour productivity, energy efficiency, capital stock and inventories of firms. In that, aggregate damages emerge from the aggregation of losses suffered by heterogeneous, interacting and boundedly rational agents. The model is run focusing on a business-as-usual carbon-intensive scenario consistent with a Representative Concentration Pathway 8.5. We find that the DSK model is able to account for a wide ensemble of micro- and macro-empirical regularities concerning both economic and climate dynamics. Simulation experiments show a substantial lack of isomorphism between the effects of micro- and macro-level shocks, as it is typical in complex system models. In particular, different types of shocks have heterogeneous impact on output growth, unemployment rate, and the likelihood of economic crises, pointing to the importance of the different economic channel affected by the shock. Overall, we report much larger climate damages than those projected by standard IAMs under comparable scenarios, suggesting possible shifts in the growth dynamics, from a self-sustained pattern to stagnation and high volatility, and the need of urgent policy interventions

Complexity and the Economics of Climate Change: a Survey and a Look Forward

URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2016.htmlDocuments de travail du Centre d'Economie de la Sorbonne 2016.58 - ISSN : 1955-611XWe provide a survey of the micro and macro economics of climate change from a complexity science perspective and we discuss the challenges ahead for this line of research. We identify four areas of the literature where complex system models have already produced valuable insights: (i) coalition formation and climate negotiations, (ii) macroeconomic impacts of climate-related events, (iii) energy markets and (iv) diffusion of climate-friendly technologies. On each of these issues, accounting for heterogeneity, interactions and disequilibrium dynamics provides a complementary and novel perspective to the one of standard equilibrium models. Furthermore, it highlights the potential economic benefits of mitigation and adaptation policies and the risk of under-estimating systemic climate change-related risks

Robust policies for a low carbon future

Poster describing how robust policies are required on emission reductions

Complexity and the Economics of Climate Change: A Survey and a Look Forward

Climate change is one of the most daunting challenges human kind has ever faced. In the paper, we provide a survey of the micro and macro economics of climate change from a complexity science perspective and we discuss the challenges ahead for this line of research. We identify four areas of the literature where complex system models have already produced valuable insights: (i) coalition formation and climate negotiations, (ii) macroeconomic impacts of climate-related events, (iii) energy markets and (iv) diffusion of climatefriendly technologies. On each of these issues, accounting for heterogeneity, interactions and disequilibrium dynamics provides a complementary and novel perspective to the one of standard equilibrium models. Furthermore, it highlights the potential economic benefits of mitigation and adaptation policies and the risk of under-estimating systemic climate change-related risks