The Golden Age and the Second Globalization in Italy

After the Golden Age, Italy experienced increasing difficulties in adjusting its economy to the changing external context and to the requirements for sustaining catch-up growth at a higher level of economic development. The adjustment issue is common to advanced countries but the difficulties experienced in Italy look particularly severe. Cushioned by inflation and devaluation, growth remained relatively high in the 1970s. In the subsequent decade, in spite of improved conditions for addressing macroeconomic disequilibria structural adjustments were neglected. Major supply side reforms were eventually implemented in the aftermath of the 1992 crisis. Nevertheless, in the second half of the decade growth fell below the EU average. These necessary reforms fell however short of what was required. Participation in EMU did not help as far as the improvement of growth prospects was concerned. In the last section some of the economic and meta-economic factors explaining the ineffectiveness of the reform process are briefly exploredcatching-up; economic growth; economic reform; productivity performance

The Golden Age and the Second Globalization in Italy

After the Golden Age, Italy experienced increasing difficulties in adjusting its economy to the changing external context and to the requirements for sustaining catch-up growth at a higher level of economic development. The adjustment issue is common to advanced countries but the difficulties experienced in Italy look particularly severe. Cushioned by inflation and devaluation, growth remained relatively high in the 1970s. In the subsequent decade, in spite of improved conditions for addressing macroeconomic disequilibria structural adjustments were neglected. Major supply side reforms were eventually implemented in the aftermath of the 1992 crisis. Nevertheless, in the second half of the decade growth fell below the EU average. These necessary reforms fell however short of what was required. Participation in EMU did not help as far as the improvement of growth prospects was concerned. In the last section some of the economic and metaeconomic factors explaining the ineffectiveness of the reform process are briefly explored.Italy, Europe, Postwar Economic Growth and Policy

Labor Market Regulation and Retirement Age

The present paper analyzes the determinants of political consensus on relevant aspects of the Social Security System and focus on the choices over employment protection and retirement age; a theoretical model is build where an equilibrium setup results from a political process involving three social groups: young, low and high productivity old. Hypothesis and results of the model are tested using macro data. The aim of the analysis is to provide some insight on the reasons why some institutional setups are supported by voters and implemented while others don’t

On Labour Shares in Recent Decades: A Survey

We survey the rich literature studying the behaviour of labor shares in recent decades. To explain their dynamics – the main feature being the decline of European and American shares starting in the 1980s – such literature considers models that use either neoclassical or Leontief-type production functions, with both perfectly competitive markets and monopolistic competition coupled by bargaining between firms and workers. These empirical studies in general have produced results that are scarcely robust. However, they suggest that technical change has a negative and significant impact on the labor share. Evidence for a negative effect of globalization variables is clearly brought out for developing countries, whilst for advanced countries, this effect finds less support. Also, they show that product and labor market regulation issues have mixed effects on the labor share. An alternative to the econometric explanation of labor share is given in the final section.Factor Shares, Functional Income Distribution

Social Influence Bias in Online Ratings: A Field Experiment

The aim of this paper is to study the empirical phenomenon of rating bubbles, i.e. clustering on extremely positive values in e-commerce platforms and rating web sites. By means of a field experiment that exogenously manipulates prior ratings for a hotel in an important Italian tourism destination, we investigate whether consumers are influenced by prior ratings when evaluating their stay (i.e., social influence bias). Results show that positive social influence exists, and that herd behavior is asymmetric: information on prior positive ratings has a stronger influence on consumers’ rating attitude than information on prior mediocre ratings. Furthermore, we are able to exclude any brag-or-moan effect: the behavior of frequent reviewers, on average, is not statistically different from the behavior of consumers who have never posted ratings online. Yet, non-reviewers exhibit a higher influence to excellent prior ratings, thus lending support to the social influence bias interpretation. Finally, also repeat customers are affected by prior ratings, although to a lesser extent with respect to new customers

The theory of precautionary saving: an overview of recent developments

This work reviews recent developments in the literature analyzing precautionary saving. After a description of traditional precautionary saving theory, which considers labor income risk and interest rate risk, we present different research lines which introduce a wide range of extensions and generalizations of the classical model: the contemporaneous presence of multiple risks, changes in risks of different types, multiple variables affecting household utility, preferences non-featuring risk aversion and joint decisions on many choice variables. For each of these issues, we provide specific highlights which summarize the main results obtained in the literature. Lastly, we briefly discuss the analyzes beyond the classical model

Social influence bias in ratings: A field experiment in the hospitality sector

We investigate the empirical phenomenon of rating bubbles, that is, the presence of a disproportionate number of extremely positive ratings in user-generated content websites. We test whether customers are influenced by prior ratings when evaluating their stay at a hotel through a field experiment that exogenously manipulates information disclosure. Results show the presence of (asymmetric) social influence bias (SIB): access to information on prior ratings that are above the average positively influences the consumers’ rating of the hotel. In contrast, information on ratings that are below the average does not affect reviewers. Furthermore, customers who have never been to the hotel before the intervention are more susceptible to prior ratings than customers who have repeatedly been to the hotel before. Finally, customers who are not used to writing online reviews are more prone to SIB than customers who frequently write online reviews. Our findings suggest that online rating systems should be adjusted to mitigate this bias, especially as these platforms become more relevant and widespread in the hospitality sector

Simmetrie e modello a quark

In questa tesi vengono illustrate le strutture matematiche di base della teoria dei gruppi, per poi studiarne l'applicazione al modello a quark. La teoria dei gruppi è utile in quanto permette una classificazione degli stati in cui si può presentare un sistema, mediante l'analisi delle sue simmetrie. Per questo, si chiarisce innanzitutto la nozione di simmetria attraverso lo studio dei termini invarianza e covarianza in riferimento a leggi fisiche e osservabili. In seguito si comincia l'analisi vera e propria dei gruppi e delle loro rappresentazioni. In particolare si vogliono esaminare i gruppi continui ed è quindi necessario introdurre il concetto di algebra focalizzando l'attenzione sulle algebre compatte e simisemplici. Si approfondiscono i gruppi SU(2) e SU(3). SU(2) è di grande importanza e utilità poiché è possibile impiegare la costruzione del massimo peso, per individuare tutte le sue rappresentazioni irriducibili. Inoltre, tale costruzione, si può generalizzare ad ogni algebra semisemplice e compatta, tra cui SU(3), perché queste contengono tutte un certo numero di sottoalgebre SU(2). Vi sono simmetrie che agiscono su spazi chiamati interni, che mutano le caratteristiche intrinseche dei sistemi. La simmetria di isospin, quella di sapore e quella di colore sono esempi di simmetrie interne utili per descrivere il comportamento dell'interazione forte. In particolare, mediante la simmetria di sapore è possibile classificare gli adroni secondo le rappresentazioni irriducibili di SU(3). La spiegazione di questo fatto avviene introducendo i quark e gli anti-quark che si legano tra loro formando gli adroni

Gastrointestinal Tumors: Phytochemical and Drug Combinations Targeting the Hallmarks of Cancer

Cancer is a worldwide burden resulting in millions of deaths each year. In particular, gastrointestinal tumors are life-threatening malignancies and one of the leading reasons for death in developed countries. Phytochemicals can be found in grains, vegetables, fruits and several foods. Many phytochemicals, such as curcumin, genistein, luteolin, vitexin-2-O-xyloside, avenanthramides, quercetin, epigallocatechin-3-gallate (EGCG), resveratrol, sulforaphane, piperine and thymoquinone have been used in combination with different chemotherapeutic agents for their synergistic anticancer effects against various forms of cancer. In this review, we describe the antitumor properties and biological effects of combinations of phytochemicals and anticancer drugs against gastrointestinal tumors: colon cancer, gastric cancer, liver cancer, pancreatic cancer. We focus on the molecular pathways, oncoproteins and tumor suppressors modulated by the combination of phytochemicals with antitumor drugs and on the biomarkers of the hallmarks of cancer influenced by these therapeutic strategies in cancer cell lines, xenograft models and clinical trials. The increased knowledge of biomarkers and molecular pathways regulated by the combination of phytochemicals and conventional anticancer drugs in both in vitro and in vivo models will remarkably improve the efficacy of these therapeutic strategies against gastrointestinal tumors in future innovative clinical applications

Leakage and spillover effects of forest management on carbon storage: theoretical insights from a simple model.

Leakage (spillover) refers to the unintended negative (positive) consequences of forest carbon (C) management in one area on C storage elsewhere. For example, the local C storage benefit of less intensive harvesting in one area may be offset, partly or completely, by intensified harvesting elsewhere in order to meet global timber demand. We present the results of a theoretical study aimed at identifying the key factors determining leakage and spillover, as a prerequisite for more realistic numerical studies.We use a simple model of C storage in managed forest ecosystems and their wood products to derive approximate analytical expressions for the leakage induced by decreasing the harvesting frequency of existing forest, and the spillover induced by establishing new plantations, assuming a fixed total wood production from local and remote (non-local) forests combined.We find that leakage and spillover depend crucially on the growth rates, wood product lifetimes and woody litter decomposition rates of local and remote forests. In particular, our results reveal critical thresholds for leakage and spillover, beyond which effects of forest management on remote C storage exceed local effects. Order of magnitude estimates of leakage indicate its potential importance at global scales