Sale or free assignation: conveyance of family estates in a manufacturing village of Lombard Prealps (Lumezzane, XVIII and XIX century): a first approach

Lumezzane, a village in the Lombard Prealps, in XVIII and XIX century was characterized by the presence of important manufactures favoured by the local availability of raw material and water power. People worked in forges of 2nd level and produced components for fire-arms, sidearms and hand-manufactured goods in iron or in brass. People financed their activities by domestic patrimony or contracting mortgage debts from private individuals or charitable institutions: it was impossible to have credit without securities as lands or houses, so it is very important to know the way used for conveyance of the family estates and the dimensions of lands and houses market. This paper concerns just real estates market and analyses the type of acts (sales, barters or free assignations), the level of commercialisation of houses and lands, the social relationships between buyers and sellers, the prices registered on the land and house market as well as the ways in which transactions on real estates were settled (by cash or annual instalments with or without interest, settlement of precedent debts or release to other properties).

Entropy algebras and Birkhoff factorization

We develop notions of Rota-Baxter structures and associated Birkhoff factorizations, in the context of min-plus semirings and their thermodynamic deformations, including deformations arising from quantum information measures such as the von Neumann entropy. We consider examples related to Manin's renormalization and computation program, to Markov random fields and to counting functions and zeta functions of algebraic varieties.Comment: 28 pages, LaTe

Herding effects in order driven markets: The rise and fall of gurus

We introduce an order driver market model with heterogeneous traders that imitate each other on a dynamic network structure. The communication structure evolves endogenously via a fitness mechanism based on agents performance. We assess under which assumptions imitation, among otherway noise traders, can give rise to the emergence of gurus and their rise and fall in popularity over time. We study the wealth distribution of gurus, followers and non followers and show that traders have an incentive to imitate and to be imitated since herding turns out to be profitable

Multifractals, Mumford curves, and Eternal Inflation

We relate the Eternal Symmetree model of Harlow, Shenker, Stanford, and Susskind to constructions of stochastic processes arising from quantum statistical mechanical systems on Cuntz--Krieger algebras. We extend the eternal inflation model from the Bruhat--Tits tree to quotients by p-adic Schottky groups, again using quantum statistical mechanics on graph algebras.Comment: 19 pages, LaTeX, 4 pdf figure

Quality and Reputation: Is Competition Beneficial to Consumers?

In this paper we develop a model of product quality and firms' reputation. If quality is not verifiable and there is repeated interaction between firms and consumers, we show that reputation emerges as a means of disciplining the former to deliver high quality. In order to that, we also prove that competitive firms can extract some rent in producing high quality, thus providing a solution to Stiglitz (1989) puzzle, alternative and complementary to Hörner's (2002) one. Positive profit are generated in equilibria characterized by the emergence of a social norm which prescribes a minimum quality level. Moreover, we demonstrate that more concentrated industry structures deliver better quality and higher social and consumer welfare. This finding should induce cautiousness in enhancing competition when product quality is at stake. We derive our results in the specific context of after-sales service quality provided by insurance companies. Yet, we argue that our analysis is of general applicability.quality, reputation, Bertrand competition, insurance contracts.

Business fluctuations in a behavioral switching model: Gridlock effects and credit crunch phenomena in financial networks

In this paper we characterize the evolution over time of a credit network in the most general terms as a system of interacting banks and firms operating in a three-sector economy with goods, credit and interbank market. Credit connections change over time via an evolving fitness measure depending from lenders’ supply of liquidity and borrowers’ demand of credit. Moreover, an endogenous learning mechanism allows agents to switch between a loyal or a shopping-around strategy according to their degree of satisfaction. The crucial question we investigate is how financial bubbles and credit-crunch phenomena emerge from the implemented mechanism

Detecting the traders' strategies in Minority-Majority games and real stock-prices

Price dynamics is analyzed in terms of a model which includes the possibility of effective forces due to trend followers or trend adverse strategies. The method is tested on the data of a minority-majority model and indeed it is capable of reconstructing the prevailing traders' strategies in a given time interval. Then we also analyze real (NYSE) stock-prices dynamics and it is possible to derive an indication for the the ``sentiment'' of the market for time intervals of at least one day.Comment: 13 pages, 10 figure

Missing Contracts: On the Rationality of not Signing a Prenuptial Agreement

Many couples do not sign prenuptial agreements, even though this often leads to costly and inefficient litigation in case of divorce. In this paper we show that strategic reasons may prevent agents from signing prenuptial agreements. Partners who value more the benefit of the marriage wish to signal their type by running the risk of a costly divorce. Hence this contract incompleteness arises as a screening device. Moreover, the threat of costly divorce is credible since the lack of an ex-ante agreement leads to a moral hazard problem within the couple, which induces partners to reject any ex-post amicable agreement.symmetric information, incomplete contracts, prenuptial agreement.

Numerical simulations of strong wind situations near the Mediteranean French Coast: comparison with FETCH data

A detailed analysis is made of some typical strong wind situations near the French Mediterranean coast. Special attention has been paid to the wind from the north-northwest in the Gulf of Lion, also called the mistral. The analysis is made from both the synoptic and mesoscale point of view with the aid of numerical simulations carried out with the Regional Atmospheric Modeling System (RAMS) to study the main atmospheric, climatic, and meteorological characteristics of this wind in the Gulf of Lion. Simulations were made with this model during the periods of 20-22 March and 24-26 March 1998. Afterward, a comparison was made with the meteorological measurements collected during the international Flux, Etat de la Mer et Te´le´de´tection en Condition de Fetch Variable (FETCH) campaign (Gulf of Lion, March-April 1998). The comparison between the simulated wind fields and the values measured by the coastal meteorological stations, an oceanographic buoy, and the ship Atalante at sea help to give full understanding of the complicated physical processes that characterize strong wind situations in coastal zone