Pensions and Intergenerational Risk-Sharing When Relative Consumption Matters

Concern for relative consumption introduces an additional source of risk for future pensioners. We study its implications, in terms of optimal risk diversification, for the choice of the mix between a pay-as-you-go and a funded pension systems. We identify a necessary and sufficient condition for the optimal share of pay-as-you-go to be larger when relative consumption matters. We argue that when model parameters assume reasonable values such condition is satisfiedpay-as-you-go pensions, fully funded pensions, relative consumption, inter-generational risk-sharing

Copyright vs. Copyleft Licencing and Software Development

This article aims at clarifying the role played by licenses within the increasingly relevant Open Source Software (OSS) phenomenon. In particular, the article explores from a theoretical point of view the comparative properties of the two main categories of OSS license--copyleft and non-copyleft licenses--in terms of their ability to stimulate innovation and coordination of development efforts. In order to do so, the paper relies on an incomplete contracting model. The model shows that, in spite of the fact that copyleft licenses entail the enjoyment of a narrower set of rights by both licensors and licensees, they may be preferred to non-copyleft licenses when coordination of complementary investments in development is important. It thus provides a non-ideologically-based explanation for the puzzling evidence showing the dominance, in terms of diffusion, of copyleft licenses.intellectual property rights, open source, copyright, copyleft, GPL license, incentives to innovation.

A rapid and reliable detection procedure of Atlantic trout introgression at the diagnostic lactate dehydrogenase chain-1 gene

The Italian-native Mediterranean brown trout (Salmo ghigii) is a seriously threatened freshwater fish, especially by anthropogenic hybridisation with the domestic strains of Atlantic origin that have been repeatedly released into the wild for angling. A PCR-restriction fragment length polymorphism (RFLP) assay of the diagnostic lactate dehydrogenase chain-1 (LDH-C1) gene sequences has been routinely applied to distinguish exotic from native brown trout lineages and detect Atlantic introgression signals in the Mediterranean wild populations. Here, we used dermal swab DNA obtained from 28 wild trout to improve laboratory procedures to genetically characterise trout samples at the LDH-C1gene through (1) a capillary electrophoresis analysis of the RFLP fragments and (2) the optimisation of a diagnostic single nucleotide polymorphism analysable through mini-sequencing approaches. The developed methods were fully consistent with those obtained through the traditional approach, but their analytical process is almost entirely automated and digitalised, thus improving result readability and accuracy in the detection of alien introgressed traces in wild Mediterranean brown trout populations

The complementary role of liability and safety regulation

This article deals with the control of hazardous activities in situations where potential victims can affect their exposure to risk. Economists have generally considered ex ante regulation (safety standards) to be a substitute for ex post policies (exposure to tort liability) in order to control externalities. We show that when the victim's compensation is partial (e.g., due to death or serious bodily injury) there are inefficiencies associated with the exclusive use of negligence liability and that an optimal policy may involve the combined use of ex-ante regulation and ex-post liability. A noteworthy feature of our explanation is that regulation is complementary to liability, in the sense that it may facilitate a higher and more efficient standard of negligence. In that case, it is efficient to set the regulatory safety standard below the standard of negligence, which is consistent with the legal doctrines of negligence per se and the (non) regulatory compliance defense

Contrattazione incompleta e modelli di organizzazione gerarchica

Dottorato di ricerca in economia politica. 7. ciclo. Coordinatore F. HahnConsiglio Nazionale delle Ricerche - Biblioteca Centrale - P.le Aldo Moro, 7, Rome; Biblioteca Nazionale Centrale - P.za Cavalleggeri, 1, Florence / CNR - Consiglio Nazionale delle RichercheSIGLEITItal

Un fisco equo e neutrale

Il sistema fiscale italiano è il risultato di inteventi spesso estemporanei e incoerenti; per questo, pur non essendo il principale ostacolo alla crescita. Un fisco neutrale ed equo può favorire le imprese, eliminare il vantaggio contributivo del lavoro temporaneo e ridurre l'evasione fiscale senza abbattere i consum

Il nuovo ruolo della Cassa depositi e prestiti

Il capitolo presenta e analizza il ruolo della Cassa Depositi e Prestiti (Cdp) a partire da un breve richiamo a ciò che ha rappresentato Cdp nella storia economica del paese e dei passaggi che hanno portato alla riforma del 2003. Vengono poi illustrate le modifiche introdotte con tale riforma sul piano giuridico, organizzativo e proprietario. Si passano poi in rassegna le attività riconducibili alla missione di Cdp per la parte che esula da quella tradizionale di finanziamento degli enti locali e supporto alla gestione del debito pubblico. Prima delle considerazioni conclusive, si dà conto delle esperienze straniere con riferimento ai casi tedesco e francese