Monday Lunch Seminar

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February 2020

Moti Michaeli (The Univeristy of Haifa)

February 17 @ 12:45 - 13:45

"The Vanishing Trial: a Dynamic Model with Adaptive Agents"

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January 2020

Daniel Monte (Sao Paulo School of Economics – FGV)

January 22 @ 12:45 - 13:45

"Information Design under Markovian Rules"

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December 2019

Armando Rungi (IMT Lucca)

11 December 2019 @ 12:45 - 13:45

"Innovation and Foundation Ownership"

(Note: the seminar is on Wednesday)

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Francesco Passarelli (Università di Torino)

4 December 2019 @ 12:45 - 13:45

"Collective Emotions and Protest Vote"

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Giuseppe Sorrenti (UZH)

2 December 2019 @ 12:45 - 13:45

"The causal impact of socio-emotional skills training on educational success"

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November 2019

Francesco Sangiorgi (Frankfurt School)

25 November 2019 @ 12:45 - 13:45

"Learning from prices and endogenous uncertainty in asset markets"

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Francesca Parodi (Collegio Carlo Alberto)

11 November 2019 @ 12:45 - 13:45

"Taxation of Durables, Non-durables and Earnings with Heterogeneous Preferences"

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October 2019

Krzysztof Krakowski (Collegio Carlo Alberto)

28 October 2019 @ 12:45 - 13:45

"Violence Against Politicians and Public Opinion: Evidence from Poland"

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Mario Pagliero (Collegio Carlo Alberto)

7 October 2019 @ 12:45 - 13:45

"Competition and Pass-Through: Evidence from Isolated Markets "

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September 2019

Gianfranco Gianfrate (EDHEC Business School)

16 September 2019 @ 12:45 - 13:45

“Institutional investors and corporate carbon footprint"

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June 2019

Richard Evans (Darden School of Business – University of Virginia)

24 June 2019 @ 12:45 - 13:45

"Peer versus pure benchmarks in the compensation of mutual fund managers"

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Stefano Gagliarducci (University of Roma Tor Vergata)

19 June 2019 @ 13:45 - 14:45

"Hurricanes, Climate Change Policies and Electoral Accountability"

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Marco Pangallo (Mathematical Institute)

12 June 2019 @ 12:45 - 13:45

"How big data may explicitly show the usefulness of complex systems methods in economics"

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Juan Morales (Collegio Carlo Alberto)

10 June 2019 @ 12:45 - 13:45

"Violence Against Journalists and Freedom of the Press: Evidence from Mexico"

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Ainoa Aparicio Fenoll (Collegio Carlo Alberto)

3 June 2019 @ 12:45 - 13:45

"The Best in the Class"

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May 2019

Andre Trindade (FGV, Brazil)

27 May 2019 @ 12:45 - 13:45

"Measuring the Welfare of Intermediaries in Vertical Markets"

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Philip Cook (Duke University)

23 May 2019 @ 12:45 - 13:45

"The payoff to police detective work: Evidence from comparing fatal and nonfatal gunshot cases"

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Raffaele Corvino (Università di Torino)

20 May 2019 @ 12:45 - 13:45

"Hedging Labor Income Risk over the Life-Cycle"

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Christoph Wolf (Bocconi)

16 May 2019 @ 12:45 - 13:45

"Aspiration, Inspiration, Perspiration: A Model of Dynamic Project Choice"

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Battal Dogan (Bristol)

13 May 2019 @ 12:45 - 13:45

"When does an additional stage improve welfare in centralized assignment?"

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Amedeo Piolatto (UAB)

6 May 2019 @ 12:45 - 13:45

"Who Sent You? Extreme Voting, Transfers and Bailouts in a Federation"

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Emil Temnyalov (UTS)

2 May 2019 @ 12:45 - 13:45

"An economic theory of differential treatment"

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April 2019

Ilwoo Hwang (University of Miami)

29 April 2019 @ 12:45 - 13:45

"Competitive Advertising and Pricing"

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Christopher Flinn (NYU)

15 April 2019 @ 12:45 - 13:45

"Actors in the Child Development Process" Abstract: We construct and estimate a model of child development in which both the parents and children make investments in the child’s skill development. In each period of the development process, partially altruistic parents act as the Stack- elberg leader and the child the follower when setting her own study time. We then extend this non-cooperative form of interaction by allowing parents to of- fer incentives to the child to increase her study time,…

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Marco Piovesan (University of Copenhagen)

12 April 2019 @ 12:45 - 13:45

"The Development of Non-Standard Preferences"

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David Rivers (Western Ontario)

10 April 2019 @ 12:45 - 13:45

"The ABCs of Firm Heterogeneity: The Effects of Demand and Cost Differences on Exporting"

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Doruk Cetemen (Collegio Carlo Alberto)

8 April 2019 @ 12:45 - 13:45

"Optimal Project Management joint with Alessandro Bonatti and Juuso Toikka"

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Matthijs Breugem (Collegio Carlo Alberto)

1 April 2019 @ 12:45 - 13:45

"Learning from Interest Rates: Implications for Stock-Market Efficiency"

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March 2019

Giuliano Curatola (Goethe University Frankfurt)

19 March 2019 @ 12:45 - 13:45

"Pricing Sin Stocks: Ethical Preference vs. Risk Aversion"

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Paolo Morganti

18 March 2019 @ 12:45 - 13:45

"Towards a General Theory of Vertical Differentiation"

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December 2018

CANCELLED: Fernando A. Lozano (Pomona College)

17 December 2018 @ 12:45
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Giovanna Nicodano (Collegio Carlo Alberto)

10 December 2018 @ 12:45

"Does Bankruptcy Risk Increase Value?" Abstract We show that bankruptcy exposure increases ex-post average firm value due to a survivorship bias. The reason is that bankruptcy cancels rms with the lowest realized cash ows from databases. Such bias gives rise to known pricing puzzles. It generates a discount on diversified companies when diversification helps their survival. Moreover, it distorts inference on firm efficiency, turning a diversification premium, due to lower expected bankruptcy costs, into a discount. This insight finds support in both the excess survival…

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Giovanni Mastrobuoni (Collegio Carlo Alberto)

3 December 2018 @ 12:45

"Open or Close the Door? Prison Conditions and Recidivism" Abstract The question of how prison conditions affect recidivism is very important. In designing a prison system, one would want to know the answer. We estimate the effect on recidivism of replacing time served in a common closed-cell prison with time served in an open-cell one, mimicking an experiment where the time spent in the two prison regimes is randomly assigned. We deal with the endogenous assignment of inmates to different prison regimes using variation…

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November 2018

Bernardo Fanfani (University of Torino)

26 November 2018 @ 12:45

 "The effects of collective bargaining on employment and growth" Abstract This paper analyses the employment effects of the Italian sectoral wage bargaining system. The study is based on high-frequency, comprehensive and updated information on employment and wages derived from administrative data on private-sector social security contributions, matched with precise information on the economic content of national industry-wide agreements bargained by trade unions' and employers' representatives. Results show an overall negative effect of the growth in contractual wages on several measures…

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Federico Boffa (UniBolzano)

12 November 2018 @ 12:45

"Congestion Externality and Autonomous Vehicles"

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October 2018

Paolo Ghirardato (Collegio Carlo Alberto) and Daniele Pennesi

29 October 2018 @ 12:45

"A General Theory of Subjective Mixtures" Abstract We provide a framework for constructing subjective mixtures which requires neither the Certainty Independence nor the Monotonicity axiom, replacing them with much weaker "local'' properties, and which --as we show by means of several examples-- can thus serve as a purely subjective foundation to most of the recent preference models which employ an Anscombe-Aumann setting. The scope of our framework is further demonstrated by providing a fully subjective axiomatization of Recursive Variational Preferences,…

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Edoardo Grillo (Collegio Carlo Alberto)

22 October 2018 @ 12:45

"Dynamic Campaign Spending" Abstract We build a model of electoral campaigning in which two candidates allocate money over time to control the movement of relative popularity. If any gain in a candidate's popularity tends to decay over time (making it harder for the candidate to maintain or increase her lead when she is already ahead) then the candidates increase their spending over time ahead of the election. Relative popularity follows a modified Brownian motion whose long-run mean depends only on…

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Toomas Hinnosaar (Collegio Carlo Alberto)

1 October 2018 @ 12:45

"Price Setting on a Network" abstract Most products are produced and sold by supply chain networks, where an interconnected network of producers and intermediaries set prices to maximize their profits. I show that under a few technical assumptions, there is a unique equilibrium in a price-setting game on a network. The key distortion in the price-setting is multiple-marginalization, which is magnified by strategic influences. The firms are more influential when they have larger and more connected subnetworks. The bigger influence…

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September 2018

Stefano Colonnello (IWH)

25 September 2018 @ 12:45

"Effectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap"joint with LTI@UNITO

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Omer Moav (Warwick)

17 September 2018 @ 12:45

"The Emergence of Hierarchies and States: Productivity vs. Appropriability"

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June 2018

Nicolas Groshenny (University of Adelaide)

25 June 2018 @ 12:45

"Do we really know that US monetary policy was destabilizing in the 1970s?"

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Pascal Courty (University of Victoria)

21 June 2018 @ 12:45

"The Value of Online Scarcity Signals"

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Dario Sansone (Georgetown University)

18 June 2018 @ 12:45

"Pink Work: Same-Sex Marriage, Employment and Discrimination" Abstract This paper analyzes how the legalization of same-sex marriage in the U.S. affected gay and lesbian couples in the labor market. Results from a difference-in-difference model emphasize that both partners in same-sex couples were more likely to be employed, to have a full-time contract, and to work longer hours in states that legalized same-sex marriage. In line with a theoretical search model of discrimination, suggestive empirical evidence supports the hypothesis that marriage…

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Vikram Maheshri (University of Houston)

11 June 2018 @ 12:45

"Explaining Recent Trends in US School Segregation: 1988-2014" Abstract We analyze trends in public school segregation throughout the United States from 1988 to 2014. While predominantly minority schools have increased in prevalence, predominantly white schools have decreased in prevalence at a faster rate. Overall, the majority of commuting zones in the US have experienced decreasing levels of school segregation largely fueled by demographic change due to Hispanic immigration: 90% of the observed desegregation of White schools and 59% of the…

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Mariana Khapko (University of Toronto)

5 June 2018 @ 12:00

"Smart Settlement"

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Julian Wright (National University of Singapore)

4 June 2018 @ 12:45

"Steering by information intermediaries" Abstract We provide a model of an intermediary that can steer consumers towards particular firms due to its information advantage. Unlike most existing models of steering, our model allows firms to compete for consumers through commissions and prices. We explore the implications of steering for market outcomes, showing how steering reverses the normal relationship between competition and price, and that steering can lead consumers to be better off without the intermediary. We also consider the relationship…

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May 2018

Nicola Borri (LUISS)

30 May 2018 @ 12:00

"Limited Participation and Local Currency Sovereign Debt" Abstract Emerging country governments increasingly issue bonds denominated in local currency and the share of this market held by foreign investors, once negligible, has been progressively growing. This paper presents a model of segmented markets, in which specialized foreign investors can access multiple local markets only after paying an entry cost. In the model, risk aversion of foreign investors is counter-cyclical and tied to U.S. short-term interest rate. We show that when foreign investors'…

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Andrei Hagiu (MIT Sloan)

28 May 2018 @ 12:45

"Platforms and the exploration of new products" abstract The introduction of new but risky products and sellers are key to the growth of platforms. Exploration by current buyers helps future buyers better value these products and sellers. This externality across buyers raises the possibility that there may be too little exploration in the absence of any platform intervention. On the other hand, where sellers have market power and so price strategically, we show there may actually be excessive exploration from…

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Stephen Zeldes (Columbia GSB)

21 May 2018 @ 12:45

"Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?"

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Willa Friedman (University of Houston)

14 May 2018 @ 12:45

"What Happens to Babies Born During Health-Worker Strikes?" abstract Health worker strikes are a growing but still under-studied phenomenon in Sub-Saharan Africa. In the past few years alone, health worker strikes limited service provision in more than 18 countries. We use panel data from Kenya linked with a newly compiled record of the timing and location of health-worker strikes to estimate the immediate impacts on the health and mortality of babies born during strikes. The timing of health-worker strikes is…

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Marit Hinnosaar (Collegio Carlo Alberto)

7 May 2018 @ 12:45

"How long do healthy habits last? The role of prices" Abstract When a policy gives temporary incentives for healthy behaviors, how long does the impact last? I study the U.S. Special Supplemental Nutrition Program for Women, Infants, and Children, which gives vouchers for healthy foods. Using household-level scanner data, I find that the effect of the program diminishes when households become ineligible. Demand model estimates show that price differences between healthy and unhealthy foods play a large role in the…

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April 2018

Juan Carlos Carbajal (UNSW)

30 April 2018 @ 12:45

"Selling Mechanisms for a Financially Constrained Buyer"

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Philip J. Cook (Duke University)

16 April 2018 @ 12:45

"The School-Entry-Age Rule Affects Redshirting Patterns and Resulting Disparities in Achievement" abstract Since, other things equal, older children do better in school, the extent and pattern of delayed entry affects observed patterns in academic performance. This paper provides three new sets of relevant findings, utilizing comprehensive data on birth cohorts of children who enrolled in first grade in North Carolina public schools.: (1) Delayed entry (redshirting) reduces the male-female achievement gap by 11%; (2) For each of 6 groups defined…

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Sarah Grace See (University of York)

9 April 2018 @ 12:45

"Juggling Work and Family: The Effect of Flexibility on Mental Health" abstract Flexible working practices can help parents maintain work and family life balance that can lead to increased productivity and improved mental health and well-being. However, they can also lead to increased stress and are instead detrimental. Applying a regression discontinuity design, this paper analyses the causal effect of flexible and non-standard working practices on mental health outcomes by looking at the UK Right to Request and Duty to…

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Michalis Drouvelis (University of Birmingham)

3 April 2018 @ 12:45

"Does revealing personality data affect prosocial behaviour?" Abstract Many modern organisations collect data on individuals’ personality traits as part of their human resource selection processes. We test experimentally whether revealing information on personality data impacts on pro-social behaviour as measured in a one-shot modified dictator game and a public goods game. Our focus is on the personality trait of agreeableness which has been shown to be a significant determinant of pro-sociality. Our results confirm the positive effect of agreeableness on…

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March 2018

Filippo De Marco (Bocconi)

26 March 2018 @ 12:45

"Banks as Patient Lenders: Evidence from a Tax Reform" Abstract We test whether the composition of bank funding, and the share of deposit funding in particular, affects bank risk-taking and loan maturity. For identification, we exploit a tax reform in Italy that created incentives for households to hold deposits rather than bank bonds. Using geographically disaggregated data on deposits and securities from securities holdings statistics, we first show that the reform led to larger increases (decreases) in term deposits (bank…

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Kyle Woodward (UNC)

19 March 2018 @ 12:45

"Uniform Price Auctions with a Last Accepted Bid Pricing Rule" abstract We model multi-unit auctions in which bidders' valuations are multidimensional private information. We show that the last accepted bid uniform-pricing rule admits a unique equilibrium with a simple characterization; in comparison, the commonly-studied first rejected bid uniform-pricing rule admits many equilibria, many of which provide zero expected revenue. In a natural example, equilibrium strategies in the last accepted bid auction are constructed from familiar strategies for single-unit first price…

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Luca Picariello (CSEF Naples)

12 March 2018 @ 12:45

"Talent Discovery, Layoff Risk andUnemployment Insurance"

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Margherita Calderone (Università di Torino)

5 March 2018 @ 12:45

"The Intergenerational Effects of Cash Transfers to Groups of Men and Women: Evidence from Northern Uganda" abstract This paper looks at the intergenerational effects of a cash transfer, the Youth Opportunities Program (YOP), on human capital investments in children in conflict-affected Northern Uganda. The YOP was primarily aimed at providing startup money to groups of underemployed youth, while working in practice similar to an unconditional cash transfer. It kept a gender balance by mandating that groups contained at least a…

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January 2018

Marina Della Giusta (University of Reading)

29 January 2018 @ 12:45

"Keep calm and carry on: gender differences in endurance"

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Albin Erlanson (Stockholm School of Economics)

15 January 2018 @ 12:45

"Costly Verification in Collective decisions" Abstract We study how a principal should optimally choose between implementing a new policy and maintaining the status quo when the information relevant for the decision is privately held by agents. Agents are  strategic in revealing their information, but the principal can verify an agent's information at a given cost. We exclude monetary transfers. When is it worthwhile for the principal to incur the cost and learn an agent's information?  We characterize the mechanism that maximizes…

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December 2017

Nicola Limodio (Bocconi University)

18 December 2017 @ 12:45

"Deposit Volatility, Liquidity and Long-Term Investment: Evidence from a Natural Experiment in Pakistan"

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Esteban Jaimovich (University of Surrey)

11 December 2017 @ 12:45

"Roadway Density, Input Sourcing, and Patterns of Specialisation"

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Stefano Sacchetto (IESE)

4 December 2017 @ 12:45

"How Costly Are External Financing and Agency for Private Firms?" abstract We estimate the magnitude of external financing costs and manager-shareholder conflicts for large U.S. private firms, and compare the results of the estimation to those from a sample of comparable public firms. Large private firms face marginal equity issuance costs for the first million dollar raised that are 2% higher than public firms. However, managerial diversion of cash is more severe in public firms, as managers of public firms…

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November 2017

Carolina Fugazza (Università di Torino)

27 November 2017 @ 12:45

"A Life-Cycle Model with Unemployment Traps" abstract The Great Recession has highlighted that long-term unemployment may become a trap with loss of human capital. This paper extends the life-cycle model allowing for a small risk of long-term unemployment with permanent effects on labour income. Such nonlinear income risk dampens both early consumption and early investment in risky assets, resulting in an optimal equity portfolio share relatively flat in age. The driver of such flattening in the life-cycle profile is the…

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Ainhoa Aparicio Fenoll (Collegio Carlo Alberto)

20 November 2017 @ 12:45

"Do parents know their children's ability? Evidence from parental choice of school starting age" ABSTRACT Parental ability to make optimal decisions about their children's education depend on whether parents are aware of the ability of their children. We investigate whether this is the case by means of a quasi-natural experiment: in Italy parents can choose to send their children to primary school one year earlier only for children born between January and April. This decision is similar to choosing a…

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Giovanni Mastrobuoni (Collegio Carlo Alberto)

13 November 2017 @ 12:45

"Police Patrols and Crime" Abstract An influential literature has used the aftermath of terrorist attacks to estimatelarge effects of police street deployment on crime. However, the elasticities obtainedin these settings may not easily extrapolate to more standard circumstances. Thispaper exploits a natural experiment that aimed to increase police presence in morethan 6,000 well-defined areas, by economically-realistic amounts and under relativelynormal circumstances. Using data transmitted by GPS devices worn by police offi-cers, we first document exogenous and discontinuous changes in patrolling…

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Alessandro Barattieri (Collegio Carlo Alberto)

6 November 2017 @ 12:45

"Protectionism and the Business Cycle" Abstract We study the consequences of protectionism for macroeconomic fluctuations. First, using high frequency trade-policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on the trade balance. Second, we build a small-open economy model with firm heterogeneity, endogenous tradability, and nominal…

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October 2017

Giacomo De Luca (University of York)

30 October 2017 @ 12:45

"Weak States: Causes and Consequences of the Sicilian Mafia"

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Nicolas Roys (Royal Holloway)

23 October 2017 @ 12:45

"Skills Prices, Occupations and Changes in the Wage Structure for Low Skilled Men" abstract This paper proposes and estimates a model of occupational choice with multi- dimensional skills, time-varying skill prices and labor market frictions to understand the evolution of the wage structure since 1979 for low skilled men. A worker’s multi- dimensional skills are exploited differently across different occupations. We allow for a rich specification of technological change which has heterogenous effects on different occupations and different parts of…

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Toomas Hinnosaar (Collegio Carlo Alberto)

16 October 2017 @ 12:45

"Dynamic common-value contests" Abstract In this paper, I study dynamic common-value contests. Agents arrive over time and choose costly efforts to compete for prizes. The efforts are publicly disclosed at some points of time. This model has a wide range of applications, including rent-seeking, R&D competitions, oligopoly, and tragedy of commons. I provide a full characterization of equilibria and use it to study comparative statics, contest design, earlier-mover advantage, and large contests. I show that information about other players' efforts…

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Pietro Garibaldi (Università of Torino, Collegio Carlo Alberto)

9 October 2017 @ 12:45

"Graded Security and Labor Market Mobility? Clean Evidence from the Italian Jobs Act"

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Claudio Campanale (Università di Torino)

2 October 2017 @ 12:45

"Consumption  insurance with Epstein-Zin preferences" abstract "Partial insurance is a characteristic feature of Standard Incomplete Market(SIM) models. In a recent paper Kaplan and Violante (2010) test a life-cycle version of the model against insurance coefficients computed from data and show that the model falls short of predicting the correct degree of smoothing of permanent shocks on average and over the life-cycle. In the present paper we modify the basic version of the model to allow for Epstein-Zin preferences and show…

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September 2017

Benjamin Villena (University of Chile)

25 September 2017 @ 12:45

"Deconstructing Job Search Behavior" Venue: Moncalieri, via Real Collegio 30 Abstract In this paper we empirically investigate job search, specifically how a number of theoretically relevant variables impact behavior in an online setting. We take advantage of an unusually rich proprietary dataset from a Chilean job board to document and interpret a number of facts. We focus on how application behavior is influenced by (1) several demographics such as gender, age, and marital status, (2) alignment between applicants wage expectations…

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May 2017

Greg Veramendi (Arizona State University)

29 May 2017 @ 12:45

“College Major Choice: Sorting and Differential Returns to Skills”

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Emanuele Felice (UAB)

22 May 2017 @ 12:45

"The roots of a dual equilibrium: GDP, productivity and structural change in the Italian regions in the long-run (1871-2011)" abstract This paper explores the long-run evolution of regional inequality in Italy over the course of 140 years, from around Unification (1871) until our days (2011). To this scope, a unique and up-to-date dataset of GDP per capita, GDP per worker (productivity) and employment, at the NUTS II level and at current borders, for the whole economy and its three branches…

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Enrica Maria Martino (Università di Torino)

15 May 2017 @ 12:45

"Early Childcare and Child Non Cognitive Outcomes" (with Daniela Del Boca and Chiara Daniela Pronzato) abstract In this study, we analyze the impact of formal early childcare on a number ofnon-cognitive child outcomes, conditional on several socio demographic characteristicsof the household and the child. Non cognitive skills were found to be particularlymalleable at young ages and to positively aect cognitive ones, in addition to havingdirect positive impact on a number of later life outcomes. Using a newly available dataset for…

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Giacomo Davide De Luca (University of York)

9 May 2017 @ 12:45

"Ethnic Favouritism: An Axiom of Politics?" NOTE: this is a Tuesday

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Christopher Flinn (NYU)

8 May 2017 @ 12:45

"Personality Traits, Intrahousehold Allocation and the Gender Wage Gap"

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April 2017

Marla Ripoll (University of Pittsburgh)

10 April 2017 @ 12:45

"The Elasticity of Intertemporal Substitution, Parental Altruism and Fertility Choice"

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Giovanni Mastrobuoni (Collegio Carlo Alberto)

3 April 2017 @ 12:45

"Police Patrols and Crime"

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March 2017

Francesco Passarelli (Universita di Torino)

27 March 2017 @ 12:45

"Loss Aversion in Politics"

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Carmine Guerriero (Universita di Bologna)

20 March 2017 @ 12:45

"Endogenous Institutions and Economic Outcomes"

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Cristiano Cantore (University of Surrey)

13 March 2017 @ 12:45

"The Profit Share, the Labor Share, and Monetary Policy Shocks" Abstract Despite its importance, studies on the effect of monetary policy shocks on the laborshare and the share of corporate profits are very limited. In this paper we fill this gap in twoways. Firstly, we provide new and robust evidence on the effects of MP shocks: cyclically,a monetary policy tightening (easing) increased (decreased) the labor share and decreased(increased) the corporate profits share, real wages, and labor productivity during the GreatModeration…

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Kym Pram (EUI)

6 March 2017 @ 12:45

"Hard Evidence and Welfare in Adverse Selection Environments" abstract I consider environments in which an agent with private information can acquire arbitrary hard evidence about his type before interacting with a principal. In a broad class of screening models, I show that there is always an equilibrium which interim Pareto-improves over the no-evidence benchmark whenever some types of the agent take an outside option in the benchmark case, and additional weak conditions, including either a single-crossing condition or state-independence of…

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February 2017

Marco Mazzoli (Università di Genova), Matteo Morini (University of Torino) and Pietro Terna (Collegio Carlo Alberto)

20 February 2017 @ 12:45

"Business cycle in a macromodel with oligopoly andagents heterogeneity: an agent-based approach"

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December 2016

Marit Hinnosaar (CCA)

12 December 2016 @ 12:45

"Price discriminating minorities"

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Alessandro Barattieri (CCA)

5 December 2016 @ 12:45

"Banks Interconnectivity and Leverage"

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November 2016

Lucas Maestri (EPGE-FGV)

28 November 2016 @ 12:45

"Optimal Mirrleesian Taxation in Non-competitive Labor Markets"

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Julien Penasse (University of Luxembourg)

21 November 2016

"Bubbles and Trading Frenzies: Evidence from the Art Market" abstract We use the art market as a laboratory to test speculative bubble models based on investor disagreement. Several aspects distinguish the art market from other markets: it features unlevered and wealthy investors, financial and technological innovations are absent, and transaction costs are substantial. We find that prices not only positively correlate with volume but also with very short-term transactions. Large volumes are followed by negative returns. Finally, short-term transactions underperform…

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Ignacio Monzon (CCA), Andrea Gallice (CCA)

14 November 2016 @ 12:45

"Cooperation in Social Dilemmas through Position Uncertainty" Abstract In a social dilemma, individual incentives and collective interests are at odds. We propose a simple mechanism to sustain full cooperation in one-shot social dilemmas among a finite number of agents. Players sequentially decide whether to contribute to a public good. They observe the actions of some of their immediate predecessors but they do not know their position in the sequence. They choose to contribute to the public good in order to…

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Roberto Marfe (CCA)

9 November 2016 @ 12:45

"Labor Rigidity and the Dynamics of the Value Premium" (Note: the seminar is on Wednesday) abstract This paper documents that (i) the labor-share is a strong predictor of both the value and duration premia, (ii) these premia are highly correlated, and (iii) the labor-share does not forecast the component of the value premium orthogonal to the duration premium. A simple equilibrium model with labor rigidity and heterogeneity in cash-flow durations rationalizes these stylized facts. The economic channel is a term-structure effect:…

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Dino Gerardi (CCA)

3 November 2016 @ 12:45

"Efficiency in Decentralized Markets with Aggregate Uncertainty" (Note: the seminar is on Thursday) Abstract We study efficiency in decentralized markets with aggregate uncertainty and one-sided private information. There is a continuum of mass one of uninformed buyers and a continuum of mass one of informed sellers. Buyers and sellers are randomly and anonymously matched in pairs over time, and buyers make the offers. We show that all equilibria become efficient as trading frictions vanish.

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October 2016

Emilio Paolucci, Paolo Neirotti, Danilo Pesce (Politecnico di Torino)

17 October 2016 @ 12:45

"ICT-Based Innovation and the Changing Nature of Competition: Evidence from Information Intensive Industries in Italy" Abstract Despite the increasing interest in Information and Communication Technology’s (ICT) potential to transform industry structure and competition, there is still not comprehensive evidence on how ICT-related innovations affect competitive dynamics due to the low number of industry-level studies. Strategic management literature indicates that, on the one hand, ICT diffusion can bring more competition, reduce entry barriers and appropriability regimes, create more opportunities of business…

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Toomas Hinnosaar (CCA)

10 October 2016 @ 12:45

"Rent-seeking contest design" Abstract This paper studies the relationship between information, incentives, and outcomes in rent-seeking contests. A common solution to limiting socially wasteful rent-seeking activities is transparency. I show that information strictly increases efforts in rent-seeking contests. Thus, the socially optimal rent-seeking contest provides as little information as possible about the competition. The model and the methodology developed here applies to many other applications, including advertisement, R&D races, and political contests. 

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Matteo Triossi (University of Chile)

3 October 2016 @ 12:45

"Costly Information acquisition: the role of abstention" Abstract Citizens have little and uneven levels of political knowledge, consistently with the rational ignorance hypothesis. The paper presents a strategic model of common value elections with voluntary voting and endogenous information acquisition accounting for these facts. While, under compulsory voting, majoritarian elections generically fail to completely aggregate information, under voluntary voting participation adjust endogenously so that election aggregate perfectly information. Differently then from the case where information is exogenous, compulsory and voluntary…

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September 2016

Rigas Oikonomou (UC Louvain)

26 September 2016 @ 12:45

"Long Term Government Bonds" abstract We study the impact of debt maturity on optimal fiscal policy by focusing on the case where the government issues a bond of maturity N > 1: Isolating these e ffects helps provide insight into the construction of optimal government debt portfolios. We find long bonds may not complete the market even in the absence of uncertainty, generate an incentive to twist interest rates and induce additional tax volatility compared to short term bonds. By…

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Matteo Cacciatore (HEC Montreal)

19 September 2016 @ 12:45

"Market Reforms at the Zero Lower Bound" Abstract We study the impact of product and labor market reforms when an economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country two-final-goods model featuring endogenous producer entry, labor market frictions, and nominal rigidities. We find that while the effect of market reforms depend on the cyclical conditions under which they are implemented, the zero lower bound itself…

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May 2016

Chiara Daniela Pronzato (University of Turin and Collegio Carlo Alberto)

30 May 2016 @ 12:45

"Gender Quotas: Challenging the Boards, Performance and the Stock Market" with Valeria Ferraro (Bocconi University) and Paola Profeta (Bocconi University and Dondena)  

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Ignacio Monzon (Collegio Carlo Alberto)

26 May 2016 @ 12:45

"Observational Learning in Large Anonymous Games" (Note: the seminar is on Thursday)

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