IMF WORLD ECONOMIC OUTLOOK OCTOBER 2014
Visiting opportunities for incoming scholars
In addition to the objective dimension, welfare also has a subjective dimension, linked to the perception of one’s existential condition, to the satisfaction / dissatisfaction with their lives and future prospects of the judgment. This will be discussed in a Workshop October 21, 2014 (9.00-13.00), in U6, Aula Magna.
(Italiano) intervista a Patrizio Tirelli sulla crisi
The paper “The Labor Market in the Art Sector of Baroque Rome”, by Federico Etro, Silvia Marchesi and Laura Pagani, has been awarded, last 12 September 2014, with the “Ezio Tarantelli” prize, as the best paper presented in Rome at the XXVIII AIEL Conference.
The AIEL executive board feels that the paper is highly deserving of the Tarantelli Prize first of all for the original idea of analyzing the art market for the purpose of testing a competitive mechanism in a labour market characterized by highly skilled workers producing highly differentiated goods. Moreover, the study uses an original dataset whose characteristics allow a deep analysis of painters’ labour market and it makes a skilful utilisation of the econometric techniques. The paper shows how historical labour markets in creative contexts can bring interesting results for contemporary reserach in economics.
“Continuous-Time Public Good Contribution under Uncertainty”
Wednesday June 18, 2014 12:00
Room 372, Building U6, 3rd floor
We study a continuous-time problem of optimal public good contribution under uncertainty for an economy with a finite number of agents. Each agent can allocate his wealth between private consumption and repeated but irreversible contributions to increase the stock of some public good. We study the corresponding social planner problem and the case of strategic interaction between the agents and we characterize the optimal investment policies by a set of necessary and sufficient stochastic Kuhn-Tucker conditions. Suitably combining arguments from duality theory and the general theory of stochastic processes, we prove an abstract existence result for a Nash equilibrium of our public good contribution game.
Also, we show that our model exhibits a dynamic free rider effect. We explicitly evaluate it in a symmetric Black-Scholes setting with Cobb-Douglas utilities and we show that uncertainty and irreversibility of public good provisions do not affect free-riding.