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1.
In his 1960 book, Sraffa suggested using a composite commodity,which he called the Standard commodity, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 12132, 2004)has proposed a proper definition of an invariablemeasure of value, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of itsnominal price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown. 相似文献
2.
We provide comparative global conditions for downside risk aversion, which are similar to the ones studied by Ross for risk aversion. We define a coefficient of downside risk aversion, and study its local properties. 相似文献
3.
Francesco Schiavone Salvatore Esposito De Falco 《Technology Analysis & Strategic Management》2016,28(1):60-75
Drawing on the structurationist notion of ‘technologies-in-practice’, this article analyses the different types of technological actions that users perform, after technological change, in order to keep a declining technology alive over time. The research question of the article is: How do technologies-in-practice based on the application of new technology hamper the creative destruction of old technology? The case study of ham radio technology and amateur radio operators is explored. The results of the investigation support the development of a technology-in-practice ‘experimentation’ and four inductive research propositions. 相似文献
4.
Antonio Acconcia Giovanni Immordino Salvatore Piccolo Patrick Rey 《The Scandinavian journal of economics》2014,116(4):1116-1159
We develop an agency model of organized crime accounting for the main trade‐offs involved in the introduction of an accomplice‐witness program. We characterize the optimal policy and identify its main determinants in a framework where public officials can be dishonest. Our predictions are tested by using data for Italy before and after the introduction of the 1991 accomplice‐witness program. As predicted by the model and the earlier antitrust literature, the program appears to have strengthened deterrence and enhanced prosecution. Moreover, consistent with a novel prediction of our theory, the evidence suggests that the program efficacy is affected by the judicial system efficiency. 相似文献
5.
Salvatore Piccolo 《Economics Letters》2011,111(3):256-259
In a model of competing managerial firms I show that the equilibrium number of firms decreases with uncertainty if entry is relatively more costly than monitoring. The result adds to the earlier contributions and is consistent with the available evidence. 相似文献
6.
We explore the hypothesis that long‐term commitments affect the dynamics of government expenditure. With the aid of a simple median‐voter model we interpret the pattern of increasing‐then‐constant tax rates observed in OECD countries in the second half of the last century: persistence of public expenditure and a lower bound on new interventions will push government size upward, and preferences of the electorate put a halt to this growth at some point. In this view, the fiscal policy variable is seen to consist of only a part of the total expenditure, the rest being predetermined by its past level. 相似文献
7.
Dominick Salvatore 《Open Economies Review》1996,7(1):601-623
This paper examines the immediate and the fundamental causes of the crsis that hit the European Monetary System in September 1992 and August 1993 and the obstacles that European countries face in trying to achieve their ultimate goal of full monetary union, including a single currency and a union-wide central bank by the end of this decade. The conclusion that follows from the paper is that achieving full monetary union in Europe by the end of this decade is certainly possible but not certain. A major recession or other shock affecting asymmetrically more than one large member nation could derail or at least delay the process of monetary union. Although major benefits are expected to flow from monetary union in Europe, even more important are the political benefits that such a union would provide to its members. 相似文献
8.
9.
There are two competing sellers of an experience good, one offers high quality, one low. The low‐quality seller can engage in deceptive advertising, potentially fooling a buyer into thinking the product is better than it is. Although deceptive advertising might seem to harm the buyer, we show that he could be better off when the low‐quality seller can engage in deceptive advertising than not. We characterize the optimal deterrence rule that a regulatory agency seeking to punish deceptive practices should adopt. We show that greater protection against deceptive practices does not necessarily improve the buyer welfare. 相似文献
10.
Salvatore Di Falco Felice Adinolfi Martina Bozzola Fabian Capitanio 《Journal of Agricultural Economics》2014,65(2):485-504
Financial insurance for extreme events can play an important role in hedging against the implications of climate change. This paper combines a comprehensive estimation strategy and a unique panel dataset to study the role of financial insurance in farmers' welfare under uncertainty. Data are drawn from a large Italian farm panel dataset. We find that (i) demand for insurance products is likely to increase in response to climatic conditions, and (ii) that the use of insurance reduces the extent of risk exposure. We also find that farms growing more crops are less likely to adopt the insurance scheme. This confirms what is found in the theoretical literature. Crop diversification can be a substitute for financial insurance in hedging against the impact of risk exposure on welfare. 相似文献