The factor content of regional bilateral trade: The role of technology and demand

The Heckscher–Ohlin–Vanek (HOV) model in its strict form has been strongly rejected by the data. Relaxing some assumptions of the standard HOV model is key to find improvements in its performance. We apply the Davis and Weinstein (2001) methodology to analyse the validity of the HOV model using regions rather than countries. Surprisingly, our results using data for 17 Spanish regions are similar to theirs with international data for OECD countries. Accounting for technological differences improves the predictive capacity of the factor proportions model and including trade costs and geography reduces significantly the missing trade problem. However, relaxing the assumption of factor price equalisation does not improve the performance of the HOV model in a regional setting.     

STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS

This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households' expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market.     

Equilibrium price formation in markets with differentially informed agents

We consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information on the states of nature. Our aim was to describe the equilibrium price formation and analyze how the lack of information may affect the allocation of resources. To do so, we adapt to an asymmetric information scenario a variant of the Shapley–Shubik game introduced by Dubey and Geanakoplos (J Math Econ 39:391–400, 2003 ).     

The interactions between natural and physical capitals in the tourist lifecycle model

This paper presents a model of the interactions between natural resources and physical capital in the evolution of a tourist destination. The projected trajectory of the number of tourists approaches the classical lifecycle pattern. The post-stagnation phase is analyzed within the model, obtaining different patterns which depend on the impacts of physical capital on both demand and environmental degradation. The magnitudes of these impacts are determined by the type of tourism. An empirical application to the case of the tourist industry in the Canary Islands (Spain) is presented, showing that the model can represent the general characteristics of the post-stagnation phase of a tourist destination.     

Pulse Fishing and Stock Uncertainty

Large variation in stock dynamics affects the accuracy of stock estimates, which fisheries managers rely on when determining quotas and other regulations. The purpose of this paper is to investigate the implications of uncertainty on pulse fishing. We show that as the variance of the random natural fluctuations increases, the optimal pulse length decreases and converge toward a constant-escapement policy. Hence, in fisheries with large natural variability, a constant-escapement policy is a good approximation of the optimal policy.     

Entrepreneurial Structure Qualitative Analysis: The Case of Seville (Spain)

In the field of territorial economic growth, it is possible to identify important characteristics in the entrepreneurial structure, such as the structure of the size of firms, main activity sectors, or the degree of innovation. However, other lesser known characteristics are important also, such as functional dependency, which considers the relationship between small and medium enterprises (SMEs), and suppliers and clients belonging to any territorial field or productive dependency, which considers the level of concentration in terms of buying and selling in connection with the main suppliers and clients, respectively. In order to empirically contrast the importance of these entrepreneurial characteristics and try to relate them with territorial economic growth, a sample of 400 enterprises in the province of Seville (Spain) is used.      

A cliometric analysis of the Aldo Moro kidnapping and assassination

In Rome, on 16 March 1978, the Red Brigades kidnapped Aldo Moro. They kept him a prisoner for 55 days, and ultimately killed him. Why did they decide to kill Moro since it appears a posteriori that they did not improve their situation by doing so? Our paper answers this question by building mainly on the model of kidnapping by Selten (A simple game model of kidnapping. In: Henn R, Moeschlin O (eds) Mathematical economics and game theory. Lecture Notes in Economics and Mathematical Systems, vol. 141. Springer, Berlin, pp 139–156, 1977). We develop an integrated game-theoretic model that reliably captures both the problem of kidnapping for some sort of non-monetary ransom and the problem of assassination of prominent political figures. We embed our model within the historical evidence surrounding the Moro case. We show that, in the Moro case, there is a continuum of equilibria implying the death of the hostage.     

What Prevents Firms from Advancing in their Environmental Strategy?

The aim of this paper is to analyze the determinants of the strategic environmental behavior of firms and, more specifically, the external and internal barriers that limit and sometimes even prevent the environmental adaptation. The analysis focuses on a sample of industrial firms that have at least three workers and that are located in Aragón, a region situated in the northeast of Spain. In order to achieve this objective, first the theoretical literature on the topic is reviewed. Subsequently, from the firms which were sampled, the existence of an underlying structure among the totality of barriers is studied. Finally, this structure is analyzed in order to determine if it has any influence on the degree of proactivity of the firm’s environmental strategy.