Showing 1 - 10 of 24
We propose a portfolio selection model based on a class of monotone preferences that coincide with mean-variance preferences on their domain of monotonicity, but differ where mean-variance preferences fail to be monotone and are therefore not economically meaningful. The functional associated to...
Persistent link: https://www.econbiz.de/10005113531
The paper analyses the sharp divergence in the nineties between capital formation in the main euro area countries, on the one hand, and the United States, on the other. We have used data from the OECD's International Sectoral Data Base (ISDB), which includes data comparable across a certain...
Persistent link: https://www.econbiz.de/10005196846
The question addressed by this study is whether consumers remember past prices correctly. We test Italian citizens� memory for cinema prices with questionnaires distributed to moviegoers. The analysis concentrates on the memory of pre-euro prices, but the recall for a more recent period is...
Persistent link: https://www.econbiz.de/10005770754
We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to buy a risky asset. We relate this measure to a set of consumers� decisions that in theory should vary with attitude towards risk. We find that...
Persistent link: https://www.econbiz.de/10005770780
This paper studies the interaction between monetary and fiscal authorities while investors are coordinating on a speculative attack. The authorities want to achieve specific targets for output and inflation but also to avoid a regime change (i.e. sovereign default). They use the traditional...
Persistent link: https://www.econbiz.de/10011099682
This paper considers the role of preferences in explaining trust. By using the Bank of Italy�s Survey on Household Income and Wealth (SHIW), the paper shows that time preferences and risk preferences are key covariates of self-reported trust. They both predict negatively a measure of...
Persistent link: https://www.econbiz.de/10011105132
This paper examines the results of a survey carried out in 2007 by the Bank of Italy concerning different characteristics of the organization of lending activities. Between 2003 and 2006 the physical distance between the headquarters and the branches increased, the limits to the decision-making...
Persistent link: https://www.econbiz.de/10005113688
This work compares cooperatives with other firms along two lines: (1) a description of structural development; and (2) a comparison of the strategies in response to the changes in the competitive environment in the last decade. Between 2001 and 2009, compared with other types of firms, Italian...
Persistent link: https://www.econbiz.de/10009654305
This paper analyses respondents' behaviour when reporting their income sources in sample surveys and presents a method to deal with response error. Survey data relating to the number of earning recipients and to amounts received are validated using external information from administrative and...
Persistent link: https://www.econbiz.de/10008692065
The paper offers theoretical and empirical insights into the links between banks and firms in industrial districts ans to the way way investment is financed. The conclusion is that the rise of district banking localism cannot be taken for granted and that industrial districts do not seem...
Persistent link: https://www.econbiz.de/10005780683