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Gallice, Andrea - Collegio Carlo Alberto, Università degli Studi di Torino - 2011

litigation between a plaintiff and a defendant and a bankruptcy problem. In the litigation case, we show how the combination of …

Persistent link: https://www.econbiz.de/10010615366

Mean-variance target-based optimisation in DC plan with stochastic interest rate

Menoncin, Francesco; Vigna, Elena - Collegio Carlo Alberto, Università degli Studi di Torino - 2013

We solve a mean-variance optimisation problem of a defined contribution pension scheme in the accumulation phase. The financial market consists of: (i) the risk-free asset, (ii) a risky asset following a GBM, and (iii) a bond driven by a stochastic interest rate following the Vasicek [1977]...

Persistent link: https://www.econbiz.de/10010862060

Mean-variance inefficiency of CRRA and CARA utility functions for portfolio selection in defined contribution pension schemes

Vigna, Elena - Collegio Carlo Alberto, Università degli Studi di Torino - 2009

We consider the portfolio selection problem in the accumulation phase of a defined contribution pension scheme in continuous time, and compare the mean-variance and the expected utility maximization approaches. Using the embedding technique pioneered by Zhou and Li (2000) we first find the...

Persistent link: https://www.econbiz.de/10005015186

On efficiency of mean-variance based portfolio selection in DC pension schemes

Vigna, Elena - Collegio Carlo Alberto, Università degli Studi di Torino - 2010

We consider the portfolio selection problem in the accumulation phase of a defined contribution (DC) pension scheme. We solve the mean-variance portfolio selection problem using the embedding technique pioneered by Zhou and Li (2000) and show that it is equivalent to a target-based optimization...

Persistent link: https://www.econbiz.de/10008682809

Poor Institutions, Rich Mines: Resource Curse and the Origins of the Sicilian Mafia

Buonanno, Paolo; Durante, Ruben; Prarolo, Giovanni; … - Collegio Carlo Alberto, Università degli Studi di Torino - 2012

This study explains the emergence of the Sicilian mafia in the XIX century as the product of the interaction between natural resource abundance and weak institutions. We advance the hypothesis that the mafia emerged after the collapse of the Bourbon Kingdom in a context characterized by a severe...

Persistent link: https://www.econbiz.de/10010862055

The Value of Connections: Evidence from the Italian-American Mafia

Mastrobuoni, Giovanni - Collegio Carlo Alberto, Università degli Studi di Torino - 2013

Using declassified Federal Bureau of Narcotics records on 800 US Mafia mem- bers active in the 1950s and 1960s, and on their connections within the organized crime network, I estimate network effects on gangsters’ economic status. Lacking information on criminal proceeds, I measure economic...

Persistent link: https://www.econbiz.de/10010743398

Optimal Criminal Behavior and the Disutility of Jail: Theory and Evidence On Bank Robberies

Mastrobuoni, Giovanni - Collegio Carlo Alberto, Università degli Studi di Torino - 2011

Based on unique data on individual bank robberies perpetrated in Italy between 2005 and 2007, this paper estimates the distribution of criminals' disutility of jail. The identification rests on the money versus risk trade-off criminals face when deciding whether to stay an additional minute...

Persistent link: https://www.econbiz.de/10009367390

The Incapacitation Effect of Incarceration: Evidence From Several Italian Collective Pardons

Barbarino, Alessandro; Mastrobuoni, Giovanni - Collegio Carlo Alberto, Università degli Studi di Torino - 2007

Incarceration of criminals reduces crime through two main channels, deterrence and incapac- itation. Because of a simultaneity between crime and incarceration–arrested criminals increase the prison population–it is difficult to measure these effects. This paper estimates the incapaci- tation...

Persistent link: https://www.econbiz.de/10005094067

Rational Suicides: Evidence from Changes in Inmates' Expected Sentence Length

Campaniello, Nadia; Diasakos, Theodoros; Mastrobuoni, … - Collegio Carlo Alberto, Università degli Studi di Torino - 2012

Are suicides rational? At least since the 70's economists have been trying to shed light on this question by studying whether suicide rates are related to contemporaneous economic conditions. This paper goes one step further: we test whether suicides are linked to forward-looking behavior. In...

Persistent link: https://www.econbiz.de/10010540190

Advocatus, et non Latro? Testing the Supplier-Induced Demand Hypothesis for the Italian Courts of Justice

Buonanno, Paolo; Galizzi, Matteo M. - Collegio Carlo Alberto, Università degli Studi di Torino - 2012

We explore the causality relationship between litigation rates and the number of lawyers, drawing on an original panel … lawyers and the civil litigation rate sharply increased, and a mandatory minimum fee was in place for lawyers services. We … first document that the number of lawyers is positively correlated with different measures of litigation rate. Then, using …

Persistent link: https://www.econbiz.de/10010543155