Under the assumption that individual preferences are linear orders on the set of alternatives, we study the social choice functions which satisfy suitable symmetries and obey the majority principle. In particular, supposing that individuals and alternatives are exogenously partitioned into...

In this paper, we define a new estimator of the leverage stochastic process based only on a pre-estimation of the Fourier coefficients of the volatility process. This feature constitutes a novelty in comparison with the leverage estimators proposed in the literature generally based on a...

The use by governments of their purchasing power to achieve social objectives is a practice that dates back to the 19th centuries when regulations were issued in both the USA and England establishing fair wages or maximum working hours per day for firms working under public contracts...

In this paper, we construct non parametric estimators of the volatility of volatility and the leverage component (covariance between the asset price and the volatility process) in the framework of one dimensional stochastic volatility model. The main feature of our estimator is that, given...

We prove the convergence of a deterministic algorithm to compute the distribution function of the sum of d >1 dependent random variables, with given joint distribution, via the approximation of the probability measure of a d-dimensional symplex by overlapping hypercubes.

Assuming that alternatives are three or more, we prove that if the set of anonymous, neutral and reversal symmetric minimal majority rules is nonempty, then it has at least two elements. We propose then further principles linked to equity and fairness that can be used to exclude some rules in...

In this paper we consider two processes driven by Brownian motions plus drift and jumps with infinite activity. Given discrete observations on a finite time horizon, we study the truncated (threshold) realized covariance \hat{IC} to estimate the integrated covariation IC between the two Brownian...

The interbank market has a natural multiplex network representation. We employ a unique database of supervisory reports of Italian banks to the Banca d'Italia that includes all bilateral exposures broken down by maturity and by the secured and unsecured nature of the contract. We find that...

Africa's biofuel potential over the last ten years has increasingly attracted foreign investors’ attention. We estimate the determinants of foreign investors land demand for biofuel production in SSA, using Poisson specifications of the gravity model. Our estimates suggest that land...

Italy is driving along a historical glide path. The main reason lies in the fact that in the country, especially in the last three decades, has experienced an extreme form of resistance to change. Everyone, when defecting, prefers that others defect as well, instead of cooperating. This...