Indivisibilities are at the core of economic theory as rarely individuals can or want to limitlessly divide goods, inputs and activities, as well as related economic phenomena such as economies of scale, externalities and public goods. Indivisibilities help in explaining conflicts over social...

This work deals with methodological and empirical issues related to multiperiod optimal hedging OLS estimators. We propose an analytical formula for the multiperiod minimum variance hedging ratio starting from the triangular representation of a cointegrated system DGP. Since estimating the hedge...

Drawing on actual reinterpretation of Mauss’s classical essay on “the Gift”, the authors examine four ideal-typical forms of gift which recur in the anthropologic literature, and theoretically analyze them under relevant contemporary phenomena. Kula - as reciprocity gift-, Potlach – as...

Nel valutare l’eco-efficienza con Data Envelopment Analisys è necessario scegliere uno tra gli approccio presenti in letteratura. Ognuno di essi si differenzia dagli altri sia per il modo di trattare il bad output sia per i risultati ottenuti. La valutazione risulta pertanto condizionata...

Can a bank increase its profi…t by subsidizing inactivity? This paper suggests this may occur, due to the presence of hidden information, in a monopolistic credit market. Rather than offering credit in a pooling contract, a monopolist bank can sort borrowers through an appropriate subsidy to...

In questo saggio intendiamo discutere la questione del tempo libero nel capitalismo alla luce della problematica della liberazione dal e del lavoro (par. 1). Nel far ciò, dopo aver criticato la concezione dell’essere umano propria della scienza economica, proporremo l’abbozzo di una...

In an economy where graduate jobs are allocated by tournament, and some of the potential participants cannot borrow against their expected future earnings, the government can increase efficiency and ex ante equity by redistributing wealth or, if that is not possible, by borrowing wholesale and...

The aim of this article is to describe the rise and fall of the workhouse system in connection with the developments that took place in economic thought, in the transition from Mercantilism to pre-classical and classical tradition. By examining the economic arguments emerging from the debate...

The paper reviews the extent of the income inequality decline which has taken place in Latin America over 2002-10 which reduced the regional Gini index to the level of the early 1980s. The paper then focuses on the factors which may explain such decline. These include a drop in the skill premium...

In this paper we develop an heterogenous agents model of asset price and inventory with a market maker who considers the excess demand of two groups of agents that employ the same trading rule (i.e. fundamentalists) with different beliefs on the fundamental value. The dynamics of our model is...