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Essays in Economics of Artificial Intelligence
Get PDFThis thesis embodies three chapters on the economics and applications of artificial intelligence (AI). The first chapter explores the economic underpinnings of open-source contributions in AI by for-profit companies, focusing on large language models (LLMs). Three main findings emerge: (1) LLMs align well with the R&D portfolios of diverse technologically advanced firms, (2) models developed by large technology companies are more likely to be open-sourced, and (3) open-sourcing advanced LLMs enhances research-related activities. A theoretical framework analyzes the factors influencing a firm's decision to open-source, suggesting an inverted-U-shaped relationship between open-sourcing propensity and the firm's share of LLM-compatible applications. The second chapter addresses the debate on the moderation of toxic speech on social media and its impact on the plurality of online discourse. A new methodology is proposed and validated to measure plurality based on the semantic variance of online content, using text embeddings from computational linguistics. Applying this measure to a dataset of 10 million US Tweets, it is found that removing toxic content reduces the plurality of online discourse. Crucially, the reduction in plurality is attributed not to the toxic language itself, but to the removal of meaningful content. The third chapter proposes a novel method for estimating biases at the micro-level in contexts with multiple bilateral interactions, where individual preferences and correlated characteristics complicate analysis. The method employs Collaborative Filtering in an `honest' design to extract preferences and characteristics, separating self-induced outcomes from the constructed embeddings of interacting units
The impact of account-based marketing approach in shaping impactful narratives on sustainability and resilience
Get PDFThis paper aims to assess the effectiveness of the impact of the Account-Based Marketing (ABM) approach in enhancing stakeholder engagement and communication for sustainability and resilience initiatives in the domain of Operations and Supply Chain Management. We employ exploratory research in assessing the following five key factors: benchmarking, innovation, knowledge sharing, network collaboration, and strategic planning. Our analysis indicates that the ABM approach is a valuable tool that efficiently communicates a core company's main programs with stakeholders by providing benchmarking and knowledge-sharing opportunities. Moreover, ABM enhances innovation capabilities, regardless of the experience level of the target audiences. Additionally, ABM fosters cooperation among the partners in a value chain and helps stakeholders gain a better understanding of the business network’s sustainability and resilience goals, enabling them to align their strategic plans accordingly. Furthermore, sustainability managers found ABM valuable for increasing network collaboration, a crucial factor in successfully implementing sustainability initiatives
The real effects of disclosure in going private deals
Get PDFGoing private transactions have become an area of increasing interest for regulators and policymakers. Disclosures in these transactions are subject to special Securities and Exchange Commission (SEC) rules that require management to provide detailed information to all shareholders before a general vote. We examine the role of disclosure in addressing the frictions between sellers and buyers. We find that disclosure volume is positively associated with the likelihood of closing a deal. However, disclosure volume is also positively related to the intensity of shareholders’ negotiations, which increases the likelihood of shareholder litigation. These findings suggest that disclosure has real effects on the success of going private transactions and highlight the trade-offs that buyers face when determining the volume of disclosure. The results also speak to the extent to which the SEC rules fulfill the regulator's intent in mandating going private disclosures
Causa del contratto di lavoro intermittente e conseguenze della nullita
No full textL’ordinanza in commento affronta e risolve la questione delle conseguenze della nullità del contratto di lavoro intermittente per mancata adozione della valutazione dei rischi, una delle ipotesi in cui il ricorso al lavoro intermittente è espressamente vietato
dalla legge. Nell’ordinanza, la Corte di cassazione ritiene che, in considerazione della specifica causa del contratto di lavoro intermittente, il legislatore ha espressamente previsto la conversione del contratto in rapporto a tempo indeterminato nel solo
caso di superamento dei limiti temporali previsti dalla legge. E ciò perché il concreto svolgimento del rapporto in misura superiore al limite temporale massimo depone nella direzione dell’illecito utilizzo dello schema negoziale in questione per un
interesse affatto diverso da quello ad esso sotteso e incompatibile con quest’ultimo, e cioè per far fronte ad una esigenza non saltuaria, bensì continuativa, di ricezione della prestazione, tipica del contratto di lavoro subordinato a tempo indeterminato. Al
contrario, la Corte ritiene che le medesime conclusioni non siano replicabili nel caso di mancata adozione della valutazione dei rischi da parte del datore di lavoro, che pure abbia illegittimamente fatto ricorso al lavoro intermittente. Ad inficiare il contratto, in
questa ipotesi, è una condotta del datore di lavoro estranea al rapporto contrattuale con il lavoratore, che, pertanto, non può incidere sul contratto Ne segue che deve ritenersi applicabile il regime generale in materia di nullità del contratto di lavoro ai
sensi dell’art. 2126 c.c., a mente del quale la nullità del contratto di lavoro produce un effetto caducatorio, che non è retroattivo, né incide sulla diversa qualificazione del rapporto tra le parti
Essays on the legacy of COVID-19: Economic Challenges, Migration Dynamics, and Democracy in a New Era
Get PDF4.1 Million Migrants, recites a front page article of The Washington Post on June 26, 2024, referring to the number of immigration court records in the United States in the past decade. If it were the population of a city, it would the 2nd largest of the country, just after New York City. The WP is interesting because it highlights the massive shift in migration after the COVID-19 pandemic. In fact, more records were found during the 2021-2024 period than in previous years. Second, nationality-wise, the share of migrants from Central America and Mexico have dwindled; giving raise to migrants that increasingly come from farther away places, like Haiti, or even China. And third, it highlights the indelible liaison that exists between migration and current politics.
How exactly do these issues talk to each other? This dissertation examines the intersection of these phenomena through three distinct studies. In summary, first, we find that the Covid-19 infection was detrimental for household finances in developed economies. And in many cases, these issues have continued to persist until present day. Second, we find that there is a connection between hunger and migration during the pandemic, mean- ing that heightened food insecurity might be correlated with the current migrant waves in the Southern US border. And third, given the growing political importance of migrants in host countries, we find that populist govern- ments may experience a backlash stemming from these very groups. In particular, we see that, under certain circumstances, migrant groups react against anti-immigrant rhetoric by becoming citizens and actively participating in democratic elections.
Our research calls for cooperative efforts on policies on disaster preparedness, food security and migration. The papers presented in this dissertation turn our attention to the lingering impact of COVID-induced poverty and hunger on migration intentions, shedding light on the evolving nature of migration patterns in the face of new crises like inflation and climate change. By this logic, we invite concerted efforts from governments, international actors, and non-governmental organizations to invest in preparedness to tackle the threat of food insecurity arising from future shocks. These efforts, besides their normative nature, could be key instruments in mitigating issues deriving from poverty-driven migration
Constitutional Safeguards in the Age of AI. A Study on the Fundamental Rights Impact Assessment of Facial Recognition Technology
Get PDFThis thesis explores the regulation of Facial Recognition Technology (FRT) as a focal
point for analysing the profound challenges posed by Artificial Intelligence (AI) to
constitutional principles and fundamental rights in the digital age. By positioning FRT at
the intersection of technological innovation and legal frameworks, the study examines
how the adoption of this technology, particularly in law enforcement and public
surveillance, amplifies risks to privacy, data protection, freedom of expression and
assembly, and, especially, access to effective remedies.
The research introduces the Fundamental Rights Impact Assessment (FRIA), a
methodological tool designed to anticipate and mitigate the risks posed by high-risk AI
systems. The FRIA framework represents a critical innovation, extending constitutional
safeguards to digital technologies by operationalizing rights protection in a structured,
preemptive manner. This model is applied to the specific context of biometric systems,
demonstrating its capacity to address systemic risks, including algorithmic bias,
surveillance creep, and the chilling effect on democratic freedoms.
Through an in-depth review of the European Union’s regulatory landscape, the thesis
evaluates the interaction between the AI Act, the General Data Protection Regulation
(GDPR), and the Law Enforcement Directive (LED). It underscores the fragmented and
reactive nature of current frameworks, particularly in their ability to address the opacity,
accountability, and societal impact of FRT. Case studies, in particular based on the case
law of the Court of Justice of the European Union and of the European Court of Human
Rights, and legal analysis reveal critical gaps in procedural safeguards, judicial oversight,
and the provision of effective remedies for individuals affected by the deployment of
biometric technologies.
By situating FRT within the broader paradigm of fundamental rights, the thesis
interrogates the tension between the harmonisation objectives of the European Union and
the procedural autonomy of Member States. This duality is particularly pronounced in
areas where jurisdictional boundaries blur and regulatory fragmentation persists. The
analysis further highlights the lex specialis nature of the AI Act in regulating FRT and its
limited capacity to address the structural challenges posed by these technologies.
Finally, the study argues for a recalibrated regulatory approach that moves beyond
compliance-based models to prioritise robust procedural safeguards, effective remedies,
and greater transparency. By framing FRT as a litmus test for AI regulation, the thesis
underscores its potential to propose a model for FRIA that eventually aims at balancing
innovation and fundamental rights in the digital era. The findings contribute to the
growing discourse on AI regulation by providing an in-depth examination of FRT as a
unique lens for understanding the constitutional, regulatory, and societal dimensions of
emerging technologies
La pena come “contraccambio”? Qualche riflessione su fondamenti e scopi della pena nella prospettiva del diritto costituzionale
No full textSecondo una impostazione standard presso la dottrina italiana, la retribuzione non rientra tra le legittime finalità della tema in uno Stato laico. Ciò sembra specialmente vero in Italia, dove l’art. 27 della Costituzione stabilisce che le pene debbano tendere alla rieducazione del condannato. Tuttavia, almeno tre altri principi costituzionali — offensività, colpevolezza e proporzionalità della pena — si rivelano inestricabilmente legati a premesse concettuali di ordine retributivo. Questi principi, e i postulati retributivi che ne stanno alla base, continuano ancor oggi a svolgere un ruolo fondamentale di garanzia dei diritti individuali anche nel contesto di uno Stato laico, in cui la giustificazione del diritto penale nel suo complesso può essere ricercata soltanto in considerazioni relative alla sua strumentalità rispetto alla tutela di interessi individuali e collettivi
American options with liquidation penalties
Get PDFThis paper integrates liquidation costs into the pricing of American options in an arbitrage-free and otherwise frictionless market. The introduction of liquidation penalties changes the comparison between immediate payoff and continuation value for American option holders. Without these penalties, the continuation value is equal to the actual funds obtainable by selling the option. When the sale proceeds achievable upon liquidation are lower due to penalties, immediate exercise becomes more advantageous, leading to a wider optimal early exercise region. We start studying the impact of liquidation penalties in discrete time, and provide closed-form solutions for perpetual American call options in the binomial model. In the continuous-time lognormal model, we derive closed-form asymptotic solutions near maturity for the critical price that triggers optimal early exercise. We also provide explicit pricing formulas for perpetual American options with liquidation penalties. Our results are relevant for executive stock options (ESOs), which typically exhibit liquidation penalties, and for the American equity options for which there is evidence of liquidation costs