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Three Essays on The Measurement of Economic Inequality
No full textChapter 1 introduces in statistics the notion of the barycenter of the distribution of a non-negative random variable Y with a positive finite mean μY and the quantile function Q(x). The barycenter is denoted by μX and defined as the expected value of the random variable X having the probability density function fX(x) = Q(x)/μY.
For continuous populations, the Gini index is 2μX - 1, i.e., the normalization of the barycenter, which is in the range [0, 1/2], the concentration area is μX - 1/2, and the Gini’s mean difference is 4μY (μX - 1/2). The same barycenter-based formulae hold for discrete populations. The introduction of the barycenter allows for new economic, geometrical, physical, and statistical interpretations of these measures.
For income distributions, the barycenter represents the percent of the expected recipient of one unit of income, as if the stochastic process that leads to the distribution of the total income among the population was observable as it unfolds. The barycenter splits the population into two groups, which can be considered as “the winners” and “the losers” in the income distribution, or “the rich” and “the poor”.
We provide examples of application to thirty theoretical distributions and an empirical application with the estimation of personal income inequality in Luxembourg Income Study Database’s countries.
We conclude that the barycenter is a new measure of the location or central tendency of distributions, which may have wide applications in both economics and statistics and provides a new statistical interpretation of the Gini index.
Chapter 2 contributes to the literature on the decomposition of inequality indices into contributions of population subgroups in five ways. First, we propose a new axiomatization of the decomposition by subgroups of the population inequality that is the first in the literature and is applicable to any inequality index. Second, we propose a new two-term decomposition by subgroups of the Gini, Bonferroni, and De Vergottini indices that is exact, i.e., the sum of the within and between components is equal to the overall inequality, and independent of the order in which the subgroups are sorted, i.e., the decomposition gives the same results whatever the ordering of the subgroups. Third, using the elements of the proposed decomposition method, we provide a new graphical representation of population and subgroups income distributions. Fourth, through a comparison with the most important among the other methods proposed in the literature, we show that the proposed decomposition procedure is the only one satisfying all the proposed axioms.
We provide an empirical application of the proposed methodology by studying income inequality in the Euro area between 2007 and 2019, i.e., between the financial crisis and the epidemic crisis.
Chapter 3 contributes to the literature on the Kakwani concentration index in three ways. First, we show that the Kakwani concentration index belongs to the family of the center of mass-based concentration index that include the Gini, Bonferroni, and De Vergottini inequality, and we extend the concentration index proposed by Kakwani, based on the Gini index, to the Bonferroni and De Vergottini inequality indices. Second, we extend to the Kakwani index the Balance of Inequality graphical representation of center of mass-based inequality indices, which allows us to overcome the limitations of the Lorenz curve. Third, we extend to the Kakwani index the exact within-between decomposition by population subgroup proposed with reference to the Gini, Bonferroni, and De Vergottini inequality indices.
We provide an empirical application of the proposed methodology by studying the global Kakwani indices of across countries distribution of life expectancy and carbon dioxide emissions with respect to energy consumption in 2019 and their decomposition by continents.Chapter 1 introduces in statistics the notion of the barycenter of the distribution of a non-negative random variable Y with a positive finite mean μY and the quantile function Q(x). The barycenter is denoted by μX and defined as the expected value of the random variable X having the probability density function fX(x) = Q(x)/μY.
For continuous populations, the Gini index is 2μX - 1, i.e., the normalization of the barycenter, which is in the range [0, 1/2], the concentration area is μX - 1/2, and the Gini’s mean difference is 4μY (μX - 1/2). The same barycenter-based formulae hold for discrete populations. The introduction of the barycenter allows for new economic, geometrical, physical, and statistical interpretations of these measures.
For income distributions, the barycenter represents the percent of the expected recipient of one unit of income, as if the stochastic process that leads to the distribution of the total income among the population was observable as it unfolds. The barycenter splits the population into two groups, which can be considered as “the winners” and “the losers” in the income distribution, or “the rich” and “the poor”.
We provide examples of application to thirty theoretical distributions and an empirical application with the estimation of personal income inequality in Luxembourg Income Study Database’s countries.
We conclude that the barycenter is a new measure of the location or central tendency of distributions, which may have wide applications in both economics and statistics and provides a new statistical interpretation of the Gini index.
Chapter 2 contributes to the literature on the decomposition of inequality indices into contributions of population subgroups in five ways. First, we propose a new axiomatization of the decomposition by subgroups of the population inequality that is the first in the literature and is applicable to any inequality index. Second, we propose a new two-term decomposition by subgroups of the Gini, Bonferroni, and De Vergottini indices that is exact, i.e., the sum of the within and between components is equal to the overall inequality, and independent of the order in which the subgroups are sorted, i.e., the decomposition gives the same results whatever the ordering of the subgroups. Third, using the elements of the proposed decomposition method, we provide a new graphical representation of population and subgroups income distributions. Fourth, through a comparison with the most important among the other methods proposed in the literature, we show that the proposed decomposition procedure is the only one satisfying all the proposed axioms.
We provide an empirical application of the proposed methodology by studying income inequality in the Euro area between 2007 and 2019, i.e., between the financial crisis and the epidemic crisis.
Chapter 3 contributes to the literature on the Kakwani concentration index in three ways. First, we show that the Kakwani concentration index belongs to the family of the center of mass-based concentration index that include the Gini, Bonferroni, and De Vergottini inequality, and we extend the concentration index proposed by Kakwani, based on the Gini index, to the Bonferroni and De Vergottini inequality indices. Second, we extend to the Kakwani index the Balance of Inequality graphical representation of center of mass-based inequality indices, which allows us to overcome the limitations of the Lorenz curve. Third, we extend to the Kakwani index the exact within-between decomposition by population subgroup proposed with reference to the Gini, Bonferroni, and De Vergottini inequality indices.
We provide an empirical application of the proposed methodology by studying the global Kakwani indices of across countries distribution of life expectancy and carbon dioxide emissions with respect to energy consumption in 2019 and their decomposition by continents
Organized Crime, Suspicious Transaction Reporting, and Anti-Money Laundering Regulation
No full textThis study investigates the efficiency of suspicious transaction reporting activity to a financial intelligence unit as a means to deter money laundering. Baseline and two-province theoretical models are used to frame the empirical analysis. The latter examines the relationship between suspicious transaction reporting and the vulnerability of Italian provinces to money laundering from 2009 to 2013. Instrumental variables and spatial analysis are exploited to identify the role of suspicious transaction reporting on vulnerability. The results provide a positive assessment of the risk-based mechanism of reporting suspicious operations to the financial intelligence unit, although ‘congestion’ problems from overreporting are observed
Crystal and Molecular Structure of 4-Phenyl-cyclohexanone SemicarbazoneCrystal and Molecular Structure of 4-Phenyl-cyclohexanone Semicarbazone
No full textC13H17N3O,Mr=231.30,monoclinic,P21/,a=7.094(5).b =32.14(l),c=5.894(4)A,β=112.84(4)°,Z=4,Dx=l.24 gcm-3,V=1238(l) A 3,λ(MoKα)=0.71069 A,μ=0.76 cm-1.F(000)=496,T=293K,R=0.060,Rω=0.062 for 1205 reflections(I3σ(I)).The cyclohexane ring shows a slightly distorted chair conformation.The NHCONH2 group has a conformation with the C=O bond trans to the N-N bond.The molecules in the crystal are linked together by the O...H-N hydrogen bonding.forming an infinite ribbon
Money management and entrepreneurial training in microfinance: impact on beneficiaries and institutions
Get PDFThis study uses a randomized control trial to evaluate the outcome of integrating money management and entrepreneurial training into a microcredit program in India. We find positive and significant effects on clients' financial management skills and entrepreneurship abilities, particularly for clients with higher human capital, or more diligent, or having an entrepreneurial idea, and an increase in initiative and self-confidence. Effects appear stronger for clients obliged to attend the training course or more interested in attending it. By considering missed or delayed repayments reduction we assess the benefits of the training provided and of extending it for the institution
Are Bankers “Crying Wolf”? Type I, Type II Errors and Deterrence in Anti-Money Laundering: The Italian Case
Get PDFExcessive and useless reporting, called the “crying wolf effect,” is a crucial shortcoming that any anti-money laundering (AML) design aims to address. For this reason, in recent years, AML policies in both the US and Europe have switched from a rule-based to a risk-based approach. This study theoretically and empirically investigates whether the risk-based approach delivers the expected results. The theoretical model shows that a trade-off can emerge between accuracy (fewer type-I and type-II errors) and deterrence. The empirical analysis, conducted after the risk-based approach was introduced in Italy, confirms this trade-off. More specifically, deterrence seems a priority, whereas accuracy is sacrificed. In this respect, the data suggest that Italian bankers are likely to “cry wolf.
δ Lactones from δ-ketoesters-II : Mechanism changes in alkylation reactions and substituent effects on stereoselection
No full textAbstract
Alkylation of methyl 4-methyl 5-oxo 5-phenyl (m and p-X substituted) pentanoates 1a-b give cis and trans tetrahydro 5,6-dimethyl 6-phenyl 2H pyran-2-ones. LFER of isomer ratios as function of the X substituent on the phenyl ring is seen in MeLi-Et2O. The lactone ratios of reactions in THF with MeMgCl are not affected by the X phenyl substituent, while a more complex situation is showed by reactions of MeMgl in Et2O and benzene. Changes in the cis: trans-ratios with variations in reactant and solvent are discussed in terms of equilibrium between folded and unfolded conformations in transition states
Moduli e Rapporti: della giusta dimensione. Dimension Stones, ovvero le rocce ornamentali
No full textCatalogo della mostra Misure, idee per un museo della scienza
ISBN 88-7621-539-
Pollen and mammals from the late Early Pleistocene site of Saticula (Sant'Agata de' Goti, Benevento, Italy)
No full textGroup meeting frequency and borrowers’ repayment performance in microfinance: evidence from a quasi-natural experiment in South Africa
Get PDFA quasi-natural experiment has been carried out at The Small Enterprise Foundation,
a South African microfinance institution offering group lending with joint liability. In
a pilot project, the frequency of meetings was reduced from fortnightly to monthly
and the members of the groups were no more required to attend all the meetings
but they could send a representative. After selecting a suitable control group using
propensity score matching techniques, we ran difference-in-difference regressions
to evaluate the impact of the policy changes. Estimates suggest that the pilot project
increased loan repayment delays and decreased groups’ deposits, but it had a
negligible impact on groups’ savings balances. Text mining techniques, applied to
survey data, pointed towards the lack of trust within the groups whose members
did not meet frequently outside the repayment meetings as one of the causes of the
negative outcomes of the pilot experiment. We conclude that group meetings are
an effective tool to stimulate the accumulation of social capital among microcredit
borrowers
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