1,721,097 research outputs found
Patrimoni & Scopi. Per un’analisi economica delle fondazioni
No full textIl volume raccoglie i contributi presentati al Primo Workshop sulle Fondazioni organizzato nel 2007 dal Dipartimento di Scienze Economiche e Finanziarie “G. Prato”, presso la Facoltà di Economia dell’Università degli Studi di Torino. Nella prima parte del lavoro il tema delle fondazioni viene affrontato in chiave evolutiva, proponendo una classificazione che mette in luce la pluralità di esperienze, ovvero di patrimoni (ingenti e non) associati a differenti mission. Si analizzano poi in dettaglio le fondazioni di origine bancaria, i costi e i benefici delle valutazioni nell’ambito delle fondazioni grant-making, nonché il ruolo di sostituibilità/complementarietà degli interventi di queste fondazioni rispetto alle azioni degli Enti Locali. Si delinea infine un quadro essenziale della normativa. Nella seconda parte del lavoro viene dato spazio ad alcune esperienze: dalle fondazioni di erogazione piemontesi con patrimoni ingenti a una fondazione “senza patrimonio” con finalità tecnicogestionali creata ex-lege, fino a una fondazione operativa nata per volontà privata, assimilabile a una vera e propria organizzazione nonprofit. Il lavoro mette in luce l’assenza di studi economici sul tema delle fondazioni, sia dal punto di vista teorico sia dal punto di vista empirico, suggerendo alcune linee di ricerca per il futuro
Regulatory Contracts and Cost Efficiency: Stochastic Frontier Evidence from the Italian Local Public Transport
No full textThe main objective of this paper is to investigate the way subsidization mechanisms affect the cost efficiency of public transit systems, taking into account the role played by the environmental characteristics of each network. A cost frontier model is estimated for a seven-year panel of 44 Italian transit companies run under two different regulatory schemes (cost-plus or fixed-price), using the approach proposed by Kumbhakar et al. (1991), Huang and Liu (1994) and Battese and Coelli (1995). The main evidence is that, given network characteristics, transit operators with high-powered incentive contracts (fixed-price subsidies) exhibit lower distortions from the minimum costs. Environmental conditions (network speed levels) also have a significant impact on inefficiency differentials and influence the efficacy of incentive regulation. Overall, these results highlight a scope for transport policy to increase X-efficiency. Furthermore, they stress the importance of incentive theory and modern regulatory economics for the production analysis of regulated utilities. Copyright Springer Science+Business Media, LLC 2006Local public transport, Subsidies, Incentive regulation, Cost efficiency, Stochastic frontier, C13, C24, L51, L92, R41,
Liberalizzazione e integrazione verticale delle utility elettriche: evidenza empirica da un campione italiano di imprese pubbliche locali
No full textIn recent years changes of regulation in European electricity industry have been oriented towards a gradual liberalization of the sector, stressing the issue of energy provision for selling in the open market. Within the Italian regulatory framework, since
local public firms cannot compete against other bigger operators in auctions for energy CIP 6/92 and for the import rights, they have addressed themselves towards upstream integration, i.e. in the generation stage. In this study we analyze the cost efficiency
of vertical integration, by estimating a translog multiproduct cost function for a sample of 14 local electric utilities operating in both generation and distribution during the period 1994-2000. The empirical evidence suggests the presence of widespread cost complementarities between the two stages and points to vertical integration as a crucial success factor for local public firms. Thanks to the cost savings it enables, vertical integration allows electric local utilities to reach both the minimum production
capacity and the efficiency that are required to compete in the open market
Vertical and Horizontal Economies in the Electric Utility Industry: An Integrated Approach
No full textSistemi tariffari integrati nel trasporto pubblico locale. Un’analisi delle esperienze in Italia
No full textDOES FISCAL DISCIPLINE TOWARDS SUBNATIONAL GOVERNMENTS AFFECT CITIZENS' WELL-BEING? EVIDENCE ON HEALTH
No full textThis paper aims to assess the impact on citizens
’
well-being of
fi
scal discipline imposed by the central government on
subnational governments. Because healthcare policies involve strategic interactions between different layers of governments
in many different countries, we focus on a particular dimension of well-being, namely citizens
’
health. We model
fi
scal
discipline by considering government expectations of future de
fi
cit bailouts from the central government. We then study
how these bailout expectations affect the expenditure for healthcare policies carried out by decentralized governments.
To investigate this issue, we separate ef
fi
cient health spending from inef
fi
ciencies by estimating an input requirement
frontier. This allows us to assess the effects of bailout expectations on both the structural component of health expenditure
and its deviations from the
‘
best practice
’
. The evidence from the 15 Italian ordinary sta
tute regions (observed from 1993 to 2006)
points out that bailout expectations do not signi
fi
cantly in
fl
uence the position of the frontier, thus not affecting
citizens
’
health. However, they do appear to exert a remarkable impact on excess spending
Choosing among Alternative Cost Function Specifications: An Application to Italian Multi-utilities
No full textThe paper investigates the cost properties of a sample of Italian utilities providing in combination gas, water and electricity services. The estimates from a multi-product Composite cost function [Rev. Econ. Stat. 74 (1992) 221] are compared with the ones coming from other traditional functional forms such as the Standard Translog (ST), the Generalized Translog (GT), and the Separable Quadratic (SQ). The results show that the composite model provides a better description of data and highlight the presence of global scope and scale economies for the ‘median’ firm of the sample
Caratteristiche del network, meccanismi di sussidio ed efficienza nel trasporto pubblico locale: un commento a «Valutazione dell’efficienza delle compagnie di bus italiane e svizzere» di Roberto Fazioli, Massimo Filippini e Michael Küenzle
No full textAssessing the distributional effects of housing taxation in Italy: A microsimulation approach
Full text linkThe presence of extensive housing subsidies characterizes the current Italian tax system as inefficient. In this article, we study whether inefficiency is the price to be paid to improve equity, by assessing the distributive impact of housing taxation on households' well-being. We concentrate on the Personal Income Tax (PIT) on the main residence, and compare current provisions of the Tax Code with alternative approaches which consider the imputed rent (IR) from owner-occupied dwellings, and would make the tax system neutral with respect to the allocation of wealth among different assets. Holding revenues constant at the current level, we assess the distributional consequences of the IR approach in terms of several alternative scenarios. Our results suggest that the current tax system is as inefficient as it is inequitable. In particular, by including IR from owner-occupied dwellings as a component of the PIT gross income, we find that overall, inequality is reduced, while contemporaneously increasing efficiency in the allocation of wealth. Moreover, considering changes in tax liabilities for individual taxpayers, we show that taxing IRs will favour the young and penalize the elderly. © The Author 2012. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved
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