1,721,011 research outputs found
Property rights dynamics: A law and economics perspective
No full textIssues such as the patentability of scientific ideas, the market for organs and open source software are hotly debated and yet poorly understood. In particular, there is a great need for sound economic theorizing on such issues.There is also a need for a clear and concise exposition of the state-of-the-art of the economics of property rights. This book fulfils these various needs
Cultural Heritage and natural disasters: the insurance choice of the Italian Cathedrals
Full text linkGiven the threat of natural disasters to Cultural Heritage, this paper aims to investigate how the use of the insurance instrument contributes to the definition of an adequate risk management strategy. The analysis focuses on the role that insurance can play both by supplying policies covering damage and proactively stimulating prevention behaviors, taking into consideration information imperfections (i.e., adverse selection, moral hazard and charity hazard). Through a survey among Italian Dioceses, data about the diffusion of insurance contracts were collected together with other qualitative and quantitative elements linked to the decisional process of insuring Italian Cathedrals. The empirical analysis shows that the administrators of the Dioceses are aware of the economic value of the cultural assets and in safeguarding the Cathedrals they identify in the insurance system a useful and efficient risk management instrument
Black boxes and market efficiency: the effect on premiums in the Italian motor-vehicle insurance market
No full textThe paper addresses the research question of whether black boxes affect the market efficiency, particularly by reducing the level of premiums. The case analyzed is the Italian motor-vehicle insurance market, characterized by the greatest amount of black boxes in the world as a consequence of regulatory interventions that fostered the spread of these kinds of devices. Particularly, using the data provided by the Italian Insurance Authority (IVASS), we show a specific relation between the increasing number of these devices and the decreasing trend in average premium. Conclusive remarks outline that in the near future this efficiency effect may increase because of the specific use of information derived from the black box that reveals the behaviors of the drivers and allows for innovative ways of individually profiling the insurance policies
Concorrenza nel mercato bancario: spunti di riflessione sul ruolo dell’Autorità Antitrust
No full textPost-adversities recovery and profitability: The case of Italian farmers
No full textInsurance represents one of the main instruments, together with other risk management mechanisms, to face the adverse effects produced by natural calamity that, despite their growing intensity and the enormous costs, are still perceived as "exceptional". Risk management is an important part of farming, and it is a concern for those governments which aim at achieving their agricultural policy targets. In this context, crop insurance can also represent a financial mitigation tool for farmers to face climate change consequences. This study is focused on the Italian case analyzing the evolution of public support and its effect on risk management policy in agriculture. Our research, based on panel data regressions, provides two different levels of analysis. The first one evaluates how the reimbursed value issued by insurance companies in favor of agricultural firms, as recovery from natural adversities, affects farmers' profitability. The second one evaluates how the reimbursed value is used in farm management. The results of the analysis demonstrating the significance of insurance variables and their positive effect on the profitability of the farms, represent a strong advance in the farm risk management fiel
Investigating the link among ICT, electricity consumption, air pollution, and economic growth in EU countries
No full textThis study investigates the relationship between Information and Communication Technology (ICT) penetration, electricity consumption, economic growth, and environmental pollution within a multivariate framework. A panel of 16 EU countries was analyzed over the 1990-2017 period. The results of the Dumitrescu-Hurlin panel causality tests reveal the existence of a one-way causality running from ICT usage and electricity consumption and which, in turn, causes a rise in CO2 emissions and improves GDP. Panel Mean-Group regression results highlight that economic growth is also an important driver of electricity demand as a 1% economic growth rate is associated with a 0.13% increase in per capita electricity consumption. These results demonstrate for the first time in the literature a single assessment on the linkages among ICT, electricity use and environmental pollution with a novel focus on the EU. Based on these results, adequate measures should encompass the adverse environmental effects of ICT, while energy saving policies must be carefully implemented in order not to hinder economic growth
Crowding out agricultural insurance and the subsidy system in Italy: empirical evidence of the charity hazard phenomenon
No full textPurpose The term "charity hazard" refers to the issue of the crowding out of insurance by co-existing relief programs in the context of different institutional governmental disaster schemes. In this context, the aim of this paper is to verify if the charity hazard phenomenon exists in the Italian agricultural insurance scheme. Design/methodology/approach Annual data regarding crop insurance, subsidies and farm structure were extracted from ISMEA, ISTAT and FADN databases. A SYS-GMM dynamic panel model was estimated, considering the 2010-2017 time period and the Italian Regions as units of the analysis. Findings The empirical results highlight a negative relation between crop subsidies and the farmers' policies and total premium paid. The disincentive and crowd-out effects of public aid and subsidies on the choice of whether or not to take out an agricultural insurance policy ends up being one of the key factors for the low level of penetration of the agricultural insurance in Italy. Practical implications Since the diffusion of agricultural insurance can contribute to the general objective of sustainability and resilience, the implementation of alternative solutions to subsidies could be needed (e.g. the introduction of mandatory insurance against adversities or financial support for a geographically specific insurance tool). Originality/value Investigating empirically the determinants of the agricultural insurance policy diffusion among the Italian Regions, this study ensures an original contribution to the scientific progress in the field, demonstrating the existence of charity hazard caused by the public subsidies provision
Redox potentials and their pH dependence of D-amino-acid oxidase of Rhodotorula gracilis and Trigonopsis variabilis
No full textProperty Rights Dynamics: a Law and Economics Perspectives
No full textIssues such as the patentability of scientific ideas, the market for organs and open source software are hotly debated and yet poorly understood. In particular, there is a great need for sound economic theorizing on such issues.
There is also a need for a clear and concise exposition of the state-of-the-art of the economics of property rights. This book fulfils these various needs
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