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Recent Developments in Productivity and the Role of Entrepreneurship in Italy: An Industry View

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  • Andrea Brasili

    ()
    (UniCredit Group, Milan)

  • Loredana Federico

    ()
    (UniCredit Group, Milan)

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    Abstract

    This paper explores the existing interplay between productivity trends across Italian industries, in the decade 1995-2005, and entrepreneurship, highlighting the urgent need for a revival in entrepreneurial capital in some industries. Initially, we consider as a measure of entrepreneurship the birth rates for different industries; this proxy proved to be a significant explanatory variable of a sector’s efficiency. We then attempt to extract a measure of managerial ability directly from the data, considering it as an unobservable and using Bayesian techniques to perform the estimation, which further reinforces the previous results.

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    File URL: http://www.rivistapoliticaeconomica.it/2008/mar-apr/Brasili-Federico.pdf
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    Bibliographic Info

    Article provided by SIPI Spa in its journal Rivista di Politica Economica.

    Volume (Year): 98 (2008)
    Issue (Month): 2 (March-April)
    Pages: 179-214

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    Handle: RePEc:rpo:ripoec:v:98:y:2008:i:2:p:179-214

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    Related research

    Keywords: entrepreneurship; productivity growth; stochastic frontiers; Bayesian analysis; Gibbs sampling.;

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    References

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    1. Marcello M. Estevão, 2004. "Why is Productivity Growth in the Euro Area so Sluggish?," IMF Working Papers 04/200, International Monetary Fund.
    2. Bill Greene with Antonio Alvarez (Univ. of Oviedo) & Carlos Arias (Univ. of Leon), 2004. "Accounting For Unobservables In Production Models: Management And Inefficiency," Econometric Society 2004 Australasian Meetings 341, Econometric Society.
    3. Efthymios G. Tsionas, 2002. "Stochastic frontier models with random coefficients," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 17(2), pages 127-147.
    4. Roeger, Werner, 1995. "Can Imperfect Competition Explain the Difference between Primal and Dual Productivity Measures? Estimates for U.S. Manufacturing," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 316-30, April.
    5. Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-32.
    6. Chib, Siddhartha, 2001. "Markov chain Monte Carlo methods: computation and inference," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 57, pages 3569-3649 Elsevier.
    7. Chib, Siddhartha & Greenberg, Edward, 1995. "Hierarchical analysis of SUR models with extensions to correlated serial errors and time-varying parameter models," Journal of Econometrics, Elsevier, vol. 68(2), pages 339-360, August.
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