# Dipartimento Scienze Economiche, Universita' di Bologna

# Working Papers

Postal: Piazza Scaravilli, 2, and Strada Maggiore, 45, 40125 Bologna

Phone: +39 051 209 8019 and 2600

Fax: +39 051 209 8040 and 2664

Web page: http://www.dse.unibo.it

More information through EDIRC

Phone: +39 051 209 8019 and 2600

Fax: +39 051 209 8040 and 2664

Web page: http://www.dse.unibo.it

More information through EDIRC

**For corrections or technical questions regarding this series, please contact (Dipartimento Scienze Economiche, Universita' di Bologna)**

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### 2003

**477 Capital Accumulation and Horizontal Mergers in Differential Oligopoly Games***by*R. Cellini & L. Lambertini**476 Private incentives to vertical disintegration among firms with heterogeneous objectives***by*G. Rossini**475 Rational destabilising speculation and the riding of bubbles***by*R. Andergassen**474 Child Labor and Resistance to Change***by*G. Bellettini & C. Berti Ceroni & G. Ottaviano**473 Opening the borders: immigration policy, migrants' selection and human capital accumulation***by*G. Bellettini & C. Berti Ceroni**472 Technological Paradigms and Firms' Interaction***by*R. Andergassen & F. Nardini & M. Ricottilli**471 Network Externality and the Coordination Problem: A Generalization of Rohlfs's Model***by*L. Lambertini & R. Orsini**470 Self-organised Criticality and Technological Convergence***by*R. Amir & A. Mantovani**469 Self-organised Criticality and Technological Convergence***by*R. Andergassen & F. Nardini & M. Ricottilli**468 Vertical Integration and Differentiation in an Oligopoly with Process Innovating R&D***by*L. Lambertini & G. Rossini**467 Option Pricing and Asset Valuation***by*R. Cesari**466 A Differential Game with Investment in Transport and Communication R&D***by*L. Colombo & L. Lambertini & A. Mantovani**465 Capacity Accumulation and Utilization in a Differential Duopoly Game***by*R. Cellini & L. Lambertini**464 Monetary and fiscal policy coordination and macroeconomic stabilization. A theoretical analysis***by*L. Lambertini & R. Rovelli**463 On the Dynamic Consistency of Optimal Monetary Policy***by*R. Cellini & L. Lambertini**462 Fiscal Competition and Brain Drain***by*P. Giannoccolo**458 Incentives of Stock Options Based Compensation***by*E. Agliardi & R. Andergassen

### 2002

**461 The Survival of Family Firms: The Importance of Control and Family Ties***by*F. Lotti & E. Santarelli**460 Optimal Fiscal Stabilization Policy With Credible Central Bank Independence***by*L. Lambertini & R. Rovelli**459 Does Globalization Reduce Poverty? Some Empirical Evidence for the Developing Countries***by*E. Santarelli & P. Figini**457 Public Vs. Private Health Care Services Demand in Italy***by*D. Fabbri & C. Monfardini**456 Dynamic Advertising under Vertical Product Differentiation***by*L. Colombo & L. Lambertini**455 Advertising and Endogenous Exit in a Differentiated Duopoly***by*A. Mantovani & G. Mion**454 FDI: the current state of play***by*A. Soci**453 the Specialization of Production and Labour Mobility Under Endogenous Differentiation***by*L. Lambertini**452 Network Externalities in a Dynamic Monopoly***by*L. Lambertini & R. Orsini**451 Optimal Participation Income and Negative Income Tax in Poverty Alleviation Programs***by*D. Lanzi & F. Delbono**450 Indexation Rules, Risk Aversion, and Imperfect Information***by*C. Benassi & A. E. Scorcu**449 Price vs Quantity in a Dynamic Duopoly Game with Capacity Accumulation***by*R. Cellini & L. Lambertini**448 financial contagion and asset price dynamics***by*R. Andergassen**447 My Scale or your Meter? Evaluating Methods of Measuring the Internet***by*G. Giacomello & L. Picci**446 Endogenous Innovation Waves and Economic Growth***by*R. Andergassen & F. Nardini**445 Feedback effects of dynamic hedging strategies in the presence of transaction costs***by*E. Agliardi & R. Andergassen**444 Asymmetric Information and Monetary Policy in Common Currency Areas***by*L. Bottazzi & P. Manasse**443 Country Size and the Price of Tradeables: is There Any Relationship Beyond Wishful Thinking?***by*A. Mantovani & G. Rossini & P. Zanghieri**442 Stackelberg Leadership in a Dynamic Duopoly with Capital Accumulation***by*L. Lambertini**441 With A Little Help From My Enemy: Comparative Advertising***by*F. Barigozzi & P. Garella & M. Peitz**440 A Differential Oligopoly Game with Differentiated Goods and Sticky Prices***by*R. Cellini & L. Lambertini**439 Aiuto esterno e strategia di sviluppo: quali errori hanno impedito il raggiungimento degli obiettivi prefissati in termini di sviluppo e riduzione della povertà?***by*S. Valmori**438 Saving and Investment in Euroland, the EU and the enlarged EU***by*G. Rossini & P. Zanghieri**436 Piracy and Quality Choice in Monopolistic Markets***by*M. Alvisi & E. Argentesi & E. Carbonara**435 Profit Taxation and Capital Accumulation in Dynamic Oligopoly Models***by*M. Baldini & L. Lambertini**434 On the Time Stability of the Output-Capital Ratio***by*A. Scorcu**433 Institutions and Wage Determination: A Multi-Country Approach***by*L. Nunziata**431 Private and Social Incentives Towards Investment in Product Differentiation***by*R. Cellini & L. Lambertini**430 Advertising with Spillover Effects in a Differential Oligopoly Game With Differentiated Goods***by*R. Cellini & L. Lambertini

### 2001

**432 A Multistage Mechanism for Managing Aggressive Flows In the Next Generation Internet***by*D. Lanzi**429 Monetary Policy transmission, interest rate rules and inflation targeting in three transition countries***by*R. Golinelli & R. Rovelli**428 The Diffusion of E-commerce at the Firm Level: Theoretical Implications and Empirical Evidence***by*E. Santarelli**427 Advertising in a Differential Oligopoly Game***by*R. Cellini & L. Lambertini**424 Hungary and Poland***by*R. Golinelli & R. Orsi**423 Wage Premia and Skill Upgrading in Italy: Why didn't the Hound Bark?***by*P. Manasse & L. Stanca & A. Turrini**422 Is financial leverage mean-reverting? Unit root tests and corporate financing models***by*M. E. Bontempi & R. Golinelli**421 Voting over Redistribution: The Occurrence of Polarized Outcomes***by*P. Fortunato**420 Export Restraints in a Model of Trade with Capital Accumulation***by*G. Calzolari & L. Lambertini**419 Cyclical Strikes and Human Capital Accumulation under Asymmetric Information***by*P. Fortunato**418 A Simple Approach to CAPM and Option Pricing***by*R. Cesari**417 Transportation Technologyin a Duopoly Model of International Trade***by*A. Mantovani**416 Product Innovation and Transportation Technology in a Cournot Duopoly***by*A. Mantovani**415 Dynamic Analysis of an Electoral Campaign***by*L. Lambertini**414 Demand Induction with a Discrete Distribution of Patients***by*D. Fabbri & C. Monfardini**413 Give to Caesar What is Caesar`s. Or, Give to Launhardt What We are Used to Think Bertrand`s***by*L. Lambertini & M. Mosca**412 La "mentalità industriale" di Angelo Marescotti***by*M. Mosca**411 Evaluating Monetary Policy Regimes: the Role of Nominal Rigidities***by*M. Marzo**410 An Equilibrium Approach to the Term Structure of Interest rates with the Interaction between Monetary and Fiscal Policy***by*M. Marzo**409 Monetary and Fiscal Policy Interactions: the Impact on the Term Structure of Interest Rates***by*M. Marzo**408 Confronto fra stime di minimi quadrati e regolarizzate applicate a un modello macroeconomico dei consumi***by*C. Scarani**407 Investment in transport and communication technology in a cournot duopoly with trade***by*L. Lambertini & G. Rossini**406 Industry Dynamics and the Distiribution of Firm Sizes: A Non-Parametric Apporoach***by*F. Lotti & E. Santarelli**405 Vertical Product Differentiation, Network Competition and Regulation of Connectivity***by*D. Lanzi**404 Influencing the Misinformed Misbehaver: An Analysis of Public Policy towards Uncertainty and External Effects***by*F. Barigozzi & B. Villeneuve**403 Reimbursing Preventive Care***by*F. Barigozzi**402 Differential Oligopoly Games where the Closed-Loop Memoryless and Open-Loop Equilibria Coincide***by*R. Cellini & L. Lambertini**401 R&D in transport and comunication in a Cournot duopoly***by*L. Lambertini & A. Mantovani & G. Rossini**400 Advertising in a Differential Game of Spatial Competition***by*G. Bertuzzi & L. Lambertini**399 Dynamic Hotelling Monopoly with Product Development***by*L. Lambertini**398 Dynamic Hotelling Duopoly with Linear Transportation Costs***by*L. Lambertini**397 Incentive-Based Lendig Capacity, Competition and Regulation in Banking***by*G. Chiesa**396 Dynamic Duopoly with Vertical Differentiation***by*L. Lambertini**395 Production and Advertising in a Dynamic Hotelling Monopoly***by*L. Lambertini

### 2000

**437 Quality Choice, Fixed Costs and Equilibrium in Models of Vertical Differentiation***by*M. Alvisi**426 Comparing Alternative Reimbursement Methods in a Model of Public Health Insurance***by*F.Barigozzi**425 Proposal for a New Measure of Corruption, and Tests using Italian Data***by*M. A. Golden & L. Picci**394 Compulsory schooling laws and the cure against child labor***by*G. Bellettini & C. Berti Ceroni**393 Dynamic Oligopoly with Sticky Prices: Closed-Loop,Feedback and Open-Loop Solutions***by*R. Cellini & L. Lambertini**392 Tariffs vs Quotas in a Model of Trade with Capital Accumulation***by*G. Calzolari & L. Lambertini**391 The Monopolist's Optimal R&D Portfolio***by*L. Lambertini**390 Size Distribution and Anti-trust***by*L. Lambertini & D. Sasaki**389 Price vs Quantity in a Duopoly with Technological Spillovers: A Welfare Re-Appraisal***by*L. Lambertini & A. Mantovani**388 Efficiency of Joint Enterprises with Internal Bargaining***by*L. Lambertini & S. Poddar & D. Sasaki**387 Swords and Plowshares: Regional Trade Agreements and Political Conflict in Africa***by*F. Andreatta & P. G. Ardeni & A. Pallotti**386 The Role of Subsidies in Promoting Italian Joint Ventures in Least Developed and Transition Economics***by*G. Barba Navaretti & E. Santarelli & M. Vivarelli**385 Joint Venture for Product Innovation and Cartel Stability under Vertical Differentiation***by*L. Lambertini & C. Iori**384 Excess Capacity in Oligopoly with Sequential Entry***by*L. Lambertini & G. Rossini**383 Preference for Novelty and Price Behaviour***by*S. Bertarelli & R. Censolo**382 A two-sector model of the business cycle: a preliminary analysis***by*G. Gozzi & F. Nardini**381 Economic Growth in Mozambique? An Assessment***by*P. G. Ardeni**380 Investor Risk Aversion and Financial Fragility in Emerging Economies***by*J. H. Nilsen & R. Rovelli**379 Price vs Quantity in a Repeated Differentiated Duopoly***by*L. Lambertini & C. Schultz**378 Is Subsidizing Entry An Optimal Policy?***by*E. Santarelli & M. Vivarelli**377 Delegation vs Cost-Reducing R&D in a Cournot Duopoly***by*L. Lambertini & G. Primavera**376 On the Social Desirability of Patents for Sequential Innovations in a Vertically Differentiated Market***by*L. Lambertini & P. Tedeschi**375 Joint Decisions on Household Membership and Human Capital Accumulation of Youths: The role of expected carnings and labour market rationing***by*G. C. Giannelli & C. Monfardini**374 Lo stock di capitale nelle Regioni Italiane***by*F. Bonaglia & L. Picci**373 Dinamica di lungo periodo del sistema industriale italiano. Un'indagine empirica (1911-1991)***by*G. Cainelli & R. Leoncini & A. Montini**372 Non-Linear Market Demand and Capital Accumulation in A Differential Oligopoly Game***by*R. Cellini & L. Lambertini**371 Innovative Output, Infra-Industry Spilloves, and R&D Cooperation: Theory and Evidence***by*L. Lambertini & F. Lotti & E. Santarelli**370 Quantum Mechanics and Mathematical Economics are Isomorphic. John von Neumann between Physics and Economics***by*L. Lambertini**369 Differential Games and Oligopoly Theory: An Overview***by*R. Cellini & L. Lambertini**368 Multiproduct Firms, Product Differentiation, and Market Structure***by*S. Baranzoni & P. Bianchi & L. Lambertini**367 Process and Product Innovation in a Vertically Differentiated Monopoly***by*L. Lambertini & R. Orsini**366 Transizione demografica e formazione del risparmio delle famiglie italiane***by*M. Baldini & C. Mazzaferro

### 1999

**365 Educational Policy: Egalitarian or Elitist?***by*H. I. Grossman & M. Kim**364 I consumi alimentari delle famiglie italiane: un modello per le decisioni di consumo extradomestico utilizzando i microdati di spesa familiare***by*A. Montini**363 Growth in a Differentiated Oligopoly with Product Innovation***by*R. Cellini & L. Lambertini & I. P. Ottaviano**362 Riforma Sanitaria e produzione ospedaliera***by*D. Fabbri**361 Does Gibrat’s Law Hold in the Case of Young, Small Firms?***by*F. Lotti & E. Santarelli & M. Vivarelli**360 The automobile technological systems. An empirical analysis of four European coutries***by*R. Leoncini & S. Montresor**359 Income Distribution, Borrowing Constraints and Redistributive Policies***by*G. BellettiniC Berti Ceroni**358 The Optimal Allocation of Power in Organisations***by*E. Carbonara**357 Suolo, sistemi locali di produzione ed agricoltura nello sviluppo rurale delle economie post-industriali***by*A. Romagnoli**356 L’analisi empirica della segmentazione del mercato del lavoro utilizzando le tecniche di job creation e destruction***by*G. Guidetti**355 A Cost-side Analysis on Collusive Sustainability***by*L. Lambertini & D. Sasaki**354 Competition and Efficiency in health care: an analysis of the Italian case***by*R. Cellini & G. Pignataro & I. Rizzo**353 Minimum Quality Standards and Predatory Behaviour***by*L. Lambertini & C. Scarpa**352 Price Dynamics in sequential auctions. New evidence using art auction data***by*L. Picci & A. E. Scorcu**351 Struttura e localizzazione dei gruppi di impresein Emilia Romagna***by*R. Bianchi & M. S. Brioschi & G. Cainelli**350 Common Knowledge and Common Rationality Through Provability Logic***by*C. Benassi & P. Gentilini**349 Nominal Rigidities in a Mail Order Company: Estimation of the Probability of Price Adjustment***by*S. Bertarelli**348 New Criteria of Targeting Welfare in Italy: an Appraisal of the Distributive Effects***by*S. Toso & M. Baldini & P. Bosi**347 Comportamenti d’impresa e informazione del consumatore***by*G. Candela & R. Cellini & A. E. Scorcu**346 Partnership among firms: Estimating the probability of contact from the Poisson model using repeated Observations***by*R. Bernardini Papalia & S. Bertarelli**345 Transizione scuola/lavoro e formazione professionale in Emilia Romagna***by*G. Cainelli & R. Leoncini & M. Nosvelli**341 Schooling time decisions in closed and open economies***by*G. Basevi & G. Bellettini & C. Berti Ceroni**340 Special Interests and Technological change***by*G. Bellettini & G. Ottaviano**337 On technology competition***by*N. De Liso & G. Filatrella**336 On endogenous growth and Increasing Returns: Modelling learning-by-doing and the division of Labor***by*N. De Liso & G. Filatrella & N. Weaver

### 1998

**344 Agricultural Land Relations in Transitional Economies: An Evolutionary Model***by*Fabio Zagonari**343 Price versus Quantity Competition with Cost Sharing***by*L. Lambertini & S. Poddar & D. Sasaki**342 Corruption and Decentralization***by*Emanuela Carbonara**339 Comportamenti di exit e razionamento nelle aziende sanitarie: il ruolo dei modelli di governo***by*D. Fabbri**338 Imperfect competition in certification markets***by*L. A. Franzoni**335 La teoria dei rendimenti crescenti in Allyn A. Young***by*G. Colacchio**334 Monopoly, Quality, and Network Externalities***by*L. Lambertini & R. Orsini**333 Existence of Equilibrium in A Differentiated Duopoly With Network Externalities***by*L. Lambertini & R. Orsini**332 The Labour Market As A Job-Seeking Contest: Human Capital, Intergenerational Mobility, and Growth***by*R. Orsini**331 Long Run Growth and Income Distribution in an Olg Model With Strategic Job-Seeking and Credit Rationing***by*D. Fiaschi & R. Orsini**330 Techno-Globalism and Techno-Nationalism: an Interpretative Framework***by*S. Montresor**329 Network Analysis of Eight Technological Systems***by*R. Leoncini & S. Montresor**328 Corporate Taxation in Italy: an Analysis of the 1998 Reform***by*M. Bordignon & S. Giannini & P. Panteghini**327 Patents and the Geographic Localization of R&D Spillovers in French Manufacturing***by*R. Piergiovanni & E. Santarelli**326 Equilibrium Locations in A Spatial Model With Sequential Entry in Real Time***by*L. Lambertini**325 Information Production, Banking Industry Structure and Credit Allocation***by*G. Chiesa**324 Testing for Structural Change in Cointegrated Relationships. Analysis of price-wages models for Poland and Hungary***by*R. Golinelli & R. Orsi**323 R&D Embodied Technological Change, Producers - Users Interaction, and Productivity at the Firm Level: A Germany-Italy Comparison***by*F. Lotti & E. Santarelli**322 La competizione invisibile***by*L. Poma**321 Evasione fiscale delle imprese***by*F. G. Etro**320 Endogenous choice of capacity and product innovation in a differential duopoly***by*L. Lambertini & G. Rossini**319 Aggregazione contemporanea e specificazione econometrica nella stima trimestrale dei conti economici nazionali***by*G. Cainelli & C. Lupi**318 Efficienza tecnica e produzione ospedaliera: una valutazione con Data Envelopment Analysis delle prestazioni ospedaliere nel periodo della riforma***by*D. Fabbri**317 Does Monopoly Undersupply Product Quality?***by*L. Lambertini**316 Esternalità e sviluppo industriale di lungo periodo in Italia. Un'analisi a livello provinciale***by*G. Cainelli & R. Leoncini**315 Poverty Traps and Human Capital Accumulation***by*C. Berti Ceroni**314 Fiscal Policy and Growth: a Survey***by*M. Marzo**313 Fatti stilizzati e metodi econometrici "Moderni": una rivalutazione della Curva di Phillips per l'Italia (1951-1996)***by*R. Golinelli**312 Segmented stochastic convergence across the G-7 countries***by*R. Cellini & A. Scorcu**311 Market Coverage and the Existence of Equilibrium in a Vertically Differentiated Duopoly***by*G. Ecchia & L. Lambertini**310 An Optimal Partnership Search Model: Theoretical Implications for the Europartenariat Event***by*R. Bernardini Papalia & S. Bertarelli**309 Endogenous Coalition Formation With Identical Agents***by*D. Fiaschi & P. M. Pacini**308 Crescita e distribuzione: un'interpretazione unitaria dei recenti contributi***by*D. Fiaschi**307 A Model of Primary and Secondary Waves in Business Cycles***by*G. Fioretti**306 Vertical Differentiation With A Positional Good***by*L. Lambertini & R. Orsini

### 1997

**305 Financial Liberalization, Property Rights and Growth in A Overlapping Generations Model***by*G. Bellettini & C. Berti Ceroni**304 Optimal Punishments in Supergames With Close Substitutes***by*L. Lambertini & D. Sasaki**303 Price Vs Quantity in Duopoly Supergames With Close Substitutes***by*S. Albaek & L. Lambertini**302 Time Consistency in Games of Timing***by*L. Lambertini**301 DO trade and technology reduce asymmetries? Evidence from manufacturing industries in the EU***by*R. Paci & R. Rovelli**300 Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model***by*S. Bhattacharya & P. Fulghieri & R. Rovelli**299 R&S e Competitivita' internazionale nell'industria manifatturiera europea: un'analisi settoriale***by*B. Pantiglioni & E. Santarelli**298 Standardization and the Stability of Collusion***by*L. Lambertini & S. Poddar & D. Sasaki**297 Affirmative Priority Queueing***by*D. Sasaki**296 Extended Games Played by Managerial Firms***by*L. Lambertini**295 RJVs and Price Collusione under Endogenous Product Differentiation***by*L. Lambertini & S. Poddar & D. Sasaki**294 Endogenous timing and the choice of quality in a vertically differentiated duopoly***by*L. Lambertini**293 Istituzioni formali, informali e mutamento istituzionale***by*L. Poma**292 La competitivita'***by*R. Cellini & A. Soci**291 Barriers to Entry and the Self-Regulating Profession***by*B. Bortolotti & G. Fiorentini**290 Nuovi strumenti per l'assistenza sociale***by*P. Bosi & M. Matteuzzi**289 The choice to migrate: where to work and where to live***by*G. Basevi & A. Tarozzi**288 Migration and Public Expenditure: the Host Country Point of view***by*G. Basevi & A. Tarozzi**287 Stima di una cost-efficiency frontier e valutazione della qualita' per l'offerta di servizi sociali: il caso del servizio asilo nido in Italia***by*R. Fazioli & M. Filippini**286 Independent Auditors as Fiscal Gatekeepers***by*L. A. Franzoni**285 Full vs Partial Market Coverage with Minimum Quality Standards***by*G. Ecchia & L. Lambertini**284 From a Regret to an Expected Utility Model: a learning process***by*G. Giusti & F. Zagonari**283 Integration, Geography and the Burden of History***by*G. P. I. Ottaviano**282 Price Discrimination and the Location Choice of a Durable Goods Monopoly***by*P. Garella**281 Pollution-Reducing Innovations Under Taxes or Permits***by*V. Denicolo**280 Uno sguardo retrospettivo alla politica economica italiana negli anni '70***by*G. Basevi & P. Onofri**279 Rational Economic Agents as Formal Logical Systems***by*C. Benassi & P. Gentilini**278 Patterns of new firm Survival and Growth in the Italian Financial Intermediation Industry***by*E. Santarelli