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Purpose: This paper investigates the economic performances of two business-to-consumer (B2C) e-commerce last-mile delivery options –parcel lockers (PLs) and traditional home delivery (HD) in contexts where e-commerce is still at its early stages. It analyses and compares two different implementation contexts, urban and rural areas. Design/methodology/approach: This study develops an analytical model that estimates delivery costs for both the PL and HD options. The model is applied to two base cases (representative of urban and rural areas in Italy), and sensitivity analyses are subsequently performed on a set of key variables/parameters (i.e. PL density, PL fill rate and PL annual costs). To support the model development and application, interviews with practitioners (Edwards et al., 2011) were performed. Findings: PLs imply lower delivery cost than HD, independently from the implementation area (urban or rural): advantages mainly derive from the higher delivery density and the drastic reduction of failed deliveries. Benefits entailed by PLs are more significant in rural areas due to lower PL investments and annual costs, as well as higher HD costs. Originality/value: This paper offers insights to both academics and practitioners. On the academic side, it develops a model to compare the delivery cost of PL and HD, which includes the analysis of urban and rural contexts. This could serve as a platform for developing/informing future analytical/optimisation contributions. On the managerial side, it may support practitioners in making decisions about the implementation of PLs and HD, to benchmark their costs and to identify the main variables and parameters at play. [ABSTRACT FROM AUTHOR]

This paper compares several methods for constructing weekly nowcasts of recession probabilities in Italy, with a focus on the most recent period of the Covid-19 pandemic. The common thread of these methods is that they use, in different ways, the information content provided by financial market data. In particular, a battery of probit models are estimated after extracting information from a large dataset of more than 130 financial market variables observed at a weekly frequency. The accuracy of these models is explored in a pseudo out-of-sample nowcasting exercise. The results demonstrate that nowcasts derived from probit models estimated on a large set of financial variables are, on average, more accurate than those delivered by standard probit models estimated on a single financial covariate, such as the slope of the yield curve. The proposed approach performs well even compared with probit models estimated on single time series of real economic activity variables, such as industrial production, business tendency survey data or composite PMI indicators. Overall, the financial indicators used in this paper can be easily updated as soon as new data become available on a weekly basis, thus providing reliable early estimates of the Italian business cycle. [ABSTRACT FROM AUTHOR]

An important issue in economic geography is the link between higher education institutions and economic performance at local level. This paper exploits some aspects of the university funding system in Italy to estimate the effects of hosting higher education institutions on local productivity and furthermore tests whether local institutions have a moderating role in this relationship. The findings firstly confirm that university performance positively affects local economies. Secondly, we argue that an important channel linking universities to greater economic activity is the administrative capacity of local governments to create strong social and economic structures. [ABSTRACT FROM AUTHOR]

Economic insecurity has increased in importance in the understanding of economic and socio-demographic household behaviour. The present paper aims to analyse patterns of household economic insecurity over the years 2004–2015 by using the longitudinal section of the Italian SILC (Statistics on Income and Living Conditions) survey. In the identification of economic insecurity statuses, we used indicators of economic hardship in a latent transition approach in order to: (i) classify Italian households into homogenous classes characterised by different levels of economic insecurity, (ii) assess whether changes in latent class membership occurred in the selected time span, and (iii) evaluate the effect of employment status and characteristics of individuals on latent status membership. Empirical findings uncovered five latent statuses of economic insecurity from the best situation to the worst. The levels of economic insecurity remained quite stable over the period considered, but a non-negligible worsening can be detected for the unemployed and individuals with part-time jobs. [ABSTRACT FROM AUTHOR]

The total income Y can be expressed as the sum of c components called income sources. The N units of the population can be partitioned into k different subpopulations. In the paper the decompositions by subpopulations as well as by income components of the point ( ) h IY and the synthetic ( ) I Y inequality indexes proposed by Zenga in 2007 are considered. These indexes can be decomposed into the contributions of income sources and/or into the contributions of subpopulations,and also the decomposition into within- and between-group inequality can be carried out. In the paper, the two-step approach was used: first of all "additive" decompositions of the point index were derived, and then, by averaging these decompositions, the corresponding decompositions of the synthetic index were obtained. The results were then applied to the analysis of income distributions in Poland and Italy based on the household budget surveys conducted by Statistics Poland and the Bank of Italy, respectively. [ABSTRACT FROM AUTHOR]

In this "Data, Tools and Replication" paper we adapt the complexity algorithm by Hidalgo and Hausmann (2009) to the financial sector and compute a measure of financial development that is intrinsically linked to its diversity dimension. We then test the impact of financial development on financial stability, economic resilience and growth, focusing on Italy. By employing an index that levers on the diversity dimension of financial development, our findings reveal that higher degrees of financial development translate into a lower financial fragility and a more resilient real economy. Indeed, territories denoted by more diverse and developed financial systems show an increased firm natality rate, a reduced firm mortality rate, and a lower probability of experiencing employment and GDP drops. Finally, higher financial development also spurs economic growth. Results are confirmed at micro-level, and higher levels of financial development and diversity decrease the probability of firms' exit from the market and enhance their investment activity. Our findings unveil the importance of considering the diversity dimension of financial development when investigating its role on economic performance. • Drawing from network theory we calculate a measure of development of financial systems that levers on its diversity dimension. • Using Italian data we investigate whether financial development and diversity improve financial stability, the resilience of the real economy, and economic growth. • We find that more developed and diverse financial systems are more stable. • Benefits extend to the real economy, that shows greater resilience and growth. • Results emerge both in a micro and more aggregated setting. [ABSTRACT FROM AUTHOR]

Building an adequate system of indicators to assess the financial development of countries and its practical application can improve the robustness and effectiveness of government decision-making. This paper aims to create such a system. The study used the methods of structured system, comparative, matrix, and gap analysis. The key outcome of the study is a matrix system of indicators for assessing the financial development of countries. This indicator system is based on a matrix of all financial assets. Elements of the matrix of financial assets were calculated in relation to the population and used as indicators of the level of financial development of countries as a whole and in the context of financial instruments and sectors of the economy. Simultaneous recording of financial assets across the entire range of financial instruments and sectors of the economy, as well as their interrelations, is a relatively new direction for financial development assessment. The study produced criteria for the qualitative assessment of the level of the financial development of countries. Testing of the developed matrix system of indicators and criteria for financial development was carried out on current and potential members of OECD (OECD+) for the period 2018–2019. As part of the testing, the level of financial development of the analyzed countries was calculated, their ranking was gauged, and international positions were determined. A structural analysis of the financial development of OECD+ countries in terms of types of financial assets (instruments) and sectors of the economy was carried out. Promising areas of Italy's financial development have been identified. The test results confirmed that the matrix system of indicators and the developed criteria are an objective and convenient tool for assessing the level of financial development of countries. Their use makes it possible to increase the complexity and quality of the analysis of financial development, and it also forms a platform for making evidence-based and effective decisions in the development of national strategic documents. [ABSTRACT FROM AUTHOR]

In this paper, the Italian heat-pump (HP) market is presented, with an overview over the past 10 years. In order to highlight market potential and barriers, a comparison is proposed between the economic performances of two different heating and domestic hot-water systems, air-to-water HPs and condensing boilers, based on several factors, such as energy costs, thermal loads, climatic conditions, HP-performance classes and some economic indicators such as the payback time and the interest rate. The results are presented in a parametric form, which may be profitably used for a comparative analysis with other European countries. The first part of the paper deals with the analysis of the current Italian HP market, to show its still unexpressed potential. The second part analyses the HP economic convenience with respect to the most commonly used heating technology, i.e. the gas boiler, under conditions typical of the Italian climate. The comparison is carried out in terms of two economic indicators: additional acceptable cost and net present value. The main results show that HP technology is economically competitive in most Italian climatic zones, with a strong dependence on the HP-performance class. In particular, if the best-performing class was adopted, economic gains would be guaranteed over the gas boiler, even with significant variations in the main influencing variables. Thus, the economic issue does not seem to be a limiting factor for HP technology diffusion, at least if the current incentives are maintained. Rather, some other barriers should be removed, such as the supply chain, the training of installation personnel and the final-user awareness. [ABSTRACT FROM AUTHOR]

Academic research is generally seen as one of the most important goals of a university, but universities are being called upon simultaneously to assist in building a local entrepreneurial ecosystem and contributing to economic growth. Universities can be the source of startups based on academic research results and thereby influence a given industrial context. This paper investigates the impact of academic entrepreneurship on the economic performance of university spin-offs (USOs) and, in particular, how the composition of the founding team, the diversity of academic ownership, CEO duality, and the presence of women on the board of directors affect USO success. We study these relationships with a cross-sectional sample of 136 firms in southern Italy. Our findings highlight that governance and ownership can influence various indicators that are often used for measuring enterprise success in different ways and that, based on the specific success metrics, managers or policymakers should consider different aspects to better understand a USO's potential for success. [ABSTRACT FROM AUTHOR]

Farms that operate in less favoured areas (LFAs) often suffer in achieving adequate profits. Diversification strategies, such as direct selling and offering recreational services, can play an important role in integrating earning sources and, as a consequence, increasing farm profitability. Such opportunities would depend on the efficient distribution and use of farm resources among different activities as well as the added value creation of farm output. However, achieving positive results is not obvious in LFAs due to different types of inherent constraints (geographical, social, economic). The paper aims to evaluate the role of agritourism in affecting the economic performance of multifunctional farms located in a less favoured area of Sardinia (Italy). To be more precise, using so-called working farm income as the main indicator resulting from balance sheet analysis, production factor rewards are determined for 15 agritourism farms. The results show controversial performance but basically highlight the difficulty agritourist farmers have both remunerating their work at market price levels and being profitable. This research contributes to the debate on LFAs and offers useful reflections for policy-makers and practitioners about the potential and critical aspects of agritourism in LFAs. [ABSTRACT FROM AUTHOR]

Measuring well-being and living conditions at local level is essential for policy makers who wish to study inequalities and formulate targeted and effective economic and social intervention policies. In Italy, the available official statistics in this field are usually provided at regional level and several studies have been carried out in order to obtain the estimates of those measures at disaggregated level, which is done in order to obtain estimations at provincial level. However, due the heterogeneity of these phenomena within each province, it is important to possess data at micro-territorial level, that is at the municipality level, in order to study and monitor territorial development and inequalities in depth.This paper proposes an estimation of household consumption expenditure, one of the most important indicator of the economic material well-being of an area, for the 7893 Italian municipalities.To this end, the cokriging spatial interpolation technique was employed in order to explore its potentialities. This method is normally used in natural sciences to predict variables of interest at micro territorial level, using available sample data or population aggregates, analysing their spatial dependence and introducing information on auxiliary correlated variables available at micro level. In this study, the available information on household consumption expenditure at provincial level was combined with the data on taxable income at municipality level as auxiliary variable.The evaluation of model performance enabled us to confirm the validity of this approach to obtain a more detailed picture of the local systems for which intervention policies are important. [ABSTRACT FROM AUTHOR]

Interest in measuring well-being, as opposed to the more traditional economic indicators of growth, has increased significantly over recent years. This paper aims to contribute to the empirical literature on well-being indicators and dispersion across regions in terms of both quality of life and economic progress. Italian regions are used as case studies and 10 different multidimensional determinants of well-being are considered: culture and free time; education; employment; environment; availability of essential public services; health; material living conditions; personal security; research and innovation; and the strength of social relations. We calculated, by applying principal component analysis, synthetic indicators for each well-being determinant and for each region so as to generate-again, by means of the same methodology-an index of overall well-being. The study was conducted for every year over the period 2004-2010. Results clearly show that differences in well-being between regions are not necessarily in line with those based on per capita GDP, suggesting a need to give more attention to quality-of-life features of economic progress in public policy goals and design. Furthermore, the paper looked at dispersion across regions and regional rank mobility over the same period. Italian regions have tended to become more similar in terms of well-being over time, but no evidence of significant intra-distributional mobility emerges. [ABSTRACT FROM AUTHOR]

• Study over Municipal Solid Waste-Income, dataset 103×18, Italian provinces. • Panel threshold, rolling Chow test for structural breaks. • The rolling chow test signs structural breaks in 2008, 2011 and 2013. • 71 provinces have decoupled economic activity from waste production in 2018. Municipal solid waste prevention represents a topical point in circular economy policies within the European Union. It is therefore paramount to assess its state of decoupling from economic activity. There is weak evidence from empirical research that Italy managed to achieve this structural change locally. Decoupling is not arising homogenously in the waste generation-income relationship in Italy over the last two decades. The heterogeneity in economic performances and waste policies could be an explanation. However, it is possible to find common patterns between decoupler against non-decoupler provinces. This paper involves panel data of 103 provinces during eighteen years (2001–2018) of Italian Provinces (NUTS3) to assess the drivers of structural changes in the income-waste relation. The innovation consists of the use of a threshold model to assess the minimal requirements of socio-economic performances to decouple economic activity to non-separated waste. The threshold point differs from the tipping point as it is always observable in the panel. Previous studies mostly estimated the latter involving panel data analysis. This often resulted in fallacious interpretation, especially due to spurious regressions. The observability is a relevant criterion, as several provinces have achieved the decoupling state. Results indicate that economic activity and tourist are relevant threshold variables in waste prevention. Both are sources of local financing; thus, it is probable that circular practices are dependent on the volume of potential expenditure rather than structural characteristics such as population density. [ABSTRACT FROM AUTHOR]

Purpose – The aim of this paper is to investigate the relationship between corporate performance and Value Added Intellectual Coefficient (VAICTM) on the one hand, and the relationship between the variations in market value and the variations in VAIC on the other hand.Design/methodology/approach – Starting from the VAIC model, 23 Italian listed companies were examined with the aim of investigating the relationship between VAIC and the performance of the firms in the sample. The analysis was divided into two stages. In the first stage, eight models of linear regression were estimated to verify the presence of a positive and statistically significant relationship between M/BV and VAIC and between accounting performance indicators (ROE, ROI, ROS) and the VAIC. In the second stage, six other models were tested, considering as an independent variable the variations in VAIC and the variations in profitability indicators.Findings – The outcomes of the application stress the importance of VAIC in the explanation of the variations in MV and its role as “additional coefficient” in the analysis of equity performance.Originality/value – This methodology highlights some very interesting aspects. In particular, whereas the relationship between M/BV and VAIC and between profitability indicators (ROI, ROE, ROS) and VAIC is statistically insignificant, the subsequent analysis highlights the importance of VAIC as a variable capable of increasing the explanatory power of the regression in a cross-sectional perspective. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the performance of alternative forecasting methods to predict the index of industrial production in Italy from 1 to 3 months ahead. We use twelve different models, from simple ARIMA to dynamic factor models exploiting the timely information of up to 110 short-term indicators, both qualitative and quantitative. This allows to assess the relevance for the forecasting practice of alternative combinations of types of data (real-time and latest available), estimation methods and periods. Out-of-sample predictive ability tests stress the relevance of more indicators in disaggregate models over sample periods covering a complete business cycle (about 7 years in Italy). Our findings downgrade the emphasis on both the estimation method and data revision issues. In line with the classical 'average puzzle', the use of simple averages of alternative forecasts often improves the predictive ability of their single components, mainly over short horizons. Finally, selected indicators and factor-based models always perform significantly better than ARIMA models, suggesting that the short-run indicator signal always dominates the noise component. On this regard, selected indicators models can further increase the amount of signal extracted to improve up to 30-40% the short-run predictive ability of factor-based models and to forecast-encompass them. [ABSTRACT FROM AUTHOR]

Does the distribution of Rome's population follow routine hourly, daily, or weekly patterns? And if it does, how do such patterns vary in different parts of the city? This paper reports on our investigation of the aggregate patterns of urban mobility in Rome, Italy for which we used novel data from a mobile phone operator. Unlike research that chartered urban mobility through individual travel surveys, our research determined the aggregate distribution of Rome's population over time by using the volume of call activity in mobile network cells as the unit of spatial analysis. In this paper, we first illustrate and confirm that there is significant regularity in urban mobility at different hours, days, and weeks. We then show how mobility between network cells differs at various times, and we account for the differences by using demographic, economic, and (built) environment indicators. [ABSTRACT FROM AUTHOR]

In this paper the link between labour market flexibility and innovation is analysed paying particular attention to the different technological regimes of economic activities and the different geographical areas of the Italian economy. A dynamic panel data specification is used to assess the endogenous relationship between patents, included as a proxy for innovation, and job turnover and wages, which represent labour market indicators. Our results show that higher job turnover only has a significant and negative impact on patent activities in regional sectors of Northern Italy, while blue and white collar wages have been generally found to have a positive and significant impact on innovation. [ABSTRACT FROM AUTHOR]

This paper investigates empirically the effects of institutions and market characteristics on corporate capital structure dynamics. Based on the fact that firms may temporarily deviate from their optimal capital structure due to the existence of adjustment costs, a partial adjustment model is used that links these transaction costs to country-specific characteristics such as the development of the financial markets, legal system, and macroeconomic environment. The sample comprises data from 873 firms in France, Germany, Italy and the UK over the period from 1982 to 2002. The results support the hypotheses that more developed financial markets, greater efficiency of the legal system and better protection of shareholders all have a positive effect on the speed at which firms adjust their capital structure towards the target. Similarly, higher economic growth and a higher inflation rate positively affect the speed of adjustment to the optimal capital structure as well. [ABSTRACT FROM AUTHOR]

In recent years, the primary sector in Italy and elsewhere has been profoundly affected by climate change and a deep economic crisis, mainly linked to stagnating prices and rising production costs. Because of this situation, we are witnessing renewed interest in alternative agricultural productions, which are characterized by their resilience and sustainability, including medicinal and aromatic plants (MAPs). This sector is characterized by a certain heterogeneity due to the great variety of species and their wide range of uses. Although these characteristics contribute to the sector's economic success, they also hinder its study due to commodity complexity and limited data availability. At the farm level, the situation is complicated by the fact that MAP cultivation is often embedded in complex cropping systems, and more rarely, is practiced exclusively or predominantly. In light of these considerations, we concentrated solely on the agricultural phase of the supply chain, using data available in the Farm Accountancy Data Network. We aimed to examine the main structural characteristics and economic outcomes of Italian farms that grow MAP, as well as the profitability of some of the species. To ensure accurate species classification, only MAPs exclusively designated for botanical use in the Italian National List were considered. The analysis of farm economic performance indicators (gross output, variable costs, gross margins, etc.) focused mainly on the species most represented in the sample: saffron, rosemary, lavender, oregano, and sage. The results indicate that the total gross output and gross margin show the best performance in the case of saffron (66,200 and 57,600 EUR/ha, respectively) and rosemary (27,500 and 22,000 EUR/ha, respectively). However, for saffron, the biggest cost concerns propagation (purchase of bulbs), amounting to 50% of the variable costs, whereas fertilization ones are particularly high for sage and rosemary. [ABSTRACT FROM AUTHOR]

A survey has been performed in collaboration with the National Association of the Municipalities of Italy (Veneto region) to study the role of the municipalities with regard to the local area, to reconceptualize the profile of public directors and to study municipal directors as far as requirements in terms of competencies for skills and training are concerned. In the paper the importance of municipal director requirements for skills and training is assessed using composite indicators. The analysis showed that the most important skill requirements refer to internal aspects of the organization, whereas the most important training requirements refer also to external aspects. The analysis has been repeated on the strata of municipal directors obtained by considering municipality population, director sex, length of service, education and opinions about municipal mission. It is shown that the various strata of directors are rather concordant in assessing the importance of skill and training requirements. Municipal directors are aware of Italian public administration now being oriented toward new public management where they are assessed according to the results they produce. The robustness of the results has been addressed using uncertainty analysis. [ABSTRACT FROM AUTHOR]

Since the unification of the country in 1861, Italy has faced a large North–South divide, which persists despite the huge efforts made to determine the reasons for its existence. This paper has the aim of building a unified, coherent and logically structured theoretical review of theories and approaches that have dealt with the backwardness of the South of Italy. It further assesses the extent these are able to highlight the reasons for the emergence of a particular interpretation, the reasons for its failure once applied at a normative level, and for the rise of the subsequent theoretical interpretation. A logical storyline in the development of thought on the Mezzogiorno emerges on building the theoretical framework from a diachronic perspective, and policy lessons can be learnt. [ABSTRACT FROM AUTHOR]

With growing environmental legislation and mounting popular concern for the need to pursuing a sustainable growth, there has been an increasing recognition in developed nations of the importance of waste reduction, recycling and reuse maximization. This empirical study investigates both ecological and economic performances of urban waste systems in 78 major Italian towns for the years 2015 and 2016. To this purpose the study employs the non-parametric approach to efficiency measurement, represented by Data Envelopment Analysis (DEA) technique. More specifically, in the context of environmental performance we implement two output-oriented DEA models in order to consider both constant and variable returns to scale. In addition, we include an undesirable output – the total amount of waste collected – in the two models considered. The results show that there is variability among the municipalities analysed: Northern and Central major towns show higher efficiency scores than Southern and Islands ones. [ABSTRACT FROM AUTHOR]

The revealed preference for dominated insurance-based personal pension plans (PPPs) in Italy is a decade-long puzzle. I surmise that a motivation from the supply side is a sales force factor deriving from the geographical distribution of financial providers, including the countrywide network of the state controlled Post Office. I provide supporting evidence using three biennial waves of the Bank of Italy's survey on household finances from 2010 to 2014. The time interval includes a public pension system reform sharply raising the statutory age retirement, legislated in December 2011 to defuse a sovereign debt crisis. I show that the salience effect on the awareness of the benefits of supplementing lower perspective public pensions with PPPs increased the explanatory power of financial strength indicators. Exploiting a module in the 2010 wave I estimate a surprising decrease in the probability of subscription to PPPs in 2014 associated with the indicator for the highest financial literacy level. [ABSTRACT FROM AUTHOR]

This paper focuses on the optimisation of small-scale micro gas turbines totally powered by the concentrated solar power to generate electricity in the range of 5–30kWe. The objective of this paper is to investigate of the potential of such systems for solar power generation at reasonable costs. The computational model uses a component-based approach for thermodynamic performance simulation and features an integrated economic model which allows for the evaluation of economic performance indicators including levelised cost of electricity. The integrated model is coupled to a genetic algorithm optimisation framework to find system designs with optimal techno-economic performance. Two cases of fixed 5kWe rated power and 5-30kWe systems are studied. The performance simulation considers the operation strategy and the safe operation limits. A multi-objective optimisation is performed for each case to find trade-offs between the performance and cost of the system. The levelised cost of electricity and annual solar to electric efficiency are considered for comparison purposes. Results show that a levelised cost of electricity of about 170€/MWh can be achieved for a system installed in Italy. Lower cost of electricity as low as 85€/MWh could be achieved when considering economy of scale and locations with higher annual insolation. • A methodology to evaluate annual performance in real conditions is introduced. • Operation strategies considering system constraints and DNI variations are applied. • The optimised system improves solar efficiency by 5% with the same specific cost. • The optimal size of dish-MGT systems is 20–25kWe with LCOE of 170€/MWh for Italy. [ABSTRACT FROM AUTHOR]

In this paper the results of a wide investigation on a geothermal-integrated air HVAC system are reported: in the first part, the energy performances of an Earth to Air Heat eXchanger (EAHX) operating in Pomezia (a locality of the area of Rome, Italy) are carried out through a comprehensive numerical two-dimensional model based on the finite element method and the system is forced under real time-changing weather conditions over 1 year. The model is able to reproduce the time- and space- dependent thermo-fluid-dynamic behavior of the EAHX system, the humid air flux and the surrounding soil, as well as to account for the mass of condensed water in the tubes. In the second part of the investigation, the EAHX is coupled to an air handling unit of a company building for office use and tested while operating both in cooling and heating mode. The hourly results, in terms of power savings and energy consumption were reported for representative days of all the months belonging to the cooling or the heating working seasons, monthly and seasonal assessment. The convenience in terms of seasonal energy savings is +40.8% in cooling mode and +44.1% in heating mode. Then, the economic impact in terms of payback time and net present value was investigated through a cost analysis to examine the return of the economic investment under two possible soil morphologies and different prices of electrical energy in Italy. The simple payback with the real price of energy in Italy (0.50 €/kWh) is 3.3 years for the tufa-soil and 5.8 years for soft rock-soil; the economic return in terms of net present value is around 500 k€ for both the morphologies (560 k€ for the tufa; 446 k€ for the soft rock), per effect of the energy saving and, consequently, for a reduced expense of electrical energy. Therefore, in all the considered cases the installation of EAHX systems in support of traditional systems would generate both energy and economic advantages. [ABSTRACT FROM AUTHOR]

I empirically investigate precautionary savings under liquidity constraints in Italy using a unique indicator of subjective variance of income growth to measure the strength of the precautionary motive for saving, and a variety of survey-based indicators of liquidity constraints. The main contribution of the paper is twofold. First of all, I attempt to differentiate between the standard precautionary saving caused by uncertainty from the one due to liquidity constraints using an endogenous switching regression approach, which allows me to cope with endogeneity issues associated with sample splitting techniques. Second, I move one step further with respect to previous studies on consumption behaviour by taking explicitly expected liquidity constraints into account. I eventually found the precautionary motive for savings to be stronger for those households who face binding constraints, or expect constraints to be binding in the future. Indeed, a complementarity relation exists between precautionary savings and liquidity constraints. [ABSTRACT FROM AUTHOR]

Recent years have witnessed a significant interest in the identification of patterns of tasks and the short time scales of everyday life (Foxhall 2000; Ingold 1993). To date, however, in the field of classical archaeology there have been few attempts to explore patterns of activities in the ancient Greek world and how these patterns may have constructed a sense of place. The aim of this paper is to initiate a debate between discussions of economic activity and landscape perception. Informed by concepts of lived space and the rhythms of daily, seasonal and annual tasks, I aim to offer a more nuanced appreciation of life in the ancient Mediterranean. The issues are addressed in relation to Archaic Megara Hyblaea, a Greek settlement located in eastern Sicily, which, due to its location, history and level of preservation, has been central to discussions of urbanization, agriculture and identity in the ancient Greek world. [ABSTRACT FROM PUBLISHER]

This paper compares the forecasting performance of three alternative factor models based on business survey data for the industrial production in Italy. The first model uses static principal component analysis, while the other two apply dynamic principal component analysis in frequency domain and subspace algorithms for state-space representation, respectively. Once the factors are extracted from the business survey data, then they are included into a single equation to predict the industrial production index. The forecast results show that the three factor models have a better performance than that of a simple autoregressive benchmark model regardless of the specification and estimation methods. Furthermore, the state-space model yields superior forecasts amongst the factor models. [ABSTRACT FROM AUTHOR]

This paper investigates the causes of the long-run decline of agriculture during economic growth. Within a two-sector model, agricultural decline is explained by three basic driving forces (relative price change, Rybczynski effect, and technological gap). In a dynamic (vector autoregression) specification the share of agriculture on gross domestic product the agricultural relative price and the capital intensity are simultaneously determined. The model allows for short-run adjustments with respect to long-run equilibrium and for cross-sectional dependence taking into account interregional linkages. The approach is applied to the panel data set of 20 Italian regions over the period 1951-2002 of intense economic development but still persistent regional disparities. Regularities and differences of decline patterns across regions are investigated. Le présent article examine les causes du déclin à long terme de l'agriculture en période de croissance économique. Dans un modèle à deux secteurs, trois éléments fondamentaux (le changement dans les prix relatifs, l'effet de Rybczynski et l'écart technologique) expliquent le déclin de l'agriculture. Dans une spécification dynamique (VAR), la part de l'agriculture dans le PIB, le prix relatif agricole et l'intensité du capital sont simultanément déterminés. Le modèle permet des ajustements à court terme par rapport à l'équilibre à long terme et permet une dépendance transversale qui tient compte des liens interrégionaux. Ce modèle a été appliquéà un ensemble de données de panel regroupant 20 régions de l'Italie, durant la période de développement économique intense de 1951 à 2002, qui présentait des disparités régionales persistantes. Nous avons examiné les similitudes et les différences des déclins observés à l'échelle des régions. [ABSTRACT FROM AUTHOR]

Dow S., Montagnoli A. and Napolitano O. Interest rates and convergence across Italian regions, Regional Studies. The purpose of this paper is to investigate the evidence for economic convergence across Italian regions using trends in interest rate spreads and premia as indicators of regional credit conditions. The results indicate the presence of persistent interest rate differentials, and thus an absence of convergence across the twenty political regions, but a high degree of convergence is observed within the four macroeconomic areas. Dow S., Montagnoli A. and Napolitano O. 意大利区域的利息率与收敛，区域研究。使用利率差以及风险溢价作为区域信用状况的指标，本文考察了意大利区域经济收敛相关的证据。结果表明存在着持续的利率差，也因此在20个政区之间没有出现经济收敛，但在四个宏观经济区之间发现了了较高程度的经济收敛。 利率 单根 面板数据 收敛 意大利 Dow S., Montagnoli A. et Napolitano O. Les taux d'intérêt et la convergence à travers les régions italiennes, Regional Studies. A partir des tendances des marges d'intérêt sur les crédits et des primes sur les taux d'intérêt comme indicateurs des conditions de crédit régionales, cet article cherche à examiner les raisons en faveur de la convergence à travers les régions italiennes. Les résultats laissent voir la présence des différentiels de taux d'intérêt et, par la suite, un manque de convergence à travers les vingt régions administratives, mais on constate un niveau élevé de convergence au sein des quatre zones macro-économiques. Taux d'intérêt Racine unitaire Echantillon permanent Convergence Italie Dow S., Montagnoli A. und Napolitano O. Zinssätze und Konvergenz in italienischen Regionen, Regional Studies. In diesem Beitrag untersuchen wir anhand der Trends bei den Zinsspannen und Prämien als Indikatoren der regionalen Kreditbedingungen die Belege für eine wirtschaftliche Konvergenz in den italienischen Regionen. Die Ergebnisse lassen auf die Präsenz von persistierenden Differenzialen bei den Zinssätzen und somit auf die Abwesenheit einer Konvergenz innerhalb der 20 politischen Regionen schließen, wohingegen innerhalb der vier makroökonomischen Gebiete ein hohes Maß an Konvergenz beobachtet wird. Zinssätze Einheitswurzel Paneldaten Konvergenz Italien Dow S., Montagnoli A. y Napolitano O. Tipos de interés y convergencia en las regiones italianas, Regional Studies. La finalidad de este artículo es investigar las evidencias de la convergencia económica en las regiones italianas a partir de las tendencias en los diferenciales del tipo de interés y las primas como indicadores de las condiciones del crédito regional. Los resultados indican la presencia de diferenciales persistentes del tipo de interés y, por tanto, una ausencia de convergencia en las veinte regiones políticas, aunque se observa un alto grado de convergencia en las cuatro áreas macroeconómicas. Tipos de interés Raíz unitaria Datos de panel Convergencia Italia [ABSTRACT FROM AUTHOR]

Aim of this paper is to explore poverty patterns and differentials across Italian provinces for several objective dimensions of life-style deprivation according to a multidimensional and fuzzy approach. We propose a joint analysis of monetary and supplementary deprivation to point out the extent to which the two aspects of poverty overlap for the population concerned, to look into their potential background determinants and to sketch a territorial poverty profile. Since traditional direct estimators, based on ECHP data, cannot provide adequate precision due to smallness of domain-specific sub-sample, we test Rao-Yu models, as extension of Fay-Herriot estimator, to handle time-series data. In addition to a diversity of deficiencies found throughout Italy, empirical evidence clearly emphasize higher degrees of overlap in "poorer" southern provinces and lower degrees in "richer" northern ones, justifying the implementation of different approaches to poverty measurement to identify those areas which, more than others, need structural interventions. [ABSTRACT FROM AUTHOR]

In this paper we outline the economic rationale behind the virtual strike, and workers’ incentives to use this bargaining solution rather than resorting to standard strike action. We show that, from a welfare perspective, a well-designed virtual strike always dominates a standard strike and it would be most needed precisely when workers have weaker incentives to adopt it. We then discuss the pros and cons of legally regulating the virtual strike rather than leaving it to self-regulation. Finally, we apply our findings to the analysis of Italy’s draft legislation on virtual strikes. [ABSTRACT FROM AUTHOR]

R&D spillovers are unanimously considered as one of the main driving forces of technical change, innovation and economic growth. This paper aims at measuring interindustry R&D spillovers. We apply an 'uncertainty-sensitivity analysis' to the Italian input-output table of intermediate goods split into 31 economic sectors for the year 2000. The value added of using this methodology is the opportunity of distinguishing between spillover effects induced by productive linkages (the Leontief forward multipliers) and those activated by R&D investments, capturing the uncertain and non-linear nature of the relations between spillovers and factors affecting them. [ABSTRACT FROM AUTHOR]

Germany is traditionally the most important source of tourism for South Tyrol. The purpose of this study is to investigate the determinants of the German demand for tourism in this Italian region. We introduce a dynamic panel data model for modelling short and long-term responses. We use annual data from 1987 to 2007 of the per capita GDP of Germany (measuring income), the number of German tourists in each of the 116 tourism destinations of South Tyrol (measuring the volume of tourism), the relative prices between Italy and Germany (measuring tourism price) and price of crude oil (as a proxy of travel costs). The main results of this study are: (1) the demand for tourism in the previous period has a positive and relevant effect on actual demand, reflecting loyalty of the German tourists; (2) the cost of travel and the relative prices have a negative and significant impact on tourism demand. [ABSTRACT FROM AUTHOR]

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The paper analyses the relations between civicness and economic performance at the macro level. It builds on R. D. Putnam's research on civicness in Italian regions and on the debate it started, and estimates LISREL models of structural equations with data for 95 Italian provinces from the 1980s to the 2000s. Firstly, the empirical analysis shows that civicness and economic performance are longitudinally correlated, that their reciprocal effects are not as strong as autocorrelations, and that these effects' magnitude (controlling for the medium-term correlation) is roughly the same. This finding is not in accord with Putnam's `socio-cultural' theory of social change. Secondly, the mechanisms underlying the relation are studied, distinguishing short- and medium-term effects, and it is shown that civicness has a medium-term (20 years) effect on the economy, while the economy has a short-term (10 years) one on civicness. This medium-term effect is attributed to cohort change. Thirdly, the difference between Northern and Southern provinces is studied, estimating separate models for the two parts of the country: while the relations between civicness and economic performance still hold in the North, in the South they are less coherent and systematic. [ABSTRACT FROM AUTHOR]

We study the economic effects of a reform of the national museum sector, the so-called Franceschini Reform, implemented in 2015. The reform introduced a new organization of the national museum system. One of the most innovative instruments of the policy was the establishment of a different method - an international call for applications - in the selection of directors of major museums (museums of "national interest"). The article studies the effects of this new recruitment policy on museum economic performance, focusing on revenues. Using a difference-in-difference technique for the years 2014 to 2017, we show that the new recruitment policy improved the revenues of treated museums throughout Italy by a range between 17% and 26%. We also find that the characteristics of the directors (age, field of degree, and study abroad experience) play a role in explaining the increase in revenue of these Institutions. We thus find evidence of significant benefits of the policy. The new knowledge may be useful for improving museum and cultural sector management policies. [ABSTRACT FROM AUTHOR]

The building sector is one of the key energy consumers worldwide. Fuel cell micro-Cogeneration Heat and Power systems for residential and small commercial applications are proposed as one of the most promising innovations contributing to the transition towards a sustainable energy infrastructure. For the application and the diffusion of these systems, in addition to their environmental performance, it is necessary, however, to evaluate their economic feasibility. In this paper a life cycle assessment of a fuel cell/photovoltaic hybrid micro-cogeneration heat and power system for a residential building is integrated with a detailed economic analysis. Financial indicators (net present cost and payback time are used for studying two different investments: reversible-Solid Oxide Fuel Cell and natural gas SOFC in comparison to a base scenario, using a homeowner perspective approach. Moreover, two alternative incentives scenarios are analysed and applied: net metering and self-consumers' groups (or energy communities). Results show that both systems obtain annual savings, but their high capital costs still would make the investments not profitable. However, the natural gas Solide Oxide Fuel Cell with the net metering incentive is the best scenario among all. On the contrary, the reversible-Solid Oxide Fuel Cell maximizes its economic performance only when the self-consumers' groups incentive is applied. For a complete life cycle cost analysis, environmental impacts are monetized using three different monetization methods with the aim to internalize (considering them into direct cost) the externalities (environmental costs). If externalities are considered as an effective cost, the natural gas Solide Oxide Fuel Cell system increases its saving because its environmental impact is lower than in the base case one, while the reversible-Solid Oxide Fuel Cell system reduces it. [ABSTRACT FROM AUTHOR]

Energy communities (EC) are among the new actors in the energy market, playing an important role in the uptake of photovoltaics (PV) in European markets. This paper estimates their aggregate contribution to the low-carbon energy transition in terms of installed capacities for PV and evaluates their economic performance comparing with market prices. We compiled a database of PV facilities with 3672 entries for Germany and 64 entries for Italy. Our statistical analysis does not support an economic under-performance of EC. The aggregate contribution of EC currently amounts to 600–838 MWp installed capacity in Germany and 10.6 MWp installed capacity in Italy, which makes 1.2–1.7% and 0.07% of all PV installations in Germany and Italy, respectively. [ABSTRACT FROM AUTHOR]

In this study we develop a micro-founded model to analyse the economic-financial conditions of Italian households. Using household level data, we build an indicator to identify vulnerable households based on their budget constraint and the composition of their financial portfolio. Then, we calculate the impact of the predicted trends of macroeconomic variables on the indicator in order to monitor its evolution in the short term (2015-2017). The empirical analysis is based on the Survey of Household Income and Wealth of the Bank of Italy and on a set of macroeconomic forecasts. Our findings suggest that the macroeconomic scenario for the period 2015-2017 implies a progressive reduction in the percentage of vulnerable households for the full extent of the projection. [ABSTRACT FROM AUTHOR]

The paper presents a Data Envelopment Analysis aimed at studying the efficiency of Tuscan municipalities' public expenditure. Five strategic functions of Tuscan municipalities are first considered carrying out a non-aggregate analysis; then the overall expenditure composition of each municipality and the global spending efficiency are analysed by a proposed composite indicator. The main determinants affecting the municipalities' efficiency were further investigated. In particular, the obtained results may be consistently included in the long-standing debate on the municipal size, proving that the bigger the municipality, the greater its level of public expenditure efficiency. [ABSTRACT FROM AUTHOR]

The aim of this paper is to test vote and popularity functions in Italy. An alternative model on the demand for macroeconomic outcomes is presented. In addition, some preliminary results from a survey on Italian politicians' beliefs are illustrated. This field of research is shown to be of great interest in explaining the supply of public goods, of macroeconomic outcomes, and the relationships between the polity and the economy. [ABSTRACT FROM AUTHOR]

Purpose: This research focuses on the relationship between Top Management Team heterogeneity (TMT) and University Spin-Offs (USOs) economic performance according to a micro-foundational perspective. The purpose consists in exploring whether a high academic representation in TMTs may improve USOs' performance and how their competencies and backgrounds affect USOs' economic success. Design/methodology/approach: The authors employed data from the Italian platform Netval to identify the entire population of USOs in southern Italy. They selected both pure and hybrid spin-offs that had at least one academic member on the TMT. Applying these conditions to our sample selection, the authors came to a population of 136 firms. They applied a hierarchical regression analysis to test the hypotheses. Findings: Our main findings reveal that the USOs' economic performance improves with more academicians in the TMT and even in the same scientific field. Our data also shows that CEO duality has a negative impact on economic performance. Originality/value: This work takes for the first time a micro-foundational perspective to analyze individual-level factors that affect USOs' performance. The authors tried to bridge a research gap in the USO literature, shedding light on the relationship between TMT composition and new venture performance, considering some significant interactions between team members. Our expected findings also contribute to the general literature on entrepreneurial teams in new ventures and suggest a means to reconcile some inconsistent literature results on TMT heterogeneity and USO performance. [ABSTRACT FROM AUTHOR]

Almost 160 years on from their political unification, Italian territories display large economic disparities. We exploit different data sources to assess the roots of this heterogeneity at the province level, contending that citizenship skills and their contribution to the quality of political institutions are key sources of inertia and lack of convergence. Eventually, they may explain the increasing divergence displayed lately by data. We contribute to the literature in four ways. Firstly, our results offer support to the idea that remote measures of people's literacy are a good proxy for the long-lasting effect of institutions and a predictor of current economic performance. Secondly, after controlling for the historical determinants of institutions, our estimates confirm expectations about the role of current and remote measures of institutional quality in explaining per capita GDP at province level. Thirdly, we provide evidence on the role of entrepreneurship as the main mediator of the institutions-development link to GDP at the local level. Finally, we present evidence on the cyclicality of the contribution of institutional quality to economic performance; we show that the role of institutions is quite stable, and that GDP is more responsive to the quality of institutions in good times. [ABSTRACT FROM AUTHOR]

While there is growing recognition of the positive role played by organic farming in the reduction of the negative externalities due to conventional agriculture, there is uncertainty about the effect of the latter on the economic performance of the farms. In this scenario, the present paper aims at investigating the effect of organic farming on technical efficiency in Italian olive farms. A cross-section dataset was analyzed through the stochastic frontier function, where the adoption of organic farming was explicitly modeled. Then, to obtain an unbiased estimate of the impact of organic farming on technical efficiency, a propensity score matching method was implemented. The findings reveal that organic farming increases technical efficiency in Italian olive farms by approximately 10%. The highest impact of organic farming is observed in small farms. As for the propensity to become organic, we found that the production and the direct sales of a higher quality of gross marketable output, as well as the intensity of labor and machines, increase the probability to adopt organic farming. Conversely, farm localization, the availability of family labor, and financial capital discourage conversion to the organic farming system. [ABSTRACT FROM AUTHOR]

The aim of this paper is to propose a class of composite indicators for measuring well-being at the local level, which takes into account the variability between and within the local units. Although we believe that well-being is a multidimensional concept and cannot be reduced to a single measure, we also stress the importance of aggregating the information of several well-being indicators into a reduced number of composite indicators, one for each well-being domain, which play a crucial role in policymaking and benchmarking. As an application, we focus on the Equitable and Sustainable Well-being of the Italian Provinces. In particular, based on a dataset containing 41 elementary indicators, we aggregate them by domain, comparing different aggregative approaches and illustrating the difference in the rankings of the Italian Provinces they produce. Finally, as an illustrative example, we focus on a member of the class of composite indicators that accounts both for vertical variability (between the Provinces) and horizontal variability (within the Provinces). The construction of a composite index for each domain allows us to evaluate and compare multidimensional well-being among the Italian Provinces. [ABSTRACT FROM AUTHOR]

This study investigates the association between objective and subjective indicators of economic uncertainty, generated by the COVID-19 health and economic crisis, and young Italians' fertility plans during the 2020. We use unique repeated cross-sectional data, collected at different time points during the pandemic (March and October/November 2020) together with pre-COVID data (2016). The data offer a standard fertility intention question pre- and during-COVID, and also a direct question on whether pre-COVID fertility plans have been confirmed, postponed or abandoned. In March 2020, individuals with more vulnerable occupations show a lower probability of intending to have a(nother) child in the short-term and a higher probability of abandoning their pre-COVID fertility plan; in October 2020 changes in fertility plans do not vary by employment condition. Instead, both in March and October, those who suffered from a negative income shock and those with negative expectations on their future income and occupation are more likely to abandon their pre-pandemic fertility plan compared to their better off counterparts. Overall, economic uncertainty seems to have similarly affected men and women's fertility intentions. Our findings point to the fact that the unequal economic consequences of the pandemic also produced and will produce heterogeneous effects on fertility intentions. [ABSTRACT FROM AUTHOR]

The object of this research is the relationship between Transaction Costs and economic performance. Weak or unreliable institutions open space for corruption, generating a negative externality, increasing the economy’s Transaction Costs, inhibiting doing business, and reducing economic growth. Although there is a broad debate about the negative relationship between Transaction Costs and economic performance, little is known about this relationship’s strength and significance. This gap occurs because most Transaction Costs estimates are performed at the microeconomic level. Besides, the few estimates of countries’ Transaction Costs at the national level are from different periods, which make any analysis unfeasible. The objective of this research is twofold. First, to introduce a comparative index of the Transaction Costs of the countries. Second, to analyze the relationship between the Transaction Costs Index and economic performance. The robustness analysis reveals that the Transaction Costs Index is reliable because the countries’ average variation in the ranking is relatively low (1.5 positions), serving as an alternative to the Transaction Costs estimates. The research results show a significant (p-value= 0.0054), strong, and negative (R= –0.746) correlation between the Transaction Costs Index and the Gross National Income per capita of G7+BRICS countries. BRICS countries and Italy have lower economic performance, and higher scores on the Transaction Costs Index, suggesting that these countries’ institutions are more inefficient than other G7 countries. These results reinforce the current understanding of the negative relationship between Transaction Costs and countries’ economic performance. Understanding the effects of Transaction Costs on business activity and, consequently, on economic performance is extremely important for governments to promote adjustments in the regulatory environment that encourage business activity. [ABSTRACT FROM AUTHOR]

Italy's first renewable energy community, located in the municipality of Magliano Alpi, was established under Italian Law 8/2020 on Energy Communities in December 2020. The community is composed of eight stakeholders and involves, in addition to public buildings in the municipality of Magliano Alpi, some residential users and small and medium-sized enterprises, realizing public–private cooperation aimed at reducing energy dependence on the public grid and, at the same time, contributing to the decarbonization of the energy sector. This article provides an analysis of the economic and energy performance during the first year of renewable community piloting. The study analyzes data collected with the community energy management system and introduces a number of key performance indices useful for evaluating further development and optimization options. [ABSTRACT FROM AUTHOR]

The present text illustrates the methods developed by Italian scholars to delimit rural areas in the period 2005–2020 and compares the relative territorial representations graphically and quantitatively. In that period, Italian scholars experimented with several methods to delimit territories because they are pressed by the desire to find the one that best described the territories, i.e., was both locally relevant and internationally comparable. This pressure originates from the need to map intermediate territories and redesign urban–rural extremes. In addition, it depends on the need to efficiently allocate national and European funds and circumscribe the corresponding program areas. Finally, it is also strongly related to the desire to internationally compare the economic, social, and environmental performance of homogeneous and permanently delimited territories. The text describes the key features of the methods they developed, such as adopted statistical technique and the spatial unit, the processed variables, and the territorial typologies. The results reveal that municipalities and provinces are preferred as spatial units, while economic and demographic indicators are the most used and elaborated through both relatively simple and articulated statistical techniques. The resulting territorial representations show different degrees of ruralization. While some methods design a mostly weakly urban and rural Italy, others completely ignore rural territories. Where they delimit them, the percentage of the population living in each territorial typology varies a lot. No scholars have either applied the methods at an international level or replicated them in other studies. [ABSTRACT FROM AUTHOR]