In this paper we introduce an additive two-factor model for electricity futures prices based on Normal Inverse Gaussian Lévy processes, that fulfills a no-overlapping-arbitrage (NOA) condition. We compute European option prices by Fourier transform methods, introduce a specific calibration...

We study the effect of strategic and partisan voting on electoral outcomes, and on the relative popularity of the victor. Voters are randomly assigned to be partisan or strategic. When all voters are strategic in a plurality election, any equilibrium manipulation of the outcome elects a popular...

We consider a convexity constrained Hamilton-Jacobi-Bellman-type obstacle problem for the value function of a zero-sum differential game with asymmetric information. We propose a convexity-preserving probabilistic numerical scheme for the approximation of the value function which is discrete...

We consider a network of players endowed with individual preferences and involved in interactions of various patterns. We show that their ability to make choices according to their preferences is limited, in a specific way, by their involvement in the network. The earlier literature demonstrated...

This paper explores the impact of the 2007 European Union enlargement on the consumption behavior of immigrant households. Using data from a unique Italian survey and a difference-in-differences approach, we find that the enlargement induced a significant consumption increase for the immigrant...

We criticize some conceptual weaknesses in the recent literature on coalitional TUgames and propose, based on our critics, a new definition of dual TU-games that coincides with the one in the literature on the class of super-additive games. We justify our new definition in four alternative ways:...