In this paper we analyze entry dynamics in new submarkets of pharmaceutical companies. In particular we study entry decisions at time t in a new submarket, conditioned on the entrance in a new submarket at time t-1. This model allows us to connect with the flourishing literature about the...

The paper analyses the timing of spontaneous environmental innovation when second-mover advantages, arising from the expectation of declining investment costs, increase the option value of waiting created by investment irreversibility and uncertainty about private payoffs. We then focus on the...

We take into account the asset allocation problem for a pension fund which maximizes the expected present value of its wealth augmented by the prospective mathematical reserve at the death time of a representative member. When both the interest rate and the market price of risk are...

L’analisi dell’andamento del tasso di sconto italiano durante il Gold Standard è molto scarna. Questo lavoro comincia a rimediare al problema sia stimando alcuni semplici modelli del tasso di sconto con serie storiche a frequenza mensile e annua, sia con un’analisi documentale. Il...

In a simple framework where we have: (i) a stochastic domestic interest rate, (ii) a stochastic exchange rate, (iii) both a domestic and a foreign riskless asset, and (iv) both a domestic and a foreign risky asset, we explicitly compute the optimal asset allocation for an investor who wants to...

To avoid the extremely high profit levels found in recent experiences with price cap regulation, some regulators have applied a profit-sharing (PS) rule that revises prices to the benefit of consumers. This paper investigates the conditions under which a regulator can implement such a PS scheme,...

This paper extends the literature on real exchange rate targeting inside a stochastic optimization framework where the real exchange rate displays long run mean reversion while temporarily reflecting a “liquidity effect”. When real exchange rate volatility is constant, an active...

Following Havrilesky’s seminal work (1995) and its extension by Maier, Sturm and de Haan (2002) we construct a monthly index of external influences on Bank of Italy’s conduct for the period 1984-1998. This paper aims at describing the index of overall pressure on Italian monetary policy and...

Il presente lavoro propone uno strumento di valutazione degli inves- timenti nel servizio idrico integrato (Legge 36/94) in grado di rendere esplicita la dimensione strategica dei progetti in espansione di capac- ità produttiva. In un contesto contrattuale in cui il Piano d'Ambito preveda una...