In Italy, the recent gradual liberalization of the retail market has led to an increase in competition and innovation. In this context, new and more flexible forms of organization have emerged, and franchising in particular has undergone a strong expansion. The main purpose of this work is to...

In this note a mean value theorem for continuous vector functions is introduced by mollified derivatives and smooth approximations

We automate the process of finding the cointegration relations in a cointegrated VAR. There is a rigorous separation between the theory part (search directions must be defined, a final model chosen) and the automated search. The decision rules are set in such a way that a theoretical upper limit...

This work establishes the lower convergence of the set of minimal points of An to the set of minimal points of A, whenever An is a sequence of convex subsets of an euclidean space satisfying the dominance property and converging to A. Using this result and introducing a property for a function f...

This paper reports the theoretical development of a small aggregative model of output, employment, capital formation and inflation. The model (which we subsequently refer to as BHP) is designed to explain medium term cyclical growth in a small open economy. It allows explicitly for...

We propose a general procedure for constructing nonparametric priors for Bayesian inference. Under very general assumptions,the proposed prior selects absolutely continuous distribution functions, hence it can be useful with continuous data. We use the notion of Feller-type approximation, with a...

This paper proposes likelihood-based procedures for determining the number of cointegrating vectors in the presence of constraints on the cointegration rank. The tests can be applied when a priori information suggests a lower bound on the number of common stochastic trends in the system. The...

Bridge estimation, as described by Meng and Wong in 1996, is used to estimate the value taken by a probability density at a point in the state space. When the normalisation of the prior density is known, this value may be used to estimate a Bayes factor. It is shown that the multi-block...

The relationship between Internationalization and performance is a challenging topic for the agenda of researchers across the world, due to the complexity of the variables involved, to the difficulties in construct building and, last but not least, to the controversial results arising from the...

In this note we raise some questions for Bayesian nonparametric statistics starting from an example. The problems is described by Coram an Diaconis (2001) and regards studying, by probabilistic techniques, the correspondence between the eigenvalues of random unitary matrices and the complex...