We develop a structural econometric model to elicit household-specific expectations about future financial asset returns and risk attitudes by using data on observed portfolio holdings and self-assessed willingness to bear financial risk. Our framework assumes that household portfolios are...

Using data on the adoption of Information and Communication Technology (ICT) by 1947 Italian firms in 2004 and 2005, this paper provides evidence that is consistent with three largely complementary streams of literature on innovation diffusion. First, as suggested by epidemic models, we...

This paper is a contribution to the empirical literature on R&D cooperation. It explores the variables that determine a firm s R&D collaborative expenditure by means of a sample of Italian firms. A tobit model, adjusted for heteroscedasticity and non-normality (Inverse Hyperbolic Sin...

Conventional wage analyses suffers from a debilitating ailment: since there are no observable market wages for individuals who do not work, findings are limited to the sample of the population that are employed. Due to the problem of sample selection bias, using this subsample of working...

The paper presents a model of political loss to analyze the interrelationship between the political nature of economic decisions and their influence on the probability of financial crisis. Two different definitions of crises, currency and balance of payments, are used to verify the explanatory...

This paper looks at one of the major contributor to low overall employment rate in Hungary, the very low activity of the elderly. Although there are scattered pieces of evidence about the social security system in general having substantial influence on incentives and activity, the actual...

A partial-observability model finds evidence of racial discrimination by retailers of consumer durables in apartheid South Africa. In particular, black households are 13 percentage points more likely to demand a hire/purchase loan but not to have one supplied than are other households, all else...