| October 23, 2025 | ||
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| Time | Location | Event |
| 08:15 to 00:00 | Registration | |
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| 08:30 to 13:00 | III SIE-YSI PRE-CONFERENCE- Aula 4 | |
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| 08:30 to 09:50 | see below | A.1 - Parallel Sessions |
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| 09:30 to 11:50 | Tutorial Commissione di Genere SIE | |
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| 09:50 to 10:00 | Coffee break | |
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| 10:00 to 11:20 | see below | A.2 - Parallel Sessions |
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| 11:00 to 13:00 | Riunione di CASA-Econ per i rappresentanti delle Associazioni Scientifiche - Aula 6 | |
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| 11:30 to 12:50 | see below | A.3 - Parallel Sessions |
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| 12:00 to 13:00 | Essere Economiste - Commissione di Genere SIE - Aula 5 | |
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| 13:00 to 13:30 | Light Lunch | |
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| 13:30 to 14:00 | Welcome Address: President of the Italian Economic Association, University of Naples Parthenope and Institutions - Aula Grande | |
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| 14:00 to 15:20 | see below | A.4 - Parallel Sessions |
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| 15:30 to 16:30 | Plenary Session | |
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| 16:30 to 17:00 | Coffee break | |
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| 17:00 to 18:20 | see below | A.5 - Parallel Sessions |
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| 18:30 to 19:30 | Special Plenary Session | |
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| 19:45 to 00:00 | Welcome Cocktail | |
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| October 24, 2025 | ||
| Time | Location | Event |
| 08:15 to 00:00 | Registration | |
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| 08:30 to 09:50 | see below | B.1 - Parallel Sessions |
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| 09:50 to 10:00 | Coffee break | |
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| 10:00 to 11:20 | see below | B.2 - Parallel Sessions |
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| 11:30 to 13:00 | SIE General Meeting - Aula Grande | |
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| 13:00 to 14:00 | Lunch | |
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| 14:00 to 15:20 | see below | B.3 - Parallel Sessions |
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| 15:30 to 16:30 | Plenary Session | |
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| 16:30 to 17:00 | Coffee break | |
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| 17:00 to 18:20 | see below | B.4 - Parallel Sessions |
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| 18:30 to 19:30 | Special Plenary Session | |
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| 20:30 to 00:00 | Social dinner - Royal Continental - Via Partenope 38 - https://www.royalgroup.it/royalcontinental/ | |
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| October 25, 2025 | ||
| Time | Location | Event |
| 08:15 to 00:00 | Registration | |
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| 08:30 to 09:50 | see below | C.1 - Parallel Sessions |
| | ||
| 09:50 to 10:00 | Coffee break | |
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| 10:00 to 11:20 | see below | C.2 - Parallel Sessions |
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| 11:30 to 12:50 | see below | C.3 - Parallel Sessions |
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| 13:00 to 13:30 | Light Lunch | |
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| 13:30 to 14:50 | see below | C.4 - Parallel Sessions |
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| 14:50 to 00:00 | Closing Remarks - End of the Conference | |
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| A.1 - Parallel Sessions Locations: click on each session to see location October 23, 2025 08:30 to 09:50 | |
|---|---|
| LA QUESTIONE NORD-SUD E LO SVILUPPO DEL MEDITERRANEO (with SITES - Società Ital..., Aula 7 | |
| TOURISM ECONOMICS , Aula 9 | |
| I RAPPORTI INTERNAZIONALI DELL'ITALIA: L'EVOLUZIONE DEL PENSIERO DEGLI ECONOMIST..., Aula Piccagli | |
| ARMS TRADE, CONFLICT, AND MILITARIZATION: EVIDENCE ON IMPACTS AND ISSUES (with E..., Aula di Calcolo 1 | |
| ENERGY TRANSITION: A QUANTITATIVE APPROACH (with EFI APS - Energy Finance Italia..., Aula di Calcolo 2 | |
| TEXT MINING AND THE EVOLVING LANDSCAPE OF ECONOMICS (with STOREP - Associazione ..., Sala Consiliare | |
| APPLIED BEHAVIOURAL AND EXPERIMENTAL ECONOMICS: DECISION-MAKING AND SOCIAL PRACT..., Biblioteca | |
| MEASURING AND DISENTANGLING THE IMPACTS OF CULTURAL ACTIVITIES FOR EVIDENCE-BASE..., Aula Magna | |
| WORKPLACE SAFETY , Aula Grande |
| Tutorial Commissione di Genere SIE October 23, 2025 09:30 to 11:50 | |
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| Tutorial Commissione di Genere SIE: "Stereotypes in academic careers & what to d..., Aula 5 |
| Coffee break October 23, 2025 09:50 to 10:00 |
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| A.2 - Parallel Sessions Locations: click on each session to see location October 23, 2025 10:00 to 11:20 | |
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| IN RICORDO DI DOMENICO MARIO NUTI, Aula 7 | |
| VISITINPS 1, Aula 9 | |
| LA LEZIONE DI EZIO TARANTELLI A QUARANT'ANNI DALLA SCOMPARSA , Aula Piccagli | |
| LE POTENZIALITA' ANALITICHE DELL'ESTENSIONE TERRITORIALE DEI CONTI SATELLITI DEL..., Aula di Calcolo 1 | |
| POLICY EVALUATION - ITALY I, Sala Consiliare | |
| POLITICA ECONOMICA DELLA NUOVA DESTRA: UNA COMPARAZIONE INTERNAZIONALE (with AE..., Aula 8 | |
| GREEN FINANCE, Aula di Calcolo 2 | |
| EMERGENZA CLIMATICA E TRANSIZIONE GREEN (sponsored by Fondazione Perugia) , Aula Grande | |
| WAR, TRADE AND TECHNOLOGY: THEORY, EMPIRICS AND POLICY, Aula Magna | |
| GOVERNMENT I, Biblioteca |
| A.3 - Parallel Sessions Locations: click on each session to see location October 23, 2025 11:30 to 12:50 | |
|---|---|
| VISITINPS 2, Aula 9 | |
| AGRICULTURAL AND RESOURCE ECONOMICS, Aula 7 | |
| BOOSTING POLAND'S ECONOMY: PRODUCTIVITY, THE GREEN TRANSITION, AND EUROPEAN POLI..., Biblioteca | |
| CRIME AND CORRUPTION I , Aula Piccagli | |
| CLIMATE CHANGE I, Aula di Calcolo 1 | |
| NATURAL DISASTERS I, Aula di Calcolo 2 | |
| POLICY EVALUATION - ITALY II, Sala Consiliare | |
| PRODUCTIVITY , Aula Magna | |
| GREEN GROWTH, Aula Grande |
| A.4 - Parallel Sessions Locations: click on each session to see location October 23, 2025 14:00 to 15:20 | |
|---|---|
| COME FUNZIONANO LE RIVISTE INTERNAZIONALI , Aula 5 | |
| COMMISSIONE PER LA DIDATTICA DELL'ECONOMIA E COMMISSIONE PER LA DIVULGAZIONE SC..., Aula 6 | |
| COMMISSIONE PER L'UNIVERSITA', LA RICERCA E LA VALUTAZIONE, Aula 7 | |
| ARCHIVIO STORICO DELLE ECONOMISTE E DEGLI ECONOMISTI (ASEE), Aula 4 | |
| POLITICA INDUSTRIALE E CAMBIAMENTO STRUTTURALE (with SIEPI - Società Italiana d..., Aula 8 | |
| PRESENTAZIONE XXIV RAPPORTO ANNUALE INPS , Aula 9 | |
| BANKING, Aula di Calcolo 1 | |
| CRIME AND CORRUPTION II, Aula Piccagli | |
| THE AFRICAN ECONOMY , Aula di Calcolo 2 | |
| FIRMS, Sala Consiliare | |
| ECONOMIC HISTORY, Biblioteca | |
| NETWORK IN ECONOMICS AND FINANCE , Aula Magna | |
| LAW AND ECONOMICS , Aula Grande |
| Plenary Session October 23, 2025 15:30 to 16:30 | |
|---|---|
| Keynote speech: Paul De Grauwe, London School of Economics - New insights from b..., Aula Grande |
| A.5 - Parallel Sessions Locations: click on each session to see location October 23, 2025 17:00 to 18:20 | |
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| TARIFFS & SANCTIONS, Aula Grande | |
| ARTIFICIAL INTELLIGENCE (AI): MERCATI, FINANZA ED ISTITUZIONI , Aula 5 | |
| CLIMATE CHANGE II, Aula di Calcolo 1 | |
| NATURAL DISASTERS II, Aula di Calcolo 2 | |
| ECONOMICS OF SCIENCE , Aula 6 | |
| FINANCE AND DEVELOPMENT, Aula 7 | |
| POLICY EVALUATION - ITALY III, Sala Consiliare | |
| FINANCIAL SYSTEM, Aula 8 | |
| REGIONAL ECONOMICS , Aula 9 | |
| SOCIAL CAPITAL , Aula Piccagli | |
| STRUCTURAL CHANGE , Biblioteca | |
| SUSTAINABLE INNOVATION, Aula Magna | |
| EXPLORING NEW FRONTIERS IN GENDER-BASED VIOLENCE: SOCIAL, ENVIRONMENTAL, AND BEH..., Aula 4 |
| Special Plenary Session October 23, 2025 18:30 to 19:30 | |
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| THE ITALIAN ECONOMY IN THE 2020s/L'ECONOMIA ITALIANA NEGLI ANNI VENTI, Aula Grande |
| B.1 - Parallel Sessions Locations: click on each session to see location October 24, 2025 08:30 to 09:50 | |
|---|---|
| CLIMATE CHANGE AND RISK MODELING (with AMASES - Associazione per la Matematica A..., Aula 7 | |
| INTELLIGENZA ARTIFICIALE: IMPATTI, RISCHI E SFIDE PER IL MERCATO DEL LAVORO IN I..., Biblioteca | |
| ECONOMICS OF AI I, Aula 5 | |
| ECONOMICS OF EDUCATION I, Aula 6 | |
| ECONOMICS OF GENDER I, Aula 4 | |
| GREEN GROWTH IN ITALY I, Aula 8 | |
| HEALTH ECONOMICS AND POLICY I, Aula 9 | |
| MONETARY POLICY I , Aula Piccagli | |
| INTERGENERATIONAL MOBILITY AND EDUCATIONAL OPPORTUNITIES IN ITALY, Aula di Calcolo 1 | |
| INDUSTRY 4.0 AND DIGITAL TRANSFORMATION I, Aula di Calcolo 2 | |
| STRUTTURA PRODUTTIVA, DIVARI TERRITORIALI E INNOVAZIONE (with Banca d'Italia), Aula Magna | |
| FIRM ORGANISATION I, Sala Consiliare | |
| MICROECONOMICS I, Aula Grande |
| B.2 - Parallel Sessions Locations: click on each session to see location October 24, 2025 10:00 to 11:20 | |
|---|---|
| LABOUR MARKET DYNAMICS IN THE POST-PANDEMIC: RECENT TRENDS AND ISSUES (with AISS..., Aula 7 | |
| GREEN INNOVATION AND PERFORMANCE I, Aula di Calcolo 1 | |
| INDUSTRY 4.0 AND DIGITAL TRANSFORMATION II, Aula di Calcolo 2 | |
| ECONOMICS OF AI II, Aula 5 | |
| ECONOMICS OF EDUCATION II, Aula 6 | |
| ECONOMICS OF GENDER II, Aula 4 | |
| GREEN GROWTH IN ITALY II, Aula 8 | |
| HEALTH ECONOMICS AND POLICY II, Aula 9 | |
| MONETARY POLICY II, Aula Piccagli | |
| POVERTY , Aula Magna | |
| POLICY EVALUATION - EU & US, Aula Grande | |
| FIRM ORGANISATION II, Sala Consiliare |
| B.3 - Parallel Sessions Locations: click on each session to see location October 24, 2025 14:00 to 15:20 | |
|---|---|
| CLIMATE POLICY I, Aula 5 | |
| CONSUMER AND CHOICE BEHAVIOUR , Aula Magna | |
| ECONOMICS OF GENDER III, Aula 4 | |
| HEALTH INDUSTRY DYNAMICS, Aula 8 | |
| HEALTH ECONOMICS AND POLICY III, Aula 9 | |
| LABOUR MARKET I, Aula 6 | |
| MICROECONOMICS II , Aula Grande | |
| MONETARY POLICY III, Aula Piccagli | |
| PUBLIC ECONOMICS I, Aula 7 | |
| FIRM ORGANISATION III, Sala Consiliare | |
| GOVERNMENT II, Biblioteca | |
| INDUSTRY 4.0 AND DIGITAL TRANSFORMATION III, Aula di Calcolo 2 | |
| MACROECONOMICS I, Aula di Calcolo 1 |
| Plenary Session October 24, 2025 15:30 to 16:30 | |
|---|---|
| Aline Bütikofer (Norwegian School of Economics) - Gender Differences in the Lab..., Aula Grande |
| B.4 - Parallel Sessions Locations: click on each session to see location October 24, 2025 17:00 to 18:20 | |
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| TEN YEARS OF THE ITALIAN ECONOMIC JOURNAL , Aula 9 | |
| CLIMATE POLICY II, Aula 5 | |
| FIRM BEHAVIOUR, Aula Piccagli | |
| GREEN GROWTH IN ITALY III, Aula 8 | |
| GREEN INNOVATION AND PERFORMANCE II, Aula di Calcolo 1 | |
| LABOUR MARKET II, Aula 6 | |
| PUBLIC ECONOMICS II , Aula 7 | |
| MACROECONOMICS II, Biblioteca | |
| MIGRATION AND DEMOGRAPHICS , Sala Consiliare | |
| INDUSTRY 4.0 AND DIGITAL TRANSFORMATION IV, Aula di Calcolo 2 | |
| REGIONAL DETERMINANTS OF THE GEOGRAPHY OF POLITICAL DISCONTENT (with AISRe – A..., Aula 4 | |
| DEMOGRAPHIC ECONOMICS , Aula Magna | |
| CORPORATE FINANCE, Aula Grande |
| Special Plenary Session October 24, 2025 18:30 to 19:30 | |
|---|---|
| RICERCA SCIENTIFICA E RIFORMA DELL'UNIVERSITA' IN ITALIA , Aula Grande |
| C.1 - Parallel Sessions Locations: click on each session to see location October 25, 2025 08:30 to 09:50 | |
|---|---|
| MIGRATION AND STRUCTURAL CHANGE , Aula 4 | |
| TRADE POLICY , Aula 9 | |
| FINANCIAL LITERACY & EDUCATION, Aula Piccagli | |
| INDUSTRY DYNAMICS I, Aula 5 | |
| INFLATION , Aula di Calcolo 1 | |
| FINANCIAL & PORTFOLIO MANAGEMENT, Aula di Calcolo 2 | |
| MIGRATION IN ITALY , Sala Consiliare | |
| GLOBAL VALUE CHAINS I, Aula 6 | |
| QUANTITATIVE METHODS I, Aula 7 | |
| PATENTING AND INSTITUTIONS , Biblioteca | |
| CLIMATE FINANCE, Aula Magna | |
| HOUSEHOLD INCOME, Aula Grande | |
| POLITICAL PROCESS I, Aula 8 |
| C.2 - Parallel Sessions Locations: click on each session to see location October 25, 2025 10:00 to 11:20 | |
|---|---|
| QUANTITATIVE METHODS II, Aula 7 | |
| NOVEL PERSPECTIVE IN ENVIRONMENTAL AND RESOURCE ECONOMICS (with IAERE - Associaz..., Aula 9 | |
| INNOVATION AND RESILIENCE UNDER UNCERTAINTY: INSIGHTS FROM BANKING AND CORPORATE..., Aula 4 | |
| INTERNATIONAL TRADE , Aula di Calcolo 1 | |
| ECONOMIC THOUGHT , Aula di Calcolo 2 | |
| INDUSTRY DYNAMICS II, Aula 5 | |
| AGENT-BASED MODELS FOR THE MACROECONOMICS OF THE ENERGY AND CLIMATE TRANSITIONS , Sala Consiliare | |
| GLOBAL VALUE CHAINS II, Aula 6 | |
| CLIMATE CHANGE, AGRIFOOD SYSTEMS, AND CONFLICT: PATHWAYS, IMPACTS, AND POLICY I..., Aula Grande | |
| FINANCIAL AND CREDIT MARKETS , Biblioteca | |
| POLITICAL PROCESS II, Aula 8 | |
| TERRITORI IN TRANSIZIONE: INFRASTRUTTURE, MOBILITA' E TURISMO , Aula Piccagli | |
| GREEN PREFERENCES, Aula Magna |
| C.4 - Parallel Sessions Locations: click on each session to see location October 25, 2025 13:30 to 14:50 | |
|---|---|
| FIRM NETWORKS AND SUSTAINABLE DEVELOPMENT , Aula 4 | |
| ENVIRONMENTAL AWARENESS, ENVIRONMENTAL POLICIES, AND INTERNATIONAL SHOCKS: A THE..., Aula 5 | |
| I TRASPORTI DI FRONTE ALLE NUOVE DOMANDE DI MOBILITA' (with SIET – Società It..., Aula Piccagli | |
| ECOSYSTEM FOR SUSTAINABLE TRANSITION IN EMILIA-ROMAGNA , Aula 6 | |
| ACCELERATING THE SUSTAINABLE PATH TO THE CIRCULAR ECONOMY FOCUSING ON THE BIOBAS..., Aula 7 | |
| From vines to WINes: managing RIsks to Enhance Sustainability and COntinuity, Aula 8 | |
| GREEN COMPETITIVENESS FOR A STRONGER AND MORE SUSTAINABLE ITALIAN ECONOMY – GR..., Aula 9 | |
| ECONOMIC GROWTH, INEQUALITY AND POVERTY IN THE LONG RUN: ITALY,1861-2021 , Aula di Calcolo 2 | |
| DEEP - Digital tEchnologies and monEtary Policies: the role of cryptocurrencies , Sala Consiliare | |
| CONNECT TO GROW: HIGH-SPEED RAIL AND DEVELOPMENT OF THE URBAN AREAS OF NAPLES AN..., Biblioteca |
Summary of All Sessions |
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Click here for an index of all participants |
160 sessions, 599 papers, and 0 presentations with no associated papers |
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66th Annual Conference - Italian Economic Association |
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Detailed List of Sessions |
| Session 1: YSI Pre-Conference: Session 1 - Socioeconomic Dimensions of Inclusive Energy Transitions - hour 8:35-9:50 October 23, 2025 8:30 to 13:00 Location: Aula 4 |
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| Session Chair: Ignacio Silva Neira, HWR and YSI |
Road to Net Zero: Carbon Policy and Redistributional Dynamics in the Green TransitionAbstractRoad to Net Zero: Carbon Policy and Redistributional Dynamics in the Green Transition |
| By Alessandro Sardone; Halle Institute for Economic Research (IWH) |
| Presented by: Alessandro Sardone, Halle Institute for Economic Research (IWH) |
Silver and green? Renewable energy communities and ageing in Italian municipalitiesAbstractSilver and green? Renewable energy communities and ageing in Italian municipalities |
| By Eleonora Caruso; Università di Napoli Parthenope |
| Presented by: Eleonora Caruso, Università di Napoli Parthenope |
Empowering Rural Women through Clean Energy Transitions: Community-Driven Models for Inclusive Technological Diffusion in KenyaAbstractEmpowering Rural Women through Clean Energy Transitions: Community-Driven Models for Inclusive Technological Diffusion in Kenya |
| By Ayse Demir; University of Roehampton |
| Presented by: Ayse Demir, University of Roehampton |
Renewable Energy and Economic Growth: A Panel ARDL Analysis of Developed and Emerging EconomiesAbstractRenewable Energy and Economic Growth: A Panel ARDL Analysis of Developed and Emerging Economies |
| By Ritika Karan; Indian Institute of Foreign Trade |
| Presented by: Ritika Karan, Indian Institute of Foreign Trade |
| Session 2: YSI Pre-Conference: Session 2 - Trade, Tech, and Labour in a Changing World - hour 10:00-11:20 October 23, 2025 8:30 to 13:00 Location: Aula 4 |
| Session Chair: Bernadette Louise Halili, University of the Basque Country and III SIE-YSI Pre-Conference |
Redefining Global Trade Patterns: G7, BRICS+ and Technological Trade in Latin AmericaAbstractRedefining Global Trade Patterns: G7, BRICS+ and Technological Trade in Latin America |
| By Ignacio Silva Neira; HWR and YSI |
| Presented by: Ignacio Silva Neira, HWR and YSI |
Exploring the Effects of Digital Monitoring Systems of Production Resources on Projects Efficiency and Business Innovation in SMEsAbstractExploring the Effects of Digital Monitoring Systems of Production Resources on Projects Efficiency and Business Innovation in SMEs |
| By Eid Mohammad Jahan; III SIE-YSI Pre-Conference |
| Presented by: Eid Mohammad Jahan, III SIE-YSI Pre-Conference |
If you want to prosper, you must first build (digital) roads: Digital capitalism and the externalization of China’s industrial policy objectives through the Digital Silk RoadAbstractIf you want to prosper, you must first build (digital) roads: Digital capitalism and the externalization of China’s industrial policy objectives through the Digital Silk Road |
| By Enzo de Moraes Godinho; III SIE-YSI Pre-Conference |
| Presented by: Enzo de Moraes Godinho, III SIE-YSI Pre-Conference |
Political Economy of Labor Migration in The Western Balkan CountriesAbstractPolitical Economy of Labor Migration in The Western Balkan Countries |
| By Florinda Ndoja; III SIE-YSI Pre-Conference |
| Presented by: Florinda Ndoja, III SIE-YSI Pre-Conference |
| Session 3: LA QUESTIONE NORD-SUD E LO SVILUPPO DEL MEDITERRANEO (with SITES - Società Italiana degli Economisti dello Sviluppo) October 23, 2025 8:30 to 9:50 Location: Aula 7 |
| Session Chair: Federico Perali, Università di Verona |
From Keynes to Schumpeter: Dynamic Complementarity Effects of Competition, Demand, and Endogenous Growth in the MEG-SD ModelAbstractThis research provides a comparative analysis of two complementary modeling approaches used to assess the socio-economic and territorial impacts of the National Recovery and Resilience Plan (PNRR). The MEG-SD model (general equilibrium) and the SVIMEZ model (bi-regional econometric) offer complementary perspectives. The aim is to synthesize the evidence on investment dynamics, regional disparities and long-term economic effects and to define the set of policies that cannot be postponed. |
| By Pasquale Lucio Scandizzo; Università di Roma Tor Vergata |
| Presented by: Pasquale Lucio Scandizzo, Università di Roma Tor Vergata |
Old wine in a new bottle: NMODS-the Svimez econometric model Main Features and Impact AssessmentAbstractOld wine in a new bottle: NMODS-the Svimez econometric model Main Features and Impact Assessment |
| By Adriano Giannola; SVIMEZ Stefano Prezioso; SVIMEZ |
| Presented by: Adriano Giannola, SVIMEZ |
| Stefano Prezioso, SVIMEZ |
What Explains the Evolution of the North South Divide in Italy? A Test of the Balassa-Samuelson HypothesisAbstractThis study describes how the North-South divide in standards of living in Italy evolved in the last two decades and explains the evolution in the North-South purchasing power imparity through the lenses of the Balassa-Samuelson effect that imputes the imparity to differences in productivity between the tradable goods and higher service quality produced in the North and the non-tradable goods of the less developed South. The study first estimates the evolution of the true cost of living indices of Italy in the period 1999-2019 using a pooled time series of household budgets cross-sections accounting for differences in the quality of services. |
| By Martina Menon; Università di Verona Federico Perali; Università di Verona Rajan Ray; Monash University Nicola Tommasi; Università di Verona |
| Presented by: Federico Perali, Università di Verona |
Report on the Mediterranean Economies, 2024AbstractThe Mediterranean at a Crossroads: Strategic Shifts and Emerging Opportunities. A summary of the main challenges facing the development of the Mediterranean region and a debate about the integrated policy agenda from a European perspective. |
| By Salvatore Capasso; Università di Napoli Parthenope |
| Presented by: Salvatore Capasso, Università di Napoli Parthenope |
| Session 4: TOURISM ECONOMICS October 23, 2025 8:30 to 9:50 Location: Aula 9 |
| Session Chair: Andrea Salustri, Sapienza Università di Roma |
Immersive Technologies in Italian Museums: Evaluating Visitor Engagement through Survey Analysis and Agent-Based SimulationAbstractThe integration of immersive technologies such as Augmented Reality (AR) and Virtual Reality (VR) into museum environments is reshaping cultural tourism, particularly in heritage-rich contexts like Italy. This study investigates the impact of AR and VR on visitor engagement in Italian museums and cultural heritage sites through a dual-phase data collection strategy and agent-based modeling. An initial online survey, distributed via social media and QR codes, provided preliminary insights into public familiarity and attitudes toward immersive experiences. Subsequently, an ongoing in-person survey across 18 museums in northern, central, and southern Italy captures on-site visitor feedback, combining socio-demographic profiling with evaluations of immersive experiences. The collected data inform a NetLogo-based agent-based simulation model designed to predict visitor satisfaction based on key variables such as age, provenance, education, and technology familiarity. Preliminary findings suggest significant correlations between immersive engagement and visitor satisfaction, with demographic variables influencing both accessibility and appreciation of AR/VR offerings. This study contributes to both academic discourse and practical implementation strategies by offering empirical evidence and a predictive framework for optimizing digital innovation in cultural institutions. |
| By Assia Liberatore; Università di Chieti-Pescara |
| Presented by: Assia Liberatore, Università di Chieti-Pescara |
Proximity Tourism in the Province of Latina: a Multidimensional AnalysisAbstractThe COVID-19 crisis has resulted in an appreciation of proximity tourism as a key factor for people’s well-being and for the economic resilience of Italy’s peripheral areas. Furthermore, it has radically altered the structure of the tourism offer, fostering economic dynamism and innovation. Against this background, the research explores the potential of the Province of Latina for culturally sustainable proximity tourism that considers the Metropolitan City of Rome as its place of origin. In particular, the research addresses the following questions: what are the most attractive and accessible destinations for proximity tourism from the Metropolitan City of Rome to the Province of Latina? How tourism development contributes to a balanced economic and demographic development of the provincial territory? Using ISTAT municipal data, integrated with other data collected through desk research, we compute a score for 12 elementary indexes, and for each of the three domains obtained by aggregating the elementary indexes using principal component analysis. Then, we estimate a gravitational model to explain the heterogenous distribution of tourism capacity across the provincial territory, and to empirically test whether tourism development (proxied by tourism capacity) might contribute to a balanced economic and demographic development of the provincial territory. |
| By Marco Forti; Sapienza Università di Roma Andrea Salustri; Sapienza Università di Roma |
| Presented by: Andrea Salustri, Sapienza Università di Roma |
| Session 5: I RAPPORTI INTERNAZIONALI DELL'ITALIA: L'EVOLUZIONE DEL PENSIERO DEGLI ECONOMISTI E ALCUNE RIFLESSIONI SULLO SCENARIO INTERNAZIONALE ATTUALE (with ITSG - Italian Trade Study Group) October 23, 2025 8:30 to 9:50 Location: Aula Piccagli |
| Session Chairs: |
| Giuseppe De Arcangelis, Sapienza Università di Roma |
| Luca De Benedictis, Universitas Mercatorum |
| Lucia Tajoli, Politecnico di Milano |
Economia internazionale: i contributi teorici ed empiriciAbstractIl capitolo si apre con una breve rassegna dell’evoluzione degli approcci teorici ed empirici nel dibattito internazionale dagli anni Quaranta ai tempi più recenti. La rassegna riguarda sia la teoria del commercio internazionale, sia la macroeconomia aperta Nei paragrafi successivi i contributi degli economisti italiani sono riportati in riferimento a questa evoluzione e sono raggruppati per temi. La definizione di economista italiano include coloro che, oltre ad avere una formazione di base in un’università italiana (almeno a livello di laurea quadriennale o magistrale) sono stati, o sono tuttora, occupati in università o istituzioni italiane. I necessari limiti alla lunghezza del lavoro hanno imposto di trascurare alcuni argomenti. Nella teoria del commercio internazionale non trattiamo i contributi strettamente attribuibili all’analisi della politica commerciale e quelli relativi alle catene globali del valore; per la macroeconomia internazionale il dibattito sulle target zones del tasso di cambio dei primi anni Novanta. |
| By Giuseppe De Arcangelis; Sapienza Università di Roma Attilio Trezzini; Università Roma Tre |
| Presented by: Giuseppe De Arcangelis, Sapienza Università di Roma |
La posizione internazionale dell’Italia: il pensiero degli economisti italiani dal dopoguerra ad oggiAbstractIl lavoro presenta e discute i principali temi di dibattito in Italia relativi al collocamento del paese sui mercati internazionali. Si parte dalle discussioni sulla specializzazione dell’Italia nell’immediato dopoguerra e sui rischi e le opportunità legati all’ingresso nella Comunità Economica Europea. Si presenta poi il dibattito sul ruolo dei vincoli esterni e sulle peculiarità della specializzazione italiana come è andata evolvendosi nella seconda metà del secolo scorso. Nel capitolo viene evidenziato il ruolo centrale in questi dibattiti di una serie di economisti e dei diversi gruppi di studiosi (formali e informali) che hanno lavorato su questi temi, contribuendo anche all’indirizzo di alcune politiche economiche. Dal capitolo emerge l’evoluzione del pensiero degli economisti italiani sulla posizione internazionale dell’Italia, che mostra ancora oggi un certo grado di ecletticità. |
| By Luca De Benedictis; Universitas Mercatorum Lucia Tajoli; Politecnico di Milano |
| Presented by: Luca De Benedictis, Universitas Mercatorum |
La posizione internazionale dell’Italia tra passato e futuro - Moderatore: Lucia TajoliAbstractLa posizione internazionale dell’Italia tra passato e futuro |
| By Lucia Tajoli; Politecnico di Milano |
| Presented by: Enrico Bellino, Università Cattolica del Sacro Cuore |
| Nicola Coniglio, Università di Bari |
| Lelio Iapadre, Università dell'Aquila |
| Session 6: ARMS TRADE, CONFLICT, AND MILITARIZATION: EVIDENCE ON IMPACTS AND ISSUES (with EPS - Economists for Peace and Security) October 23, 2025 8:30 to 9:50 Location: Aula di Calcolo 1 |
| Session Chair: Raul Caruso, Università Cattolica del Sacro Cuore |
Explaining Intra-Industry Trade in Major Conventional Weapons Among EU Countries, 1950 - 2023AbstractThis paper investigates the determinants of intra-industry trade in Major Conventional Weapons (MCWs) among EU countries from 1950 to 2023. It contributes to two strands of literature: the analysis of arms trade determinants (Akerman and Seim, 2014; Bove et al., 2018; Martínez-Zarzoso and Johannsen, 2019; Baronchelli et al., 2022; Baronchelli and Caruso, 2023, 2024) and the literature on intra-industry trade between countries (Grubel and Lloyd, 1975; Egger et al., 2007; Aggarwal and Chakraborty, 2017; Egger et al., 2024). To describe intra-industry trade within the EU, we use SIPRI data on imports and exports of Major MCWs between EU member states. Based on these data, we compute the Grubel-Lloyd Index at the country level. |
| By Adelaide Baronchelli; Università di Torino Raul Caruso; Università Cattolica del Sacro Cuore |
| Presented by: Adelaide Baronchelli, Università di Torino |
Globally Under Pressure: Trade Sanctions, GVC Disruptions, and Technological ShiftsAbstractThis paper examines how global value chain (GVC) participation influences technological change—measured through total factor productivity (TFP)—in the context of economic sanctions. Over the past few decades, globalization has led to deeper integration into international production networks, facilitating the cross-border diffusion of knowledge and technology. At the same time, the global trade environment has become increasingly uncertain due to the rising use of economic sanctions and protectionist measures, which can disrupt international collaboration and market access. Recent empirical studies suggest that such measures can negatively affect innovation, productivity, and knowledge diffusion, particularly in sanctioned countries, or in contexts of restricted market access and reduced international collaboration (Wen et al., 2024; Özdamar & Shahin, 2021). |
| By Anna Balestra; Università Cattolica del Sacro Cuore Maria Cipollina; Università del Molise Silvia Dal Bianco; University College London |
| Presented by: Anna Balestra, Università Cattolica del Sacro Cuore |
ReArm Europe: Economic Implications of Increased Military Expenditure in Major European EconomiesAbstractRecently, the European Commission President Ursula von der Leyen has launched an initiative that aims to significantly enhance Europe’s defence capabilities in response to escalating security threats, particularly from Russia. This plan, called “ReArm Europe”, encourages member countries to boost their military expenditures. In this paper, we empirically quantify the effects of this proposed increase in military expenditure for four major European economies, France, Germany, Italy and the UK. We do so by estimating a Vector Autoregressive (VAR) model for the sample period 1961- 2024. In particular, we estimate the parameters related to the persistence of shocks in military spending and to the different financing mechanisms, which account for the propensity of policymakers to use budget deficits to finance wars. |
| By Marco Lorusso; Università di Perugia Luca Pieroni; Università di Perugia |
| Presented by: Luca Pieroni, Università di Perugia |
Military expenditures and the diversity of trajectories of growth in EuropeAbstractThe dynamic relationships between military expenditures and trajectories of growth are investigated for a group of major European countries from the 1990s to the present. Growth trajectories are identified as a result of the combination of macroeconomic patters – aggregate demand, investment, exports, public expenditures -, structural aspects of economies – sectoral composition, role of manufacturing, technological levels and specialization, etc. – and of public policy priorities – military expenditures vs welfare and environmental expenditures. |
| By Paolo Maranzano; Università di Milano-Bicocca Sara Mombelli; Sapienza Università di Roma Mario Pianta; Scuola Normale Superiore Marco Stamegna; Scuola Normale Superiore |
| Presented by: Marco Stamegna, Scuola Normale Superiore |
| Session 7: ENERGY TRANSITION: A QUANTITATIVE APPROACH (with EFI APS - Energy Finance Italia APS) October 23, 2025 8:30 to 9:50 Location: Aula di Calcolo 2 |
| Session Chair: Fulvio Fontini, Università del Salento |
Not all glitters, but at least it is greenAbstractIn this paper, we use the FTSE Russell Green Revenues 2.0 data model, a quantitative, balance sheet-based metric aligned with the EU Taxonomy, to identify socially responsible investments and build High Green Revenue (GR) and Zero GR stock portfolios within the Climate Policy Relevant Sectors (CPRS) using data from 2013 to 2023. We aim to investigate the greenium, the premium associated with investing in green assets ([1]), by analyzing the performance of High Green Revenues portfolio vs Zero Green revenues, building a Green Minus Brown (GMB) factor. The results show that High GR portfolios outperform their brown counterparts only in some sub-periods, precisely during periods of market instability, but overall we do not find a preference of investors for sustainable investments. The greenium varies within each business sector, highlighting the need for sector-specific considerations.We also evaluate GR-based portfolios according to other environmental, social, and governance (ESG) metrics remarking the need for a unified and trustworthy framework for classifying sustainable investments. |
| By Rita Laura D'Ecclesia; Sapienza Università di Roma Kevyn Stefanelli; Sapienza Università di Roma |
| Presented by: Rita Laura D'Ecclesia, Sapienza Università di Roma |
Optimal Investment and Fair Sharing Rules for Incentives in Virtual Renewable Energy CommunitiesAbstractThis paper examines two interconnected challenges in Renewable Energy Communities (REC) optimization: investment in renewable technologies and equitable sharing of incentives, offered (by a central authority) under the Virtual Framework of self-consumption. Focusing on a REC composed of a household and a biogas producer—common in rural and urban contexts—we analyze how investment decisions and incentive-sharing mechanisms impact community profitability. The household invests in photovoltaic panels to reduce energy purchases and monetize surplus generation, while the biogas producer either converts biogas into electricity or sells it on the gas market. |
| By Almendra Alexandra Awerkin Vargas; Università di Padova Paolo Falbo; Università di Brescia Tiziano Vargiolu; Università di Padova |
| Presented by: Paolo Falbo, Università di Brescia |
Compensation rules in the Italian energy communities: an experimental approach AbstractItalian energy communities operate under a specific regulatory framework that maximizes financial incentives when local energy production matches consumption, promoting self-consumption. However, little data exist on how these communities function in practice. To bridge this gap, we designed a behavioral economics lab experiment using an ultimatum game to analyze how producers and consumers negotiate incentive sharing. We test three treatments: (a) consumers can adjust their consumption to match production, while producers decide whether to maintain or dissolve the community; (b) producers can renegotiate incentive distribution in addition to deciding on community dissolution; and (c) incentives are shared among producers, consumers, and a local NGO. These treatments allow us to examine strategic behavior, cooperation dynamics, and the role of external beneficiaries in energy community stability. Our findings offer new insights into decision-making within energy communities, providing policymakers with evidence on incentive structures that foster engagement and efficiency. |
| By Beatrice Braut; Universita di Genova Valeria Di Cosmo; Università di Torino Attilio Di Sabato; Università di Torino Matteo Migheli; Università di Torino |
| Presented by: Valeria Di Cosmo, Università di Torino |
Power System Portfolio Selection and CO2 Emission Management Under Uncertainty Driven by a DNN-Based Stochastic ModelAbstractA model is proposed to investigate the effects of power generation source diversification and CO2 emission control in the presence of dispatchable fossil fuel sources and non-dispatchable carbon-free renewables. In a stochastic environment in which three random factors are considered, namely fossil fuels (gas and coal) and CO2 prices, we discuss a planning methodology for power system portfolio selection that integrates the nondispatchable renewables available in a given energy system and optimally combines cost, risk and CO2 emissions. By combining the deep neural network probabilistic forecasting of fossil fuel path prices with a geometric Brownian motion model for describing the CO2 price dynamics, we simulate a wide range of plausible market scenarios. Results show that under CO2 price volatility, optimal portfolios shift toward cleaner energy sources, even in the absence of explicit emission targets, highlighting the implicit regulatory power of volatility. The results suggest that incorporating CO2 price volatility through market mechanisms can serve as an effective policy tool for driving decarbonization. Our model offers a flexible and reproducible approach to support policy design in energy planning under uncertainty. |
| By Carlo Mari; Università della Tuscia Carlo Lucheroni; Università di Camerino Nabangshu Sinha; Università di Camerino Emiliano Mari; SYDUS |
| Presented by: Carlo Lucheroni, Università di Camerino |
| Session 8: TEXT MINING AND THE EVOLVING LANDSCAPE OF ECONOMICS (with STOREP - Associazione italiana per la storia dell’economia politica) October 23, 2025 8:30 to 9:50 Location: Sala Consiliare |
| Session Chair: Angela Ambrosino, Università di Torino |
A Not-So-Modest Proposal for Reforming Academic Publishing in EconomicsAbstractEconomics is increasingly fragmented into research programs that deviate from the neoclassical core and intersect with other disciplines. This openness to other disciplines, the increasing specialization, unprecedented availability of data and the applied turn help explain the appearance of new fields, using specialized journals as drivers of their institutionalization. However, the proliferation of such journals could be partially avoided. Economics remains shaped by a rigid hierarchy, especially the dominance of the “top 5” journals in tenure decisions. This hierarchy discourages innovation and leads researchers to create new journals rather than challenging existing ones to embrace novel approaches. As a result, the multiplication of journals reflects power asymmetries that reinforce conservative academic norms. This paper proposes a reform in economics publishing with two key goals: first, to address the influence of the “top 5” and their conservative bias; second, to shift from an author-centered model (“find journals for your article”) to a journal-centered model (“find articles suited to this journal”), emphasizing content and quality. Such a shift could reduce journal proliferation and leverage journals’ potential to structure the discipline through thematic or methodological coherence, better aligning them with the scientific communities they represent. |
| By Alessandro Le Donne; Università di Torino Mario Cedrini; Università di Torino Angela Ambrosino; Università di Torino |
| Presented by: Angela Ambrosino, Università di Torino |
Mapping the Boundaries of Economics: The New Palgrave Dictionary of EconomicsAbstractThis paper examines how specialized encyclopedias shape and reflect the disciplinary boundaries of economics. Encyclopedias are ambitious attempts to synthesize knowledge across diverse fields, offering a valuable but often overlooked perspective on the evolution and fragmentation of disciplines. While previous studies have used citation analysis and topic modeling to trace the history of economics through journal articles and textbooks, encyclopedias provide a complementary vantage point. Using The New Palgrave Dictionary of Economics as a case study, it explores the encyclopedia as a structured representation of economic knowledge, highlighting the ways in which it organizes established ideas and defines the field’s intellectual contours. By analyzing the network of entries — linked through bibliographies and textual similarities — this study maps topic clusters and visualizes the underlying structure of the discipline. This project also lays the groundwork for diachronic analysis of the cognitive organization of economics, comparing two editions that were published twenty years apart (1987-2008). By tracing changes in thematic emphasis and disciplinary boundaries over time, this approach offers insights into the broader intellectual history of economics and its interactions with other fields. |
| By Alberto Bartoccini; Università di Siena Carlo Debernardi; Università di Siena |
| Presented by: Carlo Debernardi, Università di Siena |
Alberto Alesina and the Shaping of Neoliberal Discourse in Italy and the European UnionAbstractThis paper sheds light on the trajectory of neoliberalism by examining the public dissemination of ideas by Alberto Alesina (1957–2020), an Italian economist who played a central role in shaping debates on fiscal policy, governance and cultural economics between the early 1990s and the late 2010s. Building on a previous quantitative analysis of the diffusion of Alesina’s theories across time and space (Brunazzi and Re, under review), we now turn to a qualitative investigation of two sources that served as direct platforms for his political messaging in Italy and Europe: VoxEU Columns [82 entries] and Corriere della Sera [522 entries]. The tone, themes, and shifting references in Alesina’s public writings are used as a lens to examine how neoliberal principles took shape and interacted with key turning points in Italian history—such as the collapse of the First Republic, Italy’s entry into the Eurozone, and the rise of Mario Monti’s government—as well as in broader European contexts, particularly in relation to EU governance and the 2011 sovereign debt crisis. By tracing the evolution of Alesina’s intellectual and political arguments, this paper contributes to a concrete understanding of the rise, consolidation, and decline of the neoliberal paradigm in recent capitalist history. |
| By Gianmaria Brunazzi; Università di Milano Cristina Re; Università di Parma |
| Presented by: Gianmaria Brunazzi, Università di Milano |
| Session 9: APPLIED BEHAVIOURAL AND EXPERIMENTAL ECONOMICS: DECISION-MAKING AND SOCIAL PRACTICES (with CIES - Centro Interuniversitario di Economia Sperimentale) October 23, 2025 8:30 to 9:50 Location: Biblioteca |
| Session Chair: Luigi Senatore, Università di Salerno |
Who Stands Up to Persuade? Voluntary Influencers in Public Support for Pigouvian TaxationAbstractWe examine how voters decide to impose influence on others’ attitudes toward policies in the context of Pigouvian taxation. Data from a controlled laboratory experiment show that people in general are reluctant to stand up to persuade others. Among those who are willing, both tax supporters and objectors are equally likely to volunteer and are equally persuasive. As a result, the overall negative attitude against Pigouvian taxes persists. Additionally, more polarized views rather than information advantage increase the probability to stand up as first voters,irrespective of the direction of those views. These findings offer an explanation and suggestions to address the continuing low public support for social-welfare-enhancing tax policies. |
| By Lingbo Huang; Shandong University Silvia Tiezzi; Università di Siena Erte Xiao; Monash University |
| Presented by: Silvia Tiezzi, Università di Siena |
The S-Shape of Moral SatisfactionAbstractThis paper explores how people get moral satisfaction from their decisions, not just from what those decisions achieve, but from what they mean in terms of personal values. Traditional economic models tend to focus on outcomes (like money earned or resources allocated), but we highlight a second, often overlooked source of utility: the sense of doing the right thing, regardless of the consequences. We propose a model in which people experience a kind of moral premium—similar to the warm glow feeling—when their actions align with their personal normative beliefs. We designed an experiment to examine how this moral premium works, especially in the presence of multiple domains (like environmental concerns, social justice, unequal access to health services, etc). Our findings reveal a potential social cost: when firms promote non-prosocial moral norms to sell a sense of ethical satisfaction, they may inadvertently divert moral attention away from genuinely prosocial actions. |
| By Bianca Sanesi; IMT Lucca Ginevra Del Mastio; IMT Lucca |
| Presented by: Bianca Sanesi, IMT Lucca |
Food Waste with Over-Optimistic HouseholdsAbstractLast available data (UNEP’s report, 2021) points out that the 61% of the million tonnes of wasted food comes from households, confirming that most wastage is concentrated at the final stages of supply chain. A plausible explanation for this empirical evidence could be that households are responsible for such a significant amount of food waste because they overestimate their own food consumption capacity or prospects. This bias leads consumers to mis-forecast their future food usage or overestimate their ability to manage it. In our analysis, we develop a theoretical model of household food waste, highlighting how over-optimism may influence the purchasing choice of households and result in food waste production. The aim is to contribute to the understanding of rationale for wastage, by profiling consumers' attitude to waste food according to their behavioural bias, and by identifying household food waste as an inefficiency in the consumer's decision process. The paper adds a behavioural perspective suggesting that households throw away food as an unintended consequence of systematic deviating from their own preferences along the food consumption process. Understanding the factors affecting food-wasting behaviours at the household level is crucial in order to design policies effective in reducing wastage. |
| By Marisa Faggini; Università di Salerno Maria Grazia Romano; Università di Salerno |
| Presented by: Maria Grazia Romano, Università di Salerno |
Perceived Appropriateness of Sharing in the Dictator Game: the Effect of Framing and Mode of Cognition AbstractThis study aims to explore whether the perceived appropriateness of actions is influenced by details of interaction irrelevant to the decision maker's payoff and, if so, whether it varies based on individual cognitive styles. Perceived appropriateness is measured as Personal (PN), Injunctive (IN), and Descriptive Norm (DN). In an online experiment, participants are divided into three groups and asked to report one of the three norms for three actions of a Dictator Game, under two conditions: Baseline, where the decision maker earns the initial endowment, and Entitlement, where the counterpart earns it. The elicitation of IN and DN is incentivized. Participants also complete a Cognitive Reflection Test. Depending on their performance, they are classified as "Deliberative" or "Intuitive." The study investigates two hypotheses: Whether the distribution of PN, IN, and DN differs between the Baseline and Entitlement conditions. Whether these distributions differ between Intuitive and Deliberative individuals across conditions. |
| By Ennio Bilancini; IMT Lucca Ginevra Del Mastio; IMT Lucca Roberto Di Paolo; Università di Parma Folco Panizza; IMT Lucca |
| Presented by: Ginevra Del Mastio, IMT Lucca |
The Impact of Real-Time Congestion Information on ER Overcrowding: A Theoretical and Experimental StudyAbstractAn urgent issue in the medical sector is emergency room (ER) overcrowding. This study investigates whether providing real-time information on ER congestion affects individuals’ propensity to visit the ER. We develop a model in which individuals, uncertain about their health status, must choose between visiting the ER or a territorial health facility (TH) under different levels of ER congestion. Using an incentivized discrete choice experiment we manipulate information on ER congestion levels in a between-subject design. We find that real-time congestion data increase the overall number of visits compared to the control situation in which congestion levels are unknown. This evidence suggests that when information is available the uncertainty of ER visits decreases. We also test the effect of an alternative policy in which intermediate levels of congestion are equally probable, finding a non-significant effect on the total number of visits compared to the control situation. Additionally, we investigate decisions made on behalf of others in this context. We find that participants are more cautious, visiting the ER more often, when choosing for-others. Finally, while participants show a preference for TH services, this is not driven by moral considerations towards the inappropriate use of ER resources |
| By Sibilla Di Guida; IMT Lucca Bianca Sanesi; IMT Lucca Niccolò Toccafondi; IMT Lucca |
| Presented by: Niccolò Toccafondi, IMT Lucca |
| Session 10: MEASURING AND DISENTANGLING THE IMPACTS OF CULTURAL ACTIVITIES FOR EVIDENCE-BASED POLICIES (with AEC - Associazione per l’Economia della Cultura) October 23, 2025 8:30 to 9:50 Location: Aula Magna |
| Session Chair: Enrico Bertacchini, Università di Torino |
Does Migrants' Consumption of Cultural Goods Impact their Economic Integration? Disclosing the Culture-to-Market PathwayAbstractThe consumption of cultural goods can play a crucial role in the social and economic integration of immigrants into their destination country. In this paper, we investigate the effect of the cultural national program, IoStudio, designed to enhance the consumption of cultural goods-by providing free or discount access-among upper secondary students in Italy, on post-secondary investment in education and early labor market conditions among young immigrants. Using data from a unique survey conducted by the Institute for Multiethnic Studies (ISMU) on a representative sample of the entire immigrant population in the Italian Lombardy region and employing a difference-indifferences estimator, we find that the IoStudio policy has positive effects on investment in post-secondary education. Additionally, young foreigners exposed to the policy exhibit higher earnings, at least in the short run, when they enter the labour market. We claim that cultural consumption by immigrants is a relevant concern, deserving close attention in terms of increasing social capital and labour market inclusion. |
| By Salvatore Carrozzo; Università di Napoli Parthenope Elisabetta Lodigiani; Università di Padova Alessandra Venturini; Università di Torino |
| Presented by: Salvatore Carrozzo, Università di Napoli Parthenope |
Unesco World Heritage List beyond Tourism: Positive and Negative Spillovers in the Case-Study of Vineyard Landscape Langhe and Monferrato AbstractThe present paper aims to analyze whether including a heritage site in the UNESCO World Heritage List (WHL) increases tourism visibility and how these tourism flows interact with the local economy. The study focuses on the Langhe-Roero and Monferrato World Heritage Site (WHS), where 192 municipalities first applied for the WH title in 2012, but only 29 were finally inscribed in 2014. We use a diff-in-diff model to estimate the difference in the tourists’ presence four years before and five years after the inscription, i.e. from 2010 to 2018. The panel fixed-effects econometric models confirms the inscription in the list has brought a significant increase in tourism. The result holds even after controlling for a large number of municipalities’ characteristics and geographical variables, such as the mean distance from a UNESCO municipality and the number of towns closer than 10 km. In addition, we find that the UNESCO label has a positive effect also on the number of companies and workers in the wine industry. This achievement, however, is balanced with a negative effect on other sectors of the economy. Therefore, overall we observe a change in the economy specialization but not an overall increase in companies or workers. |
| By Martina Dattilo; Università di Torino Greta Falavigna; CNR-IRCrES Giovanna Segre; Università di Torino |
| Presented by: Martina Dattilo, Università di Torino |
Measuring Meaning-Making: Validating Gameplay as Cultural Experience for Behavioral ChangeAbstractThis paper addresses a critical gap in behavioral economics and cultural policy: the methodological challenges of validating how gameplay functions as a cultural experience that facilitates behavioral change through meaning-making processes. While games have gained prominence as behavioral intervention tools, current measurement approaches remain predominantly design-deterministic, focusing on system architecture rather than experiential dynamics and underestimating the complex processes through which gameplay experiences translate into sustained behavioral transformation. We propose a multi-method validation approach that integrates: (1) temporal mapping techniques that track experiences across the gameplay-to-replay continuum; (2) meaning transmission measures that capture how interpretations are negotiated and transferred; (3) ecological indicators that assess how gameplay meanings integrate with identity, routines, and cultural practices; and (4) mixed-method triangulation that combines quantitative tracking with qualitative meaning assessment |
| By Tiziano Antognozzi; Università di Chieti-Pescara Alessandro Crociata; Università di Chieti-Pescara Pierluigi Sacco; IULM |
| Presented by: Alessandro Crociata, Università di Chieti-Pescara |
Family type and cultural participation: Evidence from tourists' on-site activitiesAbstractEmbedded culture influences behaviour. We focus on the beliefs regarding what parents should propose children to do and how a family should take decisions, and verify whether they influence the effect of having a child on cultural engagement. We refer to Todd’s classification of European families distinguishing between nuclear families (indulgent parental style) and stem and communitarian families (imposing parental style). We proxy actual family type with the prevalent type in the province of residence. We analyse the visits of Italian tourists recorded by a tourist card in a domestic destination. As there is evidence that children dislike engagement in cultural visits while on holiday, we posit that a more imposing parental style is associated with higher probability to choose at least one cultural visit. Through logistic regression analysis we contrast the choice of couples with those of single-child parents in the three samples of nuclear, communitarian and stem families. Family type matters. Having a child is associated with lower probability to choose a cultural activity in the sample of nuclear families; in that of stem families the presence of a child makes no difference for cultural participation, whereas communitarian families are in between the two other types. |
| By Chiara Dalle Nogare; Università di Brescia Raffaele Scuderi; Università di Enna "Kore" Marianna Siino; Università di Palermo |
| Presented by: Chiara Dalle Nogare, Università di Brescia |
| Session 11: WORKPLACE SAFETY October 23, 2025 8:30 to 9:50 Location: Aula Grande |
| Session Chair: Nunzia Nappo, Università di Napoli Federico II |
The Business Cycle and the Incidence of Workplace Injuries in Italy: Economic Fluctuations, Occupational Risk, and Reporting BehaviorAbstractThis study investigates how macroeconomic fluctuations influence workplace injury rates, addressing inconsistencies in the empirical literature. Prior research suggests that accident incidence—especially for non-fatal injuries—tends to rise during economic booms and fall in recessions, though this pro-cyclical pattern varies by injury severity, industry, and country. A key challenge is distinguishing genuine safety risks from changes in workers’ willingness to report injuries, which may be shaped by labour-market insecurity. To overcome these limitations, we conduct a within-country analysis using high-resolution firm- and province-level data from Italy, thereby holding institutional factors like employment protection and enforcement constant. Our empirical strategy unfolds in three stages. First, we estimate the dynamic effects of provincial unemployment and capacity utilization on fatal and non-fatal accidents. Second, we assess how labour-market insecurity—proxied by contract type ratios and turnover—modulates reporting incentives. Third, we examine whether firm-level safety investments respond to business-cycle shifts. This multi-pronged approach allows us to disentangle reporting behaviour from actual risk conditions. Findings will clarify whether pro-cyclical patterns reflect behavioural distortions or real safety declines, with direct policy implications. We contribute to theory by integrating reporting incentives and firm responses into models of occupational risk, offering a more precise foundation for occupational safety regulation. |
| By Angelo Castaldo; Sapienza Università di Roma Alessia Marrocco; Sapienza Università di Roma Maria Alessandra Antonelli; Sapienza Università di Roma Anna Rita Germani; Sapienza Università di Roma Claudia Nardone; Sapienza Università di Roma Alan Ker; Michigan State University (MSU) |
| Presented by: Alan Ker, Michigan State University (MSU) |
Does the National Innovation System Efficiency Affect Workplace accidents? An empirical analysis in EuropeAbstractThis paper examines the relationship between the efficiency of National Innovation Systems and occupational safety using a holistic approach. In this context, innovation extends beyond the simple introduction of advanced technologies to include their integration and institutionalization within established social frameworks, thereby maximizing their societal benefits. Using a panel dataset of 25 European countries over the time 2010-2019, we employ a two-step methodology. First, we estimate efficiency scores through parametric Stochastic Frontier Analysis. In the second step, we apply alternative panel empirical models for investigating the effect of the efficiency on fatal workplace accident rates, controlling for a range of socio-economic, production system, and institutional factors. Our findings indicate that more efficient National Innovation Systems are correlated with lower fatal accident rates, thereby supporting the hypothesis that countries with more effective innovation systems are better suited to adopt and implement technologies and practices that enhance workplace safety. The novelty of this analysis lies in the integration of empirical methods by which we incorporate the technological environment into the investigation of workplace accidents. |
| By Maria Alessandra Antonelli; Sapienza Università di Roma Alessia Marrocco; Sapienza Università di Roma Angelo Castaldo; Sapienza Università di Roma |
| Presented by: Angelo Castaldo, Sapienza Università di Roma |
Back to work too early after an occupational accident. Disparities according to gender and to migrant status in ItalyAbstractThis paper investigates days of compensation after an accident at work in Italy. It employs open administrative data provided by the Istituto Nazionale Assicurazione contro gli Infortuni sul Lavoro (Italian national institute for insurance against accidents at work). Two stage estimation and unconditional quantile regression with fixed effects were implemented. The main findings of the empirical investigation show that being non-EU citizens implies a negative and highly significant effect on the recovery days required. |
| By Giuseppe Lubrano Lavadera; Link Campus University Nunzia Nappo; Università di Napoli Federico II |
| Presented by: Nunzia Nappo, Università di Napoli Federico II |
| Session 12: Tutorial Commissione di Genere SIE: "Stereotypes in academic careers & what to do about them", Marina Della Giusta (Università di Torino) October 23, 2025 9:30 to 11:50 Location: Aula 5 |
| Session 13: IN RICORDO DI DOMENICO MARIO NUTI October 23, 2025 10:00 to 11:20 Location: Aula 7 |
| Session Chair: Milica Uvalic, Istituto Universitario Europeo |
In ricordo di Domenico Mario Nuti. Collected Works of Domenico Mario Nuti, An OverviewAbstractMario Nuti was a major intellectual voice in economics and his writings have been influential for over fifty years. After he retired in 2010, he remained present in the academic community in various ways, including his Blog “Transition” where he regularly commented on topical issues or exchanged views with colleagues. The selection of his most important works has been published in two volumes in 2023 (Springer), prepared and edited by Saul Estrin and Milica Uvalic. These volumes contain Mario’s papers in five thematic parts: Socialist economic systems, Transition to a market economy, Evolution of economic systems, Economic democracy, and East-West integration and globalization. This Overview is mainly based on the forewords, written with Saul Estrin, that introduce each of the five sections. |
| By Milica Uvalic; Istituto Universitario Europeo |
| Presented by: Milica Uvalic, Istituto Universitario Europeo |
Immaginare il Socialismo Utopico: Intuizioni dagli scritti di Domenico Mario NutiAbstractDomenico Mario Nuti ha scritto ampiamente sul tema del ‘Socialismo’. I suoi lavori in gran parte raccolti nei suoi ‘Collected Works’ spaziano dagli studi sul ciclo economico incoraggiati da Kalecki, a lavori sulla crescita economica e sui sistemi economici comparati, alla transizione dei paesi dell’Europa centrorientale verso l’economia di mercato, ai temi della democrazia economica. Contrariamente alla ”archiviazione” del socialismo, Mario prevede una sua rinascita guidata da sfide globali quali disuguaglianza, cambiamento climatico e instabilità politica e sociale dell'Unione Europea. A suo avviso il capitalismo non è in grado di risolvere offrire soluzioni sostenibili a questi problemi che, se non fronteggiati, finiranno per avere conseguenze sociali e politiche devastanti. Sebbene pensasse ad una nuova proposta socialista distinta dai modelli sovietici, cinesi o jugoslavi, Mario non ha mai descritto in dettaglio la sua visione. L’unico tentativo è reperibile solamente in un contributo presentato a Varsavia nel 2018 e mai pubblicato nella versione completa. Questo articolo esamina gli elementi principali della sua critica ai modelli socialisti del Novecento e propone uno schizzo del modello socialista utopico di Mario, a partire da alcuni dei suoi lavori sul tema, nonché su scambi di idee e corrispondenza personale. |
| By Renzo Daviddi; European Union |
| Presented by: Renzo Daviddi, European Union |
Mario Nuti, economista rigorosamente eclettico AbstractMario Nuti disse di sè che si considerava un economista eclettico onnivoro. Scopo di questo intervento è, dopo aver ragionato sull'eclettismo in economia, chiarire il significato di questa espressione e cercarne tracce nei suoi scritti. |
| By Maurizio Franzini; Sapienza Università di Roma |
| Presented by: Maurizio Franzini, Sapienza Università di Roma |
Mario Nuti e la crisi delle economie socialisteAbstractSi analizzano i contributi di Mario Nuti sulla crisi delle economie socialiste sottolineando da un lato il realismo e la profondità delle sue analisi e al tempo stesso la sua coerente visione di un possibile futuro del socialismo. |
| By Ugo Pagano; Università di Siena |
| Presented by: Ugo Pagano, Università di Siena |
| Session 14: VISITINPS 1 October 23, 2025 10:00 to 11:20 Location: Aula 9 |
| Session Chair: Maria De Paola, INPS e Università della Calabria |
The Heterogeneous Consequences of Reduced Labor Costs on Firm ProductivityAbstractWe document how a reduction in labor costs led to heterogeneous effects on the total factor productivity (TFP) of manufacturing firms. Leveraging an Italian labor legislation reform and unique institutional features of the local collective bargaining system, we show that such effects vary along the TFP distribution. Relative to the counterfactual, TFP markedly declines on the left tail, which we explain via selection mechanisms; on the right, TFP mildly increases as firms are able to expand and reallocate their workforce. To guide the evaluation of welfare implications, we develop a general equilibrium model featuring firm selection and frictions in input markets. |
| By Francesco Del Prato; Aarhus University Paolo Zacchia; CERGE-EI Prague |
| Presented by: Paolo Zacchia, CERGE-EI Prague |
‘Based on admin data!’: how administrative data fosters young economists’ careerAbstractThis paper examines whether access to administrative data mitigates or reinforces inequalities in academic careers. We study the VisitINPS program, which grants researchers access to rich administrative records, and construct a longitudinal dataset covering the quasi-universe of applicants. Using a Two-Way Fixed Effects model complemented by a Regression Discontinuity Design, we find that administrative data access improves research visibility and career progression but does not increase overall publication volume. However, these gains are unequal and our findings suggest that administrative data access may magnify, rather than reduce, existing disparities in the academic economics community. |
| By Anthony Lepinteur; University of Luxembourg Roberto Nistico'; Università di Napoli Federico II |
| Presented by: Roberto Nistico', Università di Napoli Federico II |
Gender Norms and Parental LeaveAbstractThis paper examines the role of gender norms in mothers’ parental leave decisions combining matched employer-employee data and granular Facebook-based measures of gender norms across Italian municipalities. Surprisingly, mothers from gender-conservative areas take shorter parental leave than those from progressive towns, even when working in the same firm or commuting zone. We show that this effect is driven by positive selection into the labor force among conservative women and differences in informal care availability. Comparing similarly productive mothers, we find that traditional gender norms do not affect leave duration for low-productivity mothers but significantly increase leave for high-productivity mothers from conservative areas. We interpret these findings through a model of mother’s career and childcare choices with endogenous norms: when gender norms are salient, high-career mothers take longer leave to reduce guilt from deviating from traditional roles, potentially hindering career progressions and exacerbating child penalties. These results highlight the importance of gender norms in policy evaluation and design. |
| By Luisa Carrer; ESCP Business School Lorenzo De Masi; Banca d'Italia |
| Presented by: Lorenzo De Masi, Banca d'Italia |
The gender gap in employment protection: the role of fertility and statistical discriminationAbstractThis paper exploits rich administrative linked employer-employee data on Italy to analyze the relationship between temporary employment and fertility. The paper provides three main results. First, we document a robust gender gap in permanent contracts, even after controlling for experience, occupation, and local labor market segregation. Second, we estimate a negative effect of temporary contracts on fertility, by using OLS and IV strategies, which aim at accounting for endogeneity issues. Third, we show that the importance of having a permanent contract for fertility choices also affects the likelihood of having a permanent contract for both men and women, with women being even more penalized; we argue that this differential effect may be due to statistical discrimination. |
| By Ylenia Brilli; Università Ca' Foscari di Venezia Bernardo Fanfani; Università di Torino Daniela Piazzalunga; Università di Trento |
| Presented by: Daniela Piazzalunga, Università di Trento |
| Session 15: LA LEZIONE DI EZIO TARANTELLI A QUARANT'ANNI DALLA SCOMPARSA October 23, 2025 10:00 to 11:20 Location: Aula Piccagli |
| Session Chairs: |
| Leonello Tronti, Università Roma Tre |
| Stefano Lucarelli, Università di Bergamo |
Ezio Tarantelli e la Banca d’ItaliaAbstractIl lavoro ripercorre il rapporto di Ezio Tarantelli con la Banca d’Italia, prima in qualità di dipendete e poi di consulente. L’analisi dei documenti di archivio consente di ricostruire lo stretto rapporto dell’economista con il Servizio Studi e con i vertici dell’Istituto e come questo si intrecci con lo sviluppo dell’analisi dell’economista, improntata alla comprensione profonda dei problemi alla base delle difficoltà incontrate nel processo di stabilizzazione dell’inflazione, in una stagione segnata da profondi conflitti sociali. Il materiale inedito restituisce l’immagine viva di un economista che pur impegnato a favore del lavoro, non esita a proporre con chiarezza soluzioni coraggiose e non convenzionali nel periodo storico che ha vissuto. |
| By Federico Barbiellini Amidei; Banca d'Italia Eleonora Costantino; Banca d'Italia Matteo Gomellini; Banca d'Italia Roberto Torrini; Banca d'Italia |
| Presented by: Roberto Torrini, Banca d'Italia |
Spirali inflazionistiche e politica dei redditi: le idee di Tarantelli e il mondo attualeAbstractIl saggio riesamina le idee di Ezio Tarantelli in materia di spirali inflazionistiche (salari-prezzi e salari-salari) ponendole in relazione con il dibattito attuale sulle cause non monetarie dell’inflazione. Nella prima parte del lavoro, analizziamo i meccanismi socio-economici che, secondo Tarantelli, favoriscono l’innesco dell’inflazione e i modi per disinnescare questi meccanismi attraverso misure appropriate di politica economica capace di contemperare il mantenimento di un livello elevato e stabile di occupazione con un contenimento dell’inflazione e degli squilibri esterni. In quest’ottica, particolare attenzione è dedicata alla politica dei salari e dei redditi a all’approccio neo-corporativo immaginato da Taratelli. Nella seconda parte del lavoro, muovendo dal riconoscimento delle profonde differenze fra il contesto socio-economico attuale e quello nel quale hanno preso forma le idee di Tarantelli, cerchiamo di definire gli ambiti nei quali queste idee sono ancora attuali e con esse l’idea di società e di giustizia distributiva da cui traggono ispirazione. |
| By Paolo Paesani; Università di Roma Tor Vergata |
| Presented by: Paolo Paesani, Università di Roma Tor Vergata |
La contrattazione collettiva in Italia negli ultimi venticinque anni: evidenze dall’archivio di Banca d’Italia sui CCNL maggiormente rappresentativiAbstractL’analisi delle retribuzioni contrattuali è un elemento cardine nelle valutazioni a supporto delle decisioni di politica monetaria poiché questi dati offrono una rappresentazione accurata delle dinamiche salariali, grazie alla tempestività con cui sono rilasciati e all’assenza di distorsioni dovute a effetti di composizione dell’occupazione. Questo lavoro descrive l’assetto della contrattazione collettiva nazionale in Italia e, utilizzando un archivio della Banca d’Italia che ricostruisce la storia dei 50 CCNL più rappresentativi, illustra le principali dinamiche delle retribuzioni contrattuali dal 2000 al 2024. |
| By Giulia Bovini; Banca d'Italia |
| Presented by: Giulia Bovini, Banca d'Italia |
Le determinanti istituzionali dell’inflazione: una rilettura di Economia Politica del Lavoro di Ezio TarantelliAbstractEzio Tarantelli fu uno dei primi economisti italiani a far uso dell’econometria per sostenere le proprie tesi. Il suo scopo fu quello di dimostrare come l’inflazione fosse anche determinata da fattori istituzionali e, quindi, dal grado di neocorporatismo. Nel libro “Economia Politica del Lavoro” egli dovette far fronte all’inesistenza di misure oggettive per misurare il grado di neocorporatismo dei Paesi oggetto della sua analisi. Pertanto decise di studiare autonomamente le caratteristiche istituzionali dei Paesi appartenenti al campione (Australia, Austria, Belgio, Canada, Danimarca, Finlandia, Francia, Germania, Giappone, Italia, Norvegia, Nuova Zelanda, Paesi Bassi, Regno unito, Stati Uniti, Svezia) e di assegnare in modo soggettivo una valutazione ad ognuna delle tre dimensioni del neocorporatismo da lui definite. Inoltre stabilì che le valutazioni fossero costanti per tutto il periodo di riferimento. In questo contributo replicheremo il lavoro empirico di Tarantelli, lo estenderemo poi con dati AIAS per catturare il grado di neocorporatismo nel periodo 1969-2011. In tal modo viene ribadita una delle tesi principali di Taranrelli: “in presenza di un sistema di relazioni industriali centralizzate, una politica dei redditi neokeynesiana è una scelta ottimale per la difesa del livello di occupazione e il raggiungimento di un qualche grado di stabilità dei prezzi.”. |
| By Elia Cavallo; Università di Bergamo Stefano Lucarelli; Università di Bergamo |
| Presented by: Stefano Lucarelli, Università di Bergamo |
| Session 16: LE POTENZIALITA' ANALITICHE DELL'ESTENSIONE TERRITORIALE DEI CONTI SATELLITI DEL SISTEMA DEI CONTI ECONOMICI SEC2010: I CONTI SATELLITI REGIONALI SU TURISMO, CULTURA E AGROALIMENTARE October 23, 2025 10:00 to 11:20 Location: Aula di Calcolo 1 |
| Session Chairs: |
| Sabrina Iommi, IRPET |
| Renato Paniccià, IRPET |
Il Conto Satellite del Turismo per la Toscana: risultati al 2019 e prime stime al 2023AbstractIl Conto satellite del turismo (Cst) è un estensione del sistema di Conti Nazionali /regionali specifico per il meta-settore del turismo, pensato per esaminarlo in un quadro coerente con i conti nazionali e regionali e stimarne al meglio i principali aggregati macroeconomici, in modo comparabile a livello nazionale e internazionale. Tale strumento appare particolarmente appropriato per una regione come la Toscana tra le più turistiche al mondo, che nel 2019 si posizionava al 12° posto in termini di presenze turistiche nella classifica delle regioni d’Europa e che nel 2023 aveva già recuperato i flussi antecedenti la pandemia. Dal 2012 Irpet ha messo a punto una metodologia coerente e robusta per la stima del Conto Satellite del Turismo a livello regionale, raffinata e evolutasi nel tempo in coerenza con lo sviluppo del Conto Satellite Nazionale a cura di Istat. Il prodotto che presentiamo è quello relativo al CST per la Toscana per l’anno 2019 con proiezioni di stima del consumo e dell’impatto del turismo sul Pil regionale al 2023 e un dettaglio sub-regionale. I risultati sono d’interesse e testimoniano la crescente rilevanza del fenomeno turistico e in particolare di alcuni suoi prodotti per l’economia toscana. |
| By Enrico Conti; IRPET |
| Presented by: Enrico Conti, IRPET |
Il Conto Satellite della Cultura (CSC) per la Toscana: impostazione metodologica e prime stime al 2019AbstractI settori culturali giocano un ruolo duplice nei sistemi economici, da un alto sono attività produttive con un loro contributo in termini di creazione di opportunità di lavoro e reddito, in particolare connesse alla formazione e al tempo libero, dall’altro agiscono come leve di attivazione di altri settori. In particolare, essi interagiscono positivamente con le attività legate al turismo, essendo uno dei principali fattori di attrazione dei flussi di visitatori, e contribuiscono ad alimentare quel sottofondo di creatività che stimola l’innovazione in molti altri settori, anche più spiccatamente manifatturieri. Nonostante l’importanza della loro funzione, non è semplice ricostruirli nella loro interezza, anche perché basati su un caratteristico mix fra soggetti pubblici, privati e non profit. In assenza di linee guida ufficiali e di un modello nazionale di riferimento, ma nel rispetto delle indicazioni derivanti dal progetto ESS-net Culture di Eurostat e in coerenza con i conti economici nazionali, IRPET ha ricostruito contabilmente l’ambito culturale con un approccio dal lato dell’offerta e bottom-up. Le prime stime, relative all’anno 2019, consentono di assegnare valori economici comparabili, in termini di occupazione e valore aggiunto, ai diversi settori culturali. |
| By Sabrina Iommi; IRPET |
| Presented by: Sabrina Iommi, IRPET |
Un framework multi-livello per l’analisi dei sistemi agro-alimentari regionali italiani: un’applicazione sul granoAbstractIn questo studio presentiamo un framework di analisi multi-livello che ricostruisce le catene del valore attivate, direttamente e indirettamente, dai consumi alimentari delle regioni italiane e ne valuta l’esposizione a diversi tipi di rischio. Questo approccio integra una tabella interregionale Supply and Use con: i) un conto satellite alimentare che disaggrega prodotti/settori agricoli e industriali, ii) informazioni spaziali sulle coltivazioni iii) dati a livello di impresa. Oltre al framework di analisi, lo studio presenta un caso di studio delle filiere del grano duro e del grano tenero. Il grano è, infatti, un prodotto di base della dieta mediterranea e ha caratteristiche che ne rendono difficile la sostituzione, soprattutto per la trasformazione industriale. Inoltre, pur essendo un cereale con elevata resistenza alla siccità e adatto a diverse condizioni agro-climatiche, vari studi dimostrano che gli effetti del cambiamento climatico potrebbero avere delle conseguenze sulla produzione, soprattutto nelle regioni più calde. Inoltre, eventuali crisi geopolitiche e un maggiore ricorso a politiche protezionistiche potrebbero ulteriormente ridurre l’offerta a livello globale. Dopo aver ricostruito la struttura e la geografia delle filiere in Italia, utilizziamo la metodologia multilivello per analizzare gli effetti a cascata lungo la catena di approvvigionamento alimentare e per valutarne la vulnerabilità agli shock. |
| By Sara Turchetti; IRPET Tommaso Ferraresi; IRPET |
| Presented by: Tommaso Ferraresi, IRPET |
The Satellite Accounts in the multiregional/multisectoral modelling: the case of the Tourism Satellite AccountAbstractSatellite accounts are a crucial accounting tool because they allow for a systemic analysis, consistent with the SEC2010 economic accounts system, of phenomena that cut across productive and institutional sectors (e.g., tourism, culture, healthcare) or that involve interactions with physical flows (NAMEA). This methodological robustness significantly enhances analytical contributions when introduced into multiregional and multisectoral quantitative analysis models. It enables the quantification of causal relationships that would otherwise be hidden in the models' original aggregation. |
| By Renato Paniccià; IRPET |
| Presented by: Renato Paniccià, IRPET |
| Session 17: POLICY EVALUATION - ITALY I October 23, 2025 10:00 to 11:20 Location: Sala Consiliare |
| Session Chair: Francesco Silvestri, Università di Modena e Reggio Emilia |
10 Years On: has Italy’s Inner Areas Strategy Paid Off?AbstractThis paper evaluates the impact of Italy’s National Strategy for Inner Areas (SNAI), a place-based policy launched in 2014 to counteract demographic and economic decline in peripheral areas. Using a staggered difference-in-differences approach on detailed municipal-level data, we find no evidence of population growth, consistent with the typically long timeframe required for demographic changes to manifest. In contrast, we observe a significant increase in local business density in treated municipalities, with no corresponding effects on employment and housing prices. Notably, municipalities with higher administrative capacity are more successful in attracting funding and exhibit stronger positive impacts, highlighting the critical role of governance quality in shaping policy outcomes. Geographical disparities emerge, with stronger economic effects observed in Central and Northern Italy. |
| By Michele Mariani; Banca d'Italia |
| Presented by: Michele Mariani, Banca d'Italia |
PNRR and Territorial Fragility: An Empirical Analysis on the Resources Allocation in the Italian MunicipalitiesAbstractIn 2021, the Italian Government issued the Piano Nazionale di Ripresa e Resilienza (PNRR), designed by EU to face the economic territorial structural fragilities. This study analyses the effectiveness of PNRR in responding to territorial criticalities, focusing on the role of Italian municipalities in the design and implementation of measures. The correlation between the level of territorial criticality and the implementation of funded projects is assessed, verifying whether the Plan meets the needs of the most fragile areas. The analysis focuses on municipal participation in the Plan's missions. The level of territorial criticality is measured through the Municipal Fragility Index (IFC) from Istat for the years 2018, 2019, and 2021. The empirical analysis relies on a regression model where the number of projects for each PNRR mission is correlated with territorial criticality. To correct biases related to the non-random selection of participation in the projects, Heckman sample selection techniques (1979) are employed. The work evaluates whether the allocation of PNRR resources is effectively aimed at countering territorial fragilities, such as the administrative capacity of municipalities. Results contribute to the debate on the effectiveness of recovery policies in reducing territorial disparities, thus improving the design and implementation of future interventions. |
| By Clio Ciaschini; Università Politecnica delle Marche Barbara Ermini; Università Politecnica delle Marche Fabio Fiorillo; Università Politecnica delle Marche |
| Presented by: Clio Ciaschini, Università Politecnica delle Marche |
Administrative Capacity and Public Funding Attraction: Insights from Local Authorities in Emilia-Romagna (Italy)AbstractAdministrative capacity is key for local municipalities that are searching for external additional funding. In particular, an adequate number of employees and managers - who are critical for developing administrative capacity - is fundamental to attracting resources. This study examines the role of administrative capacity in relation to the ability of local municipalities in the Emilia-Romagna region (Italy) to attract funds from the National Recovery and Resilience Plan (NRRP). By using a mixed-methods approach, we found that the availability of personnel is positively associated with municipalities’ performance in accessing competitive funding; however, the personnel’s qualification does not seem relevant |
| By Giuseppe Lucio Gaeta; Università di Napoli L'Orientale Stefano Ghinoi; University of Helsinki Francesco Silvestri; Università di Modena e Reggio Emilia |
| Presented by: Francesco Silvestri, Università di Modena e Reggio Emilia |
| Session 18: GREEN FINANCE October 23, 2025 10:00 to 11:20 Location: Aula di Calcolo 2 |
| Session Chair: Giulio Guarini, Università della Tuscia |
The Price of Clean Air? Assessing the Impact of London’s Ultra Low Emission Zone on Housing Markets at the Output Area LevelAbstractThis study examines the impact of London’s Ultra Low Emission Zone (ULEZ) on residential housing markets using high-resolution data at the Output Area (OA) level. Introduced in phases from 2019 to 2023, the ULEZ aims to curb vehicle emissions in urban areas. Leveraging geocoded property listing data from the Rightmove platform and applying a difference-in-differences econometric strategy, the research assesses whether and to what extent environmental regulations are capitalized into property sale and rental prices. Preliminary findings indicate a moderate increase in housing prices within regulated zones, particularly in central neighborhoods, following the ULEZ’s implementation. However, rental markets show less immediate responsiveness. The study also considers spatial equity implications, noting potential regressive impacts on lower-income households and the risk of gentrification. By quantifying localized effects, the analysis contributes to the broader discussion on the intersection of environmental sustainability and housing affordability, offering empirical insights into how urban climate policies may reshape housing dynamics and raise critical questions about the distributional consequences of clean air initiatives. |
| By Chiara Baggetta; Università di Genova Gianluca Cerruti; Università di Genova Marta Santagata; Università di Genova Alessio Sardo; Università di Genova |
| Presented by: Marta Santagata, Università di Genova |
Green Securitizations as Financial Tools for the Transition: A Macro AB-SFC PerspectiveAbstractDespite substantial investor interest in green assets, current investment flows remain insufficient to meet global climate objectives. This study examines green securitization as a financial innovation that may bridge this gap by aggregating and de-risking sustainable projects through tradable asset-backed securities (ABSs). Using Agent-Based Stock-Flow Consistent (AB-SFC) models extended to incorporate differentiated green and conventional investment categories, this research simulates macro-financial dynamics under securitization scenarios. The model captures firms' investment decisions based on environmental preferences and relative funding costs. Results confirm that securitization increases lending capacity by freeing bank balance sheet space, leading to higher green and conventional loan volumes and corresponding increases in green investment. ABS production generates lower unemployment rates compared to scenarios without securitization. However, significant trade-offs emerge: securitization contributes to greater income inequality, evidenced by higher Gini coefficients, and may reduce monetary policy effectiveness while exacerbating inflationary pressures. Findings demonstrate that differentiated securitization markets can boost green investment but simultaneously introduce financial stability risks and worsen distributional outcomes. Green securitization emerges not as a silver bullet but as one lever within a comprehensive toolkit for financing an orderly green transition, requiring careful integration with complementary sustainable finance instruments or policies. |
| By Hadi Prasojo; IUSS Pavia e Università dell'Insubria |
| Presented by: Hadi Prasojo, IUSS Pavia e Università dell'Insubria |
Firm Financial Constraints of the “Twin Transition”AbstractExploiting unique firm-level information from the EIBIS dataset over the period 2018-2023, this study investigates how exposure to financial constraints and access to external finance responds to firms' engaging in a "green only", a "digital only" or a "twin, green-and-digital" investment strategy. Our main results document that firms pursuing a twin investment strategy experience lower financial constraints and easier access to finance. These findings are corroborated by a series of extended analysis and robustness checks, including alternative measures of green investments, different types of finance and alternative definitions of financial constraints. We also document interesting heterogeneity by firm size, age, sector of activity and exposure to climate risks: the beneficial effects of the twin investment strategy on financial constraints and access to finance, are particularly strong for larger, older, manufacturing and exposed-to-climate-risk firms. |
| By Gianluca Biggi; Scuola Superiore Sant'Anna Pisa Andrea Mina; Scuola Superiore Sant'Anna Pisa Federico Tamagni; Scuola Superiore Sant'Anna Pisa |
| Presented by: Gianluca Biggi, Scuola Superiore Sant'Anna Pisa |
Debt Release Strategy for Sustainable Human DevelopmentAbstractWe explore the intersection of foreign debt in poor and emerging countries and global climate challenges, proposing a comprehensive strategy to promote both financial and ecological debt sustainability. We sketch the main characteristics of a debt for sustainable development conversion scheme involving multiple stakeholders, including international development banks, private sector actors pursuing net-zero targets, and local communities. Under this scheme, debt relief would be conditional upon investments in renewable energy projects and sustainability initiatives in debtor countries. A main advantage of this scheme over the alternative of unconditional debt relief accompanied by lender subsidized green finance is that the former has features that are mutually beneficial for the counterparts easing the participation constraint of the lender, preventing green moral hazard of the borrower and increasing efficiency in emission reduction. We as well show that related climate investments could reduce global carbon emissions, promote local economic resilience, and address energy poverty. |
| By Leonardo Becchetti; Università di Roma Tor Vergata Giulio Guarini; Università della Tuscia Phoebe Koundouri; Athens University of Economics and Business |
| Presented by: Giulio Guarini, Università della Tuscia |
| Session 19: POLITICA ECONOMICA DELLA NUOVA DESTRA: UNA COMPARAZIONE INTERNAZIONALE (with AENL - Associazione degli Economisti di Lingua Neolatina) October 23, 2025 10:00 to 11:20 Location: Aula 8 |
| Session Chair: Gioacchino Garofoli, Università dell'Insubria e AENL |
La Nuova Destra tra Europa e America: il caso Milei come modello esportabileAbstractLa politica economica della nuova destra in Argentina |
| By Jorge Carrera; Universidad La Plata |
| Presented by: Jorge Carrera, Universidad La Plata |
L'economia politica della democrazia di fronte alla (nuova) destra (Portogallo, 1974-2025)AbstractLa política economica della nuova destra in Portogallo |
| By José Reis; Universidade de Coimbra |
| Presented by: José Reis, Universidade de Coimbra |
La politica economica della nuova destra negli altri paesi europei AbstractLa politica economica della nuova destra negli altri paesi europei |
| By Gioacchino Garofoli; Università dell'Insubria e AENL |
| Presented by: Gioacchino Garofoli, Università dell'Insubria e AENL |
| Session 20: EMERGENZA CLIMATICA E TRANSIZIONE GREEN (sponsored by Fondazione Perugia) October 23, 2025 10:00 to 11:20 Location: Aula Grande |
| Session Chair: Maria Chiara D'Errico, Università di Perugia |
Native-borns and migrants do not contribute equally to domestic CO2 emissionsAbstractThis paper investigates Italian youngsters’ attitudes towards hydrotreated vegetable oils (HVO), a second-generation biofuel made from renewable sources such as non-food crops and waste. HVO offers lower emissions but faces issues like limited scalability, geopolitical dependence, and energy colonialism. Italy, which is highly motorized but with low domestic production, imports most HVO feedstock, raising sustainability concerns. While HVO aligns with EU goals of 55% greenhouse gases (GHG) reduction by 2030, its role is controversial given the upcoming 2035 internal combustion engine ban. Despite promotional emphasis on environmental benefits, social and geopolitical implications remain under-communicated. |
| By Carlo Andrea Bollino; Università di Perugia Marzio Galeotti; Università di Milano |
| Presented by: Carlo Andrea Bollino, Università di Perugia |
Air pollution and mortality in European regions and cities: the effects of Smart Cities projectsAbstractIn recent years, urban sustainability initiatives have gained increasing attention as regions and cities seek to mitigate environmental degradation and improve public health. In this paper, we analyze the connection between the concentration of air pollutants, such as particulate matter (PM 2.5), nitrogen dioxide (NO2) and ozone (O₃), and mortality in European regions and cities. We then analyze the potential impact of Smart Cities projects on the evolution of air pollution concentration across European cities. |
| By Alessia Casamassima; European University Institute David Castells-Quintana; Universitat Autonoma de Barcelona Enza Simeone; Università di Torino |
| Presented by: Enza Simeone, Università di Torino |
Economic Complexity and Carbon Efficiency: Comparison between Europe and Middle-EastAbstractThis study examines how multidimensional economic complexity influences carbon efficiency in 47 countries (34 European, 13 Middle Eastern) between 2000 and 2019. First, we measure Total Factor Carbon Productivity (TFCP) using the Global Malmquist-Luenberger Index within a Data Envelopment Analysis framework, which accounts for both GDP and carbon emissions. Then, we analyse TFCP dynamics through economic complexity with a two-step Difference GMM estimator, supported by various robustness tests. |
| By Maria Chiara D'Errico; Università di Perugia Paolo Polinori; Università di Perugia Ghazal Shahpari; Università di Perugia |
| Presented by: Ghazal Shahpari, Università di Perugia |
Assessing the Progress and Causal Effects of Italy’s NRRP: An Efficiency AnalysisAbstractThe Covid-19 pandemic-induced recession and inflation highlighted the need for strategic political and economic planning. The EU Commission’s Recovery and Resilience Facility (RRF) and NextGeneration EU (NGEU) represent the largest stimulus package in history to address such emergencies. Italy, heavily impacted by these events, translated NGEU targets into the National Recovery and Resilience Plan (NRRP), aiming to boost the economy, revitalize industry, and advance digital and green transitions. This study evaluates the NRRP’s performance and efficiency so far. |
| By Maria Chiara D'Errico; Università di Perugia Tommaso Bechini; Università di Perugia |
| Presented by: Tommaso Bechini, Università di Perugia |
Beyond the environmental benefits of biofuels: a discrete choice experiment on HVO adoption in ItalyAbstractThis paper investigates Italian youngsters’ attitudes towards hydrotreated vegetable oils (HVO), a second-generation biofuel made from renewable sources such as non-food crops and waste. HVO offers lower emissions but faces issues like limited scalability, geopolitical dependence, and energy colonialism. Italy, which is highly motorized but with low domestic production, imports most HVO feedstock, raising sustainability concerns. While HVO aligns with EU goals of 55% greenhouse gases (GHG) reduction by 2030, its role is controversial given the upcoming 2035 internal combustion engine ban. |
| By Davide Ricci Focaia; Università di Perugia e IUSS Luca Mariani; Università di Perugia Paolo Polinori; Università di Perugia Simona Bigerna; Università di Perugia Alberto Longo; Queen's University Belfast |
| Presented by: Davide Ricci Focaia, Università di Perugia e IUSS |
Butts off the shores: testing green nudges to reduce cigarette litter at Lake TrasimenoAbstractCigarette butts pose significant environmental threats, despite public awareness of the environmental damage caused by their improper disposal remains limited. This issue is particularly pressing in Umbria, the Italian region with the highest percentage of smokers, where cigarette littering contributes to serious ecosystem damages. Aiming to find a non-coercive alternative to traditional waste reduction policies, this study involves a field experiment involving green nudges that encourage proper disposal of cigarette butts in water ecosystems. |
| By Luca Mariani; Università di Perugia Davide Ricci Focaia; Università di Perugia e IUSS Aron Pazzaglia; Università di Perugia Paolo Polinori; Università di Perugia Beatrice Castellani; Università di Perugia e CIRIAF |
| Presented by: Luca Mariani, Università di Perugia |
| Session 21: WAR, TRADE AND TECHNOLOGY: THEORY, EMPIRICS AND POLICY October 23, 2025 10:00 to 11:20 Location: Aula Magna |
| Session Chair: Mario Pianta, Scuola Normale Superiore |
Digital technologies: civilian vs. military trajectoriesAbstractThe article examines the evolution of the current technological paradigm, based on digital technologies, considering the interaction between civilian and military trajectories, with a focus on the US case. Building on an original political economy framework, the activities of corporations and the industrial and technology policies of the US government are examined. The evolution of digital technologies and the rise of major US corporations - Alphabet, Amazon, Apple, Meta, Microsoft – is investigated, showing that their platform business model is characterised by monopoly power, management of Big Data and major capabilities of control, surveillance and targeting. A civilian trajectory – with large commercial markets and a novel reach in several areas of social activities - has dominated the rise of digital technologies. |
| By Dario Guarascio; Sapienza Università di Roma Mario Pianta; Scuola Normale Superiore |
| Presented by: Mario Pianta, Scuola Normale Superiore |
Macroeconomic Effects of Government Defense and Non-Defense R&DAbstractWe use narrative R&D appropriation shocks to investigate the transmission mechanism of government R&D.We document that a non-defense R&D shock boosts innovation, the stock market and labor productivity while prices decrease. We show that NASA’s R&D contracting during the Space Race contributes to our results, with effects concentrated in transportation, electrical and computer equipment, and even more persistent in business services. In contrast, a defense R&D shock leads to mixed effects on innovation and labor productivity and, as a military news shock, generates a hump-shaped increase in defense equipment sector production. These results are robust in the post-Korea sample. Our findings on the macroeconomic transmission mechanism of non-defense R&D are consistent with theoretical models with endogenous productivity mechanisms and learning by doing. |
| By Andrea Recine; Sapienza Università di Roma Massimiliano Tancioni; Sapienza Università di Roma |
| Presented by: Andrea Recine, Sapienza Università di Roma |
Can strategic dependencies harm the acceleration towards net-zero transitions? The case of lithium-ion battery industryAbstractAchieving net-zero targets is increasingly urgent, but it is challenged by global conflicts, technological rivalries, and supply chain tensions. The lithium-ion battery (LIB) industry is central to this transition, supporting electric mobility and renewable energy deployment. Yet, rising dependencies and tensions complicate access to technologies and components. This paper aims to: (i) identify the LIB segments in which bottlenecks and dependencies are stronger; (ii) map countries’ positioning by addressing both technological and production competitiveness; (iii) discuss how the implementation of a balanced policy mix could overcome technological, productive, and geopolitical obstacles. Building on the analytical framework proposed by Caravella et al. (2024), we integrate detailed trade (BACI-UNComtrade) and patent (OECD Regpat) data through text analysis and expert validation. We identify 27 product-technology combinations constituting the LIB supply chain. The analysis shows that new incumbents have emerged (e.g., China), others have weakened (e.g., EU and US), and concentration has increased in most segments. China has established itself as the main production leader, covering 60% of global LIB exports in 2022. The locus of innovation has shifted from the US and Japan to South Korea and China. Overall, our findings reveal significant dependency across the LIB value chain. |
| By Dario Guarascio; Sapienza Università di Roma Nicolò Geri; Sapienza Università di Roma Francesco Crespi; Università Roma Tre Enrico Marvasi; Università Roma Tre |
| Presented by: Francesco Crespi, Università Roma Tre |
Investigating the Effects of Fiscal Stimulus: Military vs. Non-Military SpendingAbstractThe existing literature on government spending shocks has predominantly relied on military expenditure as an instrument to identify exogenous fiscal policy. However, this strategy may obscure the potentially heterogeneous effects of different components of public spending. The aim of this analysis is to identify and compare the distinct macroeconomic impacts of military and aggregate government expenditure shocks. To this end, we exploit a large information set and apply machine learning techniques to address key methodological challenges in the identification of fiscal policy shocks. In particular, our approach enables us to disentangle both anticipated and unanticipated government spending shocks across different components of expenditure. This allows us to evaluate how these shocks affect the economy in different ways and to uncover important underlying transmission mechanisms. Our findings suggest that aggregate and anticipated spending shocks tend to generate more persistent and expansionary effects compared to military and unanticipated ones. This result is crucial, as it highlights the importance of accounting for heterogeneity in the macroeconomic effects of public spending. Therefore, assuming that fiscal multipliers associated with military expenditure are equivalent to—or even stronger than—those of aggregate government spending may lead to misleading policy conclusions. |
| By Benedetta Bossola; Sapienza Università di Roma Milos Ciganovic; Sapienza Università di Roma Massimiliano Tancioni; Sapienza Università di Roma |
| Presented by: Benedetta Bossola, Sapienza Università di Roma |
| Session 22: GOVERNMENT I October 23, 2025 10:00 to 11:20 Location: Biblioteca |
| Session Chair: Damiano Fiorillo, Università di Napoli Parthenope |
Trust Returns Trust: Gender Inclusiveness and Human Capital Investment in Trusting Government’s Handling of COVID-19 PandemicAbstractThis paper aims to examine impact of human capital investment and gender inclusiveness on trust in government’s handling the Coronavirus disease 2019 (COVID-19 hereafter) using data from the European Social Survey (2020—2022). It also deals with potential endogeneity between education and trust in government effectiveness by the Two-Stage Residual Inclusion approach. The findings from the logit model indicate that men with complete years of education have a higher probability of trust in government than women. But highly educated women trust more in the government’s handling of COVID-19 than men. Whereas men and women with the accessibility of the internet and education show equivalent levels of trust in government. Results remain robust with alternative models for vaccinated people, citizenship, birthplace, and employment status. This study proposes human capital investment in education, particularly among women, in achieving efficient implications of government policies in a state of emergency and global crisis. |
| By Humaira Kamal Pasha; Paris School of Business |
| Presented by: Humaira Kamal Pasha, Paris School of Business |
Female Representation and Budget Forecast ErrorsAbstractThis study investigates how increased female representation in Italian municipal governments affects budget forecast errors. Leveraging Law 56/2014, which introduced gender quotas in municipalities with more than 3,000 residents, we employ an instrumental variable approach to address endogeneity issues. Our findings indicate that a one percentage point increase in the share of female politicians results in a 1.27 percent reduction in expenditure forecast errors, particularly in gender-relevant spending areas. Moreover, greater female representation improves the accuracy of revenue forecasts by 1 percent. We also explore potential heterogeneity based on the gender composition of the two main municipal governing bodies, the gender of the mayor, and whether the mayor is subject to binding term limits. The effect is more pronounced in municipalities located in economically disadvantaged areas and is associated with higher educational levels among elected officials, particularly aldermen. Overall, the results suggest that female politicians enhance fiscal discipline and transparency, leading to more accurate budget forecasts, especially in areas with weaker institutional frameworks. |
| By Marco Alberto De Benedetto; Università della Calabria Pasquale Giacobbe; Università della Calabria Andrea Mosca; Università di Bergamo |
| Presented by: Andrea Mosca, Università di Bergamo |
Trust in municipal government. Does it matter for waste recycling behavior in Italy?AbstractThis paper broadens the literature on institutional trust by investigating the role of trust in municipal governments in waste recycling behavior. Using data from Italian National Statistical Office, Aspects of Daily Life survey, from 2018-2021 years, we study the role of individual’s trust in municipal governments on (household) waste recycling behaviors using non-linear regressions techniques and robustness analysis. The findings show that trust in municipal government has a positive correlation with waste recycling behavior. Trust in other public institutions, such as European parliament, Italian parliament and regional government, is never statistically significant. The association is stronger for the regions of Northern Italy than for the regions of Central and Southern Italy and for the years preceding the Covid 19 pandemic than years of the pandemic. Perceived quality of municipal public services displays always positive correlation with waste recycling behavior. |
| By Maria Carmela Aprile; Università di Napoli Parthenope Damiano Fiorillo; Università di Napoli Parthenope |
| Presented by: Damiano Fiorillo, Università di Napoli Parthenope |
| Session 23: VISITINPS 2 October 23, 2025 11:30 to 12:50 Location: Aula 9 |
| Session Chair: Monica Paiella, INPS e Università di Napoli Parthenope |
Earnings ability over the lifecycleAbstractAssessing how individual productivity evolves over the life cycle is a crucial question in an aging society. Answering this question faces substantial challenges stemming from the measurement of individual productivity. Our approach extends the canonical AKM model of wage determination to allow person effects to vary as a worker’s age. Age-varying measures of earnings ability unveil heterogeneous career trajectories, with highly productive workers sorting to higher-paying employers in the starting stage of their career and moving to different firms to a lesser extent thereafter. Individual productivity is at least partly match-specific, since it is significantly decreased by labour market shocks such as job loss. This result is particularly pronounced for high-productivity workers, despite their ability to minimise the penalties in employer pay after job loss. |
| By Andrea Albanese; LISER Lorenzo Cappellari; Università Cattolica del Sacro Cuore Milano Marco Ovidi; Università Cattolica del Sacro Cuore Milano |
| Presented by: Marco Ovidi, Università Cattolica del Sacro Cuore Milano |
Long-term working career dynamics and contribution accumulation in the Italian NDC pension system: empirical evidence and policy implicationAbstractExploiting VisitINPS archives, we investigate the entire individuals’ labour market histories from the entry year in the labour market up to 2021. Our aim is, thus, to compare across cohorts the evolution of labour market careers over time in Italy. In more detail, distinguishing individuals by entry cohorts and focusing on those entered from 1996 – which are enrolled in the new NDC pension system – we focus on the various possible drivers of unsuccessful career and low pension accumulation – i.e. low earnings, non-standard contractual arrangements, periods spent without actual or notional contributions –, comparing across cohorts and by individuals’ characteristics (e.g., gender, region and province of birth and residence, prevalent occupation, sector and type of activity) a series of long-term indicators about the success of their career: e.g. number of years spent in law pay, extent of periods in unemployment, low pension contribution accumulation. |
| By Michele Raitano; Sapienza Università di Roma Francesca Subioli; Università Roma Tre |
| Presented by: Michele Raitano, Sapienza Università di Roma |
Assessing the redistributive properties of the Italian public pension systemAbstractThis paper investigates the redistributive aspects of the Italian pension system. Using rich, population-wide administrative data from the INPS archives, we document that the median replacement rate at retirement is approximately 77% for men and 71% for women. A rank-rank analysis reveals that individuals ending their labor market careers in the bottom 30% of the labor income distribution tend to improve their relative position upon retirement. This upward shift is observed for both men and women. However, in the upper 60% of the labor income distribution, individuals tend to experience a relatively uniform decline in rank, rather than a steeper drop among top earners. These findings suggest that the Italian pension system provides moderate redistribution, primarily benefiting lower earners without sharply penalizing those at the top. |
| By Koray Aktas; Università Ca' Foscari di Venezia Danilo Cavapozzi; Università Ca' Foscari di Venezia Monica Paiella; INPS e Università di Napoli Parthenope |
| Presented by: Koray Aktas, Università Ca' Foscari di Venezia |
Taxing top incomes in Public AdministrationAbstractTaxing top incomes in Public Administration |
| By Daniele Checchi; Università di Milano Francesco Figari; Università del Piemonte Orientale Carlo Fiorio; Università di Milano |
| Presented by: Carlo Fiorio, Università di Milano |
| Session 24: AGRICULTURAL AND RESOURCE ECONOMICS October 23, 2025 11:30 to 12:50 Location: Aula 7 |
| Session Chair: Cristina Vaquero Pineiro, Università Roma Tre |
Is the stabilization of farm income still a relevant issue in Europe?AbstractAgricultural households in the EU face heightened income instability due to climate shifts, market volatility, and policy uncertainties, which exacerbate economic vulnerabilities in rural communities. Analyzing EU-SILC data (2012–2021) across Bulgaria, Spain, France, Italy, Portugal, Romania, and Slovakia, this study employs regression models to quantify income variability. Results reveal that agricultural households in certain countries experience greater income fluctuations than non-agricultural ones, with a U-shaped relationship: initial income growth reduces variability, but prolonged exposure amplifies earnings instability. Despite EU rural development policies, farmers grapple with rising energy costs, bureaucratic barriers, and uneven access to funds. These challenges underscore the need for targeted risk-management tools and adaptable support mechanisms to enhance resilience. The findings advocate for policies addressing sector-specific disparities, ensuring alignment with sustainability goals while stabilizing rural economies. By bridging income gaps and mitigating systemic risks, these measures could strengthen the agricultural sector’s role in sustaining vital rural areas, providing policymakers and stakeholders with actionable insights. |
| By Luigi Biagini; Università della Tuscia Chiara Grazini; Università della Tuscia Simone Severini; Università della Tuscia |
| Presented by: Luigi Biagini, Università della Tuscia |
The Biological and Economic Impact of the European Maritime and Fisheries Fund (EMFF): A Multi-input Multi-output ApproachAbstractThe evaluation of the impact of fishery funds has been largely confined to ex post quantitative data analysis based on the absorption capability of funds at country level (Ballesteros et al. 2018, MRAG, 2013; Guillen et al.2019; European Union, 2017a; European Union, 2017b; European Union, 2017c). In this empirical investigation, we have utilised a dataset on biological variables recently made available by the EU Commission (Osio et al. 2018). This dataset comprises a comprehensive compilation of stock assessment results for commercially exploited marine populations in the Mediterranean Sea. The availability of such time series of biological indicators has enabled us to incorporate a significant indicator of the level of fish stock overexploitation. The economic effects of European Funds have already been researched through a multi-output, multi-input transformation function approach. Significant previous findings of this approach indicate that European Cohesion Policy tends to generate heterogeneous effects at sectorial and regional level (Coppola et al. 2023; Coppola et al. 2024). Nevertheless, to the best of the authors' knowledge, this is the first analysis of both the economic and biological impacts of the European Maritime and Fisheries Fund. |
| By Gianluigi Coppola; Università di Salerno Monica Gambino; CNR ISMed Sergio Destefanis; Università di Salerno |
| Presented by: Gianluigi Coppola, Università di Salerno |
Impact of Trade and Oceanographic Indicators on Marina Resource ExtractionAbstractThis study investigates the influence of international trade and oceanographic variables on worldwide marine fisheries capture production, a sector increasingly under ecological and economic pressures. Notwithstanding a persistent decrease in sustainable fisheries stocks since the 1970s, global capture production statistics from the Food and Agriculture Organization (FAO) indicate relative stability since the late 1980s, resulting in an apparent paradox. The study employs a balanced panel dataset from 78 countries covering the years 1996 to 2017, utilizing fixed effects and instrumental variable regressions to examine this inconsistency. Empirical evidence demonstrates that a 1% increase in fishery exports and fishing effort considerably elevates capture production by 0.18% and 0.41%, respectively. Conversely, a 0.1 unit rise in the Marine Trophic Index (MTI), signifying enhanced ocean health, leads to an 8.4% decrease in capture production, revealing that ecological recovery is inversely related to extraction rates. Instrumental variable regression, accounting for endogeneity, corroborates these findings, highlighting the adverse effects of trade and fishing pressures on marine ecosystems. The findings underscore the essential requirements for efficient resource management, sustainable fishing techniques, the removal of detrimental subsidies, promoting governmental interventions to reconcile economic advantages with ecological sustainability. |
| By Chaitanya Khurana; Indian Institute of Management, Indore |
| Presented by: Chaitanya Khurana, Indian Institute of Management, Indore |
The sustainability of agri-food systems: is organic production part of the solution?AbstractThis study investigates how European environmental policies, such as higher organic production targets, might affect the economic and environmental sustainability of production systems. Existing literature is quite controversial, and conclusions mainly depend on the variables under analysis. While organic farmers account for lower yields increasing the demand for land use and, potentially, the overall GHG emissions, consumers are required to pay higher prices, driven by higher production costs and certification premium pricing. The analysis is based on an extension of the Simplified International Model of Agricultural Prices, Land Use, and Environment (SIMPLE) partial equilibrium model. Specifically, we start by incorporating a distinction between organic and conventional production within the model and, later, singling out Italy as a new distinct region. We project socio-economic and emission outcomes in response to the 25% of organic farmland by 2030 fixed by the EU Farm to Fork strategy in Italy. Results indicate that even though crop production is projected to increase, and emissions to reduce, crop prices to raise, land use to slightly increase and non-land input demands under conventional agriculture to increase. The findings underscore the need for complementary policies and coordinated action plans to balance economic and environmental sustainability. |
| By María Laura Ojeda; UBA-CONICET e Università Roma Tre Exequiel Romero Gomez; UBA-CONICET Luca Salvatici; Università Roma Tre Cristina Vaquero Pineiro; Università Roma Tre |
| Presented by: Cristina Vaquero Pineiro, Università Roma Tre |
| Session 25: BOOSTING POLAND'S ECONOMY: PRODUCTIVITY, THE GREEN TRANSITION, AND EUROPEAN POLICY (with PTE - Polish Economic Society)
October 23, 2025 11:30 to 12:50 Location: Biblioteca |
| Session Chair: Marco Cucculelli, Università Politecnica delle Marche |
Productivity Convergence and Economic Growth: the Case of PolandAbstractProductivity Convergence and Economic Growth: the Case of Poland |
| By Aleksander Surdej; Krakow University of Economics |
| Presented by: Aleksander Surdej, Krakow University of Economics |
Accelerating the Green Transition Toward Net-Zero by 2050AbstractAccelerating the Green Transition Toward Net-Zero by 2050 |
| By Maria Urbaniec; Krakow University of Economics |
| Presented by: Maria Urbaniec, Krakow University of Economics |
Resilience and Integration through Innovation Policy. The case of PolandAbstractResilience and Integration through Innovation Policy. The case of Poland |
| By Joanna Garlińska-Bielawska; Krakow University of Economics Sebastian Bobowski; Wroclaw University of Economics and Business |
| Presented by: Joanna Garlińska-Bielawska, Krakow University of Economics |
| Session 26: CRIME AND CORRUPTION I October 23, 2025 11:30 to 12:50 Location: Aula Piccagli |
| Session Chair: Valentina Chiariello, Saint Camillus University |
Judicial Administration and Business Spillovers: The Spatial Impact of Anti-Mafia Measures in Southern ItalyAbstractThis analysis examines the indirect effects of a mafia firm’s entry into receivership on neighboring firms (within a 10-km radius) operating in the same macro sector. Judicial administration is an intervention aimed at disrupting links between the mafia and the legal economy without altering market competition. Through an event study and dynamic diff-in-diff applied to a panel of 46,254 firms in Southern Italy, observed from 2006 to 2023, we find a decline in revenues (-2.24 percent per unit of treatment) and employment (-2.05 percent per unit of treatment) in the first three years after the measure. These results highlight how criminal organizations not only infiltrate the legal economy but also become an integral part of it, profoundly affecting the stability and functioning of the local market. |
| By Vincenzo Sessa; Università di Salerno |
| Presented by: Vincenzo Sessa, Università di Salerno |
Forgiveness and crime dynamics: Empirical insights from the Catholic Jubilee Year customAbstractThis paper will focus on investigating behavioral implications of the Catholic foremost religious event, called a Jubilee Year, on crimes levels. During the celebration, a massive remission of sins is offered to Catholics, raising an interesting question of whether more, fewer, or the same amount of crimes will be committed in the time-proximity to the event occurrence. The study to be conducted by performing a conditional analysis on a longitudinal data set on European countries criminal activities count, recorded around the Great Jubilee of 2000 celebration, where predominantly Catholic countries to be considered under the treatment of the event and the rest of the countries in the sample to serve as a control group. The results of the empirical study on the event's impacts on crimes levels show that Catholics committed less crimes during the event celebration. Moreover, the impacts of the event diminish as the proportion of Catholics within the target populations decreases. |
| By Yulia Neleptchenko; University of Haifa |
| Presented by: Yulia Neleptchenko, University of Haifa |
Mafia NetworksAbstractWe propose a novel methodology to examine the impact of organise crime infiltration in the legal economy on the performance of firms. We trace the ownership structures of confiscated to compile a network of interconnected entities, both people and firms. This allows us to reconstruct the broader network of all firms linked to confiscated. It also provides a comprehensive framework for analysing the spillover effects of OCG infiltration on the economic performance and the interdependencies within the network. In addition, it allows to observe how different nodes of the link react if infiltrations are detected by judicial authorities through anti-mafia policies. |
| By Adriano Amati; Università Cà Foscari di Venezia Monica Billio; Università Cà Foscari di Venezia Marco Di Cataldo; Università Cà Foscari di Venezia Giovanni Mastrobuoni; Università di Torino e Collegio Carlo Alberto |
| Presented by: Marco Di Cataldo, Università Cà Foscari di Venezia |
An Unholy Alliance: The Relationship Between Organized Crime and CorruptionAbstractIn this study, we investigate the long-run relationship between organized crime and corruption using data from 20 Italian regions over 30 years. As Rose-Ackerman and Palifka (2018) argue, corruption and organized crime often go together. Organized crime dominates illegal businesses, but it may also infiltrate legal businesses to gain monopoly profits and launder illicit profits. Large-scale illegal businesses or mafia infiltration of legal activities are both likely to have a corrupting influence on government, including law enforcement and border control, and to distort the use of public funds. Our study contributes to the literature in several ways in terms of empirical methodology and specification. We take into account integration and cointegration properties of the data and estimate the cointegrating relationship between organized crime and corruption using Fully Modified Ordinary Least Squares, following Pedroni (2000). We find that organized crime indeed has a corrupting influence on government. |
| By Valentina Chiariello; Saint Camillus University Oguzhan Dincer; Illinois State University |
| Presented by: Valentina Chiariello, Saint Camillus University |
| Session 27: CLIMATE CHANGE I October 23, 2025 11:30 to 12:50 Location: Aula di Calcolo 1 |
| Session Chair: Eleonora Rubichi, Università di Torino |
Heat and work-related injuries: How temperature measurement affects outcomesAbstractClimate change is producing significant transformations in the labor market, intensifying inequalities due to its heterogeneous effects. This paper proposes an empirical analysis for Italy on the causal relationship between high temperatures and work-related injuries, at the provincial and daily levels, for the period 2014-2022, by exploiting within-country local variation. Our analysis is the first to compare the estimated effects of heat on injuries at the workplace using, besides air temperature, two other meteorological indicators that are comprehensive human heat stress indexes not applied yet in economics: the wet-bulb globe temperature (WBGT) and the universal thermal climate index (UTCI). Our findings confirm that higher temperatures significantly increase the risk of work-related injuries, with coefficients rising across temperature thresholds and varying by indicator and worker characteristics. The study finds that results vary depending on the temperature indicator used, with greater sensitivity observed at moderate-risk temperatures rather than extremes, where indicators align more closely. Our findings suggest the need for advanced climatic metrics and detailed analyses to better assess heat stress effects on workplace safety, particularly in climate-vulnerable regions like Italy. |
| By Edoardo Santoni; Università di Modena e Reggio Emilia Margherita Scarlato; Università Roma Tre Nicolò Barbieri; Università di Ferrara Caterina Conigliani; Università Roma Tre |
| Presented by: Edoardo Santoni, Università di Modena e Reggio Emilia |
Temperature Forecasts and Shocks to Energy PricesAbstractThis paper challenges the standard assumption of no contemporaneous feedback between temperatures and the economy when data are observed at a higher frequency. Using a unique dataset of retrospective temperature records in Europe, we show that the short-range temperature forecast error is the only temperature shock that is not Granger-caused by prices, suggesting that this is the appropriate measure for assessing temperature effects. We argue that this finding underlies the role of temperature in shaping price expectations, particularly in commodity markets. We substantiate this claim by showing odd effects of anticipated temperature changes and temperature surprises, while also highlighting demand-side implications that characterize the response on the European gas market. |
| By Alessandro Franconi; Università di Pavia Francesco Lucidi; Università di Napoli Federico II Marta Maria Pisa; Sapienza Università di Roma |
| Presented by: Francesco Lucidi, Università di Napoli Federico II |
Road to Net Zero: Carbon Policy and Redistributional Dynamics in the Green TransitionAbstractThis paper explores the macroeconomic and distributional impacts of the European Union’s transition to net zero emissions, focusing on carbon pricing and compensation policies. Using an Environmental Dynamic Stochastic General Equilibrium (E-DSGE) model that incorporates household heterogeneity and distinguishes between energy and non-energy sectors, the study examines the effects of both short-term shock and long-term transition. Carbon tax revenues are redistributed either as direct household transfers or as subsidies to green firms (both labor and price subsidies). In the short run, a carbon tax shock generates inflationary pressures and a contraction in output. Subsidies to green firms, while achieving the highest emission reductions, tend to exacerbate the consumption gap between households. Over the long run, a gradually increasing carbon tax drives the economy toward zero emissions. The policy remains inflationary over the medium term; however, as rational agents anticipate future income reductions, they adjust their energy demand, which partially dampens the supply-side impact. In this context, direct transfers effectively reduce income inequality, whereas firm subsidies increase the consumption gap while offering broader macroeconomic stabilization. The analysis is extended to scenarios incorporating expectation errors, flexible prices and exogenous growth in green technology. |
| By Alessandro Sardone; Halle Institute for Economic Research (IWH) |
| Presented by: Alessandro Sardone, Halle Institute for Economic Research (IWH) |
Navigating Climate Risks: Investor Perceptions and Green InnovationAbstractThis study investigates on how Climate Change influences company innovation strategy, with particular attention to the role of process innovation. While existing literature links environmental pressure to firms’ innovation capacity, less is known about how climate risk shapes the direction of innovation and what are the dynamics that bring companies to change their strategies. We use climate exposure measures provided by \cite{Sautner:2023} to proxy climate pressure, patent data as a measure of innovation and the vertical integration scores from the Fresard-Hoberg-Phillips data library to investigate how climate risk perception propagates through corporate networks. We find that companies, in response to climate risk pressure, decrease the overall production of new technologies, but increase the production of green ones and, more importantly, tend to adapt their production methods with process-related innovations, especially when the risk come from the upstream side of the value chain. |
| By Eleonora Rubichi; Università di Torino |
| Presented by: Eleonora Rubichi, Università di Torino |
| Session 28: NATURAL DISASTERS I October 23, 2025 11:30 to 12:50 Location: Aula di Calcolo 2 |
| Session Chair: Marco Modica, Gran Sasso Science Institute |
Estimating the effects of drought on agricultural outcomes in the EU. A multidimensional perspective AbstractRegional agricultural sectors are highly vulnerable to the impacts of drought, leading to considerable economic losses across Europe every year. To address this challenge, it is crucial to gain a comprehensive understanding of how drought conditions affect crop productivity, enabling better decision-making and planning. This study examines the effects of drought on crop yields and farm incomes at the FADN regional level using an econometric approach. The analysis provide an assessment of both the marginal and average effects of drought on agricultural yields and income. The analysis evaluates the impact of drought by considering its severity and timing. The primary objective of this research is to enhance understanding of the risks posed by drought events within the European agri-food system, adopting a multidimensional perspective. This study represents the first comprehensive effort to quantify the effects of drought across the entire EU. Additionally, it includes an in-depth analysis of both the marginal and average impacts of drought on agricultural productivity and economic outcomes. |
| By Andrea Pronti; Università Cattolica del Sacro Cuore Milano Edoardo Baldoni; Joint Research Centre, European Commission Dolores Rey-Vicario; Joint Research Centre, European Commission Dimitrios Kremmydas; Joint Research Centre, European Commission Pascal Tillie; Joint Research Centre, European Commission |
| Presented by: Andrea Pronti, Università Cattolica del Sacro Cuore Milano |
Shifting Ground: A Counterfactual Analysis of Recovery in Earthquake-Affected RegionsAbstractDisasters disrupt socio-economic systems unevenly, and their spatial impacts are often derived from pre-existing territorial vulnerabilities. Given this evidence, this paper investigates the spatial dimensions of post-disaster recovery by analysing the housing market in the aftermath of the 2009 L’Aquila earthquake. We propose an innovative two-stage methodology that combines the Synthetic Control Method (SCM) and Diff-in-Diff (DiD) to evaluate recovery trajectories across six spatial categories, underlining spatial heterogeneity in recovery dynamics. The results reveal significant variation in the recovery patterns, with independent municipalities performing better than urban hamlets. By introducing this novel counterfactual approach, this study underscores the importance of fine-grained spatial analysis for post-disaster policy design. These findings have significant implications for resilience planning and the development of targeted recovery strategies. |
| By Giulio Breglia; Gran Sasso Science Institute Marco Modica; Gran Sasso Science Institute |
| Presented by: Giulio Breglia, Gran Sasso Science Institute |
Managing Natural Catastrophic Risks: an Appraisal of New Italian Compulsory Corporate Insurance SystemAbstractThe increase in the frequency and severity of extreme natural events requires a reflection on the capacity of economic systems to absorb and manage damage. In this context, natural catastrophe insurance (Nat-Cat) is an essential ex ante management tool, capable of reducing the financial burden on public finances and encouraging preventive behavior. Italy has one of the largest disaster insurance gaps in Europe, despite its high exposure to seismic and hydrogeological risks. The recent introduction of an insurance obligation for businesses (Law No. 213/2023) represents an attempt to fill this gap by transferring part of the risk to the private sector. This study analyses the regulatory design of the new regime and assesses its potential effectiveness through an ex ante simulation. The results indicate that the impact on the reduction of the Protection Gap Score can be significant only in the presence of broad adoption and adequate incentives. The reform marks an important step, but requires complementary measures to foster compliance, encourage prevention and integrate insurance coverage into a broader risk management strategy. |
| By Benedetta Coluccia; Università Pegaso Marta Infantino; Università di Trieste Donatella Porrini; Università del Salento |
| Presented by: Benedetta Coluccia, Università Pegaso |
The Durability of Civic Participation: the Effect of Natural Disasters on Community ResilienceAbstractAs the number of extreme natural events rapidly increases, it becomes increasingly important to better understand the processes that make communities more resilient. As it is by now well documented that social cohesion and social capital are positively related to recovery rates, what remains to be better investigated is their durability across time, as well as the impact that exogenous disastrous events have on civic participation. Focusing on six flooding events in England, the paper adopts a dynamic difference-in-differences (DiD) approach over a ten-year time span (2005-2015). Results show that civic participation is positively impacted after a natural disaster. |
| By Lorenzo Biferale; Università di Chieti-Pescara Maria Giovanna Brandano; Gran Sasso Science Institute Marco Modica; Gran Sasso Science Institute |
| Presented by: Marco Modica, Gran Sasso Science Institute |
| Session 29: POLICY EVALUATION - ITALY II October 23, 2025 11:30 to 12:50 Location: Sala Consiliare |
| Session Chair: Lia Pacelli, Università di Torino |
Unintended Consequences of a Pension Reform: Labor Supply Changes Among Daughters of Extended-Career MothersAbstractLeveraging the differential impact of a recent and unexpected Italian pension reform that raised the age requirements for accessing retirement benefits, this study analyzes the probability of working as well as the wage and employment dynamics of young women whose mothers were directly affected by the reform. The analysis is based on extensive Italian administrative data, and the results indicate that women whose mothers were impacted by the sudden increase in retirement age from 60 to 64 years work less and earn lower wages, particularly among those with low levels of education and income. |
| By Bianca Balsimelli Ghelli; Università di Modena e Reggio Emilia Michele Raitano; Sapienza Università di Roma |
| Presented by: Bianca Balsimelli Ghelli, Università di Modena e Reggio Emilia |
Do Protected Areas Foster Local Development? Evidence from Italy’s Inner AreasAbstractThis study investigates the causal effect of protected areas on local income in Italian municipalities located in inner areas, as defined by the National Strategy for Inner Areas (SNAI). Using a generalized Difference-in-Differences approach with continuous treatment, we exploit variation in the share of municipal land covered by protected areas. The model includes municipal and year fixed effects, and controls for institutional quality, cohesion fund allocation, and tourism infrastructure. Results show a robust, positive, and statistically significant relationship: a one standard deviation increase in protected area coverage is associated with a 0.6%–0.8% increase in per capita income. Heterogeneity analyses by SNAI classification and type of protected area confirm the findings. The study highlights how protected areas can contribute to local development in Italy’s inner municipalities. |
| By Carmela Ciccarelli; Università della Calabria Luigi Mastronardi; Università del Molise |
| Presented by: Carmela Ciccarelli, Università della Calabria |
The Effect of the End of Hiring Incentives on Job and Employment SecurityAbstractWe analyse the long-run impact of hiring subsidies on job and employment security. The subsidy we examine was introduced in Italy through the 2015 Budget Law, with the goal of promoting open-ended contracts through generous SSC rebates. We employ a non-linear difference-in-differences (NL-DiD) approach within a duration framework, using highfrequency, population-wide linked employer-employee administrative data from a large Italian region. Causal results on job security indicate that the protective effect of the subsidy (i.e., a lower hazard of termination compared to comparable unsubsidized workers) is short-lived. Excess separations from subsidized jobs peak in the exact month when the monetary incentive expires. Regarding employment security, no long-term protective effect of the subsidy is observed. These results hold across a wide range of worker and firm characteristics, showing surprisingly little heterogeneity. A notable exception is firm size: subsidized workers hired by small firms experience lower security and higher excess separations, at least in the short term. Furthermore, the expiration of subsidies disproportionately affects workers with low human capital. Our findings suggest that hiring subsidies are not effective in promoting either job or employment security for beneficiaries, which raises questions about the efficacy of this common and costly policy, particularly when offered unconditionally. |
| By Chiara Ardito; Joint Research Centre of the European Commission Fabio Berton; Joint Research Centre of the European Commission Lia Pacelli; Università di Torino Marina Zanatta; Università di Torino |
| Presented by: Lia Pacelli, Università di Torino |
| Session 30: PRODUCTIVITY October 23, 2025 11:30 to 12:50 Location: Aula Magna |
| Session Chair: Federico Tamagni, Scuola Superiore Sant'Anna Pisa |
The Role of Industrial Policy in Shaping Productivity Dynamics in the EUAbstractEurope’s industrial landscape has evolved due to technological progress, globalization, and climate change. Yet, over the last decade, the EU has lagged behind global competitors like the U.S. and China, particularly concerning innovativeness and productivity growth. Recent reports highlight challenges in competitiveness, strategic autonomy, and economic security, alongside the need to address regional disparities and finance the digital and green transitions (Draghi, 2023; Letta, 2024; European Commission, 2025). In response to these pressures, EU industrial policy has evolved from a largely horizontal approach focused on fiscal incentives to a more interventionist strategy aimed at directly strengthening productive capacities in key sectors (Guarascio et al., 2025; Kleimann et al., 2023; Veugelers et al., 2024). |
| By Dario Guarascio; Sapienza Università di Roma Jelena Reljic; Sapienza Università di Roma Francesco Zezza; Sapienza Università di Roma |
| Presented by: Francesco Zezza, Sapienza Università di Roma |
Open sourcing, labour productivity, and the moderating role of R&DAbstractThe adoption of open-sourcing strategies is not done in a vacuum. Firms embark on such pursuits if they can rely upon a context of like-minded, innovative firms with which to openly connect and reciprocally learn, via a network of publications in high-tech areas. The role of open-sourcing in spurring labour productivity results from successful innovation policies, especially for companies with very high R&D. A company with publications’ stock above its sector average could be considered a proxy of open-sourcing ”propensity”. Exploring the world Corporate Top R&D Investors JRC/OECD COR&DIP© database, we show that open-sourcing propensity positively and impacts firms’ labor productivity for those firms with higher R&D investments, controlling for unobserved heterogeneity. This result supports the theory highlighting the dual role -direct and indirect- of R&D, which we find extremely relevant within the innovation policies debate. The paper proposes a methodological innovation compared to Hausman-Taylor-type estimators separating exogenous and endogenous variables. We show that this provision can be relaxed, and identification can be achieved by relying on the milder assumption of an homogeneous correlation over time between the individual effects and the time-varying variables (TIVs). Monte Carlo experiments show that identification of the effect of TIVs is achieved. |
| By Laura Magazzini; Scuola Superiore Sant'Anna Pisa Randolph Bruno; Università Cattolica del Sacro Cuore di Milano Sara Amoroso; DIW Berlin |
| Presented by: Randolph Bruno, Università Cattolica del Sacro Cuore di Milano |
Training and productivity in micro-firmsAbstractThis paper examines the effect of training on productivity of micro-firms, usually defined in official statistics as firms with less than 10 employees. This is an understudied topic, mainly due to difficulties in previous literature to analyse micro-firms separately from the wider group of small or small-medium enterprises. While a careful consideration of the specificities of micro-businesses would suggest that training may even be detrimental to productivity of this category of firms, the received wisdom that training fosters their productivity, largely based on studies dealing with larger firms, has remained un-tested. Exploiting a unique administrative panel dataset covering about 21,000 micro-firms located in three Italian regions, we address whether micro-firms that invest in training enjoy a productivity premium vis-a-vis micro-firms that do not. Our estimates of the ATE of training, controlling for firm fixed-effects and endogeneity via IPWRA methods, support a positive and sizable effect. |
| By Marco Rispoli; Prometeia Federico Tamagni; Scuola Superiore Sant'Anna Pisa |
| Presented by: Federico Tamagni, Scuola Superiore Sant'Anna Pisa |
| Session 31: GREEN GROWTH October 23, 2025 11:30 to 12:50 Location: Aula Grande |
| Session Chair: Margherita Scoppola, Università di Macerata |
Environmental Sustainability and Financial Development in Global EconomiesAbstractThis article empirically investigates the relationship between environmental performance, as measured by the Environmental Performance Index (EPI), and financial development in a sample of 28 countries, encompassing both advanced and emerging market economies, from 1995 to 2019. Using a panel fixed effects estimator, the study examines a comprehensive collection of 25 financial variables incorporating various dimensions of financial development, including size, activity, efficiency, depth, access, and structure. The findings show a significant positive relationship between EPI and financial development, emphasizing the critical roles that both financial institutions and markets play in improving environmental quality. Moreover, the findings emphasize the critical role of non-bank financial intermediation in funding environmental technology and facilitating the transition to a greener economy. |
| By Luca Correani; Università della Tuscia Fabio Di Dio; Sapienza Università di Roma Patrizio Morganti; Università della Tuscia |
| Presented by: Patrizio Morganti, Università della Tuscia |
Renewable Energy and Economic Growth: A Panel ARDL Analysis of Developed and Emerging EconomiesAbstractThis paper investigates the dynamic relationship between renewable energy adoption and economic growth in a panel of 30 developed and emerging economies over the period 2000–2023. Using a Panel ARDL framework estimated through the Pooled Mean Group (PMG) estimator, the analysis incorporates renewable energy share, energy intensity, capital formation, labour force participation, trade openness, CO₂ emissions, urbanization, and inflation. Results reveal that renewable energy share has a statistically significant negative long-run effect on GDP per capita, highlighting transitional inefficiencies or underutilized capacity. Conversely, trade openness, urbanization, and inflation exert positive long-run impacts. Capital formation is the only variable with a significant short-run effect. These findings underscore the asymmetric transitional dynamics of renewable energy between developed and developing countries and provide policy-relevant insights on optimizing green energy deployment without compromising growth objectives. |
| By Ritika Karan; Indian Institute of Foreign Trade Divya Tuteja; Indian Institute of Foreign Trade |
| Presented by: Ritika Karan, Indian Institute of Foreign Trade |
The impact of Quality Infrastructure on Environmental SustainabilityAbstractEnvironmental sustainability is a global priority, requiring multifaceted approaches to address challenges such as climate change, biodiversity loss, and resource depletion. Quality Infrastructure (QI)—encompassing standardization, metrology, accreditation, conformity assessment, and market surveillance—plays a critical role in promoting sustainable practices. This paper examines how QI contributes to environmental sustainability by 1) facilitating compliance with environmental standards and technical regulations; 2) establishing the conceptual link between QI components and the Sustainable Development Goals (SDGs) (using the Quality Infrastructure for Sustainable Development (QI4SD) Index); 3) empirically demonstrating the contribution of QI to achieving the SDGs; and 4) facilitating international trade in sustainable goods and services by promoting greener practices for producers and increasing trust in environmentally certified goods for consumers. |
| By Ulrich Harmes-Liedke; Technische Universitat Berlin Carlo Pietrobelli; Università Roma Tre e UNU-MERIT Ann Ramkissoon; Università di Firenze Francesco Salustri; Università Roma Tre e UCL |
| Presented by: Francesco Salustri, Università Roma Tre e UCL |
Greening Regional Trade Agreements and domestic regulation AbstractThis paper aims at assessing whether targeted environmental provisions included in Regional Trade Agreements (RTAs) may influence the adoption of domestic regulations. Drawing on recent database about RTAs environmental provisions, we build a panel of 23 years and 142 countries and estimate their effects on the Technical Barriers to Trade (TBT) notified to the WTO by countries related to fertilizers and pesticides. Different empirical models are used, also to account for endogeneity mostly due to unobserved heterogeneity and reverse causality. We consider also endogeneity arising because TBT of one country may be influenced by those of other countries and, hence, use a spatial autoregressive model as well. Our results show that RTA provisions related to fertilizers and pesticides are effective in increasing the number of TBT on fertilizers and pesticides enacted by both developed and developing countries. Further, findings show that only for the subsample of developed countries the TBT in one country influence TBT in other countries. |
| By Alfonso Carfora; Università di Macerata Francesco Montagnani; Università di Macerata Margherita Scoppola; Università di Macerata |
| Presented by: Margherita Scoppola, Università di Macerata |
| Session 32: COME FUNZIONANO LE RIVISTE INTERNAZIONALI October 23, 2025 14:00 to 15:20 Location: Aula 5 |
| Session Chair: Alessandro Sapio, Università di Napoli Parthenope |
Spatial Economic AnalysisAbstractSpatial Economic Analysis |
| By Ugo Fratesi; Politecnico di Milano |
| Presented by: Ugo Fratesi, Politecnico di Milano |
Journal of Economic GeographyAbstractJournal of Economic Geography |
| By Simona Iammarino; Università di Cagliari |
| Presented by: Simona Iammarino, Università di Cagliari |
Economia Politica - Journal of Analytical and Institutional EconomicsAbstractEconomia Politica - Journal of Analytical and Institutional Economics |
| By Sandro Montresor; Università di Trento |
| Presented by: Sandro Montresor, Università di Trento |
Italian Economic JournalAbstractItalian Economic Journal |
| By Alessandro Sapio; Università di Napoli Parthenope |
| Presented by: Alessandro Sapio, Università di Napoli Parthenope |
| Session 33: COMMISSIONE PER LA DIDATTICA DELL'ECONOMIA E COMMISSIONE PER LA DIVULGAZIONE SCIENTIFICA E LA COMUNICAZIONE October 23, 2025 14:00 to 15:20 Location: Aula 6 |
| Session Chairs: |
| Riccardo De Bonis, Banca d'Italia |
| Andrea Fracasso, Università di Trento |
| Marcello Signorelli, Università di Perugia |
| Session 34: COMMISSIONE PER L'UNIVERSITA', LA RICERCA E LA VALUTAZIONE October 23, 2025 14:00 to 15:20 Location: Aula 7 |
| Session Chairs: |
| Emanuela Marrocu, Università di Cagliari |
| Eleonora Pierucci, Università Roma Tre |
| Session 35: ARCHIVIO STORICO DELLE ECONOMISTE E DEGLI ECONOMISTI (ASEE) October 23, 2025 14:00 to 15:20 Location: Aula 4 |
| Session Chairs: |
| Antonella Rancan, Università del Molise |
| Daria Pignalosa, Università di Teramo |
| Session 36: POLITICA INDUSTRIALE E CAMBIAMENTO STRUTTURALE (with SIEPI - Società Italiana di Economia e Politica Industriale) October 23, 2025 14:00 to 15:20 Location: Aula 8 |
| Session Chair: Lauretta Rubini, Università di Ferrara |
Technological Sovereignty, development and adoption of 3D printing.AbstractIn recent years, the EU has emphasised the need to strengthen its technological sovereignty by reducing dependence on foreign technologies. Technological sovereignty is considered as the ability to develop, control and adopt key digital technologies. This paper focuses on 3D printing technology given its disruptive potential in manufacturing industry. However, the adoption of this technology still seems to be quite limited and there is little empirical evidence on the relationship between its development and adoption. This relationship could be particularly relevant given the complexity of 3D printing supply chain and the potential need for adaptation. The aim of this paper is to analyse the ability of companies to master the development of 3D printing technology and how the autonomy in development may affect its actual adoption and diffusion. Moreover, this work analyses the role of spatial proximity between developers and adopters of 3D printing technology and the factors affecting the relations between them. This work is based on an empirical analysis of patent applications and projects related to 3D printing technology developed and/or adopted at company level. The paper provides some policy guidelines to enhance the adoption of 3D printing and the sovereignty over this technology. |
| By Martina Orci; Università Politecnica delle Marche Valentina Giannini; Università Politecnica delle Marche Donato Iacobucci; Università Politecnica delle Marche |
| Presented by: Martina Orci, Università Politecnica delle Marche |
Structural change and resilience: Methods to inform decision-makersAbstractStructural change and resilience: Methods to inform decision-makers |
| By Marco Di Tommaso; Università di Bologna Chiara Pollio; Università di Ferrara Elena Prodi; Politecnico di Milano |
| Presented by: Elena Prodi, Politecnico di Milano |
How do industrial learning structures are related to industry resilience? An interrupted time-series analysis of the German manufacturing sectorAbstractHow do industrial learning structures are related to industry resilience? An interrupted time-series analysis of the German manufacturing sector |
| By Vincenzo Fasone; Università di Enna "Kore" Giulio Pedrini; Università di Enna "Kore" Paolo Seri; Università di Enna "Kore" |
| Presented by: Vincenzo Fasone, Università di Enna "Kore" |
| Session 37: PRESENTAZIONE XXIV RAPPORTO ANNUALE INPS October 23, 2025 14:00 to 15:20 Location: Aula 9 |
| Session Chair: Gianfranco Santoro, INPS |
Il mercato del lavoro attraverso i dati INPSAbstractIl mercato del lavoro attraverso i dati INPS |
| By Saverio Bombelli; INPS |
| Presented by: Saverio Bombelli, INPS |
Strumenti di supporto alla famigliaAbstractStrumenti di supporto alla famiglia |
| By Maria De Paola; Università della Calabria e INPS |
| Presented by: Maria De Paola, Università della Calabria e INPS |
PensioniAbstractPensioni |
| By Monica Paiella; INPS e Università di Napoli Parthenope |
| Presented by: Monica Paiella, INPS e Università di Napoli Parthenope |
| Session 38: BANKING October 23, 2025 14:00 to 15:20 Location: Aula di Calcolo 1 |
| Session Chair: Alberto Franco Pozzolo, Università Roma Tre |
Spillovers between sovereign bonds and the banking sector: evidence from ItalyAbstractThis study examines the relationship between sovereign spreads and banks in terms of risk transmission, using the seven largest Italian banks as a sample over the period from 2003 to 2023. Our objective is to quantify and compare volatility spillovers, and to investigate whether bank-specific characteristics influence them. We perform a dynamic connectedness analysis based on the estimation of a vector autoregression with time-varying parameters. Our results suggest that, with the exception of severe crisis periods, banks tend to transmit more spillovers than they absorb. Moreover, the magnitude of these spillovers is influenced by factors such as capital adequacy and the structure of banks' portfolios. |
| By Gianluca Cafiso; Università di Catania Giulia Rivolta; Università di Milano |
| Presented by: Gianluca Cafiso, Università di Catania |
Banking Regulation and Sovereign Default Risk: How Regulation undermines RulesAbstractBanking regulation invites banks to gamble when buying government bonds that regulators consider to be risk-free. The adverse effects on financial stability are known. In turn, this study shows that governments have an incentive to use banking regulation in order to enhance their fiscal leeway. We examine an unintended side-effect of banking regulation, namely the zero-risk weighting of sovereign bonds in the euro area, which leads to lower costs of borrowing, encourages over-borrowing, and undermines constitutional fiscal rules. Our empirical analysis, by estimating local projections, examines the reaction of the fiscal balance in euro area periphery countries to a restrictive macroprudential capital regulation shock. We find that euro area banks’ share of domestic government bond holdings increases after the shock. This feeds into cheaper and more government borrowing in peripheral euro countries laying bare the undesired interaction between banking regulation and constitutional rules. |
| By Oliver Hülsewig; Munich University of Applied Sciences Armin Steinbach; École des hautes études commerciales de Paris |
| Presented by: Oliver Hülsewig, Munich University of Applied Sciences |
How has bank diversity changed since the Global Financial Crisis? A cluster analysis of Italian bank business modelsAbstractSince the 2007-08 global banking crisis, the lack of diversity in banking has been identified as a serious source of systemic risk worth specific regulatory attention. At the same time, European banks have been subjected to multiple pressures to adapt their behavior to a changing competitive and regulatory environment. These two phenomena are at the center of a recent stream of studies focusing on banking business model diversity and its evolution over time, especially in the European context. While this literature sheds precious light on the ecological dimensions of banking behavioral diversity, it still suffers from several shortcomings - in particular a tendency to analyze individual behavioral change in reference to permanent business models. This paper aims to contribute to the literature by proposing a systematic analysis of bank business model change over twenty years in one country (namely Italy), thus establishing a more robust link between the evolution of banking diversity over time and its institutional and competitive underpinnings. |
| By Olivier Butzbach; Università della Campania L. Vanvitelli Marzia Ippolito; IFEL Rosanna Pittiglio; Università della Campania L. Vanvitelli |
| Presented by: Olivier Butzbach, Università della Campania L. Vanvitelli |
Certification vs. conflicts of interests in banking: the case of ABS AbstractStrong conflicts of interest may arise within modern multidivisional banks, when the bank lending division possesses substantial private information on borrowers, and the investment banking division seeks such information, e.g., when acting as underwriters or bookrunners. However, sharing of private information could also benefit investors, if it provides certification on the quality of the securities sold. We study this issue in the context of asset-backed securities (ABS) deals. Our results show that ABS pay a higher spread (+27bps) when bookrunners can access private information on the assets backing the deal, suggesting that investors discount the potential conflict of interest more than they price the possible certification effect. Crucially, our results control for the endogeneity of the matching between lender-originators and bookrunners and of the choice of whether to disclose the conflict of interest. We further exploit the introduction of mandatory disclosure in the ABS market (Regulation AB) that led the share of deals revealed to have potential information sharing to rise from 6% to 34%. We show that ABS with potential information sharing previously hidden request an additional spread. The impact is stronger for more opaque deals, confirming that investors’ response is exacerbated by limited information. |
| By Barbara Casu; Bayes Business School, City, University of London Angela Gallo; Bayes Business School, City, University of London Alberto Franco Pozzolo; Università Roma Tre |
| Presented by: Alberto Franco Pozzolo, Università Roma Tre |
| Session 39: CRIME AND CORRUPTION II October 23, 2025 14:00 to 15:20 Location: Aula Piccagli |
| Session Chair: Anna Conte, Sapienza Università di Roma |
Is organised crime a macro or micro issue?AbstractThis paper aims to integrate micro-level and macro-level frameworks to comprehensively explain the significant variability observed in the presence of Organized Crime (OC) across European provinces. We specifically investigate whether institutional factors, such as the level of corruption, or characteristics pertaining to firms themselves are more influential in determining the incidence of this phenomenon. Our findings distinctly highlight that the presence of Organized Crime can be consistent with concepts of market efficiency, albeit under specific contextual factors. We identify two particularly noteworthy scenarios: the first pertains to settings characterized by limited market competition and low institutional quality, where institutional characteristics play a more significant role, with public procurement often serving as the main channel for OC infiltration (a 'top-down' dynamic). The second scenario emerges in fiercely competitive markets and involves a more proactive and 'enterprising' approach by criminal organizations, leading to a higher relevance of micro-level firm characteristics (a 'bottom-up' dynamic). These insights significantly enhance our understanding of the complex dynamics underlying OC presence and its relevant indicators. The findings also carry important implications for the procedural assignment of public contracts and offer valuable guidance for policymakers seeking to counteract this phenomenon effectively |
| By Saverio Di Giorno; Università di Napoli Parthenope Ivano Dileo; Università di Napoli Parthenope Francesco Busato; Università di Napoli Parthenope |
| Presented by: Saverio Di Giorno, Università di Napoli Parthenope |
Crime Perception and Voting Behaviour: Evidence from Individual DataAbstractThis study examines the impact of crime salience on individual voting behav- ior, using geolocated crime-related news as a proxy for public concern about crime in the lead-up to elections. Drawing on a retrospective survey of 5000 geolocated individuals across five elections—two national and three administrative—the analysis primarily focuses on national polls, where the absence of local confounders enhances external validity. The results are mixed overall, showing no significant effect on voting behavior when crimes are committed by Italians. However, crimes attributed to immigrants elicit a substantial individual electoral response. Voters tend to withdraw support from the populist Five Star Movement (M5S), known for its ambiguous stance on immigration and instead align with right-wing parties, particularly the Center-Right coalition, which emphasizes law and order. The response to immigrant-related crime also varies by demographic characteristics: high-skilled and educated voters are more likely to abandon M5S, while low-skilled and less-educated voters tend to desert the far-right Lega. In administrative elections, the effect of crime salience diverges. Crimes committed by Italians result in the punishment of incumbents, while immigrant-related crimes lead to increased voter abstention, possibly reflecting the social costs associated with party-switching among left-leaning voters. |
| By Giovanni Prarolo; Università di Bologna Marco Rosso; Università di Bologna |
| Presented by: Marco Rosso, Università di Bologna |
Exposure to Violence and Labour Market TrajectoriesAbstractThis paper examines the long-term economic consequences of early childhood exposure to organized crime. Linking detailed data on Italian homicides in 1981–1992 with administrative records of labour market trajectories 30 years later, we show that exposure to mafia-related and terror-related killings in utero or early childhood significantly lowers earnings and full-time employment at age 30. The effect is driven by reduced educational attainment, revealing a novel insight on how organized violence hinders human capital accumulation. These findings highlight a previously underexplored channel through which organized crime perpetuates poverty and spatial inequality. |
| By Monica Langella; Università di Napoli Federico II Antonio Martuscelli; Università LUMSA Matteo Sandi; London School of Economics and Political Science |
| Presented by: Antonio Martuscelli, Università LUMSA |
Does Organised-Crime Violence Breed Dishonesty? Evidence from a Coin-Flip ExperimentAbstractDoes exposure to organised-crime violence shape the honesty of non-criminal individuals? We investigated this question through an online experiment featuring 30 coin flips among residents of Campania (Southern Italy). Participants were recruited from areas either exposed or not exposed to organised-crime violence. They could cheat by misreporting coin-flip outcomes or skipping flips altogether. Since 30 coin flips require time, finishing too quickly indicated potential cheating on task completion. We recorded participants' completion times and used a mixture model to classify them as “Fast” or “Slow”. “Fast” participants lied more frequently about coin-toss outcomes and cheated more on task completion. Notably, dishonest Fast-types were more prevalent in violence-exposed areas, suggesting that living amid organised crime lowers the threshold for dishonest behaviour, consistent with a “Neighbourhood Effect”. The crucial role of honesty calls for policies addressing the social roots of dishonesty - especially in crime-affected areas - through education, transparency, and peer incentives that foster accountability. |
| By Anna Conte; Sapienza Università di Roma Patrizia Sbriglia; Università della Campania L. Vanvitelli Marco Stimolo; Università di Siena |
| Presented by: Anna Conte, Sapienza Università di Roma |
| Session 40: THE AFRICAN ECONOMY October 23, 2025 14:00 to 15:20 Location: Aula di Calcolo 2 |
| Session Chair: Roberto Ricciuti, Università di Verona |
Political Stability, Bank Credit to the Economy and Private Investment in Central African StatesAbstractThe aim of this work is to assess the effect of low political stability on the relationship between bank credit to the economy and private investment in Central African countries. We use the twostage generalized method of moments with instrumental variables (2SIV-GMM) over the period 2000 to 2022. The results reveal that, on the one hand, bank credit positively affects private investment and, on the other hand, low political stability reduces the positive effect of bank credit on private investment. This situation underlines the need for institutional authorities to further promote political stability and take additional measures to create a more favorable financial environment for the private sector to flourish. |
| By Votsoma Djekna; Université de Perpignan Philemon Votsoma; University of Garoua |
| Presented by: Votsoma Djekna, Université de Perpignan |
Unveiling Hidden Drivers: A Latent Variable Approach to Food Security Dynamics in AfricaAbstractGlobal progress toward Sustainable Development Goal 2 has stalled, with hunger, food insecurity, and malnutrition remaining persistently high. Food security is a complex and multidimensional issue, shaped by external factors (e.g. conflict and climate stressors), and internal agrifood systems challenges (e.g. low productivity and limited access to nutritious foods), compounded by context-specific socio-economic and political factors. Traditional metrics often fail to capture the latent structures driving these dynamics. To address this gap, we employ a latent variable modelling approach using a hidden Markov model to analyse the spatial and temporal evolution of food security across different contexts in Sub-Saharan Africa. Our analysis draws on the most recent data from the Living Standards Measurement Study–Integrated Surveys on Agriculture (LSMS-ISA), covering 2008 to 2021. We rely on the Household Dietary Diversity Index as a proxy for household food access and nutritional quality, and integrate geo-referenced data on climate change, focusing on extreme events like droughts, measured using the Standardized Precipitation-Evapotranspiration Index (SPEI). Preliminary results reveal critical transition points in food security status. By uncovering these latent dynamics, our approach offers deeper insight into how food security evolves, supporting more adaptive, targeted policy responses in the face of increasing global uncertainty. |
| By Sara Balestri; Università di Perugia Andrea Crippa; Università di Perugia Luca Pieroni; Università di Perugia |
| Presented by: Sara Balestri, Università di Perugia |
Sectoral shifts and labor market outcomes in sub-Saharan AfricaAbstractUsing the Economic Transformation Database, this paper assesses the effects of sectoral shifts due to structural transformation on the labor market performance of 18 sub-Saharan African countries from 1990 to 2018. The first part of this study examines some patterns of structural transformation in Africa, focusing on sectoral output shares, sectoral employment shares, and the relative labor productivity of sectors, and finds that Africa is gradually advancing towards structural transformation but at a very slow speed. The econometric analysis is based on a dynamic model estimated via fixed-effects and IV-GMM to correct for possible endogeneity. It indicates that the sectoral shift has a significantly negative effect on the labor market. |
| By Amie M. Jobe; Università di Verona Roberto Ricciuti; Università di Verona |
| Presented by: Roberto Ricciuti, Università di Verona |
| Session 41: FIRMS October 23, 2025 14:00 to 15:20 Location: Sala Consiliare |
| Session Chair: Cecilia Vergari, Università di Pisa |
The Impact of Amazon on Italian Local Labor Markets: a Staggered Difference-in-Differences ApproachAbstractAmazon is the dominant digital platform in e-commerce. Amazon's local impact on wages and employment is an empirical question of relevance for local decision-makers. E-commerce can be beneficial for wages and employment in core and complementary industries, such as logistics and transportation. It can however decrease them in brick-and-mortar retail and in trade-exposed goods producers. This paper, using income tax data at the municipality level coming from the Italian Ministry of Economics and Finance, estimates the net effect of two different types of Amazon facility, Fulfillment Centers (FCs) and Delivery Stations (DSs), on Italian local labor markets. FCs are located farther away from urban centers, and employ most logistics jobs. DSs are smaller facilities located in cities, where most consumers are and retail is more present. The centers are first pooled together to estimate a general "Amazon effect". An analysis differentiated between types of Centers then sheds light on potential heterogeneities between different typologies of local labor market. The paper relies on a staggered difference-in-differences methodology allowing for cohort-time heterogeneous effects, using not-yet-treated controls. Results indicate that the impact of Amazon on per capita wages is negative, while no impact is detected on unemployment rates. |
| By Valeria Cirillo; Università di Bari Dario Guarascio; Sapienza Università di Roma Jacopo Tramontano; Sapienza Università di Roma |
| Presented by: Jacopo Tramontano, Sapienza Università di Roma |
Beyond Success: The Impact of Innovation Failures and Coping Strategies in the Medical Device IndustryAbstractThis study examines the impact of medical device (MD) recalls—a form of product failure—on firms' subsequent innovation and product development. Using a novel dataset of approved medical devices and recalls from the Food and Drug Administration (FDA) in the United States from 2002 to 2021, complemented by firm- and patent-level data, we examine how firms adjust their strategic behavior in response to recalls. To this end, we construct a concordance table linking the product classes used by the FDA to the International Patent Classification (IPC) system. Our findings indicate that recalls lead to a notable decline in innovation and product development within the recalled product class. Furthermore, we find that firms’ degree of product diversification plays a positive moderating role in mitigating these negative effects. These results underscore the nuanced relationship between product failures and innovation and highlight the role of product diversification in enhancing firm resilience. |
| By Arianna Martinelli; Scuola Superiore Sant'Anna Pisa Julia Mazzei; Scuola Superiore Sant'Anna Pisa Enzo Minischetti; Università di Siena Gianluca Murgia; Università di Siena |
| Presented by: Julia Mazzei, Scuola Superiore Sant'Anna Pisa |
Profit-accumulation and profit-shifting of MNCs: insights from four manufacturing sectors in Italy AbstractProfit-shifting is a widespread practice among MNCs to minimise taxes. The practice has attracted political attention, stimulating the development of various methodologies to estimate it. Most estimates rely on the idea that profit-shifting is detectable through analysis of corporate financial statements. The fundamental assumption is that companies reporting undersized profits relative to their economic activity, ceteris paribus, manipulate their financial accounts. These investigations are crucial for understanding profit-shifting, but deeper analyses of the ceteris paribus condition can be revealing about the connection between profit-shifting and profit-accumulation. Our study addresses what actually drives profit-rates in order to better understand what drives shifted profits. Using firm-level data from Orbis-Europe, we analyse a sample of companies from manufacturing sectors in Italy. Our analysis reveals several insights interesting for profit-shifting literature. The substantial differences between suspected profit-shifters and not, particularly regarding intangibles and labour costs, suggest that these may serve as primary channels for accounting manipulation. Moreover, these results challenge conventional methodologies for estimating profit-shifting by highlighting how structural factors differentially affect profitability between profit-shifting and non-shifting firms. Our conclusion emphasises the need for an integrated approach that jointly considers profit-shifting strategies alongside structural determinants of profit-accumulation in MNCs. |
| By Giulia Russo; Scuola Normale Superiore |
| Presented by: Giulia Russo, Scuola Normale Superiore |
Union structure and product quality differentiationAbstractThis paper investigates how alternative unionization structures in labour markets affect the choice of product quality differentiation by firms in product markets, and how this determines their relative welfare outcomes. In the presence of decentralized wage bargaining (firm-specific or coordinated unionization), increasing product differentiation not only reduces competition between firms but it also affects wage setting. Instead, when wage setting is centralized, wages do not depend on product quality differentiation in the market. However, when the bargained wage is sufficiently high, the high quality firm monopolizes the market. In turn, union wage setting affects the endogenous choices made by firms concerning the quality level of their products. In particular, when unionization is decentralized and unions have high relative bargaining power, the average product quality increases significantly. Nevertheless, as unionization reduces output, consumer surplus and overall welfare are always lower compared to the case in which the labour market is perfectly competitive. Moreover, decentralized unionization is generally welfare enhancing with respect to centralized unionization. |
| By Nicola Meccheri; Università di Pisa Cecilia Vergari; Università di Pisa |
| Presented by: Cecilia Vergari, Università di Pisa |
| Session 42: ECONOMIC HISTORY October 23, 2025 14:00 to 15:20 Location: Biblioteca |
| Session Chair: Elena Seghezza, Università di Genova |
Between Hades and Prometheus: Urbanization’s Paradoxical Legacy in the (Neo)Malthusian ModelAbstractThe pre-industrial world is often described as a paradoxical environment where wars, epidemics, and famine were seen as blessings, while abundance was considered a curse. This perspective is exemplified by the well-known (neo)Malthusian model. Within this framework, urbanization lost its traditional Promethean role, instead emphasising its function as a mortality catalyst and transforming cities into contradictory yet beneficial “killer cities” that maintained high incomes through purely Malthusian mechanisms. However, this interpretation is poorly supported by data-driven analysis and contrasts sharply with the prevailing view in economic history, which sees urbanization primarily as a genuine product of rising productivity. This study critically examines these competing perspectives by introducing a measure of urban concentration as both a substitute for and a complement to the urbanization rate. Leveraging a novel dataset covering 23 European and spanning the period 1000 to 1900, we re-evaluate the role of urban phenomena and the validity of Malthusian predictions. Our findings reveal that urbanization is not a driver of mortality but a reflection of increased productivity, whereas urban concentration, when decoupled from urbanization, is detrimental to development. |
| By Matteo Migheli; Università di Torino Luigi Oddo; Università di Genova Donatella Saccone; Università di Scienze Gastronomiche di Pollenzo |
| Presented by: Matteo Migheli, Università di Torino |
Local Cost of Living and Regional Divides in Italy since the Second World WarAbstractAny country is characterised by some regional variation in productivity and income. Yet, the actual impact of such differences on people's wellbeing depends on their relationship with the local cost of living: if prices are lower in low-productivity areas, using nominal values to compare earnings across regions may significantly overestimate real spatial differences and obscure their evolution over time. This paper studies the case of Italy, a country characterised by persistent regional divides in income, but also by large variation in the local cost of living. Yet, there are few and limited historical reconstructions of cost-of-living differentials over time, and they are seldom incorporated by analyses. This paper fills the gap by presenting an original estimate of a spatial cost-of-living index and new estimates of income and real wage differentials from the 1940s to the 1990s. Then, the paper uses the new cost-of-living series to deflate newly digitized provincial income and wage data for blue-collar workers in the industrial sector. After providing a descriptive analysis, I identify a reversal in the spatial distribution of real wages during the 1970s and discuss possible causes. |
| By Andrea Ramazzotti; Università di Napoli Federico II |
| Presented by: Andrea Ramazzotti, Università di Napoli Federico II |
Revisiting the Assignats’ hyperinflationAbstractLa prima drammatica iperinflazione nei paesi avanzati è quella degli Assignats, sviluppatasi in Francia durante la Rivoluzione tra il 1795 e il 1796. Tale iperinflazione è strettamente legata all’introduzione della carta-moneta, appunto gli Assignats, e alle pretese del governo Giacobino di sostituire con essa la moneta metallica. Nelle interpretazioni correnti l’iperinflazione degli Assignats è spiegata alla luce del modello monetario-fiscale. In questo paper, invece, si mostra che con questa scelta l’obiettivo del governo rivoluzionario non era solo quello di dare copertura monetaria agli ampi disavanzi pubblici, ma corrispondeva ad un preciso orientamento ideologico. Di qui l’idea che l’uso della moneta metallica rappresentasse un tradimento dei valori rivoluzionari, di qui le misure drastiche decise durante il Terrore nei confronti di chi mostrasse in qualche modo sfiducia negli Assignats. Con il Termidoro queste drastiche misure vennero rimosse e l’economia di mercato restaurata. Ciò diede origine ad un intenso processo di sostituzione degli Assignats con moneta metallica che diede luogo ad un pronunciato deprezzamento della moneta-carta e conseguentemente all’iperinflazione. |
| By Giovanni B. Pittaluga; Università di Genova Pierluigi Morelli; Università di Genova Marta Santagata; Università di Genova Elena Seghezza; Università di Genova |
| Presented by: Elena Seghezza, Università di Genova |
| Session 43: NETWORK IN ECONOMICS AND FINANCE October 23, 2025 14:00 to 15:20 Location: Aula Magna |
| Session Chair: Giorgio Ricchiuti, Università di Firenze |
Behind the international trade network: the role of heterogeneity and financial frictionsAbstractModern economies exhibit deeply integrated and synchronized networks among heterogeneous agents. This paper focuses on the trade network and seeks to unravel the mechanisms that underpin its emergence and evolution. To this end, we develop a multi-country general equilibrium model of trade that incorporates firms and countries heterogeneity as well as asymmetric information and financial frictions. Within this framework, the export decisions of firms give rise to an international trade network that mirrors the structure of real-world trade flows. Thus, the model, by encompassing both within and between country heterogeneity, facilitates the investigation of a range of stylized facts pertaining to firm exporting behavior and globalization. The resulting model allows to study the effects of financial shocks on trade flows and their network-based spillovers. The introduction of a credit market in a trade model provides novel insights on the influence of monetary and financial factors on trade patterns. |
| By Elisa Grugni; Università di Brescia Giorgio Ricchiuti; Università di Firenze |
| Presented by: Elisa Grugni, Università di Brescia |
Climate Damages and the Price of ComplexityAbstractEvaluating how climate change affects the macroeconomy from the bottom-up (i.e., from the firm to the aggregate level) remains a critical challenge. This paper presents an alternative framework using an agent-based model (ABM) of endogenous growth, enriched with a climate module capturing emissions, temperature, and resulting damages. Unlike standard models, the ABM incorporates heterogeneity among firms, imperfect market selection, and networked interactions. In our baseline scenario, the model mimics conventional dynamics with smooth, frictionless adjustments. We then simulate alternative configurations featuring varying firm numbers, competition intensity, and input-output structures, along with different damage functions and emission paths. Results reveal that complexity features—especially the shape of production networks—can significantly amplify climate damages and destabilize growth trajectories. Selection mechanisms also heighten economic volatility. These findings challenge the optimism embedded in mainstream models, advocating for more realistic representations of economic adjustment processes. Our study supports a shift toward bottom-up approaches in climate-economic modeling. Future research will aim to quantify these amplification effects under diverse socio-economic and climate scenarios. |
| By Francesco Lamperti; Scuola Superiore Sant'Anna Pisa |
| Presented by: Francesco Lamperti, Scuola Superiore Sant'Anna Pisa |
The bank market power in a dynamic credit systemAbstractThis study employs an Agent-Based Modelling approach to explore the dynamics of a networked banking system and its impact on interest rates offered to firms seeking financing. Within this network, banks interact according to a Boltzmann equation, enabling firms to connect with the institution providing the most favourable interest rates. The analysis investigates how varying degrees of market power within the network shape firm outcomes and financial stability. Results indicate that as a dominant bank emerges, it attracts smaller firms with lower loan demands, leading to more frequent but less severe failures compared to a highly competitive network structure. Aggregate firm output declines as market concentration intensifies, driven by higher interest rates, though bad debt decreases due to the reduced scale of defaulting firms. Meanwhile, banks face declining equity as loan demand weakens, despite elevated rates, underscoring a stronger quantity effect over price. Loan sizes requested by firms also diminish, further constraining output. These findings highlight the networked system’s role in mediating access to financing, revealing a critical trade-off between market power concentration and the resilience needed to foster sustainable investment and economic growth. |
| By Stefano Schirone; Università di Bari Gabriele Tedeschi; Universidad Jaume I |
| Presented by: Stefano Schirone, Università di Bari |
Measuring Globalisation: How Do Globalisation Dimensions Interact in Composite Measures of Globalisation? A Sparse Graphical Model ApproachAbstractThe KOF Globalization Index, the most widely used and frequently updated composite measure of globalization in empirical research, quantifies the multi-dimensional nature of global integration across economic, social, and political domains. However, the interdependences between these dimensions remain unclear given the composite nature of the index. This study employs sparse time series chain graphical models to map the dynamic interdependences within the KOF Index. We identify significant differences in partial correlations among sub-dimensions across geographical regions, while network topologies remain remarkably stable across quartiles of the classical measure of country openness index distribution. Moreover, the dependence networks of de facto globalization sub-dimensions (observed flows) exhibit fundamentally distinct structures compared to de jure sub-dimensions (policy-driven measures). In addition, Europe and other highly integrated areas show strong temporal autocorrelation in political globalization sub-dimensions, suggesting path dependence in institutional integration. |
| By Cristina Davino; Università di Napoli Federico II Luca De Benedictis; Universitas Mercatorum Silvia Leoni; Università di Firenze Luca Lodi; Università di Firenze Veronica Vinciotti; Università di Trento |
| Presented by: Luca Lodi, Università di Firenze |
| Session 44: LAW AND ECONOMICS October 23, 2025 14:00 to 15:20 Location: Aula Grande |
| Session Chair: Valentina Peruzzi, Sapienza Università di Roma |
When Justice Lags: Civic Engagement, Deprivation, and Institutional PerformanceAbstractThe socio-economic and institutional factors explaining the length of civil proceedings over the 2004-2022 time frame are analyzed here in 20 Italian regions. Adopting panel data analysis approaches, such as fixed-effects, random-effects, and two-stage least squares (2SLS) instrumental variables, the analysis investigates the effects of income inequality, material poverty, labor market disengagement, economic family distress, civic and political participation, and non-profit density on trial length. Results identify a significant positive association between net income inequality, intensity of work poverty, deterioration of household economic conditions, and civic and political participation and an increased length of proceedings. The findings suggest that structural socio-economic vulnerability and increased legal demand in civically active regions are factors prolonging proceedings. In contrast, non-profit density is strongly and inversely associated with trial length, suggesting their effectiveness in promoting institutional efficiency. Instrumental variables sourced in environmental, infrastructural, and sustainability indicators provide assurance of the robustness of these associations. The research stresses that legal inefficiencies are not peculiar exceptions but are part of deeply embedded and intricate systems of the wider society, economy, and the natural environment. Policy conclusions point to the necessity of integrated governance responses that interlink legal reform with social equity, civic empowerment, and environmental resilience |
| By Massimo Arnone; Università di Catania Alberto Costantiello; Università Lum Carlo Drago; Università Niccolò Cusano Angelo Leogrande; Università Lum |
| Presented by: Massimo Arnone, Università di Catania |
Extra-Legal Factors on Housing Rights: An Empirical Analysis of ECtHR Case LawAbstractThis paper investigates the extra-legal determinants of judicial decision-making in housing rights cases adjudicated by the European Court of Human Rights (ECtHR). Although the right to housing is increasingly recognized as essential to socioeconomic security, its interpretation by the Court often reflects broader political dynamics. Using a novel dataset of 250 ECtHR rulings issued between 1980 and 2022, we examine whether the number of judges whose home country was governed by a conservative administration at the time of decision correlates with case outcomes. Employing a linear probability model with fixed effects and a comprehensive set of controls, we find that a higher proportion of judges from conservative-governed countries is significantly associated with an increased likelihood of rulings in favor of the State—that is, decisions finding no violation of housing rights. The results are robust across alternative specifications, including nonparametric methods, varying metrics, and restrictions to post-2000 cases. These findings contribute to the literature on judicial behavior in human rights courts and the judicialization of social rights, raising important questions about the neutrality and independence of judicial decision-making from political pressures. |
| By Chiara Baggetta; Università di Genova Gianluca Cerruti; Università di Genova Allegra Grillo; Università di Genova Alessio Sardo; Università di Genova |
| Presented by: Chiara Baggetta, Università di Genova |
Revolutionary Threats and Policing Behavior: Evidence from the Brigate Rosse EraAbstractExploiting the 55-day kidnapping of Aldo Moro in 1978 as a quasi-experimental setting, I examine how governments allocate security resources amid simultaneous individual and collective threats. I construct a unique, georeferenced dataset of daily police controls across Rome and exploit the timing of terrorist communiqués—characterized by a pronounced revolutionary tone—to identify shifts in law enforcement behavior. Results reveal a prompt, short-lived increase in police presence near sensitive targets. A dynamic structural model further illustrates optimal resource allocation between immediate counterterrorism and long-term security, as shaped by public opinion. |
| By Gianluigi Conzo; Università di Torino |
| Presented by: Gianluigi Conzo, Università di Torino |
Courts, contracts, and international trade. Judicial enforcement and global value chain participationAbstractThis paper investigates the causal impact of judicial enforcement on firms' participation in global value chains (GVCs), leveraging the 2013 Italian judicial reform as a natural experiment. Exploiting exogenous variation in trial lengths across court districts, we adopt an instrumental variable approach to identify the effect of judicial efficiency on firms’ GVC integration. Our analysis relies on rich microdata from the MET survey matched with firm-level financials and court-level judicial statistics. We find that shorter trial durations significantly increase firms' involvement in GVCs, especially for SMEs, financially constrained firms, and those located near restructured court jurisdictions. |
| By Pierluigi Murro; LUISS Guido Carli Valentina Peruzzi; Sapienza Università di Roma |
| Presented by: Valentina Peruzzi, Sapienza Università di Roma |
| Session 45: Keynote speech: Paul De Grauwe, London School of Economics - New insights from behavioural macroeconomics October 23, 2025 15:30 to 16:30 Location: Aula Grande |
| Session Chair: Mario Pianta, Scuola Normale Superiore |
What can we learn from behavioural macroeconomics?AbstractWhat can we learn from behavioural macroeconomics? |
| By Paul De Grauwe; London School of Economics |
| Presented by: Paul De Grauwe, London School of Economics |
| Session 46: TARIFFS & SANCTIONS October 23, 2025 17:00 to 18:20 Location: Aula Grande |
| Session Chair: Davide Vurchio, Università di Bari |
Do the effects of unilateral and multilateral sanctions on energy poverty differ in target economies?AbstractThis paper explores whether the effects of several types of unilateral and multilateral sanctions—such as trade, arms, military, and financial sanctions—on energy poverty differ in target economies. It also examines the moderating effects of income levels on the underlying relationships. The empirical analysis is based on a dyadic panel dataset that includes 5,151 country pairs, containing 199 sending countries and 131 target countries from 1995 to 2020. Utilizing both fixed effects and instrumental variable approaches, the findings reveal that while multilateral sanctions exacerbate energy poverty in target economies, unilateral sanctions have minor effects at best. Additionally, multilateral sanctions contribute to an increase in energy poverty in lower-income countries, while they alleviate energy poverty in wealthier economies. Policy instruments, such as targeted energy allowance, financial incentives for energy efficiency improvements, and free energy advisory services, solely for low-income groups, can help reduce energy poverty in sanctioned economies. |
| By Luke Okafor; University of Nottingham Malaysia Usman Khalid; United Arab Emirates University Ramez Abubakr Badeeb; University of Nottingham Malaysia |
| Presented by: Usman Khalid, United Arab Emirates University |
On the dark and less dark side of protectionism: Evidence from the EU sectorsAbstractThis paper investigates the impact of foreign protectionism on sectoral performance in the 27 member countries of the European Union (EU), focusing on productivity and wages. Using comprehensive data from the Global Trade Alert database, this study systematically assesses how various tariff- and non-tariff barriers implemented abroad affect EU industrial sectors. To address potential endogeneity, a dynamic panel data approach is applied. The findings reveal a mixed picture: while foreign protectionism tends to depress sectoral wages, productivity exhibits some gains, suggesting that firms may respond with efficiency improvements to mitigate adverse effects. These results contribute to the limited but growing body of research on the broader consequences of protectionism, particularly the impact of non-tariff trade barriers on affected economies. |
| By Agnieszka Gehringer; Technische Hochschule Köln |
| Presented by: Agnieszka Gehringer, Technische Hochschule Köln |
Tax competition and production subsidies: how to deal with cost shocks and the Inflation Reduction Act AbstractWe analyze current issues of how to react to both jumps in energy cost and international tax competition as implied by the Inflation Reduction Act of the Biden administration. Our two-country framework exhibits international cost differentials and imperfect competition in many sectors. The high-cost country uses profit taxes to steer location decisions and may add tariffs. When a production cost subsidy is available, it will be reduced upon encountering higher domestic cost because imports become more attractive. In the absence of tariffs, lower foreign profit taxes affect neither the domestic profit tax nor the domestic production subsidy. By contrast, an increase in the foreign production subsidy will be met by higher profit taxes so as to exploit the increased value of relocating firms and, if available, higher tariffs. |
| By Clemens Fuest; Ifo Institute e Ludwig-Maximilians Universität München Volker Meier; Ifo Institute for Economic Research |
| Presented by: Volker Meier, Ifo Institute for Economic Research |
Evaluating the causal impact of Non-Tariff Measures on Global Value Chain trade using matching econometricsAbstractThis study examines the impact of Non-Tariff Measures (NTMs) on Global Value Chain (GVC) trade using a quasi-experimental approach. The objective is twofold. First, it seeks to test and identify the presence of self-selection and non-linearities in the relationship between NTMs and GVC trade and to address these issues methodologically. Second, it aims to demonstrate that NTMs influence GVC trade not only through a direct effect on the affected country but also via an indirect impact, both on the imposing country and on all partners involved in GVC linkages, creating a "chain effect". Using a panel dataset on distinct types of NTMs and trade in value-added rather than gross trade across 172 countries, with a focus on agriculture, the analysis reveals that NTMs significantly affect GVC trade. Most NTMs generally hinder agricultural trade, particularly at both low and high levels of intensity, as observed with technical barriers and sanitary measures. Other NTMs have a positive impact at low intensity, which becomes negative as intensity increases. The study further underscores the non-linear nature of this relationship, emphasizing the need to account for self-selection, heterogeneity, and intensity of NTMs to refine estimates of their effects. |
| By Silvia Nenci; Università Roma Tre Davide Vurchio; Università di Bari |
| Presented by: Davide Vurchio, Università di Bari |
| Session 47: ARTIFICIAL INTELLIGENCE (AI): MERCATI, FINANZA ED ISTITUZIONI October 23, 2025 17:00 to 18:20 Location: Aula 5 |
| Session Chairs: |
| Germana Giombini, Università di Urbino |
| Francesco Venturini, Università di Urbino |
Exploring Household Adoption and Usage of Generative AI: New Evidence from ItalyAbstractWe present findings from a specialized module on generative artificial intelligence (gen AI) included in the Italian Survey of Consumer Expectations (ISCE), conducted in 2024 with a representative sample of Italian individuals. This analysis offers novel insights into current and anticipated interactions with gen AI tools and the potential benefits from adoption. As of July 2024, 75.6% of the Italian population aged 18–75 was aware of gen AI, 36.7% had used it in the previous 12 months, and 20.1% reported monthly usage. Socio-economic factors significantly influence adoption rates, with higher usage observed among men, individuals with college degrees, and younger individuals, particularly students. Looking ahead, gen AI is expected to be used more frequently for education and leisure activities in the coming months. Finally, using a Mincer equation approach, we highlight that income return from gen AI usage is around 2%. |
| By Leonardo Gambacorta; Bank for International Settlements Tullio Jappelli; Università di Napoli Federico II Tommaso Oliviero; Università di Napoli Federico II |
| Presented by: Tommaso Oliviero, Università di Napoli Federico II |
The Digital Transition and the EU Cohesion Policy: Firm-level evidenceAbstractThis study analyzes the impact of EU-funded digitalization projects on beneficiary firms during the 2014-2020 programming period. Despite the EU Cohesion Policy's significant investments in digital transition through digital infrastructure, advanced training, and technological innovation, research on firm-level effects remains limited. Existing studies primarily focus on macroeconomic and regional impacts, neglecting how these investments influence firm digitalization, competitiveness, and productivity. Focusing on the Italian case, this research employs project-level data from the OpenCoesione database and firm-level data on digital technology adoption, applying a counterfactual econometric approach to assess the causal effects of cohesion policy interventions on firm digitalization. The findings contribute to the broader debate on digital transition by providing new evidence of firm-level policy effects. These insights have critical implications for policymakers, suggesting that future digitalization strategies should integrate financial support with capacity-building initiatives. This research provides empirical evidence to inform more effective digital transition policies for scholars, policymakers, and practitioners working on regional development and innovation policy. |
| By Francesco Crespi; Università Roma Tre Mara Giua; Università Roma Tre Eleonora Pierucci; Università Roma Tre Marco Sforza; Università Roma Tre Giulia Sonzogno; Università Roma Tre |
| Presented by: Eleonora Pierucci, Università Roma Tre |
Decoding AI: Nine facts about how firms use artificial intelligence in FranceAbstractThis study explores how French firms use artificial intelligence, leveraging a uniquely detailed and representative dataset with information on the use of specific AI technologies and how AI systems are deployed across different business functions within firms, in 2020 and 2022. The use of AI is still rare, amounting to 6\% of firms, and varies by technology, with sectors often specialising in specific technologies and functions. While most firms specialise in a single AI technology applied to a single business function, larger firms adopt multiple technologies for different purposes.Firms adopting AI technologies are generally larger -- except for those using natural language-related AI -- and tend to be more digitally intensive, though firms leveraging NLG and autonomous movement AI deviate from this pattern. Firm size appears a relevant driver of AI use in business functions requiring integration with tangible processes, while digital capabilities appear particularly relevant for AI applications in business functions more related to intangible ones. AI technologies widely differ in terms of technological interdependencies and applicability, with machine learning for data analysis, automation and data-driven decision making-related AI technologies resulting as being at the core of the AI paradigm. |
| By Flavio Calvino; OECD Luca Fontanelli; Universitá di Brescia |
| Presented by: Luca Fontanelli, Universitá di Brescia |
From Connectivity to Creativity: Broadband and Patent ActivityAbstractFrom Connectivity to Creativity: Broadband and Patent Activity |
| By Pierluigi Murro; LUISS Guido Carli Paola Paiardini; Sapienza Università di Roma Valentina Peruzzi; Sapienza Università di Roma |
| Presented by: Pierluigi Murro, LUISS Guido Carli |
Does Financial Structure Matter for AI Innovation? Firm-Level Evidence from Italian FirmsAbstractWhy do some firms lead the frontier of artificial intelligence innovation while others lag behind? This paper investigates the role of firm-level financial conditions in shaping the decision to engage in AI-related patenting. Using a rich panel of Italian firms matched with patent data from Orbis IP (2012–2020), we explore both the probability of entering the AI innovation space and the intensity of patenting once active. Our findings reveal that internal financial strength—particularly liquidity and leverage—matters for crossing the threshold into AI innovation, but has limited impact on patenting productivity thereafter. The results shed light on how financial frictions can act as a gatekeeper to emerging technologies, with important implications for innovation policy and access to strategic technological domains. |
| By Andrea Bacchiocchi; Università di Urbino Germana Giombini; Università di Urbino Ludovica Segneri; Università di Urbino Francesco Venturini; Università di Urbino |
| Presented by: Germana Giombini, Università di Urbino |
| Session 48: CLIMATE CHANGE II October 23, 2025 17:00 to 18:20 Location: Aula di Calcolo 1 |
| Session Chair: Amedeo Argentiero, Università degli Studi Internazionali di Roma |
The Twin Challenges of the Energy Transition: External and Financial Constrains in Developing CountriesAbstractThe transition toward low-carbon economies represents a key economic and geopolitical challenge, especially for developing countries. This paper investigates how reductions in fossil fuel production affect the external sector of economies, with a particular focus on the current account. Using a panel dataset of 121 countries from 1992 to 2019, we apply a two-stage methodology that includes automatic model selection and dynamic modeling to estimate impulse responses and classify the most and least affected economies. We show that emerging and developing economies that are net fossil fuel exporters are the most vulnerable to this shock, experiencing significant negative impacts on the current account. Furthermore, external debt plays an important role in countries’ ability to finance the energy transition. In previous work, we showed that an increase in external debt is associated with higher greenhouse gas emissions, which poses a paradox in the transition process. This paper concludes that, despite the relevance of external debt, it is crucial to rethink the financing model toward investments in renewable energy and clean technologies, and to explore alternatives such as FDI and sustainable finance to address the dual challenge of energy transition and financial sustainability. |
| By Jorge Carrera; Central Bank of Argentina and UNLP Irene Carrera; UNLP Juan Menduina; UNLP Demian Panigo; CONICET and UNLP Mariquena Solla; UNLP |
| Presented by: Jorge Carrera, Universidad La Plata |
Negative Emission Technologies and Climate CooperationAbstractNegative Emissions Technologies (NETs) — a range of methods to remove carbon dioxide from the atmosphere — are a crucial innovation in meeting temperature targets set by international climate agreements. However, mechanisms that undo the adverse consequences of short-sighted actions (such as NETs) can fuel substitution effects and crowd out virtuous behaviors (e.g., mitigation efforts). For this reason, the impact of NETs on environmental preservation is an open question among scientists and policy- makers. We model this problem through a novel restorable common-pool resource game and use a laboratory experiment to exogenously manipulate the key features of NETs and assess their consequences. We show that crowding out only emerges when NETs are surely available and cheap. The availability of NETs does not allow experimental communities to either conserve the common resource for longer or accrue higher earnings and makes the earnings distribution more unequal. |
| By Michela Boldrini; Università Bocconi Milano Valentina Bosetti; Università Bocconi Milano Salvatore Nunnari; Università Bocconi Milano |
| Presented by: Michela Boldrini, Università Bocconi Milano |
Do Green Investments Affect Res Energy Production? A Comparative Analysis between FDIs and Domestic InvestmentsAbstractThe concern over the climate crisis has brought the energy transition to the forefront of global scientific and political debate. This transition, specifically from fossil fuels to renewable energy sources (RES), is a key strategy in combating environmental degradation and fostering sustainable development. Green investments are identified as a significant catalyst towards more sustainable energy solutions. Indeed, current literature highlights the central role of FDIs in promoting clean technologies, diversifying energy supply sources, and reducing greenhouse gas emissions. In this context, innovation seems to be crucial for the development of RES, with green investments serving as the driving force behind this innovation. Therefore, while green investments are recognised as drivers of innovation, innovation itself is regarded as a catalyst for renewable energy generation. In light of the above, this study aims to bridge these two strands of literature by examining whether green investments, through the innovation process, contribute to energy generation from RES in the Italian context. To achieve this, we conduct a comparative analysis between green foreign direct investments (GFDIs) and green domestic investments within the Italian provinces (NUTS-3 level), aiming to determine whether green investments influence energy production from RES and to what extent across which Italian provinces. |
| By Chiara Alaimo; Università degli Studi internazionali di Roma Amedeo Argentiero; Università degli Studi Internazionali di Roma |
| Presented by: Amedeo Argentiero, Università degli Studi Internazionali di Roma |
| Session 49: NATURAL DISASTERS II October 23, 2025 17:00 to 18:20 Location: Aula di Calcolo 2 |
| Session Chair: Elina De Simone, Università Roma Tre |
Public preferences for flood adaptation strategies: a choice experiment approach in a high-risk coastal area AbstractClimate change is reshaping flood risks by altering precipitation patterns, sea levels, and the frequency of extreme events, making effective adaptation strategies essential. This study examines public perceptions of flood and landslide risks and their influence on adaptation choices, focusing on Bari, a highly vulnerable coastal city. Using a Choice Experiment framework, we analyze trade-offs among key adaptation attributes: risk reduction, communication strategies, protection measures, and institutional plans. Results show that risk reduction and transparent communication are the most important factors guiding public preferences, while protection types and formal adaptation plans are less influential. Strong cost sensitivity emerges, indicating that financial burdens heavily affect the willingness to engage in adaptation measures. Estimates from the Multinomial Logit Model and Willingness-to-Pay analysis confirm that individuals assign the greatest economic value to strategies that reduce risk and enhance information transparency. By providing empirical evidence on public trade-offs in flood adaptation, this study offers practical recommendations for policymakers. It highlights the need for community-centered, cost-effective adaptation strategies that prioritize clear communication and tangible protective actions. This research contributes to the literature by applying behavioral economics methods to climate risk management, enhancing understanding of public decision-making in the context of flood risk adaptation. |
| By Diana Caporale; Università di Bari Anna Rinaldi; Università di Bari |
| Presented by: Diana Caporale, Università di Bari |
Bounce back or breakdown? Regional territorial vulnerability to repeated floods in Mediterranean EU CountriesAbstractClimate-related disasters are drawing increasing global concern due to their severe impacts on communities, infrastructure, and economies. Recent extreme weather in Emilia-Romagna (Italy) and the Valencian Community (Spain) highlights escalating risks linked to climate change. The latest IPCC reports confirm that human-induced climate change has intensified the frequency and severity of such events. At the same time, population growth and economic development further increase vulnerability, while mitigation remains insufficient. This study investigates the effects of repeated climate-related hazards on socio-economic vulnerability at the local level, focusing on NUTS-3 regions in Mediterranean EU countries. Although prior research has examined multi-hazard risks, few large-scale empirical studies assess the cumulative impact of consecutive disasters. As climate events become more temporally and spatially linked, understanding their influence on local adaptive capacity and resilience is essential for effective risk management. Using the JRC’s socio-economic vulnerability indicator (Sibilia et al., 2024) and HANZE flood data, this study evaluates the relationship between disaster recurrence and vulnerability. Findings show that an initial disaster significantly increases socio-economic vulnerability, while subsequent events have weaker effects—except in social vulnerability, which continues to worsen. This pattern suggests emerging adaptive responses but underscores persistent social challenges in strengthening long-term resilience. |
| By Mariagrazia D'Angeli; Università Roma Tre Davide Di Marcoberardino; Università Politecnica delle Marche |
| Presented by: Davide Di Marcoberardino, Università Politecnica delle Marche |
Earthquakes and City Councillors’ Characteristics: Understanding Shifts in Political Support After DisastersAbstractThis study investigates how natural disasters, specifically earthquakes, influence voters’ preferences regarding politicians’ characteristics. We explore whether such shocks prompt voters to reassess what traits they consider important for crisis management—such as gender, age, or perceived competence. We focus on local elections in Italy, a highly seismic country where the central government allocates emergency resources but local politicians manage their distribution. In this context, disasters can shape not only evaluations of incumbents but broader perceptions of political bodies. By exploiting the exogenous timing and location of earthquakes, we analyze their impact on electoral outcomes, identifying shifts in the traits of elected politicians. Our findings contribute to the literature on political accountability and voter behavior in the face of natural disasters, showing how crises can influence the democratic selection process beyond retrospective voting. |
| By Anna Laura Baraldi; Università della Campania L. Vanvitelli Claudia Cantabene; Università della Campania L. Vanvitelli Alessandro De Iudicibus; Università della Campania L. Vanvitelli Giovanni Fosco; Università della Campania L. Vanvitelli Erasmo Papagni; Università di Napoli Federico II |
| Presented by: Giovanni Fosco, Università della Campania L. Vanvitelli |
Public procurement manipulation: evidence from disaster-related emergency threshold in ItalyAbstractThis paper contributes to the emerging field of empirical research on the interplay between corruption and disasters, focusing on the Italian case, due to its high exposure to seismic events, the significant heterogeneity in local administrative capacity, and the historical prevalence of corruption vulnerabilities in public procurement processes. The specific gap this paper addresses concerns the potential intensification of threshold manipulation behavior in the wake of disasters. The empirical analysis centers on a case study involving 239 municipalities, of which 75 were directly affected by the seismic events and 164 serve as matched controls. These municipalities differ in their exposure to the disaster but are otherwise comparable in terms of key demographic and fiscal characteristics. The earthquakes triggered an emergency procurement regime that raised the regulatory thresholds under which simplified procedures could be applied—specifically, up to €200,000. We leverage this regulatory change to examine whether treated municipalities adapted their procurement strategies by systematically allocating contracts just below the emergency threshold, a behavior that would be consistent with strategic circumvention of oversight requirements. By comparing treated and untreated municipalities across pre- and post-disaster periods, the analysis identifies potential shifts in procurement behavior attributable to institutional responses to the disaster. |
| By Valeria Costantini; Università Roma Tre Elina De Simone; Università Roma Tre Giuseppe Lucio Gaeta; Università di Napoli L'Orientale Giacomo Gazzellone; Università Roma Tre Elena Paglialunga; Università Roma Tre |
| Presented by: Elina De Simone, Università Roma Tre |
| Session 50: ECONOMICS OF SCIENCE October 23, 2025 17:00 to 18:20 Location: Aula 6 |
| Session Chair: Francesco Quatraro, Università di Torino |
Policy Implications of Citizen Science towards Sustainable Development Goals (SDGs): the example of CITYBLEAbstractThis paper explores the policy implications of Citizen Science (CS) for advancing Sustainable Development Goals (SDGs), with a focus on the CITYBLE project. CS, the collaboration between citizens and scientists, plays an increasingly vital role in addressing sustainability challenges by generating data that reflects community needs. While CS contributes significantly to urban planning, environmental monitoring, and health, its integration into policy remains limited due to data quality concerns, technical constraints, and political barriers. Using a dataset commissioned by the European Commission, comprising 515 CS projects and a detailed analysis of 45, we investigate the influence of project characteristics—such as geographical reach, longevity, and policy relevance—on their SDG impact. Through clustering analysis (k=4), supported by the Elbow Method and PCA, we identify four distinct types of CS projects, ranging from emerging local initiatives to impactful, globally-oriented efforts. Our findings highlight the importance of tailored public-private partnerships, data-sharing frameworks, and digital tools to enhance CS integration into policy processes. CITYBLE exemplifies how CS can support urban wellbeing and circular economy transitions. We argue that CS-informed policies offer a unique avenue for inclusive, real-time, and sustainable responses to complex societal issues, especially in areas often underrepresented by traditional data, such as wellbeing. |
| By Asia Guerreschi; Università di Ferrara Davide Antonioli; Università di Ferrara |
| Presented by: Asia Guerreschi, Università di Ferrara |
Cultural Benefits of Big Science: Assessing the Socio-Economic Impact of science visitors to the Future circular collider at CERNAbstractAn important goal of big science projects and research infrastructures (RIs) is to foster public interest in science. To this end, cultural outreach activities such as exhibitions, open days, and guided tours are increasingly promoted. This paper assesses the socio-economic value of RIs’ cultural activities, focusing on the future circular collider (FCC-ee) expected at CERN in the 2030s. Our contribution is threefold. First, we conducted a new survey, collecting about 900 responses from CERN visitors, to study science tourism behaviours. Second, we combined survey and historical visitor data to measure the long-term socio-economic impact of FCC-ee’s cultural activities (up to 2057) in monetary terms, applying the Travel Cost Method (TCM) innovatively to separate the overall impact from the local footprint. Third, we used Monte Carlo simulations to build scenarios and address uncertainty. Results suggest that the cultural activities linked to the FCC-ee could be valued at EUR 2.5 billion between 2028 and 2057, with 45% benefiting the local economy. We estimate a 43% probability that the value could be lower if adverse conditions arise. Our study shows that combining scientific excellence with cultural engagement strategies produces significant social value, providing useful insights for RIs managers and policymakers investing in science. |
| By Francesco Giffoni; CSIL Martino Da Col; CSIL Valentina Morretta; Università di Milano Johannes Gutleber; CERN Leslie Alix; CERN Gelsomina Catalano; CSIL |
| Presented by: Valentina Morretta, Università di Milano |
The Emergence of the Economics of Science: Evidence from the WOEPS workshop (2007-2023)AbstractThe paper studies the development of the Economics of Science as a new emerging field in the social sciences during the period 1994-2023. To identify the community of scholars working in this new scientific field, we examine citations received by two seminal papers. Using network analysis, we investigate the cognitive and organizational characteristics of this community. In the second part of the paper, we assess the role played by the Workshop on the Organization, Economics, and Policy of Scientific Research (WOEPS), initiated in 2007, in the formation of the community of scholars in the Economics of Science. We find that the Economics of Science is still in the process of establishing itself as an independent and cohesive field, presenting a highly fragmented structure. We provide evidence that WOEPS has contributed to the formation of this field. First, WOEPS participants have more economists of science as coauthors and are better positioned to connect different clusters of authors in the network. Second, WOEPS papers were published in higher "quality" journals, received relatively more citations in general, and significantly more citations from within the Economics of Science field. |
| By Daniel de Souza; Politecnico di Milano Aldo Geuna; Università di Torino Cornelia Lawson; University of Manchester |
| Presented by: Daniel de Souza, Politecnico di Milano |
Knowledge brokers for Circular Bioeconomy: evidence from European regionsAbstractThe transition to a Circular Bioeconomy (CBE) requires effective knowledge recombination across scientific and technological domains. This study examines how universities, Research and Technology Organisations (RTOs), and firms contribute to regional knowledge recombination in the CBE domain through their brokerage roles in collaboration networks. Using a unique dataset on CBE-related Horizon 2020 projects (2015–2019) and regional patenting activity, we exploit the structural and geographical dimensions of entities within the CBE research network and employ econometric models to assess the role of inter-organizational partnerships in fostering knowledge recombination. Our findings highlight that universities and RTOs are more effective in facilitating knowledge recombination when acting as brokers in cross-regional collaborations, whereas firms have a stronger impact when brokering connections within their own region. These results provide novel insights into the geography of innovation, emphasizing the importance of brokerage roles in shaping regional technological capabilities. By advancing our understanding of collaborative knowledge spillovers, this study also offers valuable implications for policymakers seeking to strengthen CBE innovation ecosystems. |
| By Massimiliano Coda Zabetta; Università di Torino Fabrizio Fusillo; Università di Torino Francesco Quatraro; Università di Torino Alessandra Scandura; Università di Torino |
| Presented by: Francesco Quatraro, Università di Torino |
| Session 51: FINANCE AND DEVELOPMENT October 23, 2025 17:00 to 18:20 Location: Aula 7 |
| Session Chair: Massimo Cingolani, Banca europea per gli investimenti |
Household Vulnerability & Policy Impact: a developing country modelAbstractThis work attempts to model household vulnerability in the context of poverty, income uncertainty and financial exclusion. To better understand the roles of various policies in alleviating vulnerability, we consider a representative household consisting of a financially excluded single worker with a dependent, and earning the minimum wage which is also stochastic. Per period borrowing constraints apply and we consider a subsistence level of consumption which the household always attempts to achieve, in the absence of which it suffers a major utility loss. Simulation results from the dynamic programming set-up show that financial access is the strongest influencer of mean consumption as well as in ensuring that consumption in any period never falls below subsistence. Other policies like income certainty or an upward sloping income schedule (funded by the policy maker), are also cost-effective policies in reducing household vulnerability (defined as probability of consumption falling below subsistence). Policies like uniform income injections or one time cash payment are comparatively weaker and may also leave the household vulnerable in the later stages of it’s life-cycle. Our work computes the relative strengths and cost effectiveness of each of these policies in reducing household level vulnerability. |
| By Dipayan Datta Chaudhuri; Indian Institute of Management, Indore Indrajit Thakurata; Indian Institute of Management, Indore |
| Presented by: Indrajit Thakurata, Indian Institute of Management, Indore |
Remittances and financial inclusion: The case of Vietnamese HouseholdsAbstractThis paper investigates the impact of international and domestic remittances on financial inclusion, using the pooled data from Vietnamese household surveys across four waves (2014, 2016, 2018, and 2020). Employing probit model and two-stage least squares (2SLS) to address endogeneity, we analyse the causal influence of remittances on the ownership of six financial instruments bank accounts, ATM cards, passbook savings, credit cards, life insurance, and non-life insurance. Robustness checks include separate regressions for remittance types, panel data analysis, and dummy variable specifications. Our findings confirm that remittances significantly enhance financial inclusion, particularly for basic tools like bank accounts and ATM cards, with international remittances exerting a stronger effect than domestic ones. Urban residents, higher-educated individuals and those in top income quartiles exhibit greater inclusion across both basic and advanced tools. These results emphasise the potential of remittances, especially international ones, to foster financial inclusion in developing countries like Vietnam. Policymakers should prioritise safe, affordable channels to facilitate remittance flows, supporting Vietnam’s financial development and poverty reduction goals. |
| By Davide Infante; Università della Calabria Nga Le Thu; Università della Calabria |
| Presented by: Nga Le Thu, Università della Calabria |
Who Gets the Loan, and Why? A Comparative Study of Agricultural Credit in Bangladesh and IndiaAbstractDespite consistent efforts by Bangladeshi and Indian policymakers to make formal agricultural credit accessible for all segments of farming households, it is still inaccessible to a large proportion of the farming population, particularly marginal and small farmers. Over the decades, several research studies have examined the factors determining agricultural credit in each country individually, even though both countries share similar social, cultural, demographic, and economic characteristics. These studies observed that various socioeconomic factors influence the accessibility of agricultural credit. However, a comparative analysis of existing agricultural credit policies can help formulate more effective policies. Taking insights from the existing literature, this study aims to assess factors that affect the accessibility of agricultural credit in Bangladesh and India and provides a critical and comparative analysis of these factors. The study identifies that interest rate, loan processing procedure, caste, gender of household head, age of household head, and social networking capacity of household head affect the accessibility of agricultural credit in both countries. Schemes like the NGO linkage program of Bangladesh and the Kisan Credit Card in India enormously impact the accessibility of agriculture. Depending on the findings, this study further provides policy suggestions for both countries' policymakers. |
| By Anindita Mitra; National Institute of Technology (NIT) Dinamani Biswal; National Institute of Technology (NIT) |
| Presented by: Dinamani Biswal, National Institute of Technology (NIT) |
A proper financialisation? New financing mechanisms for developing countriesAbstractThe common view of critics of international finance is that unregulated capital movements destabilise developing countries. At the same time, financial innovations such as foreign exchange swaps are considered to be ‘shadow banking’ and a part of that destabilising international financial environment. The alternative is a reliance on finance in domestic currency. Here there is a problem that finance is poorly developed in many developing countries. This paper outlines an international financing mechanism, based on foreign exchange swaps, that provides for sustainable foreign finance of lending in domestic currencies in developing countries. Section 2 contains a literature review. Section 3 considers the conditions for stable financing of economic activity. Section 4 outlines a swap-based lending facility that can assist domestic financial development and discusses it form the microeconomic viewpoint. Section 5 looks at some of the macro-implications of such a facility. A final section concludes. |
| By Massimo Cingolani; Banca europea per gli investimenti Jan Toporowski; SOAS University of London |
| Presented by: Massimo Cingolani, Banca europea per gli investimenti |
| Session 52: POLICY EVALUATION - ITALY III October 23, 2025 17:00 to 18:20 Location: Sala Consiliare |
| Session Chair: Emanuela Marrocu, Università di Cagliari |
Italy's Citizens' Income Program as a Compensatory Mechanism. A Spatial Analysis of Regional Disparities in Welfare PoliciesAbstractThe "Reddito di cittadinanza" (CIS, Citizens' Income Support) is an Italian initiative designed to assist low-income families through cash transfers to alleviate poverty and promote inclusion in the national labor market. Its distribution across Italian municipalities exhibits clear geographical concentration and spatial interdependence. Results from the Spatial Durbin Model, based on 2021 data, highlight that socio-economic factors significantly influence both CIS participation rates and the amount of support received. Notably, a robust inverse relationship emerges between CIS and municipal spending on social services. This suggests that CIS acts as a compensatory mechanism in areas like Southern Italy, where local social spending is lower, effectively bridging gaps in social protection. The evidence emphasizes that, while CIS provides short-term relief for vulnerable individuals, persistent regional disparities in social service spending underscore the urgent need for a more integrated policy framework to address long-term socio-economic inequalities. |
| By Francesco Aiello; Università della Calabria Graziella Bonanno; Università della Calabria Lucia Errico; Università della Calabria Sandro Rondinella; Università della Calabria |
| Presented by: Sandro Rondinella, Università della Calabria |
Policy anticipation and consumer response to incentives for electric and low-emissions cars: Evidence from the Italian car marketAbstractThe Italian “Bonus-Malus” policy, implemented from 2019 to 2021 and further expanded in 2022 as solely a Bonus policy, aimed to encourage consumers to prefer low-emission vehicles through a system of fiscal incentives and penalties based on CO2 emissions per kilometer. However, the Malus thresholds indicate that the number of cars subjected to this taxation is quite limited, creating a notable disparity between the lower Malus threshold of 161 g CO2/km and the average emissions of new car registrations over the 2013-2018 period. At the same time, the market for electric and hybrid vehicles has not experienced significant growth in Italy, remaining a relatively minor segment. We employ a fixed effects regression model to assess whether there is a statistical difference in the new registration of more efficient vehicles between the Bonus-Malus policy period and the time preceding it. Preliminary results suggest the political measures have had little impact, as new car sales in the analyzed timeframe have continued to be predominantly dominated by fossil-fueled vehicles. |
| By Anna Alberini; University of Maryland Valeria Di Cosmo; Università di Torino Attilio Di Sabato; Università di Torino |
| Presented by: Attilio Di Sabato, Università di Torino |
European Trade and Cohesion Policy in a context of rising geopolitical riskAbstractThe adoption of protectionist and strategic trade policies is rapidly changing the global economy and threatening the disruption of value chains (Baur and Flach, 2023). Policymakers are under growing pressure to reposition economies in the novel geoeconomic landscape and find instruments to support trade (Aiyar et al.,2023). In the EU, the Cohesion policy has proved an effective tool for enhancing exporting activities during recent economic shocks (Boffardi et al. 2022). Therefore, the research aimed to study whether cohesion policy can effectively support regional exports within the EU and towards its main trading partners in the age of geopolitical tensions and how rising geopolitical risk influences its effectiveness. For achieving this goal, we assemble data on the Cohesion policy and EU-wide regional trade flows (Thissen et al., 2019). The research relies on a two-step methodology (Boffardi et al., 2022; Arbolino et al., 2025): (i) we apply a heterogeneous coefficient approach to compute regional export elasticity to Cohesion funds and geopolitical risk; (ii) we construct trade adjustment scenarios accounting for heterogeneity among the European regions. Results suggest that the main adverse consequences of geopolitical shocks on exports are localised in the regions that show high integration in international global value chains. |
| By Roberta Arbolino; Università di Napoli L'Orientale Raffaele Boffardi; Università di Napoli L'Orientale Paolo Di Caro; Ministero dell'Economia e delle Finanze |
| Presented by: Roberta Arbolino, Università di Napoli L'Orientale |
Leveraging the Twin Transition: Firm-Level Impacts of ERDF FundingAbstractThis paper investigates the impact of green, digital, and twin transition investments on firm performance in Italy during the 2014–2020 programming period. Using data from the OpenCoesione platform on ERDF-funded projects, we classify investments by thematic focus and apply a staggered Difference-in-Differences approach to estimate their effects on value added, employment, and labour productivity. Our results show that firms receiving support for twin transition projects—those combining green and digital objectives—experience the most substantial gains in value added. Green, digital, and other innovation projects also yield positive effects, though with more moderate intensity and duration. These findings highlight the importance of strategic investment design: integrated, transition-oriented projects emerge as the most effective tools for enhancing firm competitiveness and advancing the EU’s green and digital policy objectives. |
| By Emanuela Marrocu; Università di Cagliari Raffaele Paci; Università di Cagliari Luca Serafini; Università di Cagliari |
| Presented by: Emanuela Marrocu, Università di Cagliari |
| Session 53: FINANCIAL SYSTEM October 23, 2025 17:00 to 18:20 Location: Aula 8 |
| Session Chair: Paolo D'Imperio, Sapienza Università di Roma |
Financial Frictions and Macroeconomic Stability in a Heterogeneous Expectations FrameworkAbstractIn this paper, I consider a cashless economy with segmented financial markets in order to study the stability of a macroeconomic model with financial frictions and boundedly rational agents. Financial frictions are modeled as quadratic adjustment costs that agents face whenever they change their portfolio allocation; the consequence is that the aggregate demand is driven by a weighted average of the short-term interest rate and expectations about future interest rate associated with longer maturity bond. Bounded rationality is modeled by means of the Adaptive Belief System by Brock and Hommes (1997). Simulations show that the system exhibits stability only when agents do not have a pronounced switching behavior; in contrast, in the context of evolutionary selection of individual expectations, complex dynamics as well as multiple attractors coexistence may arise. |
| By Giovanni Cirigliano; Università Cattolica del Sacro Cuore Milano |
| Presented by: Giovanni Cirigliano, Università Cattolica del Sacro Cuore Milano |
The last housing cycle through the honeycomb approach: a cross-country exploration for twenty yearsAbstractAmong the empirical analyses aiming to date the housing cycle, the honeycomb approach (Janssen et al., 1994) provides a scheme based on the joint analysis of housing prices and transactions through six sequential phases. This allows to define a dating of the housing cycle where transactions are typically leading for the housing price dynamics. We employed this approach to investigate if the housing cycles among different OECD countries (France; Germany; Italy; Spain; United Kingdom; and United States) emerges trough the honeycomb pattern in the last two decades driven by the U.S. housing bubbles; the great financial crises and European debt crisis. We find that for most of the countries analysed the honeycomb cycle is evident, proposing it as a potential “stylized fact” at national level for the last housing cycle. |
| By Elisabetta Marzano; Università di Napoli Parthenope Roberta Rubinacci; Università di Napoli Parthenope |
| Presented by: Roberta Rubinacci, Università di Napoli Parthenope |
The Good, the Bad, and the Ugly of InstitutionsAbstractThis paper investigates the intricate relationship between institutional quality and financial instability, challenging the conventional view that better institutions always safeguard against financial crises. Using a sample of 100 countries from 1996 to 2017, we identify country-level institutional quality by applying a Principal Component Analysis to multiple imprecise and inaccurate institutional proxies and find that institutional quality reduces the crisis probability. The impact is nonlinear: when institutions are treated as exogenous, improvements increasingly reduce financial instability, revealing an inverted U-shaped relationship. Instead, when institutions are considered endogenous, as suggested by some recent papers and our dataset, a U-shaped effect emerges, and further improvements in institutional quality offer diminishing returns until the impact switches and financial instability increases. Overall, the effect of institutions is “good,” but after addressing the “bad” consequences of measurement issues, a more complicated and “ugly” relationship emerges, opening a debate about the optimal level of institutional quality. |
| By Noemi Giampaoli; Università Politecnica delle Marche Francesco Marchionne; Indiana University Matteo Renghini; Università Politecnica delle Marche |
| Presented by: Francesco Marchionne, Indiana University |
Financial shocks and risk sharing in the euro areaAbstractDifferent risk-sharing channels can absorb asymmetric shocks in sub-optimal currency areas. We develop a novel empirical strategy to evaluate if, and to what degree, risk sharing across euro-area countries depends on the specific source of output variability. The analysis relies on panel Vector Autoregressions in which three sources of idiosyncratic output variation, namely demand, supply, and financial shocks, are identified with a mixed set-point identification scheme. Results show that, on average, only 15% of idiosyncratic output variability is absorbed over 1995-2019. The analysis uncovers a substantial heterogeneity across the absorption capacity of the different risk-sharing channels for shocks of diverse nature. In particular, financial shocks are amplified through credit markets instead of being absorbed. These findings are confirmed using a more detailed identification strategy to disentangle credit supply and demand shocks within shocks of financial origin. |
| By Paolo D'Imperio; Sapienza Università di Roma Massimiliano Tancioni; Sapienza Università di Roma |
| Presented by: Paolo D'Imperio, Sapienza Università di Roma |
| Session 54: REGIONAL ECONOMICS October 23, 2025 17:00 to 18:20 Location: Aula 9 |
| Session Chair: Anna Rita Germani, Sapienza Università di Roma |
Exploring localization patterns in ItalyAbstractThis paper maps the spatial distribution of economic activity in Italy over the past decade using Marcon & Puech’s distance-based measure M, which avoids the biases of traditional geography-based methods. Unlike earlier approaches, M assesses localization by evaluating the likelihood of finding same-industry firms within a given distance, independent of administrative boundaries. Leveraging a high-resolution dataset—Frame SBS Territoriale—we analyze nearly five million establishments across manufacturing and services. Despite M’s computational challenges, recent advancements allow for scalable national-level analyses. Our findings reveal meaningful patterns of industrial agglomeration and dispersion, with expected concentrations in historically clustered industries (e.g., musical instruments, footwear) and low spatial dependence in ubiquitous services (e.g., plumbing, accounting). The results are validated visually and quantitatively, offering critical insights into evolving economic geographies shaped by globalization and recent shocks such as the COVID-19 pandemic. Beyond academic relevance, our work provides tools for evidence-based policy, including the potential for targeted taxation of agglomeration rents and mitigation of urban diseconomies. |
| By Alberto Tidu; Università di Cagliari, CRENoS Ugo Maurizio Gragnolati; Università di Cagliari, CRENoS Stefano Usai; Università di Cagliari |
| Presented by: Alberto Tidu, Università di Cagliari, CRENoS |
The Effect of EU Funds on Labour Demand: the case of Italian ProvincesAbstractThis article examines how EU structural funds affect local labour demand. Using Lightcast granular data on online-job postings in Italy, we match quarterly information on EU project disbursements with variations in labour demand at NUTS-3 provincial level. By relying on a shift-share type of instrument, we find that EU funds have a positive effect on the number of postings; the resulting impact is particularly strong on jobs that require green and digital skills and is mostly driven by the extensive margin (number) of project disbursements. Moreover, the results suggest that the effect on labour demand is particularly strong around the middle-high segment of the geographical distribution of socio-economic conditions, while it is not significant in poorest areas. By relying on a gravity model of internal migration we also leverage the allocation of EU funds to investigate potential adjustment mechanisms to labour demand shocks. Our results indicate that the adjustment process operates only through net in-migration of workers from other provinces, while it leaves the number of local firms unaffected. |
| By Mauro Lanati; Università di Firenze Giorgia Giovannetti; Università di Firenze Annalisa Luporini; Università di Firenze Lisa Grazzini; Università di Firenze Michel Rizzo; Università di Firenze |
| Presented by: Mauro Lanati, Università di Firenze |
Is there a tie between unemployment and labour force participation? A regional and gender-based exploration of ItalyAbstractThis study investigates the long-term relationship between unemployment and participation rates in Italy, challenging the Unemployment Invariance Hypothesis (UIH). While traditional economic theory suggests no interplay between the two variables, recent research highlights a stable association in some countries. Building on recent OECD-level findings, we analyze quarterly data (2004–2024) for Italian regions, disaggregated into four NUTS-1 macro-areas and by gender. Compared to previous studies on Italy, our approach is novel in two ways: we adopt a structural model to assess causality, and we explore regional heterogeneity and potential cross-regional effects. We also examine whether female participation responds to both female and overall unemployment. Our results suggest that the UIH does not hold uniformly across Italian regions and genders, with notable spatial variations. These findings may have important policy implications, particularly considering Italy’s marked regional disparities in labor market dynamics. |
| By Anna Rita Germani; Sapienza Università di Roma Claudia Nardone; Sapienza Università di Roma Walter Paternesi Meloni; Sapienza Università di Roma |
| Presented by: Anna Rita Germani, Sapienza Università di Roma |
| Session 55: SOCIAL CAPITAL October 23, 2025 17:00 to 18:20 Location: Aula Piccagli |
| Session Chair: Roberto Iorio, Università di Salerno |
Examining the interrelationship between subjective well-being and social capitalAbstractSubjective wellbeing (SWB) and social capital (SC) are important economic concepts which may positively affect economic agents and influence economic development. Yet, South Africa ranks low in world rankings when it comes to SWB and SC, ranking at 99 and 80 out of 147 countries in the world, respectively. There is vast literature in developed and homogenous developing countries aiming to study the effects of social capital on SWB and the literature stance is that social capital leads to positive SWB. There is also evidence of SWB leading to positive SC and reverse causality. Few studies attempted to control for reverse causality and deal with the endogeneity problem. Hence, the study aims to control for reverse causality by using an instrumental variable approach to investigate the interrelationship between SWB and SC in South Africa – a heterogenous developing country. The study will use data from the National Income Dynamic Study (NIDS) a South African panel survey that has the most common determinants of SWB including SC. SWB and SC are important facets of economic development, this study may contribute into South Africa’s realisation of its main economic development objectives and increasing its knowledge base of SWB and SC literature. |
| By Qaqambile Mathentamo; University of Fort Hare |
| Presented by: Qaqambile Mathentamo, University of Fort Hare |
The Role of Regional Social Capital on Individual ResilienceAbstractWe examine the causal relationship between social capital and resilience, drawing on data from the European Social Survey. Our results reveal a positive and significant effect of social capital in strengthening individual resilience. These results remain consistent across the trust, network, and civic dimensions of social capital, and when an instrumental variables approach is adopted. Our results have valuable policy implications given the (macroeconomic) growing importance of resilience in navigating frequent shocks and profound socioeconomic transformations and its (microeconomic) relevance as being at the interplay between the emotional and rational response mechanisms of economic agents. |
| By Leonardo Becchetti; Università di Roma Tor Vergata Davide Bellucci; Università di Napoli Parthenope Fabio Pisani; Universitas Mercatorum |
| Presented by: Fabio Pisani, Universitas Mercatorum |
Impacts of Non-Economic Well-Being Drivers on Household Consumption Patterns: Evidence from ItalyAbstractThis paper investigates the influence of non-economic well-being drivers on household consumption patterns in Italy. While traditional consumption models focus primarily on income and relative prices, we adopt a multidimensional approach that incorporates indicators of social capital, access to public goods and services, and environmental quality. Using data from ISTAT’s Multipurpose Survey and Household Budget Survey (2014–2017), we construct ten indicators of non-economic well-being and match them to household-level expenditure data aggregated by region and income quintile. Our empirical analysis reveals that several non-economic factors significantly affect the structure of consumption. For instance, stronger social ties and higher perceived trust are associated with greater spending on food, communication, education, and private transport, while distrust and environmental dissatisfaction correlate with increased expenditure on compensatory goods such as personal care and home furnishings. Moreover, poor access to public transport and services often coincides with a shift toward more individualized and less sustainable consumption. These findings underscore the importance of integrating social and environmental dimensions into economic analyses of household behavior. We aim to incorporate these empirical results into the EUROGREEN model to assess how eco-social policies targeting non-economic well-being dimensions might reshape consumption structures and support a socially just ecological transition. |
| By David Cano Ortiz; Università di Pisa Simone D'Alessandro; Università di Pisa Cristiano Giagnoni; Università di Pisa Angela Parenti; Università di Pisa |
| Presented by: Simone D'Alessandro, Università di Pisa |
Religion as a determinant of social capital and economic development. An empirical study on Italian dataAbstractReligion is, of course, an individual and spiritual phenomenon, but it is not without collective end even economic implications. The effects of religion on the economy pass mainly through the link between individual religiosity and social capital, intended in its dual dimension of trust in other people and propensity for associations and volunteering. By nourishing social capital, religiosity therefore contributes to economic development and the substitute roles that the vast world of the third sector and the voluntary sector have in relation to the declining welfare state. This paper, using data from 2014 to 2022 of the National Italian Institute of Statistics (ISTAT), investigates the link between the degree of participation in religious life on the one hand and trust in others, active participation or financial support to associations, on the other. The positive link between religious participation and the aforementioned dimensions of social capital is confirmed, even considering the various areas of the country, characterized by a different level of both religious participation and social capital, the different economic condition, education, civil status, age and gender. |
| By Rosamaria D'Amore; Link Campus University Roberto Iorio; Università di Salerno |
| Presented by: Roberto Iorio, Università di Salerno |
| Session 56: STRUCTURAL CHANGE October 23, 2025 17:00 to 18:20 Location: Biblioteca |
| Session Chair: Roberto Dell'Anno, Università di Salerno |
Investigating the Impact of Capital Composition on Indian Manufacturing Export PerformanceAbstractThe idea that a plant's capital stock influences its export performance is well-supported in the literature. However, the impact of capital composition is less studied. This study addresses this gap by examining the impact of fixed assets, current assets, and Information and Communication Technology (ICT) assets on the export performance of Indian manufacturing plants. The composition of capital stock becomes more significant when total capital availability is low, as in most developing countries. In this study, a detailed dataset from the Annual Survey of Industries (ASI) is used. Pooling 519,918 manufacturing plants, the time span of this study is from 2008–09 to 2022–23. This analysis is done using Cragg’s Hurdle methodology because zeros in the dependent variables are not censored. Our results indicate that current assets play the strongest role in enhancing a plant’s exports, influencing both entry into and intensity of exporting. In contrast, fixed assets show little contribution to either dimension of export performance. ICT assets support export entry; however, their impact on export intensity remains limited. Beyond these, imported inputs and urban location are also strongly associated with better export outcomes. |
| By Mayank Bhardwaj; Indian Institute of Management Indore Siddhartha Rastogi; Indian Institute of Management Indore |
| Presented by: Mayank Bhardwaj, Indian Institute of Management Indore |
The complexity-inequality puzzle: new insights from Italian provincesAbstractInterregional inequality has risen in many advanced economies, reversing a long period of relative regional convergence during the mid-20th century . Also, in countries experiencing overall economic growth, national success often conceals deep and persistent regional inequalities. In Italy, for instance, beyond the historical divide between the South and the Centre-North, notable disparities have emerged even within the more developed regions in the North (Viesti, 2025). Inter-regional and intra-regional disparities are increasingly driven by the spatial concentration of high-tech industries with complex products and production processes (Sassen, 2018). Overall, countries with more complex economies tend to grow faster and experience lower income inequality . However, at the sub-national level, this relationship lacks a proper investigation. To better understand how the dynamics of economic complexity influence inequality patterns within countries, we conduct a comprehensive empirical analysis at the subregional level, focusing on Italian provinces. Through panel data models, IV techniques, and spatial econometrics, our analysis reveals that ith more complex provinces exhibits higher levels of inequality. These findings suggest a quite limited role of the necessary redistributive policies, which need integrated with a broader set of place-based industrial strategies to tackle inequality and foster inclusive growth across different local areas. |
| By Michele Capriati; Università di Bari Valeria Cirillo; Università di Bari Marialuisa Divella; Università di Bari Giuseppe Simone; Università di Bari |
| Presented by: Marialuisa Divella, Università di Bari |
The Long-Term Evolution of European Economies: A Historical Input-Output Data AnalysisAbstractThis paper investigates the determinants of manufacturing international competitiveness across European countries from 1965 to 2000, when major structural transformations reshaped global production networks. Using a novel input-output dataset, this work analyses the impact of European integration processes and structural changes on export dynamics. The study compares three groups of countries representing distinct models of European development. Our findings reveal divergent trajectories shaped by initial conditions and policy responses to globalization. Central economies maintained export competitiveness through technological upgrading, though faced growing pressures from delocalization. Peripheral nations benefited from labor-intensive specialization but struggled to move up the value chain. Nordic countries successfully transitioned to knowledge-intensive production. The results contribute to debates about European economic integration and convergence, demonstrating how national production systems responded to global competitive pressures. |
| By Valerio Tati; Sapienza Università di Roma |
| Presented by: Valerio Tati, Sapienza Università di Roma |
Global Estimates of Informal Economies and New Insights for 152 Countries (1997–2022): Using an Enhanced MIMIC ApproachAbstractUsing an enhanced MIMIC method, this paper presents new estimates of the Informal Economy (IE) for 152 countries from 1997 to 2022. We address several limitations from previous estimates of the IE, notably missing data issues, time-invariant country characteristics, and scaling issues with exogenous estimates of informality. By incorporating country-specific fixed effects, the model offers more reliable results. Our findings reveal significant variation in the drivers of IE between high-income and non-high-income countries. In terms of normative implications, our results underscore the need for tailored policies in dealing with the formalisation of informal activities in countries with different income levels. |
| By Alban Asllani; University of East London Roberto Dell'Anno; Università di Salerno Friedrich Schneider; Johannes Kepler University Linz |
| Presented by: Roberto Dell'Anno, Università di Salerno |
| Alban Asllani, University of East London |
| Session 57: SUSTAINABLE INNOVATION October 23, 2025 17:00 to 18:20 Location: Aula Magna |
| Session Chair: Federica Rossi, Università di Modena e Reggio Emilia |
Assessing the impact of a European Union’s policy on Agricultural Innovation in Italy AbstractAgricultural productivity in Italy grew rapidly until 2010 but has since declined (Fuglie et al., 2024). Both European and Italian policymakers recognize that fostering innovation is critical for improving agricultural productivity and promoting sustainable agriculture. Therefore, the European Commission emphasizes the importance of an "interactive approach," exemplified by the European Innovation Partnership for Agricultural Productivity and Sustainability(EIP-AGRI). Although the relevance of this policy, Literature is still limited in assessing its impact due to both, the lack of datasets on innovation in the agricultural sector (Proietti & Cristiano, 2023) and the use of general information not specific to OGs (Giarè & Vagnozzi, 2021). Thus, the present study, constructing a dataset on OGs information, aims to analyse factors that incentivise the innovation process of OGs in the Italian agriculture by measuring their innovations. An original contribution of this paper lies in utilizing a Large Language Model (LLM) to extract innovation-related data from OG final reports. This analysis has two main objectives, firstly it allows policy makers to asses the most fruitful collaborations for farmers.Moreover, this research highlights the critical role of LLM as essential tools for executing precise analyses in situations where data is limited, demonstrating their capability to bridge informational gaps. |
| By Francesco del Puente; Università di Napoli Parthenope Alessandro Sapio; Università di Napoli Parthenope Yanhong Jin; Rutgers University, NJ, USA Carl Pray; Rutgers, the State University of New Jersey |
| Presented by: Francesco del Puente, Università di Napoli Parthenope |
The innovation gap between “Old” and “New” European CountriesAbstractThis paper investigates the drivers of disparities in firm innovativeness between the “New Europe” (countries joining the EU after 2004) and the “Old Europe” (EU members before 2004). Using firm-level data from theWorld Bank Enterprise Surveys (2018–2020 waves), the analysis applies the Blinder-Oaxaca decomposition to identify the key factors behind these differences. Findings reveal that firms in “Old Europe” benefit from better human capital, managerial experience, financial access, and stronger export orientation, all of which support higher innovation. In contrast, firms in “New Europe” face challenges such as lower human capital, limited credit access, and smaller markets, which hinder innovation. Furthermore, institutional factors such as political stability, infrastructure and corruption differ between the two regions, with the “New Europe” facing more structural constraints that increase the innovation gap. |
| By Antonella Biscione; Università del Molise Maria Cipollina; Università del Molise Gianluigi De Pascale; Università di Foggia |
| Presented by: Antonella Biscione, Università del Molise |
Distances from efficiency and analysis of best practices: a territorial analysis of the performance of the circular economy in ItalyAbstractThe main objective of this study is to measure regional disparities in circular economy performance across Italy. To this end, a dual methodological approach is adopted: firstly, the development of the Regional Circular Economy Index (RCEI), a multidimensional composite metric that evaluates the circular economy performance of the 20 Italian regions in 2021, based on 27 indicators grouped into seven pillars; secondly, the construction of a territorial disparity indicator, inspired by Sen’s index, which quantifies the gaps between regions by calculating the distance from both efficient and ideal threshold values. |
| By Roberta Arbolino; Università di Napoli L'Orientale Luisa De Simone; Università di Napoli L'Orientale Giuseppe Ioppolo; Università di Messina Antonio Lopes; Università di Napoli L'Orientale |
| Presented by: Luisa De Simone, University of Naples L'Orientale |
Innovazione sostenibile e innovazione collaborativa: il caso delle imprese emilianeAbstractCon il presente lavoro si intende rispondere alle richieste di una maggiore comprensione degli aspetti relazionali legati all’innovazione sostenibile, in particolare nel contesto delle imprese manifatturiere inserite in un contesto di relazioni produttive locali. Sulla base di interviste semi-strutturate con 34 imprese emiliane, analizziamo le strategie di innovazione sostenibile perseguite dalle imprese emiliane e il ruolo delle relazioni con agenti esterni, ed esploriamo in particolare come gli approcci alla sostenibilità adottati dalle imprese sono collegati alle loro più generali strategie di innovazione, e in particolare alle competenze in-terne ed esterne cui possono attingere per sostenere i processi di innovazione. Grazie a questa analisi empirica individuiamo due strategie distinte di coinvolgimento nell’innovazione sostenibile da parte delle imprese, orientate all’innovazione di processo o di prodotto/servizio, che si configurano tipicamente come approcci alternativi. Tali diversi approcci all’innovazione sostenibile corrispondono a diversi modelli di innovazione da parte delle imprese, con le prime più propense all’innovazione collaborativa rispetto alle seconde. |
| By Federica Rossi; Università di Modena e Reggio Emilia Margherita Russo; Università di Modena e Reggio Emilia |
| Presented by: Federica Rossi, Università di Modena e Reggio Emilia |
| Session 58: EXPLORING NEW FRONTIERS IN GENDER-BASED VIOLENCE: SOCIAL, ENVIRONMENTAL, AND BEHAVIOURAL PERSPECTIVES (whit AIEL - Associazione Italiana Economia del Lavoro) October 23, 2025 17:00 to 18:20 Location: Aula 4 |
| Session Chair: Lavinia Parisi, Università di Salerno |
The effect of school peers on intimate partner violence: Evidence from peers’ genetic predisposition to alcohol consumptionAbstractUsing quasi-random variation in peer composition across grades within schools and genetic measures from the Add Health study, we analyze how high school peers’ genetic predisposition to alcohol consumption impacts women’s risk of intimate partner violence (IPV) victimization in early adulthood. We find that a one standard deviation increase in peers’ average genetic predisposition to alcohol consumption raises females’ probability of being victimized by their partner by 4.5 percentage points, about three-fifths of the size (in absolute value) of the effect induced by a one standard deviation increase in parental socio-economic status. This effect operates primarily through social network formation. |
| By Nuria Rodriguez-Planas; CUNY, Queens College Daniel Santos; Universidad de La Laguna Anastasia Terskaya; University of Barcelona |
| Presented by: Nuria Rodriguez-Planas, CUNY, Queens College |
High temperatures and gender-based violenceAbstractWe investigate the impact of temperature fluctuations on gender-based violence in Italy, focusing on femicides and calls to the 1522 helpline, a public service for helping and supporting victims of gender-based violence and stalking. We find that both femicides and helpline calls increase substantially with warmer temperatures. Elevated nighttime temperatures also play a significant role in this dynamic. These findings suggest that extreme weather, particularly high nighttime temperatures, may contribute to gender-based violence by disrupting sleep, increasing stress levels, or leading women to spend more time outdoors at night. This study underscores the importance of interdisciplinary policies that address both social and environmental factors in preventing violence against women. |
| By Carmen Aina; Università del Piemonte Orientale Lavinia Parisi; Università di Salerno Matteo Picchio; Università Politecnica delle Marche |
| Presented by: Carmen Aina, Università del Piemonte Orientale |
Femicides, Anti-Violence Centers, and Public SalienceAbstractThis paper investigates the socio-economic and geographic patterns associated with femicides and examines the role of local policies and public saliency in combating gender-based violence. First, we compile a novel granular dataset of femicide cases in Italy covering the period 2006-2022, and analyze it with machine learning techniques. This empirical analysis identifies areas at highest risk for women and pinpoints the main territorial predictors of the phenomenon. Second, we collect data on all local anti-violence centers (AVCs) and show that our femicide risk map only partially aligns with the local deployment of existing public support, suggesting that machine predictions could be employed to refine targeting criteria. Third, using detailed information on the timing of AVC opening in each province and a staggered non-parametric difference-in-differences approach, we show that the establishment of AVCs did not significantly decrease the occurrence of femicides, while it lowered the number of rapes. Lastly, we present evidence that a widespread and exogenous increase in public and media salience of the phenomenon triggers large-scale short-term effects on help-seeking behavior that extend far beyond the local level. These findings suggest ample room to improve the targeting and effectiveness of public policy interventions aimed at combating violence against women. |
| By Augusto Cerqua; Sapienza Università di Roma Costanza Giannantoni; Sapienza Università di Roma Marco Letta; Sapienza Università di Roma Gabriele Pinto; Sapienza Università di Roma |
| Presented by: Augusto Cerqua, Sapienza Università di Roma |
Gender bias in punishment: the role of expectationsAbstractThis paper studies the interaction between socially constructed stereotypes and emotionally loaded responses in explaining discriminatory behaviour by gender. We do so by modelling a male-female interaction through a two-stage game, where partners play a Trust (Mini) Game first, followed by a Dictator Game, and the first mover's preferences display anger from frustration. Emotions and stereotypes predict that females get punished more often and more severely, when they deviate from expectations. We test this prediction in an online experiment where we measure beliefs and behaviour. While data for the second movers are collected separately, first movers are matched in real-time with the counterpart, and we can elicit their reaction when facing a deviation from stereotypes. We find that indeed females are punished more harshly and more frequently. We also show that higher expectations increase the frequency and strength of the punishment, yet they cannot account for the full extent of the gender differences in punishment: there is a residual component of bias that originates from males' higher propensity to punish female co-players. |
| By Francesco Bogliacino; Università Cattolica del Sacro Cuore di Milano Elena Manzoni; Università di Bergamo Marcello Puca; Università di Salerno |
| Presented by: Marcello Puca, Università di Salerno |
| Session 59: THE ITALIAN ECONOMY IN THE 2020s/L'ECONOMIA ITALIANA NEGLI ANNI VENTI October 23, 2025 18:30 to 19:30 Location: Aula Grande |
| Session Chair: Annalisa Rosselli, Accademia Nazionale dei Lincei - Presidente della Commissione Ricerca |
Economia italiana e transizione ecologicaAbstractEconomia italiana e transizione ecologica |
| By Valeria Costantini; Università Roma Tre |
| Presented by: Valeria Costantini, Università Roma Tre |
Autonomie locali e spesa pubblicaAbstractAutonomie locali e spesa pubblica |
| By Floriana Cerniglia; Università Cattolica del Sacro Cuore |
| Presented by: Floriana Cerniglia, Università Cattolica del Sacro Cuore |
Il commercio internazionale dopo i dazi degli Stati UnitiAbstractIl commercio internazionale dopo i dazi degli Stati Uniti |
| By Antonello Zanfei; Università di Urbino |
| Presented by: Antonello Zanfei, Università di Urbino |
| Session 60: CLIMATE CHANGE AND RISK MODELING (with AMASES - Associazione per la Matematica Applicata alle Scienze Economiche e Sociali) October 24, 2025 8:30 to 9:50 Location: Aula 7 |
| Session Chairs: |
| Andrea Consiglio, Università di Palermo |
| Massimiliano Ferrara, Università Meditteranea di Reggio Calabria |
A quantitative model for green transition resilience bondsAbstractClimate change risk encompasses a series of extreme weather events that cause natural disasters, often stemming from human activities and detrimental environmental practices. These natural catastrophes frequently lead to massive losses impacting the financial and insurance system. Since the climate is changing fast and the uncertainty of future events is increasing, climate risk is considered un-insurable, unless risk reduction and alternative risk transfer techniques are adopted. In this work we propose a new model for supporting the green transition and climate change adaptation. We consider four agents: a government entity, a set of insured firms, insurance companies and financial investors. The primary objective of the government authority is to incentive green transition and climate adaptation among all firms, ultimately leading to a significant reduction in the impact of natural catastrophe risks. We assume that the set of firms are exposed to possibly catastrophic risks, which could be mitigated through the implementation of mitigation measures. Hence, the insurance company periodically issues resilience bonds which are designed as CAT bonds, but, in case the risk and thus their interest rates decrease by the adoption of green technologies from a sufficient number of “virtuous” firms, they contribute to finance the green transition. |
| By Marcello Galeotti; Università di Firenze Giovanni Rabitti; Heriot-Watt University of Edinburgh Emanuele Vannucci; Università di Pisa |
| Presented by: Emanuele Vannucci, Università di Pisa |
Active Fund Management when ESG MattersAbstractThis paper develops and tests an equilibrium model for analyzing active fund management with ESG considerations. Sustainable investing incentivizes mutual fund managers to intensify information acquisition, expanding the scope of the active fund industry. Sustainability-guided information and trading decisions result in increasing portfolio deviation from benchmarks at the fund level, while they contribute to enhancing price informativeness and diminishing discount rates at the stock level. Collectively, the negative ESG-expected return relation amplifies for green assets but weakens for brown assets, as supported by evidence from the implied cost of equity capital. |
| By Doron Avramov; Reichman University Si Cheng; Syracuse University Andrea Tarelli; Università Cattolica del Sacro Cuore di Milano |
| Presented by: Andrea Tarelli, Università Cattolica del Sacro Cuore di Milano |
Predicting Commodity Prices: a Neural Networks Approach to improve Market ProspectsAbstractThe agricultural sector's volatility, attributed to weather conditions, supply-demand dynamics, global economic factors, and governmental policies, poses a challenging forecasting problem. Recognizing the potential of advanced neural network architectures, this research explores the application of Long Short-Term Memory (LSTM) Networks for enhanced price prediction accuracy. LSTMs, in combination with Recurrent Neural Networks (RNNs), capture long-term dependencies and sequential patterns inherent in agricultural price data. The study aims to assess the efficacy of these neural network architectures in addressing the complexities of agricultural price prediction, considering their strengths in handling temporal relationships. Considering the capabilities of RNN-LSTM, this research provides an approach to forecasting fine durum wheat prices, supporting stakeholders in making informed decisions in this dynamic market. |
| By Antonio Vairo; Università di Foggia Luca Grilli; Università di Foggia Giacinto Angelo Sgarro; Università di Foggia Domenico Santoro; Università di Foggia |
| Presented by: Antonio Vairo, Università di Foggia |
Climate Change and Asset Pricing: A Focused Review of Literature and New FindingsAbstractClimate change has a significant impact on the global economy and financial markets, making climate risk and uncertainty central to asset pricing decisions. These risks include potential economic losses due to extreme weather events or gradual changes and can impact business redundancy, infrastructure stability, and approval channels. We review the main theoretical models that incorporate climate risk in asset pricing and the empirical methods to assess the existence of a climate risk premium. Building on this literature, we develop three original theorems that advance our understanding of climate risk pricing dynamics, provide a framework for climate-adjusted discount rates, and establish the relationship between climate risk diversification and portfolio optimization under uncertainty. |
| By Alessio Capriotti; Università di Modena e Reggio Emilia Massimiliano Ferrara; Università Mediterranea di Reggio Calabria Silvia Muzzioli; Università di Modena e Reggio Emilia |
| Presented by: Alessio Capriotti, Università di Modena e Reggio Emilia |
| Session 61: INTELLIGENZA ARTIFICIALE: IMPATTI, RISCHI E SFIDE PER IL MERCATO DEL LAVORO IN ITALIA (with INAPP - Istituto nazionale per l’analisi delle politiche pubbliche) October 24, 2025 8:30 to 9:50 Location: Biblioteca |
| Session Chairs: |
| Marina De Angelis, INAPP |
| Silvia Donà, INAPP |
| Valentina Ferri, INAPP |
Gig economy: nuovi rischi discriminatori per i lavoratori delle piattaforme?AbstractLe piattaforme digitali stanno ridefinendo il mercato del lavoro, offrendo opportunità occupazionali a categorie vulnerabili, ma introducendo al contempo nuove forme di precarietà e discriminazione. L’utilizzo di algoritmi nei processi di selezione e gestione del lavoro può amplificare le disuguaglianze esistenti, agendo in maniera opaca e deresponsabilizzando i datori di lavoro. In particolare, emergono rischi legati alla mancanza di trasparenza algoritmica, all’asimmetria informativa e al rafforzamento del potere delle piattaforme sui lavoratori. Le donne risultano particolarmente svantaggiate, poiché subiscono una doppia vulnerabilità: instabilità contrattuale e discriminazioni di genere. Bias algoritmici, sistemi di rating e segmentazione del mercato contribuiscono a consolidare il divario retributivo e a limitare le opportunità lavorative femminili. A livello normativo, l’Unione Europea ha introdotto strumenti per contrastare tali dinamiche che tuttavia non sono ancora stati completamente trasposti negli Stati membri. Il presente paper analizza queste problematiche in Italia con un approccio multidisciplinare—giuridico, economico e sociologico—indagando la presenza di tutele e il rischio di discriminazioni nelle condizioni contrattuali dei lavoratori su piattaforma. L’analisi si basa su una revisione della letteratura, un approfondimento normativo e un’analisi quantitativa dei dati INAPP Plus (2018–2021), con l’obiettivo di formulare raccomandazioni di policy per un lavoro più equo e trasparente. |
| By Marina De Angelis; INAPP Silvia Donà; INAPP Sara Renda; Sapienza Università di Roma |
| Presented by: Marina De Angelis, INAPP |
| Silvia Donà, INAPP |
The Effects of Artificial Intelligence Exposure on Job Satisfaction: Evidence from ItalyAbstractThis paper investigates the impact of Artificial Intelligence (AI), particularly Large Language Models like ChatGPT, on job satisfaction in Italy between 2016 and 2023. While existing research has largely focused on AI’s effects on employment and wages, this study adds to the emerging literature on job satisfaction. Using the AI Occupational Impact (AIOI) index and a measure of exposure to language models (LMAI), both based on Felten et al. (2019; 2023), we assess how AI adoption affects workers’ perceived satisfaction across occupations. The analysis relies on matched data from the INAPP-PLUS Survey and the Italian Labour Force Survey. We employ microeconometric techniques—including Difference-in-Differences, Inverse Probability Weighting, and Dose Response Models—to estimate the effects of AI exposure. Our findings offer early evidence on how AI reshapes workplace satisfaction, providing crucial insights for policymakers and employers designing labor and training policies in the age of AI |
| By Piero Esposito; Università di Cassino e del Lazio Meridionale Marina De Angelis; INAPP Sergio Scicchitano; John Cabot University |
| Presented by: Piero Esposito, Università di Cassino e del Lazio Meridionale |
Intelligenza artificiale e lavoro in Italia: misurazione dell'esposizione e ruolo delle Start Up AbstractL'obiettivo di questo paper è di misurare l’esposizione dei lavoratori all’IA e l'importanza della complementarità dell'IA nelle attività lavorative quotidiane. Si analizzerà come l'intelligenza artificiale possa influenzare e integrarsi con le attività che caratterizzano le professioni. Dopo aver calcolato l’Ability Level AI Exposure (AIOE) nel contesto italiano (Felten at al. 2021; Ferri et al. 2024), l'indicatore è stato corretto con il fattore tetha di complementarietà - Complementarity-AI Exposure (C-AIOE)- sulla base del metodo Pizzinelli et al. 2023 applicato all’Italia (Ferri et al. 2024). La successiva evoluzione dell'indicatore composito proposta in questo lavoro riguarda la correzione del processo di misurazione attraverso l’inserimento di un sub-indicatore che misura le applicazioni di IA realizzate dalle Start Up. |
| By Enrico Maria Fenoaltea; Centro Ricerche Enrico Fermi Valentina Ferri; INAPP Rita Porcelli; INAPP |
| Presented by: Enrico Maria Fenoaltea, Centro Ricerche Enrico Fermi |
Lavoro e IA: analisi regionali e politiche per la Puglia AbstractIl presente paper si propone di analizzare in dettaglio le dinamiche del mercato del lavoro nella regione Puglia, con un focus particolare sull'esposizione dei lavoratori all'Intelligenza Artificiale (IA). Attraverso il calcolo di indici specifici come l’Ability Level AI Exposure (AIOE) e il Complementarity-AI Exposure (C-AIOE), rimodulati per il contesto del mercato del lavoro regionale, si intende fornire una panoramica chiara e dettagliata dell'impatto dell'IA sulle professioni maggiormente caratterizzanti la regione. L'analisi si concentrerà successivamente sulle professioni maggiormente a rischio. Questo approfondimento permetterà di identificare le categorie di lavoratori più vulnerabili e di proporre politiche pubbliche mirate e opportunità di upskilling e reskilling per mitigare i rischi associati all'adozione dell'IA. Le fonti di dati utilizzate per questo studio includono il RCFL (ISTAT), COB (Ministero del Lavoro) e l'ICP (INAPP). Le metodologie impiegate comprenderanno oltre alla costruzione di indicatori compositi, analisi descrittive e statistico-econometriche, al fine di individuare le fasce di lavoratori più a rischio e proporre soluzioni basate su evidenze empiriche. Questo lavoro mira a fornire una valutazione accurata dell'esposizione all'IA nel mercato del lavoro pugliese, nonchè a offrire spunti per lo sviluppo di politiche pubbliche regionali che possano supportare una transizione equilibrata e che tenga conto delle differenze territoriali. |
| By Valentina Ferri; INAPP Annamaria Fiore; ARTI Puglia Salvatore Marsiglia; INAPP Giuliana Tesauro; INAPP |
| Presented by: Valentina Ferri, INAPP |
| Session 62: ECONOMICS OF AI I October 24, 2025 8:30 to 9:50 Location: Aula 5 |
| Session Chair: Alessio Emanuele Biondo, Università di Catania |
Tecnologie IA, imprese e domanda di lavoroAbstractThis paper aims to analyse the relationship between the adoption of digital technologies —specifically focusing on investments in Artificial Intelligence (AI) systems—and labor demand of Italian firms. To this end, the analysis draws on data from the Rilevazione Imprese e Lavoro (RIL) survey conducted by Inapp. Econometric analyses suggest that the adoption of AI systems between 2019 and 2021 does not significantly affect the share of hires (actual demand) but is associated with a low increase of the share of job vacancies (potential demand). These results mainly reflect the behaviour of medium-large firms and of those located in Central and Northern Italy. Overall, our findings support the idea that the spread of AI technologies—although still quite limited—tends to accelerate labor market polarization and the competitive dualism within the business system. |
| By Irene Brunetti; INAPP Andrea Ricci; INAPP |
| Presented by: Irene Brunetti, INAPP |
Still to early? Monopsony power and Artificial IntelligenceAbstractWe examine the relationship between monopsony power and oc- cupational exposure to artificial intelligence across 13 European countries over the period 2011–2020. Utilizing data from the Labour Force Survey (LFS) to extract wage and employment information, and Google Patents to construct an index measuring the exposure of occupations to artificial intelligence, we assess monopsony power via the wage elasticity of labor supply. Our results indicate a marked decline in this elasticity over time, suggesting an increase in firms’ monopsony power. Notably, this trend appears independent of variations in AI exposure, which exert only limited influence on labor supply elasticity during the study period. Stratified analyses by wage and educational terciles further reveal that occupations within the lowest wage group experience the most pronounced monopsony power, followed by those in the highest wage group, while the medium wage group exhibits the weakest monopsony power. |
| By Michele Cantarella; IMT Lucca Giuseppe Molinari; Università di Modena e Reggio Emilia Chiara Strozzi; Università di Modena e Reggio Emilia |
| Presented by: Giuseppe Molinari, Università di Modena e Reggio Emilia |
Predicting AI adoption of European firms: A Machine Learning approachAbstractThis paper uses machine learning (ML) to predict firm-level AI innovation in Europe. We build a panel dataset combining patent information with firm-level financial and structural indicators, and identify AI innovators based on a classification of AI-related patents. Our analysis uses advanced ML algorithms - including LASSO, Elastic Net, Random Forest, and Gradient Boosting - applied to a high-dimensional set of predictors, including lagged variables and nonlinear interactions.We follow a three-step approach: partition the data into training and test samples, calibrate the models through cross-validation, and evaluate the predictive accuracy on the test set. This approach allows us to identify key predictors without assuming a predefined model structure or limiting the number of variables considered. Our data-driven approach uncovers new and previously unexplored determinants of AI innovation at the firm level. |
| By Francesco Bloise; Sapienza Università di Roma Cristiana Fiorelli; Sapienza Università di Roma Valentina Meliciani; LUISS Guido Carli |
| Presented by: Cristiana Fiorelli, Sapienza Università di Roma |
Artificial intelligence and employment: a task decomposition approachAbstractWe evaluate the impact on the labor market of the integration of Artificial Intelligence (AI) in the business sector. Using a task decomposition approach we consider three types of effects at micro level; jobs where some (but not all) of the tasks can be performed more efficiently by AI, jobs where this happens for all the tasks and job who remain unaffected. We provide different simulations outlining conditions under which different distributions of the three types of jobs across industries and the economy produce a fall in employment. Three key findings emerge. First, innovation can lead to unemployment, reduced output, and higher prices, especially when workers are unprepared for technological change. Second, mismatches between worker skills and technology worsen economic impacts. Third, innovation can either concentrate or distribute income, depending on how employment and economic rents are shared. These results underline the importance of re-skilling policies to mitigate AI’s negative effects. Our model represents a useful benchmark to forecast and predict AI’s effect on the labor market under changing assumptions and condition. |
| By Leonardo Becchetti; Università di Roma Tor Vergata Alessio Emanuele Biondo; Università di Catania Nazaria Solferino; Universitas Mercatorum |
| Presented by: Alessio Emanuele Biondo, Università di Catania |
| Session 63: ECONOMICS OF EDUCATION I October 24, 2025 8:30 to 9:50 Location: Aula 6 |
| Session Chair: Silvia Sacchetti, Università di Trento |
Beware the gambit*: The effects of teacher allocation on learning achievement in Senegalese primary schoolsAbstractThe quality of education in Sub-Saharan Africa (SSA) continues to be low, with existing research indicating an ongoing “learning crisis”. Some key dimensions of the issue of education quality in SSA relate to the availability and the (mis) allocation of teachers within countries. Drawing on the literature on the role of Information, Communication and Technology in improving public service delivery and promoting transparency, this study uses machine-learning techniques to assess the distributional effects of various teacher allocation mechanisms on students’ learning outcomes in primary education in Senegal. Our results suggest that the average performance of students improves in all 12 simulations tested, but at the expense of equity. These results highlight a trade-off between quality and equity, which should be further explored and considered in the search for an “optimal” teacher allocation mechanism in primary education in Senegal. Furthermore, a comparison across the 12 simulations based on a ratio defined as the equity cost for a one-unit improvement in quality suggests that regional-level teacher allocation mechanisms are more effective than the national-level ones in reconciling quality improvement with the need to minimize educational inequality in primary education system in Senegal. |
| By Sahawal Alidou; African Development Bank Oswald Koussihouede; Africa Office of UNESCO Damase Sossou; African Development Bank |
| Presented by: Sahawal Alidou, African Development Bank |
Dynamic Impact of Education on the Shadow Economy: An Analysis of Heterogeneous Panel DataAbstractThe aim of this paper is to examine the short- and long-term effects of education on the size of the shadow economy. Utilizing data from 133 countries spanning the years 2001 to 2020, this study employs error correction-based pooled mean group (PMG), mean group (MG), and dynamic fixed effect (DFE) models to analyze dynamic heterogeneous panel data. The findings indicate that education significantly reduces the shadow economy in both the short and long run, with a stronger effect observed in the short term. Subsample analyses by income levels confirm the robustness and consistency of the main model’s results. Consequently, the empirical evidence suggests that policymakers should invest in the education system to reduce the shadow economy |
| By Salvatore Ciucci; Università della Campania L. Vanvitelli |
| Presented by: Salvatore Ciucci, Università della Campania L. Vanvitelli |
Simulating Tertiary Educational Decision Dynamics: An Agent-Based Model for the NetherlandsAbstractThis paper employs agent-based modelling to explore the factors driving the high rate of tertiary education completion in the Netherlands. We examine the interplay of economic motivations, such as expected wages and financial constraints, alongside sociological and psychological influences, including peer effects, student disposition, personality, and geographic accessibility. Through simulations, we analyse the sustainability of these trends and evaluate the impact of educational policies, such as student grants and loans, on enrollment and borrowing behaviour among students from different socioeconomic backgrounds, further considering implications for the Dutch labour market. |
| By Silvia Leoni; Università di Firenze |
| Presented by: Silvia Leoni, Università di Firenze |
Teaching, Employment Opportunities, and Job Stability for Musicians. The Case of the Basic Music Education System in TrentinoAbstractThis study investigates the economic conditions, professional identity, and perceived well-being of music teachers employed in the Trentino music school system. Drawing on a mixed-methods approach and grounded in Throsby’s (1992) work-preference model of artists' labor supply, the analysis reveals that while TMS teaching positions offer relatively stable income sources, they are often perceived as insufficient to meet the cost of living. Nearly 40% of teachers engage in supplementary artistic work, indicating a hybrid professional model that integrates teaching with performing roles. The findings show that, despite salary dissatisfaction, teachers maintain high levels of vitality (in terms of fulfilment and use of creativity) especially when the work environment is stable, flexible, and supportive. Ordered logistic regressions highlight how non-monetary factors—such as job security and work-life balance—strongly predict teachers' creativity and personal fulfilment. Gender and professional experience also emerge as significant variables: women tend to report higher vitality in the teaching environment, and seniority is positively associated with perceptions of fairness. The results support the relevance of distributive justice theories and Herzberg’s hygiene-motivator framework. Ultimately, the study argues for a multidimensional understanding of work vitality in cultural occupations, where the passion for music and structural support interplay to sustain professional engagement. |
| By Silvia Sacchetti; Università di Trento |
| Presented by: Silvia Sacchetti, Università di Trento |
| Session 64: ECONOMICS OF GENDER I October 24, 2025 8:30 to 9:50 Location: Aula 4 |
| Session Chair: Francesca Severini, Università di Macerata |
What Drives Gender Gaps in Preferences for Redistribution? New Evidence from the European Social SurveyAbstractWe investigate the gender gaps in preferences for redistribution using data from the European Social Survey (ESS) over the period spanning from 2002 to 2022. We integrate individual-level socio economic and demographic characteristics, attitudinal factors, and macro-level influences. Our findings confirm significant differences among genders, with women generally expressing stronger preferences for redistribution than men. However, we uncover the multidimensionality of these gaps. Through a Gelbach decomposition analysis, our study identifies differences in beliefs and attitudes, especially egalitarian values and political ideology, as primary drivers of the observed gaps. Additionally, we document that not all women are more redistributive than men. The gender gaps, indeed, are neither uniform across age cohorts nor along different country-level conditions. Overall, the adult gender gap is the most pronounced, even if this evidence varies along macroeconomic contexts, across welfare regimes, and over time. Our findings underscore the complexity of redistributive preferences, representing a challenge for future policy design from a gender-sensitive perspective. |
| By Monica Bozzano; Universitas Mercatorum Simona Scabrosetti; Università di Pavia |
| Presented by: Monica Bozzano, Universitas Mercatorum |
Ex-Ante Beliefs about Gender Inequalities, Narratives and Support for Gender QuotasAbstractWhile there is broad consensus on the need to reduce gender inequalities in the labor market, support for gender quotas remains contested. This study investigates whether providing information about the effectiveness of quotas influences attitudes and behavioral support. Using a survey experiment among Italian workers and managers (N = 2,404), we examine the effects of two informational treatments: one emphasizing quotas' ability to counteract demand-side barriers like discrimination, and another highlighting their role in addressing supply-side issues such as underconfidence. We explore how these framings interact with participants’ prior beliefs about the causes of gender inequality, including cultural norms, stereotypes, ability differences, and work-life balance challenges. While both treatments have limited impact on stated support for quotas, the supply-side framing increases the amount participants are willing to donate to an NGO supporting gender quotas—a more concrete measure of behavioral support. This effect is strongest among individuals without well-formed beliefs about the origins of inequality. Our findings underscore the importance of targeted messaging in shaping the intensity of support for gender equity policies. By linking framing to underlying beliefs, we offer new insights into the psychological mechanisms that drive public engagement with affirmative action. |
| By Luca Di Corato; Università Ca' Foscari di Venezia Federica Esposito; Università di Bologna Natalia Montinari; Università di Bologna |
| Presented by: Natalia Montinari, Università di Bologna |
To be or not to be quoted: are more diverse research teams more cited? An analysis in the social sciencesAbstractHow does gender diversity within research teams shape scholarly recognition? This paper investigates the link between gender composition and citation impact in the social sciences, drawing on a novel dataset of over 145,000 peer-reviewed articles published between 2010 and 2024. We analyze both linear and non-linear effects of gender balance and find that male-oriented teams are associated with higher levels of unexplained citation outcomes—possibly due to structural advantages. Mixed-gender teams, on the other hand, achieve the highest raw citation counts, suggesting greater visibility. Conversely, citations for female-oriented teams appear to hinge more on the prestige of the journal, underscoring systemic barriers to recognition. Our findings highlight the importance of field-specific citation practices and journal metrics in shaping scholarly impact. The study offers evidence for policy strategies that promote inclusive collaboration and calls for further causal research into the structural mechanisms behind gendered citation disparities. |
| By Martina Dal Molin; Vilnius University (LT) Chiara Leggerini; Università di Brescia Barbara Martini; Università di Roma Tor Vergata Miron Tequame; CEIS-Università di Roma Tor Vergata |
| Presented by: Barbara Martini, Università di Roma Tor Vergata |
Key sectors for gender pay gap reduction: a multiplier effects analysis for Chilean economyAbstractRecently, the Chilean government embarked on a phase of redefining fiscal policies with the aim of addressing gender pay equity (Equidad Salarial). In this context, this paper emphasizes the crucial role that a disaggregated and general equilibrium approach can play in supporting the Chilean policymakers, particularly in the formulation of policies for the reduction of gender pay gap in specific sectors and the integration of female employment. The analysis is carried out using a gender Computable General Equilibrium model based on the gender Social Accounting Matrix for Chile. The simulations reproduce an expansion of final demand for investment by commodity under different assumption on elasticity of substitution between male and female labour. The results suggest that some productive sectors, more than others, have aptitudes to reduce the gender pay gap and stimulate employment end economic growth, if stimulated by fiscal policies. |
| By Francesca Severini; Università di Macerata Stefano Deriu; Università di Macerata Ludovica Almonti; Università di Macerata Rosita Pretaroli; Università di Macerata Claudio Socci; Università di Macerata |
| Presented by: Francesca Severini, Università di Macerata |
| Session 65: GREEN GROWTH IN ITALY I October 24, 2025 8:30 to 9:50 Location: Aula 8 |
| Session Chair: Silvia Micheli, Università di Perugia |
Institutional Quality and Green Innovation in Italy: A Regional PerspectiveAbstractThis paper analyses the relationship between institutional quality and green innovation in Italian regions (NUTS2). We examine how varying levels of institutional quality influence the regional capacity to generate green innovation, disentangling the effects related to economic institutions (corruption, government effectiveness, and regulatory quality) from the impacts associated with political institutions (rule of law and voice and accountability). Using a panel of data for 2004–2018 on green patents, we use an instrumental variable IV approach to control for endogeneity and several robustness checks. Our results show that the most important drivers of green innovation are related to the quality of political institutions. These findings remain robust, even when checking for economic and environmental controls, demonstrating that green innovation is more related to political decisions and social capital than innovation in general is. |
| By Adriana Pinate; Gran Sasso Science Institute Martina Dal Molin; Gran Sasso Science Institute Maria Giovanna Brandano; Gran Sasso Science Institute |
| Presented by: Adriana Pinate, Gran Sasso Science Institute |
Testing climate NGFS scenarios through the lens of a Large Scale ABM model for the Italian EconomyAbstractWe started from the agent-based model of Di Domenico et al. (2025) and we apply this model to green transition. We utilize specific information from NGFS scenarios: we use data on carbon pricing for Italy and the Rest of the World, and electrification. We expand the data-driven model from NACE-2digit sector D (energy) to three subsectors based on the Exiobase database. Therefore, we modify the model from 62 to 64 sectors by including new brown (electricity), green (electricity), and non-electricity sectors. We calibrate Kyoto gas emissions at the sectoral level using the NAMEA ISTAT dataset. In this way, the model is suited to input the main policy variables characterizing the NGFS scenarios, like carbon taxation for the Italian economy. Indeed, as a policy analysis, we implement carbon tax in the energy sector and electrification across all sectors to reduce emissions significantly. Finally, we calculate the deviation in emission scenarios and the macroeconomic effects in the medium-long run of the most challenging mitigation scenarios inferred by the NGFS consortium. |
| By Michele Catalano; Università Politecnica delle Marche Jacopo Di Domenico; Università di Macerata Luca Riccetti; Università di Macerata |
| Presented by: Luca Riccetti, Università di Macerata |
The twin Innovation-Renewable energy production of Italian Provinces: New evidence from spatial panel analysisAbstractThis article analyses the role of innovation and ultra-wideband (UWB) infrastructure in shaping renewable energy generation across Italian provinces from 2016 to 2021. Using a granular dataset covering 106 provinces, we apply spatial econometrics to estimate the impact of innovation-related variables on four types of renewable energy: photovoltaic, hydropower,wind, and bioenergy. This study also captures spillover effects between neighboring provinces to assess interdependencies. While previous research has explored the determinants of renewable energy generation, our analysis is the first to jointly examine the role of technological innovation and digital infrastructure across multiple renewable sources within a spatial framework. Findings indicate a significant spillover effect across provinces, with innovation variables positively influencing energy generation when significant. However, UWB infrastructure, when statistically significant, exhibits a sharp negative impact. These results suggest that while digital technologies may optimize energy consumption, they could inadvertently reduce production levels—possibly due to inadequate storage devices. |
| By Maria Cipollina; Università del Molise Gianluigi De Pascale; Università di Foggia Luca Esposito; Università di Salerno |
| Presented by: Gianluigi De Pascale, Università di Foggia |
A comprehensive exploration of factors enabling renewable energy communitiesAbstractTechnological innovation and the liberalization of the energy market have allowed the development of renewable energy communities (RECs). They represent an initiative that involves citizens, businesses, commercial activities, local administrations and small/medium-sized companies, who choose to collaborate to produce, share and consume renewable energy sources at a local level. The aim of the paper is to analyze the motivations and dynamics that drive stakeholders to create RECs, focusing on municipalities, to identify the factors that favor the creation of RECs. We have conducted an in-depth analysis of the existing literature, and we have administered a questionnaire to municipal administrations on the dynamics that drive municipalities to undertake initiatives in this area, comparing the results obtained with what emerged from the literature. The findings suggest that municipalities have a strong attitude to participate in RECs mainly for the benefits related to the reduction of energy costs for all participants, contributing to the alleviation of energy poverty in the area. Furthermore, they recognize themselves in the role of coordination and collaboration with technicians and designers and installers, functioning as a catalyst in bringing together the skills of the territory. |
| By Simona Bigerna; Università di Perugia Silvia Micheli; Università di Perugia Paolo Polinori; Università di Perugia |
| Presented by: Silvia Micheli, Università di Perugia |
| Session 66: HEALTH ECONOMICS AND POLICY I October 24, 2025 8:30 to 9:50 Location: Aula 9 |
| Session Chair: Simone Marsiglio, Università di Pisa |
Mental health effects of the COVID-19 crisis. The Greek caseAbstractJob loss, income cuts and the general feeling of uncertainty during crisis periods such as the COVID-19 pandemic has raised concerns over population mental health. This study uses survey data from Greece to capture the effect of COVID-19 on mental health focusing on the mediating effect of income loss. We demonstrate a detrimental impact of income loss on mental health, but mainly for the ones attributing this loss to the COVID-19 pandemic. We report that the financial concern of the individual does not play a major role moderating the relationship between income loss and worsening mental health. On the contrary, based on the findings indicating worst mental health outcomes for senior managers and executives, occupation seems to have a role in shaping the relationship between income loss and mental health. Even no causal, as a relatively exogenous labor market shock, the income loss due to COVID-19 enables robust estimates and the relationships captured by the estimates are considered critical in order to identify the most at-risk groups. Those findings are important in terms of policy recommendation in crises periods, as knowing which individuals would have the highest level of mental distress in such circumstances, helps identify at-risk populations. |
| By Nicholas Giannakopoulos; University of Patras Athina Raftopoulou; University of Patras |
| Presented by: Athina Raftopoulou, University of Patras |
Caring connections in Italy: The role of immigrant caregivers in improving the welfare of elders and reducing public health costsAbstractThis paper examines the impact of migrant-provided home-based care on elderly health outcomes in Italy, focusing on hospitalisation frequency, length of stay, and mortality. To address potential endogeneity between local health conditions and immigrant settlement patterns, we employ an instrumental variable approach. Our results show that increases in the supply of migrant caregivers significantly reduce both the frequency (extensive margin) and duration (intensive margin) of hospital admissions. Specifically, a one percentage point increase in the immigrant-to-elderly population ratio leads to a 4% decline in long-term and rehabilitation inpatient (LRI) admissions, with no measurable effect on acute inpatient (AI) stays. We also find a 1.5% reduction in average admission duration, rising to 3.3% for LRI cases. These effects are primarily driven by diagnoses related to traumatic injuries, musculoskeletal and genitourinary conditions—areas closely linked to home-based mobility and care management. Back-of-the-envelope calculations suggest that the observed 1.3 percentage point average annual increase in the migrant-to-elderly ratio during our study period corresponds to an estimated 9% reduction in elderly LRI hospitalisation costs, yielding annual public savings of approximately 0.66% of total hospitalisation expenditures. |
| By Lisa Capretti; CEIS - Tor Vergata Joanna Kopinska; Sapienza Università di Roma Rama Dasi Mariani; Università Roma Tre Furio Rosati; Università di Roma Tor Vergata |
| Presented by: Lisa Capretti, CEIS - Tor Vergata |
Infectious Diseases, Social Distancing Compliance and Social InteractionsAbstractWe analyze the role of social interactions in driving the effectiveness of social distancing to mitigate the economic consequences of infectious diseases. Individuals choose whether to comply with social distancing measures by accounting for health and social considerations, determining the dynamic evolution of disease prevalence. We show that the feedback effects between health and social conditions imply that the economy may converge to a disease-free or endemic situation giving rise to a variety of alternative scenarios, in which unique or multiple stable equilibria exist, monotonic or non-monotonic trajectories occur, cyclical behavior or path-dependency arise. Moreover, by extending the analysis to a stochastic setup to account for the role of uncertainty, we show that the predictions of a deterministic analysis may not be enough to perform robust policy analysis as the stochastic outcome may largely differ from the deterministic one. |
| By Simone Marsiglio; Università di Pisa Tiana Perevalova; Università di Pisa |
| Presented by: Simone Marsiglio, Università di Pisa |
| Session 67: MONETARY POLICY I October 24, 2025 8:30 to 9:50 Location: Aula Piccagli |
| Session Chair: Federico Favaretto, Università di Urbino |
Optimal Monetary and Fiscal Policy Rules, Welfare Gains, and Exogenous Shocks in an Economy with Default RiskAbstractThe European debt crisis motivated us to develop policy prescriptions to address the issue from the perspective of implementing optimal monetary and fiscal policy. We develop a class of dynamic stochastic general equilibrium models with nominal rigidities and introduce default risk to the model. We find that if productivity changes are observed, policy authorities should be aware of default risk, although being aware of such risk is not essential following government expenditure changes. Welfare gains from awareness of default risk are nonnegligible if productivity changes, although welfare gains from awareness of default risk are minimal following government expenditure changes. In other words, in response to a change in productivity, stabilizing inflation should be modest and consider suppressing default; however, inflation can be stabilized aggressively without taking into account the suppressing of default in response to a change in government expenditure. |
| By Eiji Okano; Nagoya City University Masataka Eguchi; Komazawa University |
| Presented by: Eiji Okano, Nagoya City University |
Twenty-Five Years of Fiscal and Monetary Regimes in Brazil: What have we Learned?AbstractThis article examines the coordination between monetary and fiscal policies over twenty-five years, from the implementation of the Macroeconomic Tripod to the establishment of the Novo Arcabouço Fiscal in 2023. Using monthly data spanning January 2003 to December 2023, the empirical strategy combines two distinct time-series methodologies. Threshold Autoregressive (TAR) models identify a tipping point of 33.8% of GDP in the relationship between public debt and Selic rate, and a threshold of the 3.3% in the nexus between the primary balance and Selic rate. These results suggests that Brazil enters a state of weak monetary dominance when public debt exceeds the first threshold, and the primary balance falls below the second. Additionally, models estimated via Bayesian Time Variant Coefficient Autoregressive Vector (BTVC-VAR) highlight some episodes of fiscal discretion – such as during the New Macroeconomic Matrix or the post-pandemic period – that contributed to weak monetary dominance. Conversely, periods of adherence to fiscal rules, such as during the Macroeconomic Tripod or under the Teto de Gastos framework, provided relief for the Central Bank, enabling it to achieve inflation targets at a lower cost in terms of interest rates. |
| By Benito Salomão Neto; Universidade Federal de Uberlândia |
| Presented by: Benito Salomão Neto, Universidade Federal de Uberlândia |
Market disappointment with central bank announcementsAbstractWe introduce an index of market disappointment caused by the content of each central bank announcement for both the Fed and the ECB. To detect this disappointment, we analyze articles from key financial newspapers using text-mining methods to identify sentences that convey it. Our index enables us to uncover new facts about the market response to central bank announcements. First, we document that disappointment with central bank announcements is frequently reported (in about 20% of the announcements) and predominantly stem from the absence of easing measures. Second, we find that market disappointment leads to immediate changes in monetary policy rule perceptions, which contrasts with previous findings based on standard surprise measures. Third, we observe that market disappointments lead to declines in stock returns and increases in volatility over the subsequent days. These effects are economically significant and present for the announcements of both the Fed and the ECB, controlling for standard monetary policy surprise measures. The reversal pattern and the results from additional analysis are consistent with an investor-sentiment-based explanation for these effects. Overall, our findings suggest that investors’ emotional responses to monetary policy announcements contain valuable information for understanding financial market dynamics. |
| By Matthieu Picault; Université d’Orléans, LEO Julien Pinter; University of Alicante |
| Presented by: Julien Pinter, University of Alicante |
Greenflation, Climateflation and Monetary Policy: The Dynamics of Sustainable TransitionAbstractThe green transition to reduce greenhouse gas emissions requires substantial investments in a narrow time window to avoid climate-related disruptions, adding two new dimensions for monetary policy and exacerbating the trade-offs that central banks face. First, climate- related physical disruptions lead to higher inflation (i.e.: Climateflation). Second, the rush to green technology may result in inflation due to supply bottlenecks (i.e.: Greenflation). As a consequence, central banks implement restrictive monetary policy that have a detrimental effect on the high up-front costs of renewable energy projects. This slows down the dynamics of green technologies adoption. We build a dynamic nonlinear model to study these interactions under reasonable parameterizations. Both Climateflation and Greenflation are quantitatively significant, creating a dilemma for central banks between raising interest rates to counteract inflation and easing them to facilitate renewable investment. We further show that, under specific stochastic scenarios, the trade-off between inflation control and green transition can improve when structural costs for green technologies decrease or when supply-side constraints relax. |
| By Andrea Bacchiocchi; Università di Urbino Federico Favaretto; Università di Urbino Germana Giombini; Università di Urbino Fabio Tramontana; Università di Urbino |
| Presented by: Federico Favaretto, Università di Urbino |
| Session 68: INTERGENERATIONAL MOBILITY AND EDUCATIONAL OPPORTUNITIES IN ITALY October 24, 2025 8:30 to 9:50 Location: Aula di Calcolo 1 |
| Session Chair: Michele Raitano, Sapienza Università di Roma |
Net gains: an investigation of telematic universities’ academic performanceAbstractOnline university degree programs in Italy have transformed the higher education landscape in the last ten years. This paper explores how expanding telematic universi- ties between 2011 and 2021 changed access to college, specifically on students coming from vocational secondary schools or general academic ones. Using comprehensive administra- tive data on all Italian university students (ANS archive) linked to their high school back- grounds, we exploit variation in the timing and scale of telematic program authorizations – determined by ministerial decrees – to identify causal impacts. We present evidence and discuss an instrumental variable approach leveraging exogenous policy-driven expansion. Our findings indicate that the growth of online degree offerings substantially increased university enrollment among graduates of technical and professional high schools, nar- rowing long-standing educational gaps by school track, gender, and region. The effects are especially pronounced for men and students in Southern Italy, and observable in field- of-study choices with relevant implications for STEM enrollments. We discuss threats to identification and present results that are robust to alternative specifications. |
| By Carmen Aina; Università del Piemonte Orientale Luca Bonacini; Università del Piemonte Orientale Chiara Mussida; Università Cattolica del Sacro Cuore Milano Giuseppe Pignataro; Università di Bologna |
| Presented by: Giuseppe Pignataro, Università di Bologna |
Should I study or should I work? Internships, job seeking and job placement in ItalyAbstractThis study investigates the impact of intra-curricula internships on intentions, aspirations and labour market performance of Italian graduates. We rely on a national-level official survey whose coverage and scope allow us to investigate the impact of internships by leveraging information on courses with different internship modalities, both across programs and over time. Overall, the findings underscore the importance of internships in facilitating the choice to enter the labour market with significant differences between the two cycles of study characterizing the Bologna process. For second-cycle degrees, internships significantly increase post-graduation employment prospects while, for first-cycle degrees, internships do not directly impact employment rates but encourage job seeking reducing inactivity though at same time decreasing enrolment propensity in the second-cycle. |
| By Chiara Giovinazzo; Università di Modena e Reggio Emilia Maria Cristina D'Aguanno; Università di Modena e Reggio Emilia Fabrizio Patriarca; Università di Modena e Reggio Emilia |
| Presented by: Fabrizio Patriarca, Università di Modena e Reggio Emilia |
Local Drivers of Academic Outcomes: New Evidence from Students of a Large UniversityAbstractWe aim at investigating the determinants of students’ academic achievements, disentangling the roles played by individual characteristics, family background, and socio-economic context. We exploit a large dataset from Sapienza University, the largest public university in Europe, focusing on all the students born and raised in the city of Rome and enrolled in bachelor’s programs between 2012 and 2024. We employ multiple academic performance outcomes (GPA, time to graduation, drop-out probability), and several individual characteristics, such as parental background (ISEE) and students’ skills (attended high-school and final mark). By using information on the zip codes of the individual residence at the time of enrolment, we enhance the dataset with variables measuring social, cultural, and economic characteristics of the residential neighbourhoods. Exploiting the granularity of the data, we are able to assess the association between the students’ academic performance and the relevant socio-economic context. We, first, inquire whether such association is mediated by the characteristics of the students and of their households and, then, investigate which context characteristics are responsible for a possible ‘residual association’ after controlling for the ‘composition effects’ about the students’ population. Our analysis also considers dimensions of heterogeneity such as gender, enrolment cohorts, and field of study. |
| By Marianna Belloc; Sapienza Università di Roma Francesco Bloise; Sapienza Università di Roma Francesco D'Angelo; Sapienza Università di Roma Michele Raitano; Sapienza Università di Roma |
| Presented by: Francesco D'Angelo, Sapienza Università di Roma |
| Session 69: INDUSTRY 4.0 AND DIGITAL TRANSFORMATION I October 24, 2025 8:30 to 9:50 Location: Aula di Calcolo 2 |
| Session Chair: Maria Cipollina, Università del Molise |
The Temporal Dimension of Digital Transformation: Time-Saving vs Labour-saving TechnologiesAbstractThis study explores the role of time-saving technological change in shaping industrial dynamics and economic growth. While traditional analyses of technological progress emphasize labor-saving and capital-saving innovations, this work highlights the fundamental importance of reducing production time. Using an agent-based model, we examine how firms adopt either labor-saving or time-saving innovations and analyze their impact on market structure, productivity, and economic expansion. The results indicate that labor-saving innovations drive GDP growth and capital deepening but lead to increased firm turnover and market concentration. In contrast, time-saving innovations enhance firm survival and competition but limit productivity gains. Additionally, we investigate the effects of new entrants with superior technological capabilities, revealing that they intensify competitive pressures and accelerate industrial transformation. The findings suggest that time-saving innovations act as a stabilizing force, counterbalancing the disruptive effects of labor-saving technologies. Moreover, they highlight the dual role of technological change—not only as a driver of economic expansion but also as a determinant of firm survival and industry structure. These insights have important implications for policymakers and firms navigating Industry 4.0, emphasizing the need to balance different innovation strategies to foster sustainable economic growth. |
| By Andrea Borsato; Università di Bergamo Elena Cefis; Università di Bergamo |
| Presented by: Elena Cefis, Università di Bergamo |
The impact of robots on workplace injuries and deaths: Empirical evidence from EuropeAbstractThis paper examines the impact of robotisation on workplace safety in EU manufacturing sectors between 2011 and 2019. To address endogeneity concerns, we employ an instrumental variable approach and find that robot adoption reduces both injuries and fatalities. Specifically, a 10% increase in robot adoption is associated with a 0.066% reduction in fatalities and a 1.96% decrease in injuries. Our findings highlight the context-dependent nature of these effects. The safety benefits of robotisation materialise only in high-tech sectors and in countries where industrial relations provide strong worker protections. In contrast, in traditional industries and countries with weaker institutional frameworks, these benefits remain largely unrealised. The results are robust to several sensitivity tests. |
| By Marco De Simone; Sapienza Università di Roma Dario Guarascio; Sapienza Università di Roma Jelena Reljic; Sapienza Università di Roma |
| Presented by: Marco De Simone, Sapienza Università di Roma |
Baumol meets automationAbstractThere is widespread concern about the effects of automation on employment and growth. If robots take the place of human workers, what effect will it have on price dynamics and the growth of economic systems? Building on Baumol's famous paper (Baumol, 1967), we develop a dynamic two-sector macroeconomic model in which a high-automation sector grows faster than a low-automation sector and in which robots take the place of the human workforce. This economy shares common features with Baumol’s traditional model, but has important differences in terms of outlays and growth. In fact, keeping Baumol's original setting intact, we reconcile his model with long-run growth using automation. The relative cost dynamics of this economy are closely dependent on the dynamics of wage growth, and steady growth can be achieved even in an unbalanced world. The model is then calibrated to real data, showing that it also has high predictive power. We also discuss why price stability could be a more urgent policy issue than unemployment in a world with varying degrees of automation. |
| By Giuseppe Pernagallo; Università di Torino Salvatore Caruso; Engineering D.HUB |
| Presented by: Giuseppe Pernagallo, Università di Torino |
Digitalization as a Push or Pull Factor for Foreign Direct Investments: A Meta-AnalysisAbstractThe relationship between digitalization and foreign direct investment (FDI) has attracted increasing attention in recent literature, driven by rapid technological advancements. While digitalization enhances efficiency, reduces costs, and boosts competitiveness, its impact on FDI remains complex and depends on whether it acts as a pull or push factor. On one hand, digitalization can attract FDI by improving infrastructure and market access; on the other, it may encourage firms to expand abroad in search of new opportunities. This study conducts a comprehensive meta-analysis of 56 studies, analyzing 959 estimated coefficients on the relationship between digitalization and FDI. Using meta-regression analysis, we account for potential biases and methodological variations to provide a more accurate assessment of this relationship.\\ Our findings reveal that the impact of digitalization on FDI is nuanced. While the overall effect of digitalization on FDI is small but statistically significant, its role as a push or pull factor leads to different effect sizes. When digitalization acts as a push factor, it consistently stimulates FDI. When acting as a pull factor, the outcomes are mixed. After correcting for publication bias, a negative effect appears, indicating that digitalization alone may not always enhance a country's appeal to foreign investors. |
| By Maria Cipollina; Università del Molise Gianluigi De Pascale; Università di Foggia Anna Romagno; Università di Foggia |
| Presented by: Maria Cipollina, Università del Molise |
| Session 70: STRUTTURA PRODUTTIVA, DIVARI TERRITORIALI E INNOVAZIONE (with Banca d'Italia) October 24, 2025 8:30 to 9:50 Location: Aula Magna |
| Session Chair: Antonio Accetturo, Banca d'Italia |
Le recenti dinamiche della produttività e le trasformazioni del sistema produttivoAbstractLe recenti dinamiche della produttività e le trasformazioni del sistema produttivo |
| By Sauro Mocetti; Banca d'Italia |
| Presented by: Sauro Mocetti, Banca d'Italia |
| Discussant: Andrea Fracasso, Università di Trento |
Ricerca, innovazione e trasferimento tecnologico in ItaliaAbstractRicerca, innovazione e trasferimento tecnologico in Italia |
| By Francesco D'Amuri; Banca d'Italia |
| Presented by: Francesco D'Amuri, Banca d'Italia |
| Discussant: Francesco Quatraro, Università di Torino |
Le prospettive di sviluppo dell’economia meridionaleAbstractLe prospettive di sviluppo dell’economia meridionale |
| By Antonio Accetturo; Banca d'Italia |
| Presented by: Antonio Accetturo, Banca d'Italia |
| Discussant: Giuliano Resce, Università del Molise |
| Session 71: FIRM ORGANISATION I October 24, 2025 8:30 to 9:50 Location: Sala Consiliare |
| Session Chair: Elena Podrecca, Università di Trieste |
Learning-by-doing or doing without learning? Protecting secrets with organizational innovationsAbstractI propose a theory of the determinants of organizational innovation, defined as a device to lower workers' autonomy and their ability to collect information about the production process. If firms cannot limit workers' mobility, they may have the incentives to increase their control over the workforce to limit their accumulation valuable information that, in case of circulation, would benefit rivals. I design a theoretical model where firms decide how to organize their workforce to reach a target level of productivity. I assume workers’ effort increases production output, but fatigue reduces workers’ ability to learn from what they are doing. When firms face the threat of information spillovers regarding their secrets, they are keener to intensify control over their workforce and elicit more effort from the workers. They do so at the expense of total productivity. From a policy perspective, I argue that policies promoting labor mobility to maximize efficiency transmission may be incomplete, as they do not account for the companies' reaction. Indeed, firms might find mechanisms to defend against the appropriation of intellectual property other than legal protections, reorganizing the production to limit workers' autonomy and discretion. |
| By Luca Sandrini; ZEW - Leibniz Centre for European Economic Research |
| Presented by: Luca Sandrini, ZEW - Leibniz Centre for European Economic Research |
Taxing Digital Advertising RevenueAbstractWe propose a model of a social media platform in which platform's profit, consumer surplus and users' participation all depend on the platform's choice of data extraction intensity. We use this framework to analyze the implications of alternative business models (Pure Advertising; Pure Subscription; Freemium), and to provide insights into recent proposals to introduce a tax on digital advertising revenue. Our analysis highlights the important role of policy complementarity, and how the effectiveness of a tax approach crucially depends on the business model in place. |
| By Carmen Marchiori; Università di Brescia Enrico Minelli; Università di Brescia |
| Presented by: Carmen Marchiori, Università di Brescia |
Flexible labour contracts and Innovation. The Role of Contract Types and SkillsAbstractThis study explores the complex relationship between flexible employment and innovation activities, with a particular focus on the varied effects that different types of flexible employment contracts—applied to workers with different skill levels—may have on firms’ propensity to innovate. The analysis is based on a unique and novel micro-level dataset that combines information on employers, employees, and innovation outcomes for corporate enterprises located in Friuli Venezia Giulia (FVG), the northeasternmost region of Italy. Overall, our main findings indicate that unstable employment relationships and a greater reliance on flexible labor contracts are negatively associated with firms’ innovation propensity. However, the results reveal important nuances depending on the specific type of contract, worker and firm characteristics, and the level of disaggregation used in the analysis. |
| By Laura Chies; Università di Trieste Elena Podrecca; Università di Trieste Stefania Patrizia Sonia Rossi; Università di Trieste |
| Presented by: Elena Podrecca, Università di Trieste |
| Session 72: MICROECONOMICS I October 24, 2025 8:30 to 9:50 Location: Aula Grande |
| Session Chair: Luca Di Corato, Università Ca' Foscari di Venezia |
Insurance decisions with “Probable Small Probabilities”: The role of Framing and Incentives under Risk and AmbiguityAbstractThis paper considers a situation where a decision-maker (DM) is faced with the decision whether and how much to insure against a bad event which may occur sometime during a T-period horizon. If it occurs at any time during this period, the DM loses everything, unless he/she is insured. Now, whether the DM is given the information that the event may occur in any one period with probability p, or given the information that it may occur sometime during the T periods with probability P, then if P = 1−(1−p)T, the insurance decision should be the same; the only difference is the framing of the information. However, numerous studies have shown that framing may affect decision-making. We investigate experimentally whether this is the case in this particular context. We find that framing does matter. We also investigate whether incentivisation affects the decision, by running two different treatments, one with incentives and one without. It is clear from our results that incentives matter, though in an unexpected way. |
| By Rocco Caferra; Unitelma Sapienza Roma Andrea Morone; Università di Bari John Hey; University of York |
| Presented by: Rocco Caferra, Unitelma Sapienza Roma |
Framing Allais: Is the Paradox Robust to the Pictorial Framing of Lotteries?AbstractThe Allais paradox is a violation of Expected Utility Theory (EU). It refers to a choice problem in which individuals are presented with two lottery pairs, (A,B) and (C,D), and typically prefer A to B and D to C. The choice pattern AD, however, is not rationalizable in terms of EU. Experimental evidence suggests that the occurrence of the AD choice pattern depends, among other things, on the way the probabilities are presented. In this paper, we contribute to this literature by testing whether framing probabilities pictorially reduces the occurrence of the AD choice pattern. We devise three treatments: in the Baseline, probabilities are provided numerically (as fractions); in Grid and Pie, they are provided through a grid of colored balls and a pie chart, respectively. Results from a pilot (N=131) indicate that, compared to a baseline occurrence rate of 47.73%, the AD choice pattern is slightly less likely when probabilities are presented in grid format (39.54%) and considerably less likely when presented in a pie format (22.73%). |
| By Luca Congiu; Università di Roma Tor Vergata Ivan Moscati; Università dell'Insubria |
| Presented by: Luca Congiu, Università di Roma Tor Vergata |
Tap vs bottled water consumption choices through a strategic game AbstractThis paper develops a strategic game-theoretic framework to investigate intergenerational choices in water consumption, focusing on the trade-off between tap and bottled water. Motivated by environmental and public policy concerns, we model the interaction between two subsequent generations under perfect substitutability between goods and intertemporal externalities. Generation 1 can invest in tap water infrastructure at time 1, while Generation 2 decides whether to maintain the investment or switch to bottled water at time 2. We introduce two policy instruments: a coordination mechanism (maintenance transfer) and a tax on bottled water, which are respectively shared across or supported exclusively by the second generation. The model produces closed-form threshold conditions under which each consumption configuration emerges as a Subgame Perfect Nash Equilibrium (SPNE). We show that all equilibria are sustainable for appropriate combinations of preferences and policy parameters. The analysis highlights the asymmetric incentives created by intertemporal instruments and provides a graphical partition of the policy space. Our findings suggest that well designed intergenerational mechanisms can align private and social preferences, promoting sustainable consumption patterns. The model offers a testable structure for experimental validation and policy experimentation in environmental and behavioural economics. |
| By Bruno Chiarini; Università di Napoli Parthenope Alessio D'Amato; Università di Napoli Parthenope Claudio Mancuso; Università di Napoli Parthenope Elisabetta Marzano; Università di Napoli Parthenope |
| Presented by: Claudio Mancuso, Università di Napoli Parthenope |
Supply contracting under dynamic asymmetric cost informationAbstractWe consider a long-term contractual relationship in which a buyer procures a fixed quantity of a product from a supplier and then sells it on the market. The production cost is private information and evolves randomly over time. The solution to this dynamic principal-agent problem involves a periodic two-part payment. The fixed part of the payment depends on the initial supplier's cost type while the other is contingent on the current cost type. A notable feature is that, by using the information about the initial cost type, the buyer can reduce the burden of information rents paid for the revelation of the future cost type. We show that the distortion, resulting from information asymmetry, remains constant over time and decreases with the initial type. Lastly, we show that our analysis immediately applies also when input prices are private information and evolve randomly over time. |
| By Luca Di Corato; Università Ca' Foscari di Venezia Michele Moretto; Università di Padova |
| Presented by: Luca Di Corato, Università Ca' Foscari di Venezia |
| Session 73: LABOUR MARKET DYNAMICS IN THE POST-PANDEMIC: RECENT TRENDS AND ISSUES (with AISSEC - Associazione Italiana per lo Studio dei Sistemi Economici Comparati) October 24, 2025 10:00 to 11:20 Location: Aula 7 |
| Session Chairs: |
| Chiara Mussida, Università Cattolica del Sacro Cuore Milano |
| Antonella Rocca, Università di Napoli Parthenope |
AI occupational exposure and wage distribution: the case of ItalyAbstractThis paper investigates the effect of Artificial Intelligence exposure of occupations across the overall wage distribution of a sample of Italian employees. We use an employer-employee dataset for the period 2011-2019 and a survey on occupations’ characteristics to build our indicator for AI exposure that accounts especially for AI’s potential complement for labor, and to define highly and low exposed occupations. Also, we decompose the wage gap between highly and low exposed occupations. Our findings highlight a positive association between artificial intelligence exposure and wage, especially at the top of the distribution. Notably, the positive effect of artificial intelligence diminishes around the median of the distribution, thereby suggesting that artificial intelligence could exacerbate the wage inequality between low-wage and high-wage workers and contribute to a more polarized labour market. The decomposition analysis shows a decreasing role of the unexplained component of the gap. Among the explored factors, gender and education significantly contribute to the change. The characteristics that most of all contribute to explaining the disadvantage of low-paid positions are the same that are more highly rewarded in top-paid positions. To avoid increasing inequalities, it is crucial to invest in education and in workforce training (reskilling and upskilling) especially. |
| By Irene Brunetti; INAPP Chiara Mussida; Università Cattolica del Sacro Cuore Milano |
| Presented by: Chiara Mussida, Università Cattolica del Sacro Cuore Milano |
Automation and Young Workers’ Job Trajectories: The Italian CaseAbstractWhat are the consequences for workers who, over the course of their careers, work in a firm that has adopted automation technologies into its production processes? Do their employment prospects increase or decrease? To answer these questions, we examine the job trajectories of a cohort of young workers in Italy by tracking their periods of employment and unemployment. Specifically, we identify whether they were hired by firms that had previously invested in different forms of automation, such as robotics and big data, to assess how exposure to these technologies impacts their occupational prospects. The empirical analysis uses an employee-employer dataset obtained by merging administrative data on work histories with a survey on firms' characteristics (2018Q1-2023Q2). Our findings suggest that exposure to automation is positively associated with the probability of staying employed. We detect substantial heterogeneities across various dimensions, including firm size, contract types, industrial sectors, and tasks susceptibility to automation. The implications are discussed within the broader context of job resilience and complementary roles of human labor in automation-integrated environments, with attention to dynamics observed following the lifting of temporary employment protection measures in the Italian labor market at the end of 2021. |
| By Michele Battisti; Università di Palermo Irene Brunetti; INAPP Antonio Francesco Gravina; Università di Messina Paolo Li Donni; Università di Palermo |
| Presented by: Antonio Francesco Gravina, Università di Messina |
Social norms vs socioeconomic vulnerability: gender identity and female labour force participation in EcuadorAbstractDespite recent advances in reducing the gender gap globally, female labour force participation is still lower compared to men’s. Discriminatory social norms, such as the one that assigns to men the role of breadwinners, are important drivers of this difference. Building on the social prescription that “a man should earn more than his wife”, we explore the effect that relative income potential has on female engagement in the labour market in Ecuador. |
| By Sara Caria; Università di Modena e Reggio Emilia Jorge Yepez; Università Ca' Foscari di Venezia |
| Presented by: Sara Caria, Università di Modena e Reggio Emilia |
Working and Remaining Poor: The case of ItalyAbstractIn the years following the COVID-19 pandemic, employment rates increased across most European countries. However, the share of the working poor remained high in many countries. This paper aims to analyse the determinants of in-work poverty, with a focus on Italy, which, despite recent employment growth, continues to record the lowest employment rate in the EU. Using EU-SILC data, we examine how some individual characteristics predispose to longer unemployment spells and connect to the probability of becoming a working-poor in their career. In the second part of the analysis, focusing exclusively on employees, we measure the effect of a prolonged unemployment spell on the conditions of working-poor and low-wage earners, and on their joint condition. Other indicators of precariousness are even analysed and connected to it. The methodology combines survival and logit models with machine learning techniques —specifically, the random forest algorithm — to identify the most significant factors associated with in-work poverty and rank the covariates by their importance. An analysis of their predictive capacity is even proposed. |
| By Giovanni De Luca; Università di Napoli Parthenope Andrea Regoli; Università di Napoli Parthenope Claudio Quintano; Università di Napoli Parthenope Antonella Rocca; Università di Napoli Parthenope |
| Presented by: Antonella Rocca, Università di Napoli Parthenope |
| Session 74: GREEN INNOVATION AND PERFORMANCE I October 24, 2025 10:00 to 11:20 Location: Aula di Calcolo 1 |
| Session Chair: Federico Fantechi, Università di Palermo |
Unveiling the impact of Green Energy on Green Productivity: A focus on Hydrogen and the Green Transition in European regionsAbstractThe transition towards sustainable economic growth has gained increasing attention due to the urgency of the climate crisis and the need to reduce resource dependency. This study examines the relationship between green energy production and green total factor productivity (GTFP), a metric incorporating environmental factors into traditional productivity measures. Using a panel dataset of 221 European NUTS2 regions across 10 sectors from 2009 to 2021, we estimate GTFP through the Malmquist-Luenberger productivity index. Our analysis focuses on green energy production, particularly hydrogen energy, and its potential impact on GTFP by reducing emissions and optimizing resource use. To ensure robustness, we apply an instrumental variable (IV) approach. The results indicate a positive relationship between green energy production and GTFP. While hydrogen energy also exhibits a positive effect, it does not reach statistical significance. However, we find that the interaction between green and hydrogen energy enhances GTFP, suggesting spillover effects between these technologies. These findings offer valuable policy insights, emphasizing the importance of integrating green energy sources into economic growth and reducing emissions while supporting the successful adoption of renewable technologies. |
| By Ivan Sergio; HWWI University of Bremen Heidi Bogdzinski; HWWI, University of Bremen Jan Wedemeier; HWWI, University of Bremen |
| Presented by: Ivan Sergio, HWWI University of Bremen |
The Green Gamble: Impact of Green Patents on Firm PerformanceAbstractThis paper investigates whether—and under which conditions—green patenting enhances firm‑level economic performance. We link patent data to financial and operational information for roughly three million European firms observed between 2010 and 2021. To overcome the well‑known breadth of classification code‑based green‑technology taxonomies, we developed our own custom procedure based on NLP techniques to isolate a subset of true green patents. We then gauge each patent’s novelty following recently developed text‑based metrics to control for the possibility of greenwashing or redundant innovation. Results show that holding at least one green patent raises sales, market share and labour productivity, with no effects on profitability. Restricting the treatment to high‑novelty green patents suggest that genuinely innovative clean technologies yield superior private returns. Our findings underscore the importance of fine‑grained patent classification and novelty screening to separate substantive green innovation from potential greenwashing. Policy makers seeking to foster both environmental and economic value should therefore prioritise instruments that reward breakthrough green inventions and facilitate their diffusion. |
| By Lapo Santarlasci; IMT Lucca Armando Rungi; IMT Lucca Antonio Zinilli; CNR-IRCrES |
| Presented by: Armando Rungi, IMT Lucca |
The impact of the “Twin Transition” on GHG emissions: a firm level analysisAbstractGiven the urgency of the climate crisis and the need to sustain economic growth, “green” and “digital” technologies have become central to innovation strategies. This study examines how firm-level innovation in green, digital, and combined green-digital technologies affects greenhouse gas (GHG) emissions, offering empirical insights into the role of “twin transition” technologies in decarbonization. The analysis uses a novel dataset (2015–2022) combining environmental data from CDP’s Full GHG Emissions Dataset, patent records from ORBIS IP, and firm-level financials from ORBIS. Focusing on firms responsible for nearly 30\% of global Scope 1, this research provides a firm-level perspective largely missing from existing literature. Preliminary panel model results show that green technology patents are linked to lower emissions intensity, particularly in the manufacturing and energy sectors. In contrast, the effect of digital technologies is more ambiguous—aligning with prior studies that point to both efficiency gains and high energy demands. These findings highlight the complex environmental impact of digitalization and underscore the importance of designing innovation policies that support not only technological advancement but also environmental sustainability. |
| By Edward Cruickshank; Università di Milano e Università di Pavia Andrea Morrison; Università di Pavia Roberta Rabellotti; Università di Pavia |
| Presented by: Edward Cruickshank, Università di Milano e Università di Pavia |
Convergence through sustainable development: can EU developing regions make it happen? Firm-level counterfactual evidence via Machine LearningAbstractThis work investigates whether EU cohesion policies aiming at environmental improvement and carbon reduction have an economic impact on adopters. We look at the changes in firms’ performance due to the sustainability-oriented technologies financed by the European cohesion funds during the 2007-13 programming period. We include firms that participated in pilot programs and received public incentives to upgrade their production plants with sustainable technologies, and we use Supervised Machine Learning (ML) algorithms to identify the most appropriate counterfactuals. Our results indicate a strong and positive effect on firms' profitability, for which the public policy is directly responsible, with different dynamics for different levels of public support and implementation. Specifically, the relationship between levels of public aid received and firms’ operating margins presents an inverted "U" shape. Additionally, in the short run, the effect on treated firms tends to diminish, suggesting the possibility of a rebound effect where the gains in production efficiency and energy savings are repurposed by firms to increase production (and profits) instead of reducing absolute emissions. This is perfectly in line with what one can expect from an economic actor at the micro-level: firms’ actions are certainly guided by the search for ways to obtain profit increases. |
| By Alessandro Cusimano; Università di Palermo Federico Fantechi; Università di Palermo Debora Gambina; Università di Palermo Fabio Mazzola; Università di Palermo |
| Presented by: Federico Fantechi, Università di Palermo |
| Session 75: INDUSTRY 4.0 AND DIGITAL TRANSFORMATION II October 24, 2025 10:00 to 11:20 Location: Aula di Calcolo 2 |
| Session Chair: Fabio Lamperti, Università Cattolica del Sacro Cuore Milano |
Impact of Automation and Augmentation Technologies on Employment in EuropeAbstractRecent empirical research documents an enormous impact of automation technologies on employment, wages, inequality, and the polarization of the labor market. However, less attention is paid to the creation of new jobs that complement new technologies and create countervailing power to task-displacing technologies. We create a new measure of the exposure of occupations to displacement and augmentation technologies based on detailed ISCO microtitles and descriptions of the tasks they perform. The paper then empirically examines the impact of new technologies, in particular robots, software, and artificial intelligence on employment changes in Europe. We find that workers who were more complemented by augmentation technologies experienced positive employment growth. The employment of workers who were more exposed to automation technologies declined significantly. Moreover, we find that the negative impact of automation technologies on employment is more intense than the positive impact of augmentation exposure. |
| By Martin Lábaj; University of Economics in Bratislava Tomas Oles; University of Economics in Bratislava |
| Presented by: Martin Lábaj, University of Economics in Bratislava |
Technical efficiency and digitalization in Europe: evidence from sectoral dataAbstractDespite the rise of new technological paradigms, productivity in Europe has declined in recent decades, with the underutilization of digital technologies often cited as a key factor. In contrast, numerous studies have highlighted the positive impact of digital technology adoption on firm-level productivity and technical efficiency. This paper explores the role of digital technologies in enhancing technical efficiency across European countries. Adopting an industry-level perspective, we investigate how digital capital, which serves as a proxy for the diffusion of digital technologies, contributes to improving technical efficiency using a Stochastic Frontier Approach. We utilize data from EUKLEMS-INTANProd to construct the stochastic frontier for sixteen European countries over the period 2001-2018, focusing on agriculture, manufacturing, and seven service sectors. The findings offer valuable insights into the role of digitalization in improving industry-level technical efficiency and emphasize the importance of intangible assets in driving productivity growth. |
| By Mariarosaria Agostino; Università della Calabria Anna Giunta; Università Roma Tre Sabrina Ruberto; Università Magna Graecia di Catanzaro Marco Sforza; Università Roma Tre |
| Presented by: Marco Sforza, Università Roma Tre |
Understanding the skill requirements of the Industry 4.0 transformation. Evidence from Italian companiesAbstractThis paper aims to assess how the adoption of digital technologies – first as a whole, and then grouped into different macro-categories – has spurred the demand for both technical and business (market-oriented) skills, and whether these skill requirements are satisfied through hiring and/or training. Additionally, we account for environmental innovation, which, according to several studies, displays complementarities with digital innovation as captured by the adoption of I4.0 technologies. To perform our empirical analysis, we use a representative sample of about 950 Italian companies which took part in both the waves of a unique survey administered at the end of 2019 and three years later. The results of our probit model suggest that the adoption of I4.0 technologies is associated with the introduction of both new technical and business (market-oriented) skills, although the latter is contingent upon the introduction of new technical competencies. Moreover, significant heterogeneity emerges when we decompose the array of I4.0 technologies into three categories (i.e., software, hybrid and machine-based technologies), and when we distinguish between hiring and training needs. |
| By Jasmine Mondolo; Università Politecnica delle Marche Giulio Pedrini; Università di Enna Marco Cucculelli; Università Politecnica delle Marche |
| Presented by: Jasmine Mondolo, Università Politecnica delle Marche |
| Session 76: ECONOMICS OF AI II October 24, 2025 10:00 to 11:20 Location: Aula 5 |
| Session Chair: Aldo Geuna, Università di Torino |
AI-Driven Chatbots for Sustainable Nutrition: A Systematic Review AbstractRecent advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP) have significantly improved the capabilities of chatbots, transforming them into promising tools for delivering personalized dietary advice. This systematic review explores the role of AI-driven chatbots in promoting sustainable and nutritionally sound eating behaviors. Focusing on empirical studies and reviews published since 2018, the analysis follows PRISMA guidelines and includes literature retrieved from Scopus and Web of Science, yielding an initial dataset of 1,937 documents that will undergo in further screening. The review will use as a theoretical framework the Just-in-Time Adaptive Interventions (JITAI) framework to assess how chatbots tailor recommendations based on user behavior, context, and real-time data. Key areas of investigation include chatbot effectiveness in guiding healthier food choices, the integration of structured knowledge (e.g., ontologies, graph-based systems), and the personalization of dietary suggestions. Special attention is given to the scientific validity of nutritional recommendations, highlighting the importance of aligning AI-generated advice with evidence-based dietary guidelines. Findings will be categorized based on chatbot functionality, personalization strategies, and user engagement mechanisms. The review aims to identify best practices, evaluate the impact of current solutions, and outline future directions for chatbot development. |
| By Carla Cavallo; Università di Salerno Emilia Tanda; Università di Napoli Federico II Ahmed Saidi; Università di Napoli Federico II Vincenzo Norman Vitale; Università di Napoli Federico II Francesco Cutugno; Università di Napoli Federico II |
| Presented by: Carla Cavallo, Università di Salerno |
Predictive AI and productivity growth dynamics: evidence from French firmsAbstractWhile artificial intelligence (AI) adoption holds the potential to enhance business operations through improved forecasting and automation, its relation with average productivity growth remain highly heterogeneous across firms. This paper shifts the focus and investigates the impact of predictive artificial intelligence (AI) on the volatility of firms’ productivity growth rates. Using firm-level data from the 2019 French ICT survey, we provide robust evidence that AI use is associated with increased volatility. This relationship persists across multiple robustness checks, including analyses addressing causality concerns. To propose a possible mechanisms underlying this effect, we compare firms that purchase AI from external providers (“AI buyers”) and those that develop AI in-house (“AI developers”). Our results show that heightened volatility is concentrated among AI buyers, whereas firms that develop AI internally experience no such effect. Finally, we find that AI-induced volatility among “AI buyers” is mitigated in firms with a higher share of ICT engineers and technicians, suggesting that AI’s successful integration requires complementary human capital. |
| By Luca Fontanelli; Università di Brescia Mattia Guerini; Università di Brescia Raffaele Miniaci; Università di Brescia Angelo Secchi; PSE - University of Paris 1 Sorbonne |
| Presented by: Mattia Guerini, Università di Brescia |
Artificial Intelligence, Innovation, and EU Economic Stability: Lessons from Italy's Experience in a Globalised WorldAbstractIn the context of the accelerated dynamics of trade and financial globalisation, as well as recurring economic crises, one of the major priorities of the European Union is macroeconomic stability. In this paper, we aim to analyse the role of Italy within the European Union in the foreground, exploring how artificial intelligence and technological innovation can support the sustainability and macroeconomic stability of the country and, by extension, of the entire Union. The study adopts a mixed methodology, including a qualitative analysis of the European regulatory framework and a systematic and bibliometric analysis of the scientific literature, complemented by a quantitative investigation through cluster analysis inset on the Ward method specific for hierarchical clustering and the Euclidean distance and regression models applied to official data for the period 2021–2025, with a particular focus on the Italian economy, compared to France and Germany. The main findings underline the importance of coherent European strategies focused on artificial intelligence and digital transformation, highlighting the specificity of Italians and their potential to become a pillar of economic resilience and sustainable development in a globalised world. |
| By Graţiela Georgiana Noja; West University of Timisoara Alina Ionascu; West University of Timisoara Alexandra-Madalina Taran; West University of Timisoara Tomasz Dorozynski; University of Lodz Andrea Imperia; Sapienza Università di Roma |
| Presented by: Alina Ionascu, West University of Timisoara |
How Small is Big Enough? Open Labeled Datasets and the Development of Deep LearningAbstractWe investigate the emergence of Deep Learning as a technoscientific field, emphasizing the role of open labeled datasets. Through qualitative and quantitative analyses, we evaluate the role of datasets like CIFAR-10 in advancing computer vision and object recognition, which are central to the Deep Learning revolution. Our findings highlight CIFAR-10’s crucial role and enduring influence on the field, as well as its importance in teaching ML techniques. Results also indicate that dataset characteristics such as size, number of instances, and number of categories, were key factors. Econometric analysis confirms that CIFAR-10, a small-but-sufficiently-large open dataset, played a significant and lasting role in technological advancements and had a major function in the development of the early scientific literature as shown by citation metrics |
| By Aldo Geuna; Università di Torino Jeff Rodriguez; OECD Daniel Fernando Souza; Politecnico di Milano |
| Presented by: Aldo Geuna, Università di Torino |
| Session 77: ECONOMICS OF EDUCATION II October 24, 2025 10:00 to 11:20 Location: Aula 6 |
| Session Chair: Adriana Di Liberto, Università di Cagliari |
Gender Gaps and Path Consistency in Higher EducationAbstractThis study investigates academic performance determinants among university students, with a focus on gender disparities in dropout and on-time graduation at the University of Bari. Using two administrative datasets—one with 44,022 students enrolled in 2018/2019, and another tracking 9,513 first-year students from 2013 to 2016—the research employs logistic regression to assess how personal and degree characteristics influence academic outcomes. Results reveal that female students tend to perform worse than males overall. However, program gender composition significantly affects outcomes: women in female-dominated programs have lower dropout and delay rates, while men in these programs face poorer performance. The study also introduces the concept of educational path consistency, showing that students whose university programs align with their secondary education are less likely to drop out—especially women in STEM fields. These findings highlight the need for gender-inclusive academic policies, targeted support for minority groups within programs, and improved academic advising for students with inconsistent educational trajectories. By addressing these factors, universities can enhance retention, reduce gender-based disparities, and improve overall academic success. |
| By Eustachio Ferrulli; Università di Bari |
| Presented by: Eustachio Ferrulli, Università di Bari |
Do students from higher socio-economic backgrounds exhibit greater participation in study abroad programs? Evidence from ItalyAbstractThis paper examines how socioeconomic background of Italian graduates affect participation in study-abroad programs. Using data from the 2015 ISTAT Survey on university graduates' vocational integration, we first estimate student’s likelihood of participating in such study programs by means of linear probability models. Once the existence of a social gap students’ mobility has been documented, we apply Gelbach’s decomposition method to assess the contribution of groups of variables to the explained socioeconomic gap. We create three proxies for socioeconomic status (SES), based on parental education, occupation, and a combined indicator, respectively. Across all measures, we find a consistent and significant advantage for students from more privileged backgrounds, with a greater likelihood of participating in international mobility programs between 4-6 percentage points. Decomposition results reveal that differences in secondary education backgrounds account for the largest share of the SES-related gap, followed by tertiary education and individual characteristics. Geographic factors contribute marginally. We conclude our study with a heterogeneity analysis based on fields of study and secondary education attainment. Our findings, in line with the literature, document social inequalities in access to international mobility, highlighting the need for tailored policies to support the participation of students from less advantaged backgrounds. |
| By Idola Francesca Spanò; Università della Calabria Francesco Mazzulla; Università di Bologna |
| Presented by: Francesco Mazzulla, Università di Bologna |
Income support, household earnings and overeducationAbstractThis paper investigates the role of individual financial resources—namely household wealth and income support—in influencing the probability of overeducation among employed individuals in Italy. Using EU-SILC data from 2011 to 2019 and focusing on individuals who experienced unemployment in the previous year, we employ probit regression analysis to assess the impact of both private and public financial support on educational mismatch. Our findings reveal that higher household income and, for those with secondary education, access to unemployment benefits significantly reduce the likelihood of overeducation. These results suggest that overeducation is not solely driven by structural labor market imbalances or educational oversupply, but also by financial pressures that constrain occupational choices. The analysis underscores the importance of income security in facilitating better job matching and highlights the potential of income support mechanisms to serve not only as safety nets but also as tools to enhance labor market efficiency and equity. |
| By Lorenzo Corsini; Università di Pisa |
| Presented by: Lorenzo Corsini, Università di Pisa |
Visuo-spatial abilities and gender gap in mathematicsAbstractThis paper evaluates an educational intervention aimed at improving visuo-spatial and mathematical skills among primary school students and at reducing the gender gap in learning mathematics through teacher training and classroom use of building bricks. Using a randomized controlled trial on a sample of Italian schools, we find that treatment effects are stronger with longer exposure and in-person teacher training, and that the intervention’s effectiveness on students’ outcomes is mediated by teachers’ improvements in spatial orientation skills. Gender differences emerge, with girls benefiting mainly in visuo-spatial abilities and boys in mathematics. |
| By Adriana Di Liberto; Università di Cagliari Ludovica Giua; Università di Cagliari Giovanni Piumatti; Fondazione Agnelli Barbara Romano; Fondazione Agnelli |
| Presented by: Adriana Di Liberto, Università di Cagliari |
| Session 78: ECONOMICS OF GENDER II October 24, 2025 10:00 to 11:20 Location: Aula 4 |
| Session Chair: Anna D'Ambrosio, Politecnico di Torino |
Can Media-Reported Sexual Violence Deter Women’s Educational Participation?AbstractWe study the effect of proximity to sexual assault events reported by media on women’s education in India. By combining novel geocoded data on media coverage of sexual crimes with nationally representative micro-data, we find that one standard deviation increase in the lagged average distance to sexual assaults increases the schooling of women by 0.17 years and the chances of middle school completion by 1.05 percentage points. Regions that have more access to television, radio, internet, and cellular devices drive our results. The effect is stronger in localities with higher son preferences, a proxy for gender norms. Our estimates are robust to several sensitivity and falsification checks. These findings highlight that while mass media can influence the stigma and threat of sexual violence, it can also exacerbate the problem of underinvestment in girls’ education by families in conservative societies. |
| By Subarna Banerjee; Shiv Nadar University Gitanjali Sen; Shiv Nadar University |
| Presented by: Subarna Banerjee, Shiv Nadar University |
Beauty and the Beast: Not a happy ending. Physical Unattractiveness and Sexual Violence PerpetrationAbstractLittle is known about whether an individual's level of attractiveness plays a role in the likelihood of perpetrating sexual violence. Using U.S. data from the National Longitudinal Study of Adolescent to Adult Health (Add Health), we examine the relationship between attractiveness and sexual violence perpetration against one's partner. To operationalize beauty, we use physical attractiveness scores assigned by interviewers to survey respondents between the ages of 12 and 17. Our results show that within the sample of men, a 1-point increase in beauty rating (on a scale of 1-5) reduces the likelihood of having perpetrated sexual violence on the partner in adulthood by 13 percent. We also find that parental investment -- proxied by birth order -- mitigates this association, as very unattractive men who received high levels of parental investment have substantially lower predicted probabilities of perpetrating sexual violence compared to their counterparts who received low levels of parental investment. |
| By Maria Laura Di Tommaso; Università di Torino Silvia Mendolia; Università di Torino Silvia Palmaccio; Università Bocconi Giulia Savio; Università di Torino |
| Presented by: Silvia Palmaccio, Università Bocconi |
Safety on Board: How Fare-Free Public Transport Shapes Women’s Mobility and Empowerment in Urban IndiaAbstractSafety-related challenges in urban transport hinder the mobility of both men and women, with women experiencing significantly greater constraints especially in the Global South. In India, the violence in public transit frequently deters women from participating in socio-economic activities, limiting their empowerment. In response, Delhi introduced the Pink Pass Policy in 2019, offering women fare-free bus travel and enhanced safety measures. This research investigates the impact of the Pink Pass policy on women’s perceptions of urban transport safety and mobility behaviors. Using logistic regression analysis of own primary data collected from the Delhi Women Survey (2023) [N=2,142], I assess changes in perceived safety and urban mobility during the policy's implementation period. Results show that pink pass policy significantly improved women's perceptions of safety and socio-economic transport mobility. My findings reveal a positive impact of the pink pass policy on women’s perception of urban transport safety and mobility. The results underscore the importance of safer urban transport for women’s empowerment. To the best of my knowledge, this is the first empirical study to examine the link between fare-free urban transport and women’s safety perception in India. The research offers critical insights into designing gender-sensitive urban transport policies across the Global South. |
| By Dev Sharma; Masaryk University |
| Presented by: Dev Sharma, Masaryk University |
Better off alone: An analysis of women’s calls to the Domestic Violence helpline 1522 in Italy during the COVID-19 PandemicAbstractViolence against women is a deep wound that crosses generations and communities. As perpetrators often belong to the household of the victim, the restrictive measures adopted to contain the spread of COVID-19 raised concerns regarding the risk of increases in domestic violence against women due to forced confinement. Yet, the same concerns contributed to raising awareness on the phenomenon and spreading knowledge on the availability of support services for victims. Exploiting information about the reasons for calling the Italian national helpline for gender-based violence over 2015–2022, we can distinguish the effect of the pandemic on violence from that of the growing awareness about the phenomenon. Our results show that, although reporting rates of gender-based violence increased during the COVID-19 pandemic, the actual rates of violence rose disproportionately due to forced confinement. The increase is particularly marked among girls under the age of 17 and between young women aged 18-24, whose reports more than doubled.Moreover, our results suggest that the post-pandemic reporting of violence cases stabilized on higher levels relative to the pre-pandemic time, partly due to greater awareness of the phenomenon. |
| By Roxana Barligea; Politecnico di Torino Anna D'Ambrosio; Politecnico di Torino |
| Presented by: Roxana Barligea, Politecnico di Torino |
| Session 79: GREEN GROWTH IN ITALY II October 24, 2025 10:00 to 11:20 Location: Aula 8 |
| Session Chair: Sandro Montresor, Università di Trento |
Employment, Geographical Location, and Sectoral Heterogeneity in Italian Green and Non-green Business Network AgreementsAbstractThis paper investigates how Business Network Agreements (BNAs) can contribute to the so called “just transition”, a fair shift towards a sustainable economy, in Italy. Focusing on the structural characteristics of BNAs, we analyse the relationship between employment, sectoral heterogeneity and geographical location by distinguishing between green and non-green BNAs. Using a one-step system GMM estimator on a sample of 18702 Italian network firms from 2014 to 2023 we find that both sectoral heterogeneity and greater average network distance are negatively correlated with employment. Notably, these adverse effects are mitigated in case of green networks, suggesting that environmentally oriented BNAs may better support the just transition process. |
| By Valentina Ceccarelli; Università della Tuscia Luca Correani; Università della Tuscia Patrizio Morganti; Università della Tuscia |
| Presented by: Valentina Ceccarelli, Università della Tuscia |
Cross-Regional Waste Flows and Regulatory Framework: How Neighboring Regions Shape the Circular Economy PathwayAbstractThis study examines the relationship between waste mobility and the flexibility of subnational environmental regulations within the context of Italian regional planning. It aims to evaluate how regulatory heterogeneity across regions shapes inter-provincial waste flows, focusing on whether more adaptable regulatory regimes facilitate or restrict waste transfers. The empirical analysis relies on provincial-level data from Q1 2015 to Q1 2020 and applies a spatial Tobit model to account for spatial interdependence and institutional variation in waste governance. The results reveal that waste treatment decisions are significantly influenced by both the regulatory stance of neighbouring provinces and the degree of local flexibility. Greater regulatory leniency tends to encourage strategic, outward waste mobility, whereas more stringent environmental rules are associated with a stronger orientation toward circular economy practices. |
| By Massimiliano Agovino; Università di Napoli Parthenope Katia Marchesano; Università di Napoli Parthenope Gaetano Musella; Università di Napoli Parthenope |
| Presented by: Gaetano Musella, Università di Napoli Parthenope |
The inequality and emissions effects of market-based policies for decarbonization in ItalyAbstractCarbon emissions and income inequality are closely linked, as the wealthiest typically have higher carbon footprints. Yet, carbon pricing—one of the most favored strategies for decarbonization—has well-documented regressive effects. This paper examines the distributional effects of carbon pricing and rebate policies in Italy, alongside their ability to reduce emissions and inequality. We use EUROGREEN+, an input-output Integrated Assessment Model for Italy that integrates personal income generation—derived from labor market dynamics and fiscal policies—into a detailed consumption module of heterogeneous households differentiated by region and income quintile. The input-output framework is hybrid—combines monetary and physical energy flows—enhancing the precision of carbon intensity measurements. We compute measures of consumption-based emissions, carbon and income inequality, and analyze their evolution over time. Starting from a baseline scenario, we simulate the introduction of a carbon tax, stricter Emissions Trading System conditions, and a carbon rebate policy. Using these results, we explore alternative policy designs based on emissions per industry and their distributional effects. Our findings indicate that trade-offs between emission reductions and inequality persist across policy designs, underscoring the need for complementary measures to ensure a fair green transition. |
| By Maddalena Calabretta; Gran Sasso Science Institute David Cano Ortiz; Università di Pisa Simone D'Alessandro; Università di Pisa Till Heydenreich; Universitat Autònoma de Barcelona Guilherme Spinato Morlin; Università di Pisa |
| Presented by: David Cano Ortiz, Università di Pisa |
Green will tear us apart, againAbstractWe explore the impact of Italian regions’ green specialization on the skill premium at a local level. While previous empirical studies have found that green jobs are usually highly skilled and that green innovation can have positive effects on firms' employment levels and regional competitiveness, we identify a research gap associated with the potential moderating effect of green specialization on the relationship between the supply of highly qualified labour (i.e., STEM graduates) and the skill premium of graduate workers. To do this, we use data on Italian graduates from the Italian Ministry of Education and data on patenting activities from the RegPat database to assess the extent to which the quotient of green technologies has a positive effect on the average skill premium paid across Italian regions (NUTS3). We find that regional specialization in green technologies is conditioning the positive effects of an increased local supply of qualified labour on the skill premium in local labour markets, thus increasing the inequality between graduates and non-graduates. Such effect is also heterogeneous across fields of study, as the local endowment of STEM graduates positively interacts with patent-based green specialisation. |
| By Luca Cattani; Università di Parma Sandro Montresor; Università di Trento Giulio Pedrini; Università di Enna |
| Presented by: Sandro Montresor, Università di Trento |
| Session 80: HEALTH ECONOMICS AND POLICY II October 24, 2025 10:00 to 11:20 Location: Aula 9 |
| Session Chair: Giuseppe Di Liddo, Università di Bari |
Life expectancy and its determinants: A machine learning analysis with implications for policy interventionsAbstractLife expectancy at birth is a key indicator of a country's health status and reflects its socioeconomic development. Understanding the main determinants of life expectancy is crucial for policymakers to design effective interventions enhancing public health and overall well-being. This study leverages modern machine learning techniques to identify and quantify the leading factors influencing expected lifespan, providing valuable policy insights at a national and global level. Using the OECD time series for 49 countries, we employ several state-of-the-art models to analyse the determinants of life expectancy. After selecting the most accurate predictive model, we apply feature importance analysis to rank the factors based on their influence on the outcomes. Finally, we simulate the effects of shocks on the key factors to assess their impact. Our findings reveal that GDP per capita, healthcare expenditure, and PM$_{2.5}$ emissions are the most significant drivers of life expectancy over time. Furthermore, we demonstrate that reducing PM$_{2.5}$ levels directly and positively impacts life expectancy, highlighting the substantial health benefits of improved air quality. By prioritising environmental sustainability alongside economic and healthcare investments, countries could enhance their citizens' quality of life. |
| By Milena Lopreite; Università della Calabria Michelangelo Misuraca; Università di Salerno Michelangelo Puliga; IMT Lucca |
| Presented by: Milena Lopreite, Università della Calabria |
Rafforzamento dei servizi sociali territoriali e attuazione del federalismo. Il caso degli assistenti socialiAbstractLa legge di bilancio 2021 ha individuato un livello essenziale delle prestazioni di un assistente sociale ogni 5000 abitanti ed ha previsto un contributo di 40mila euro annui per ogni assistente sociale assunto a tempo indeterminato dagli enti locali oltre il rapporto di 1:6500, fino al rapporto di 1:5000. La misura rafforza i servizi sociali territoriali, ma la previsione della soglia minima di 1:6500 potrebbe penalizzare le aree più arretrate. Tuttavia, le risorse disponibili sono sufficienti per finanziare tutti i territori ed i Comuni possono reclutare assistenti sociali in deroga ai correnti vincoli assunzionali ed utilizzare il Fondo di solidarietà comunale per raggiungere la soglia. I dati mostrano una crescente reattività all’incentivo anche da parte dei territori più arretrati. Aumentano le risorse attribuite, i concorsi banditi e gli assistenti sociali assunti, mentre si riduce il divario fra le Regioni del Nord e quelle del Centro e del Mezzogiorno. |
| By Angelo Marano; Ministero del Lavoro e delle Politiche Sociali |
| Presented by: Angelo Marano, Ministero del Lavoro e delle Politiche Sociali |
Do Fiscal Constraints Affect Health Inequality Research? A Bibliometric PerspectiveAbstractThe issue of health inequalities leads to critical challenges for both policymakers and economists, as it affects economic growth, social cohesion, and population well-being. We conduct a bibliometric analysis to examine the evolution of health inequality research over nearly four decades (1986–2023), drawing data from Scopus with the aim of analysing the influence of economists’ contributions to this interdisciplinary field. We collect a total of 3,228 peer reviewed papers using the keywords: “Health”, “Inequality”, and Economics” (including variations such as “economic” and “economy”). In the second part of the paper we assess the impact of external political and economic shocks, specifically the Fiscal Compact, on academic output related to health inequalities issues. To address this objective, a Difference-in-Differences (DiD) approach is applied, comparing research trends in countries that faced severe austerity measures with those that did not experience comparable fiscal constraints. Empirical analysis suggests that research output on health inequalities increased significantly in the aftermath of the Fiscal Compact in the affected countries. Our provisional finding highlights how economic policies and austerity measures can influence academic research priorities, potentially as a response to increased societal concerns and funding reallocations. |
| By Filomena Pietrovito; Università del Molise Antonella Rancan; Università del Molise Giuliano Resce; Università del Molise Agapito Emanuele Santangelo; Università del Molise |
| Presented by: Agapito Emanuele Santangelo, Università del Molise |
Economy, Health, or Society? The Role of Individual Values in Expert Priorities During EmergenciesAbstractThis paper investigates how individual ideologies shape expert opinions over policy trade-offs among economic stability, saving as many lives as possible, and social outcomes during crises. Using survey data from over 7,400 scientists across 55 disciplines collected during the first wave of COVID-19, we examine how conservatism, belief in individual responsibility, and tolerance for inequality lead to favor economic stability over health and social concerns. The findings highlight the importance of underlying value orientations - even among experts - in shaping policy choices under uncertainty, contributing to our understanding of decision-making in high-stakes political and economic contexts. |
| By Rocco Caferra; Unitelma Sapienza Giuseppe Di Liddo; Università di Bari Andrea Morone; Università di Bari David Stadelmann; University of Bayreuth |
| Presented by: Giuseppe Di Liddo, Università di Bari |
| Session 81: MONETARY POLICY II October 24, 2025 10:00 to 11:20 Location: Aula Piccagli |
| Session Chair: Alberto Russo, Università Politecnica delle Marche |
Monetary Policy Meets Tax Evasion in a TANK Model: Inequality or Redistributive Effects?AbstractThis paper examines the distributional effects of contractionary monetary policy within a two-agent New Keynesian (TANK) model augmented with an underground economy. The framework features heterogeneous households, unionized and non-unionized labor markets, and endogenous tax evasion dynamics. The findings show that the underground economy partially mitigates the aggregate contraction in output and investment by enabling a shift of production away from the formal sector, but at the cost of widening consumption inequality between financially constrained and unconstrained households. The results suggest that in economies with a sizeable underground sector, monetary policy tightening amplifies the trade-offs between macroeconomic stabilization and inequality. Policymakers should therefore complement monetary interventions with structural measures aimed at curbing the underground economy and supporting vulnerable groups. |
| By Bruno Chiarini; Università di Napoli Parthenope Gianluigi Cisco; Università di Napoli Parthenope Maria Ferrara; Università di Napoli Parthenope Elisabetta Marzano; Università di Napoli Parthenope |
| Presented by: Gianluigi Cisco, Università di Napoli Parthenope |
Asymmetric Effects of Monetary Policies on Aggregate Demand. A Disaggregated Sign-Cycle dependent analysisAbstractThis paper investigates the impact of monetary policies on the real economy, addressing an ongoing economics debate. Traditional linear models struggle to capture non-linearities inherent in monetary policy effects. Recent advancements, notably with the Local Projection method, offer a more efficient approach. This study examines the asymmetric effects of US monetary policies on Aggregate Demand components over more than 50 years, preceding COVID-19. Leveraging a large dataset, it explores sign and cycle asymmetries concurrently, using state-dependent variables and smooth transition functions. By filling gaps in existing literature, it elucidates how monetary policies vary in effectiveness based on historical and time-specific contexts. Additionally, the study delves into the influence of monetary policy on autonomous demand components like residential investments, exports, and durable consumption, key growth factors in modern theoretical models. Lastly, it also contributes to giving additional insights into the price puzzle literature, assessing the ability of monetary policy to align with central bank mandates. These findings hold significance for alternative growth modeling and policy-making strategies. |
| By Giacomo Sbrenna; Università Roma Tre |
| Presented by: Giacomo Sbrenna, Università Roma Tre |
Analysis of Relationship between Monetary Policy Rates and Public Debt Servicing in OECD CountriesAbstractIn recent years, following the COVID-19 pandemic, government policy across the world has been geared towards providing fiscal stimulus, leading to the exacerbation of public debt. Fiscal stimulus, when combined with monetary policy easing, had potentially resulted in providing for stability in debt financing costs (OECD, 2025). However, the subsequent Russia-Ukraine war led to a hike in interest rates stemming from higher inflation, potentially leading to higher debt financing costs. Few studies examine the role of inflation on debt and debt financing costs. Extant literature has emphasised the importance of debt maturity in managing the debt to GDP ratio. We found that there is a dearth of studies analysing the role of monetary policy with inflation targeting on debt financing costs. We empirically explore the relationship between monetary policy rates and the cost of financing public debt in 20 OECD countries, including 7 Inflation Targeting (IT) countries, during the period 1995-2020. Our analysis revealed that it is inflation targeting and not debt maturity which may have a restraining effect on the public debt servicing costs for these countries. The study further highlighted the importance of fiscal discipline along with inflation targeting in managing debt servicing costs in these countries. |
| By Preeta George; S.P.Jain Institute of Management and Research Chinmay Joshi; S.P.Jain Institute of Management and Research |
| Presented by: Preeta George, S.P.Jain Institute of Management and Research |
Macroprudential and monetary policies to deal with inequalityAbstractThis paper examines the impact of macro prudential policies on financial stability and inequality, focusing on the effects of debt-to-income (DTI) ratio reductions and on its coordination with a conventional monetary policy. Using a macroeconomic simulation model, we find that reducing DTI bring about a decrease in both household indebtedness and non-performing loans (NPLs), while causing economic contraction, and worsening inequality by restricting access to credit for lower-income households. Our findings suggest that while macro prudential policy (lower DTI) alone is able to grant more financial stability - at the cost of greater inequality -, a combination with expansionary monetary policies can reduce these disparities while ensuring financial stability. |
| By Samantha Coccia; Università Politecnica delle Marche Mauro Gallegati; Università Politecnica delle Marche Alberto Russo; Università Politecnica delle Marche |
| Presented by: Alberto Russo, Università Politecnica delle Marche |
| Session 82: POVERTY October 24, 2025 10:00 to 11:20 Location: Aula Magna |
| Session Chair: Fernanda Mazzotta, Università di Salerno |
Adverse Selection in Poverty Alleviation Programmes: A Continuous-Type Model with Workfare and MonitoringAbstractThis paper develops a theoretical model of adverse selection in the context of Poverty Alleviation Programmes (PAPs), here both income-generating ability and disutility of labour are continuous and private information. Aligned with recent Sustainable Development Goals (SDGs), the government aims to minimise the cost of the programme while guaranteeing a minimum income for all. Building on Besley and Coate (1992) and extending Oliveira and Côrte-Real (2006), the model considers agents who differ simultaneously across both private dimensions. The study evaluates the effectiveness of two anti-fraud tools — workfare and monitoring — when applied separately. Results suggest that workfare, despite reducing private sector labour supply, can act as a screening mechanism, lowering transfers to nonpoor individuals. Monitoring may be more effective depending on its cost and the income distribution. In low-income economies with limited monitoring capacity, workfare tends to be the optimal tool. The findings highlight key trade-o¤s in PAP design and offer insights into addressing adverse selection through policy. |
| By Marcia Ferreira de Oliveira; CIEQV - Instituto Politecnico de Portalegre Cesaltina Pacheco Pires; CEFAGE-UE, Universidade de Évora Silvia Ferreira Jorge; GOVCOPP, Universidade de Aveiro |
| Presented by: Marcia Ferreira de Oliveira, CIEQV - Instituto Politecnico de Portalegre |
The dynamic interrelation among subjective poverty, material deprivation, and income povertyAbstractSubjective poverty, material deprivation, and income poverty are correlated but distinct concepts, identifying different dimensions of economic hardship. Uncovering the sources and the degree of correlation among these alternative aspects of poverty may lead to a more nuanced and deeper understanding of poverty. We model the three phenomena, allowing for state dependence and endogenous initial conditions. We also consider the possible dimensional dynamic correlation, allowing for feedback effects and correlated random effects through adopting a dynamic trivariate probit model. Using the 2004-2020 longitudinal sections of the EU-SILC survey for Italy, we find that the three dimensions of poverty are characterized by relevant state dependence. Quite interestingly, the correlation among them is weak in the short term, but it becomes more significant in magnitude in the medium term, thus revealing a reinforcing mechanism over time across different poverty dimensions. This may indicate that even experiencing a temporary poverty condition in one dimension may evolve negatively through the contamination of other dimensions, plunging individuals toward multiple disadvantages and a higher risk of social exclusion. The study also stresses the different roles played by individual and household covariates, such as age, the presence of children, work intensity, and geographical differences. |
| By Chiara Mussida; Università Cattolica del Sacro Cuore Milano Dario Sciulli; Università di Chieti-Pescara |
| Presented by: Dario Sciulli, Università di Chieti-Pescara |
In-work poverty. Attribution of responsibilities and support for policies in ItalyAbstractThe paper investigates the attitudes towards in-work poverty (IWP) among the Italian population and the consensus on various policies to mitigate it. According to Eurostat, nearly 12% of employed individuals in Italy were at risk of poverty in 2023, one of the highest rates in Europe. Using a factorial survey experiment with a sample of 4,000 respondents, we address two research questions: To what extent do the individual and household characteristics of the working poor influence the attribution of responsibility for in-work poverty? How do these characteristics affect the support for specific policies? The findings indicate that survey respondents are less likely to attribute responsibility for IWP to the worker if she is a woman, has children and is middle-aged. Conversely, there is a correlation between attributing responsibility to employers and the respondents’ poor employment conditions. |
| By Claudia Colombarolli; Università di Torino Marianna Filandri; Università di Torino Silvia Pasqua; Università di Torino Violetta Tucci; Università di Torino |
| Presented by: Silvia Pasqua, Università di Torino |
Gender differences in the transition into and out in-work poverty according to different definitions and samples. AbstractThis paper investigates gender differences in the dynamics of in-work pov-erty (IWP), emphasizing how measurement choices affect the identification of poverty and its determinants. Using data from the 2022 Bank of Italy’s Survey on Household Income and Wealth (SHIW), the study compares two definitions of IWP: a hybrid definition based on household income and em-ployment status, and an individual definition based on personal labor in-come. The first aim is to assess how these definitions influence poverty rates and the role of gender as a risk factor. Notably, despite facing disadvantages in the labor market, working women are often less exposed to IWP when measured at the household level, due to the presence of multiple earners. However, individual-level measures reveal persistent gender inequalities linked to the gender pay gap. The second aim is to explore how definitions affect transitions into and out of IWP by identifying two worker categories: givers, who support their households despite being non-poor individually, and receivers, who rely on shared household resources to avoid poverty. The study highlights the importance of understanding intra-household transfers and gender roles in shaping poverty outcomes and offers new insights into economic vulnerability through gendered lens. |
| By Lavinia Parisi; Università di Salerno Fernanda Mazzotta; Università di Salerno Adama Touray; Università di Salerno |
| Presented by: Lavinia Parisi, Università di Salerno |
| Session 83: POLICY EVALUATION - EU & US October 24, 2025 10:00 to 11:20 Location: Aula Grande |
| Session Chair: Paolo Candio, Università di Trento |
Industrial policy in times of market powerAbstractThis paper investigates whether industrial policy can counteract declining business dynamism and increasing market power. Using a macroeconomic agent-based model calibrated to reproduce the decline in US business dynamism from 1980 to 2020, we assess the impact of various industrial policy instruments, including subsidies for innovation and capital replacement, as well as knowledge diffusion measures aimed at both innovators and adopters, such as public research infrastructure. Our results indicate that R&D subsidies alone are insufficient and may increase market power without addressing the underlying causes of declining dynamism. However, when combined with knowledge diffusion policies, particularly those targeting technology adoption by small firms, industrial policy fosters higher growth and reduces market power concentration. These findings highlight the importance of industrial policy mix strategies that integrate firm-level subsidies with knowledge diffusion measures, ensuring that innovation and competition advance together. |
| By Domenico Delli Gatti; Università Cattolica del Sacro Cuore Milano Roberta Terranova; RFF-CMCC EIEE Enrico Maria Turco; Università Cattolica del Sacro Cuore Milano |
| Presented by: Enrico Maria Turco, Università Cattolica del Sacro Cuore Milano |
Evaluating Traineeship Impact on NEET Youth in North MacedoniaAbstractThis paper evaluates the impact of a traineeship program on the labor market outcomes of unemployed youth in the NEET category in North Macedonia. The program is part of the Youth Guarantee scheme for the period 2017–2023, the largest initiative launched by the European Union to reduce youth unemployment and support unemployed individuals aged 15 to 29. To estimate the causal effect of program participation on employment outcomes, I exploit the eligibility rule (cutoff age of 29) using a fuzzy Regression Discontinuity Design. The estimated effects on the probability of being employed six months and one year after registering as unemployed are positive but not statistically significant. However, I find a strong positive effect of the cutoff age rule, on traineeship participation. This is the first impact evaluation of a program within the current Youth Guarantee scheme implemented in a non-EU country, and my findings align with the broader literature on active labor market policy evaluations targeting youth. |
| By Irma Bejdic; University of Innsbruck |
| Presented by: Irma Bejdic, University of Innsbruck |
Does implementing strengths-based approaches improve adult social care outcomes in England? An econometric analysisAbstractDrawing on sociological theories and research, strengths-based approaches have been put forward as an effective alternative to traditional, deficit-based approaches in adult social care. In the United Kingdom, a prominent piece of legislation, hence affording the opportunity to provide an original contribution to the evidence base. To estimate the reform effect on adult social care outcomes, we conducted a series of econometric analyses and robustness check on 2010-2019 survey data on a large representative sample of adult social care outcome recipients in England (n= 1,659,564). Six dependent variables were considered capturing service effectiveness and recipients’ experience with social care services. Estimates indicated that the reform led to improvements in recipients’ perceived quality of life, safety, and control over daily activities. Other dimensions, particularly satisfaction with the care and support services received, also improved but to a lesser degree and showing lagged effects. Importantly, distributional effects were observed, where the positive mean changes in service effectiveness and recipients' experience were mostly driven by improvements at the lower end of the outcome spectrum. Future research should delve deeper into the complexities of adult social care implementation and policy evaluation, and ultimately improve decision-making and outcomes for care recipients and providers. |
| By Paolo Candio; Università di Trento Francesco Salustri; Università Roma Tre e UCL |
| Presented by: Paolo Candio, Università di Trento |
| Session 84: FIRM ORGANISATION II October 24, 2025 10:00 to 11:20 Location: Sala Consiliare |
| Session Chair: Alessio D'Amato, Università di Napoli Parthenope |
Labor market reforms and firing costs in ItalyAbstractThis paper examines the impact of employment protection legislation and firing costs on firm size growth and the balance between temporary and permanent employment in Italy, with a particular focus on recent labor market reforms. The analysis is based on administrative firm-level data from the Italian private sector. Specifically, we investigate firm outcomes around the 15-employee threshold, where stricter employment regulations apply. In line with previous literature, we find a decrease in firms' growth probability near this threshold. Moreover, the discontinuity in employment protection influences workforce composition, leading to a higher incidence of temporary contracts above the threshold. Further, leveraging variations in employment legislation at the 15-employee threshold and temporal shifts introduced by recent labor market reforms, we apply a difference-in-discontinuities approach to isolate the impact of firing cost changes on these two firm outcomes. Our results suggest that recent reforms have had a negligible effect on firm growth at the 15 employees cutoff. Regarding the use of flexible contracts, we find a reduction in the threshold effect following the regulatory changes. |
| By Luca Brugnara; Banca d'Italia Silvia Anna Maria Camussi; Banca d'Italia Graziella Mendicino; Banca d'Italia Francesca Modena; Banca d'Italia |
| Presented by: Luca Brugnara, Banca d'Italia |
Why does European Innovation Procurement struggle to match the success of the US model?AbstractThe strategic use of public procurement for innovation is key to addressing global challenges and promoting growth through emerging technologies. In both Europe and US, procurement modernises public services and supports competitiveness. While the US model, which focuses on supporting R&D in SMEs, shows positive results, Europe has to contend with regulatory fragmentation, insufficient coordination and low investment in R&D. Although the objectives are different, both systems use procurement to promote innovation. However, Europe underuses instruments such as PCP and PPI. This study compares the models to identify improvements for the European system by proposing a managerial risk model to improve outcomes. A qualitative approach was used, examining literature, policies and institutional documents. A comparative assessment highlighted differences in SME support, regulatory flexibility and public-private cooperation. The US system outperforms the European one in terms of SME inclusion, flexibility and coordination. Europe's fragmented policies and rigid procedures hinder the adoption of innovation. SMEs face high barriers to entry and R&D investment is insufficient. However, there are positive examples but they are limited. To fully exploit the potential of procurement, Europe needs to reduce regulatory burdens, strengthen SME involvement and align strategies to promote innovation and competitiveness. |
| By Serena Di Sisto; Università Politecnica delle Marche Valentina Giannini; Università Politecnica delle Marche Donato Iacobucci; Università Politecnica delle Marche |
| Presented by: Serena Di Sisto, Università Politecnica delle Marche |
Business Strategy and the Environment: the Role of ErgonomicsAbstractErgonomics is widely seen as a crucial factor of Productivity, competitiveness, regulatory compliance, and fulFIllment of organizational objectives. Yet, its fit with other well-known organizational instruments (e.g. incentive compensation) has not been subject so far to economic analysis. As a first step to fill this gap, we develop a stylized theoretical model involving a single firm and a representative employee. The firm establishes incentive compensation, while also investing in decreasing the employee's marginal cost of dealing with environmental matters (thanks to process ergonomics) and increasing consumers' willingness-to-pay for a more user-friendly green product or service (thanks to product ergonomics). We highlight the circumstances where process ergonomics, product ergonomics, and incentives are substitutes or complements in the firm's profit function. One upshot is a number of policy relevant conjectures, such as the possibility that virtuous initatives (like subsidizing greener production) might have unexpected crowding out impacts (like reducing product ergonomics) that would hinder social welfare. |
| By Alessio D'Amato; Università di Napoli Parthenope Bernard Sinclair-Desgagné; Skema Business School and HEC Montréal |
| Presented by: Alessio D'Amato, Università di Napoli Parthenope |
| Session 85: CLIMATE POLICY I October 24, 2025 14:00 to 15:20 Location: Aula 5 |
| Session Chair: Giorgio Ricchiuti, Università di Firenze |
Nexus between public private partnership investment in energy and electricity generation from renewable energy sources: evidence from novel augmented ARDL method AbstractThe environmental challenges in China emanate from different sources, particularly fossil fuel consumption. The wave of industrialization has increased energy demand and compromised the environment's integrity. Over the years, policymakers in China have devised several methods, including public-private partnerships in energy (PPP), to phase out fossil fuel consumption and also encourage renewable energy generation. Therefore, the current study explores the effect of PPP on electricity generation from renewable sources in China from 1989 to 2022. The results from the novel augmented ARDL approach suggest that PPP increases electricity generation from renewable sources in both time horizons (i.e., the long- and short-run). Also, a one-way causality flows from PPP and economic growth to electricity generation from renewable sources. Besides, a bidirectional causality exists between inflation and electricity generation from renewable sources. No direction of causality exists between growth and inflation or between growth and PPP. The study concludes with policies to promote PPP investment in energy to achieve SDG7 and SDG13. |
| By Shabir Hashmi; Suzhou City University |
| Presented by: Shabir Hashmi, Suzhou City University |
Taking the green pill: Macro-financial risks of the energy transition in the MATRIX modelAbstractThis paper evaluates the macroeconomic and financial risks of the energy transition using an extended MATRIX model, a multi-agent, multi-sector integrated assessment framework for the Euro Area. The model features endogenous, directed technical change in the energy sector and a decentralized electricity market based on merit-order rule. Energy firms switch technologies based on relative profitability, capturing feedback loops between R&D, productivity gains, and competitiveness, which may lead to either brown lock-in or green energy transition. We compare conventional policies – brown tax (BT), unconditional green subsidy (GS), and conditional green subsidy (CGS) linked to R&D – with alternative policy mixes, such as coordinated monetary policy, green finance and green industrial policy. Results show that while conventional policies modestly increase transition likelihood, they entail GDP losses due to production and financial constraints. These can be mitigated with green industrial policy and green finance, which alleviate sectoral bottlenecks and foster a more effective transition. |
| By Emanuele Ciola; Università di Brescia Enrico Turco; Fondazione Eni Enrico Mattei Massimiliano Rizzati; Università di Brescia Davide Bazzana; Università di Brescia Sergio Vergalli; Università di Brescia |
| Presented by: Massimiliano Rizzati, Università di Brescia |
Mitigation, Adaptation, and Carbon Markets in a Dynamic Climate-Economy ModelAbstractThis paper develops a simplified dynamic climate–economy model that analytically captures the interactions between economic growth, climate change, and policy interventions. The framework combines a neoclassical growth structure with a reduced-form representation of climate dynamics, linking the accumulation of greenhouse gas emissions to temperature increases and climate damages. Unlike optimization-based integrated assessment models, our discrete-time formulation is analytically tractable and allows for transparent comparative statics. The analysis shows how nonlinear interactions between mitigation, adaptation, and economic growth shape long-term trajectories of capital, emissions, and temperature. Calibration to standard parameters illustrates that higher mitigation effort reduces damages but slows short-run growth, while adaptation lowers effective damages and supports resilience, with different policy mixes leading to distinct transition paths. Incorporating intangible capital highlights its role in amplifying adaptation capacity and sustaining long-run output under climate stress. Departing from Nordhaus's optimization-based models, this approach adopts a tractable, discrete-time formulation that enables analytical solutions and comparative statics. The model includes climate mitigation and adaptation policies, as well as a carbon emissions market, and captures their respective impacts on net output, capital accumulation, and long-run emissions trajectories. |
| By Andrea Bacchiocchi; Università di Urbino |
| Presented by: Andrea Bacchiocchi, Università di Urbino |
Heterogeneity and Global Climate ActionAbstractountries respond differently to climate change, and while this resulting behavioral heterogeneity is empirically observed, its impact on the evolution of global climate action has not been analyzed. This leads to two related questions that we address: (i) what is the role of the variation of preferences in the global political economy of climate action; and (ii) what are the necessary conditions for sustained high levels of global action? We develop an evolutionary political economy integrated assessment model where heterogeneous countries, in each period, choose whether to take action to reduce emissions or not. Countries' choices are influenced by their current level of emissions, total participation in climate action, and other idiosyncratic factors capturing their heterogeneity, which depends on income inequality across countries, vulnerability to climate damages, and other political economy factors. Our model shows the possibility of various outcomes, where high levels of sustained global action is only one possibility. The key result is that sustained high levels of global action are achieved only if there is a low degree of heterogeneity in countries' preferences for action and a strong peer pressure effect. |
| By Giorgos Galanis; Queen Mary, University of London Giorgio Ricchiuti; Università di Firenze Ben Tippet; King's College London |
| Presented by: Giorgio Ricchiuti, Università di Firenze |
| Session 86: CONSUMER AND CHOICE BEHAVIOUR October 24, 2025 14:00 to 15:20 Location: Aula Magna |
| Session Chair: Alessandra Pelloni, Università di Roma Tor Vergata |
Harmful Random Utility Models AbstractIn many choice settings self-punishment affects individual taste, by inducing the decision maker (DM) to disregard some of the best options. In these circumstances the DM may not maximize her true preference, but some harmful distortion of it, in which the first i alternatives are shifted, in reverse order, to the bottom. Harmful Random Utility Models (harmful RUMs), which are RUMs whose support is limited to the harmful distortions of some preference, offer a natural representation of the consequences of self-punishment on choices. Harmful RUMs are characterized by the existence of a linear order that allows to recover choice probabilities from selections over the ground set. An algorithm detects self-punishment, and elicits the DM’s unobservable tastes that explain the observed choice. Necessary and sufficient conditions for a full identification of the DM's preference and randomization over its harmful distortions are singled out. In all but two cases, there is a unique justification by self-punishment of data. Finally, a degree of self-punishment, which measures the extent of the denial of pleasure adopted by the DM in her decision, is characterized. |
| By Angelo Enrico Petralia; Università di Catania |
| Presented by: Angelo Enrico Petralia, Università di Catania |
Consumer choices in the circular transition: exploring preferences in a digital secondhand eraAbstractThis paper investigates consumption decision-making processes on secondhand digital platforms. Through a Discrete Choice Experiment (DCE), we analyze the factors that influence purchase choices, focusing on how different provider types and product attributes affect preferences. This approach allows us to delve into two current trends aimed at extending the lifespan and utilization of underutilized goods: recommerce (reuse) and digitalization. We address the rapid expansion of online secondhand platforms and, thus, the ensuing range of trade options offered to individuals willing to access secondary exchanges. Once a niche, these platforms turn out to be a strategic asset for service providers facilitating peer-to-peer transactions, as well as for traditional businesses. Many firms are indeed implementing systems to supply secondhand goods by launching their resale platforms. To this extent, we investigate the role of consumers’ preferences in prompting firms’ strategic decisions to enter the secondary market. We detect a brand effect in the user evaluation when opting for secondhand buying either from a peer or an incumbent. |
| By Francisco André; Universidad Complutense de Madrid Carmen Arguedas; Universidad Autonoma de Madrid Claudia Ranocchia; Tilburg University Sandra Rousseau; KU Leuven |
| Presented by: Claudia Ranocchia, Tilburg University |
Are all social groups born equal? AbstractPeople tend to favor those with whom they share some form of social identity, i.e that belong to their social groups. This raises the question: can communication enhance trust and cooperation between members of different groups? Charness et al. (2024) create groups by assigning participants different colors and show that communication leads to greater cooperation overall but does not directly reduce the bias toward in-group members. However, when communication leads to mutual promises, these promises have a stronger effect on behavior between out-group members than in-group members, helping to narrow or even close the social identity gap. In our experiment, we adopt the same design as Charness et al. (2024) but vary the social identity framework from weak to strong and from symmetric to asymmetric. Specifically, we examine international students born and educated abroad versus domestic students to explore whether natural group affiliations influence the results compared to an experiment with an artificially induced weak social identity. An important result is that promises strongly reduce in-bias even with natural groups that are likely to involve stronger social identity effects than artificial groups. |
| By Giovanni Di Bartolomeo; Sapienza Università di Roma Stefano Papa; Università di Roma Tor Vergata Alessandra Pelloni; Università di Roma Tor Vergata |
| Presented by: Alessandra Pelloni, Università di Roma Tor Vergata |
| Session 87: ECONOMICS OF GENDER III October 24, 2025 14:00 to 15:20 Location: Aula 4 |
| Session Chair: Graziella Bonanno, Università della Calabria |
Gender Gaps in Reservation Wages: Evidence from Italian GraduatesAbstractGender gaps in labor market outcomes have been typically attributed to individual characteristics, discrimination, and horizontal or vertical segregation. More recently, many studies have documented the role of gender differences in psychological attitudes. Using data on individual reservation wages – the minimum wage a worker is willing to accept – for a sample of Italian graduates, this study offers new evidence along these lines. We investigate gender differences in reservation wages based on individual characteristics, differences in the expected wage and in the expected probability of finding a job and differences in demand for job-attributes (such as part-time, flexibility, or location). We apply the Gelbach’s decomposition to quantify the contribution of each group of factors in explaining the gender gap. Our findings reveal a large unexplained component, which is likely due to gender differences in psychological attitudes, such as overconfidence and the “propensity to ask”. |
| By Vincenzo Scoppa; Università della Calabria Idola Francesca Spanò; Università della Calabria |
| Presented by: Idola Francesca Spanò, Università della Calabria |
Gender Prescribed Occupations and the Wage GapAbstractMen and women often sort into different jobs, and male dominated jobs typically pay more than female-dominated ones. Why is that the case? We propose a model where workers have heterogeneous attitudes with respect to the social norms that define gender prescribed occupations and face endogenous social costs when entering jobs deemed "appropriate" for the other gender. We show that: (i) workers trade off identity and wage considerations in deciding where to work; (ii) asymmetric social norms contribute to the gender pay gap by deterring women from entering higher-paying male-dominated sectors; (iii) breaking social norms generates positive externalities, reducing social stigma for everyone. Therefore, in equilibrium, there are too few social norm breakers. |
| By Matteo Broso; Collegio Carlo Alberto Andrea Gallice; Università di Torino e Collegio Carlo Alberto Caterina Muratori; Center for Health Economics and Policy Evaluation, SDSU |
| Presented by: Andrea Gallice, Università di Torino e Collegio Carlo Alberto |
Can you do the dishes? Intra-household time use, division of labor and fertilityAbstractAcross the world, women carry out a larger share of housework (including childcare) compared to men, which can negatively affect both fertility and women’s career. The time allocated to housework depends on spouses’ comparative advantage, on the competing uses of time, and long-term, personal or external factors that have often been unobservable in the data. I use detailed time use data from Italy within a new dynamic life-cycle model of marriage, employment and fertility, where individuals choose their time allocation to formal work, housework, and leisure. The key contribution of the model is that it can estimate to what extent each of these factors determine differences in housework among spouses. To rationalize gender differences, the model estimates that men’s housework productivity should be about one fourth as women’s. In a counterfactual exercise, a zero gender wage gap paired with free, perfectly available nursery schools, increases fertility to 2.2 (+56.1%) children per woman and married women’s employment rate to 0.57 (+15.6%). If men were as home-productive as women, the results would be 2.55 (+81%) and 0.98 (+99.8%) respectively. Gender differences in contribution to housework account for up to 70% of the child penalty in women’s earnings. |
| By Andrea Mattia; Banca d'Italia |
| Presented by: Andrea Mattia, Banca d'Italia |
Estimating the gender wage gap using Stochastic Frontiers: Some modelling issuesAbstractThis study examines the gender wage gap in Italy using the Stochastic Frontier Approach. Using data from the European Union Statistics on Income and Living Conditions (EU-SILC) survey for Italy in 2021, we estimate a wage frontier model. We find evidence of a gender wage gap, with women earning significantly less than men even after controlling for observed characteristics. Our results are twofold. Specifically, we find that women have lower levels of wage efficiency, meaning that they are less able to convert their productivity into earnings. Second, we show that the size of the gender wage gap depends on a modelling choice regarding where to include in the model the dummy for gender. |
| By Antonio Alvarez; University of Oviedo Graziella Bonanno; Università della Calabria |
| Presented by: Graziella Bonanno, Università della Calabria |
| Session 88: HEALTH INDUSTRY DYNAMICS October 24, 2025 14:00 to 15:20 Location: Aula 8 |
| Session Chair: Raffaella Coppier, Università di Macerata |
Do Hospital Mergers Reduce Waiting Times? Theory and Evidence from the English NHSAbstractWe analyse—both theoretically and empirically—the effect of hospital mergers on waiting times in healthcare markets where prices are fixed. Using a spatial modelling framework where patients choose provider based on travelling distance and waiting times, we show that the effect is theoretically ambiguous. In the presence of cost synergies, the scope for lower waiting times as a result of the merger is larger if the hospitals are more profit-oriented. This result is arguably confirmed by our empirical analysis, which is based on difference-in-differences estimations using a long panel of data on hospital merger in the English National Health Service (NHS). While we find that hospital mergers lead to higher waiting times on average, we also show that the effects of a merger on waiting times crucially rely on a legal status that can reasonably be linked to the degree of profit-orientation. Whereas hospital mergers involving Foundation Trusts tend to reduce waiting times, the corresponding effect of mergers involving hospitals without this legal status tends to go in the opposite direction. |
| By Vanessa Cirulli; Sapienza Università di Roma Giorgia Marini; Sapienza Università di Roma Marco A. Marini; Sapienza Università di Roma Odd Rune Straume; University of Minho |
| Presented by: Giorgia Marini, Sapienza Università di Roma |
Patient selection or rationale patient choice? Insights from a hospital competition model with heterogeneous agentsAbstractHospitals differ in terms of ownership, operational objectives, and resource availability, while patients present varying levels of illness severity, comorbidities, and other factors that may influence their care needs. Available empirical evidence of patient selection by hospitals, however, is rather sparse. In this paper, we develop a theoretical model of quality competition with regulated prices in which we consider different types of hospitals, such as public and private institutions, and acknowledge that patients differ in their levels of illness severity. In our framework, hospitals are not allowed to track patients at the admission and face capacity constraints which induces congestion costs to patients. We show that, even without patient tracking, differential case-mix of patients among hospitals is perfectly consistent with rationale patient choice, and it widens with the degree of agent heterogeneity in the market. Therefore, our results highlight that evidence of differential case-mix among hospitals is not per se an indication of opportunistic patient selection by hospitals. |
| By Calogero Guccio; Università di Catania Domenico Lisi; Università di Catania Isidoro Mazza; Università di Catania Giacomo Pignataro; Università di Catania |
| Presented by: Domenico Lisi, Università di Catania |
How Digital Divide and hospital quality misperception affect patients’mobility?AbstractIn the digital age, an increasing number of people rely on the internet to gather information and make informed decisions. In healthcare, this phenomenon has significant implications for patient mobility, particularly in Italy, where individuals can seek treatment freely across provinces. This paper examines the relationship between broadband penetration and patient mobility in the Italian healthcare market. Using two complementary studies, we analyze how internet demand influences patients’ decisions to seek care outside their home provinces, focusing on oncological treatments. Secondly we use data on broadband supply to assess how Sicilian patients seek care outside their province for laparoscopic coli-cystectomy. Our findings suggest that broadband access reduces inappropriate mobility by correcting misperceptions about local healthcare quality. However, digital inequalities continue to reinforce disparities in access to reliable health information, emphasizing the need for targeted policy interventions to expand internet coverage and combat misinformation. |
| By Carla Guerriero; Università di Napoli Federico II e CSEF Rosella Levaggi; Università di Brescia Paolo Li Donni; Università di Palermo Sara Moccia; Università di Napoli Federico II |
| Presented by: Sara Moccia, Università di Napoli Federico II |
Improving the quality of life and longevity of the elderly. The role of private versus public healthAbstractWe develop an overlapping generations model to study how the combination of public and private health expenditures affects the quality of life and/or longevity of the elderly, as well as its impact on steady-state economic growth. We find that two distinct scenarios may arise-one with and one without reliance on private health care-depending on the relative value of private versus public health spending. In both cases, a positive locally asymptotically steady state emerges in terms of capital per worker, and a switch between regimes may occur depending on the share of public balance spent on the health system. Furthermore, increasing such a share increases the equilibrium longevity, while the effects on health status are ambiguous. Specifically, when the effectiveness of public expenditure is low, increasing public resources allocated to healthcare does not necessarily lead to improvements in the life quality. In contrast, when public spending is highly effective, greater allocation of public resources becomes a powerful tool for enhancing health status in old age. |
| By Mauro Maria Baldi; Università di Macerata Raffaella Coppier; Università di Macerata Elisabetta Michetti; Università di Macerata |
| Presented by: Raffaella Coppier, Università di Macerata |
| Session 89: HEALTH ECONOMICS AND POLICY III October 24, 2025 14:00 to 15:20 Location: Aula 9 |
| Session Chair: Stefano Schiavo, Università di Trento |
Projecting Shifts in the Mediterranean Diet Adherence in Italy: Insights on Economic and Sustainability PolicyAbstractBackground. The Mediterranean Diet is widely recognised as one of the pillars of public health, sustainability, and economic stability. It provides numerous health benefits while supporting environmentally friendly food systems. Moreover, the Mediterranean Diet is acknowledged as a cultural and social lifestyle of Mediterranean countries. However, adherence to this diet has been steadily declining. This trend is also evident in Italy, where modern dietary habits are influenced by globalisation, urbanisation, and economic factors have led to shifts away from traditional food consumption patterns. Data and methods. To assess and forecast future adherence to the Mediterranean Diet, this study employs the Autoregressive Integrated Moving Average model, utilising data on energy intake from 18 food groups from 1961 to 2022. The Mediterranean Adequacy Index, as a key measure of dietary adherence, is calculated and forecasted up to the year 2045. Results. Findings indicate a significant and continuous decline, with an average reduction of -2.4% predicted over the next two decades. Conclusions. This trend poses serious economic and public health challenges, including higher healthcare costs and threats to agricultural sustainability. Urgent policy interventions are needed to reverse this decline and protect Italy’s dietary and cultural heritage. |
| By Fjona Zeneli; Università di Milano |
| Presented by: Fjona Zeneli, Università di Milano |
Dietary Transitions and Socioeconomic Change: Assessing Adherence to the Mediterranean Diet in Italy (1861–2015)AbstractThis study develops a novel composite indicator to assess adherence to the Mediterranean Diet in Italy from 1861 to 2015. A two-step procedure is implemented. First, we reconstruct historical macronutrient consumption using multiple imputation techniques informed by structural variables such as food prices, wages, inequality, and education. Second, we apply the Kogut and Singh (1988) index to compute the Mediterranean Diet Adherence Index (MDAI), which captures the deviation from the macronutrient benchmarks prescribed by the Mediterranean diet. Results show that adherence fluctuated considerably over time and was closely aligned with major historical and economic transformations. Periods of industrialisation and globalisation were associated with declining adherence, whereas economic downturns often coincided with a return to nutritional profiles consistent with Mediterranean diet. These findings underscore the role of structural forces in shaping long-term dietary behaviour. By linking macroeconomic and social conditions to population-level nutrition, the study provides historical insight relevant to public health and sustainability agendas. The methodology is transferable to other national contexts and supports policy efforts towards equitable and resilient food systems. |
| By Domenico D'Ausilio; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Massimiliano Agovino; Università di Napoli Parthenope |
| Presented by: Domenico D'Ausilio, Università di Napoli Parthenope |
Trade openness and the cost of healthy diets: a cross-country analysisAbstractThis paper examines the relationship between trade openness and the cost of healthy diets using cross-country data on food prices linked to nutritional composition. We investigate whether greater openness to international trade is associated with lower food prices, and if this effect differs for healthier food products. Using data from the 2017 International Comparison Program and Healthy Diet Basket guidelines, we compare food price distributions across countries with varying degrees of trade openness. The empirical analysis suggests that lower trade barriers correlate with lower food prices, both for individual items and complete healthy food baskets. Importantly, we find no evidence that international trade disproportionately affects highly-processed foods or makes healthy products relatively more expensive. While results are sensitive to price adjustment methods (market exchange rates versus purchasing power parity), controlling for income levels resolves these discrepancies—likely due to the strong relationship between income and openness. Although our cross-sectional approach precludes causal interpretation, the consistent lack of differential impact between healthy and non-healthy food items suggests that trade openness generally improves affordability across all food categories |
| By Stefano Schiavo; Università di Trento |
| Presented by: Stefano Schiavo, Università di Trento |
| Session 90: LABOUR MARKET I October 24, 2025 14:00 to 15:20 Location: Aula 6 |
| Session Chair: Tindara Addabbo, Università di Modena e Reggio Emilia |
The Impact of Goal Setting: An Experimental Study of Employer-Assigned and Worker-Set GoalsAbstractThis study investigates how goal-setting roles influence performance, both theoretically and experimentally, depending on whether the goal is set by the worker or the employer. We develop a worker-employer game in which either the worker or the employer sets a goal for output. Following this, the worker selects a costly and unobservable effort level, which determines both the output and the employer’s income. The worker receives a flat payment and therefore lacks a direct monetary incentive to exert effort. We consider two settings: (i) the employer provides non-binding feedback to the worker after observing the output, and (ii) no feedback is possible. Using well-established theories, we first derive predictions for these settings. Next, to test these predictions, we conduct an incentivized laboratory experiment. Our experimental results reveal that employers consistently set higher goals than workers, regardless of feedback availability. With feedback, workers exert the highest effort levels when employers set the goals, while effort levels are statistically similar when workers set goals or when no goals are set. In the absence of feedback, workers' effort levels do not differ significantly across goal-setting conditions. Finally, we show that a modified reference- dependent model accounts for all observed experimental findings. |
| By Basak Altan; Ozyegin University Begum Guney; Ozyegin University Neslihan Uler; University of Maryland |
| Presented by: Basak Altan, Ozyegin University |
Purpose Under Pressure: The Benefits and Risks of Meaningful WorkAbstractWe examine how workers perceive the benefits and risks of “meaningful” jobs, focusing on the core dimensions of Self-Determination Theory (SDT): autonomy (control over tasks), competence (use of skills), and relatedness (supportive relationships). Drawing on a novel survey of 3,510 Italian employees, we first elicit subjective beliefs about how these dimensions affect job satisfaction and work-life balance. We then compare these beliefs to actual outcomes — measured through job satisfaction, job search behavior, and working hours. Our findings show that workers, on average, view autonomy, competence, and relatedness as drivers of higher job satisfaction, yet they associate competence with increased risks for work-life balance. These perceptions vary significantly across education groups, contract types, and geographical areas, highlighting substantial heterogeneities. Moreover, the data reveal partial alignment between stated beliefs and real-world outcomes: for example, autonomy predicts higher job satisfaction and lower job search, whereas competence raises actual hours worked and can raise after-hours pressures and more struggle in conciliating work and leisure. Relatedness improves well-being, though it can create spillovers between work and personal life. |
| By Fabio Angei; Università di Cagliari Silvia Balia; Università di Cagliari Rinaldo Brau; Università di Cagliari Giovanni Sulis; Università di Cagliari |
| Presented by: Fabio Angei, Università di Cagliari |
Hope, Noise, and the Efficiency of Perfect MeritocracyAbstractThis paper explores the economic effects of imperfect meritocracy in recruitment and career advancement. We compare two career promotion mechanisms: a fully meritocratic system and a "noisy" one, that allows less productive workers to advance. Our model shows that imperfect meritocracy in promotions can boost worker effort through the "hope effect," potentially leading to higher aggregate output and total welfare compared to a strictly meritocratic system. Less skilled workers benefit most under this scenario, while the high skilled are worse off. We conclude that when perfect meritocracy in recruitment is unattainable, it may not be optimal to enforce it in career advancement, offering insights for economic policy. |
| By Luca Beltrametti; Università di Genova Gabriele Cardullo; Università di Genova |
| Presented by: Gabriele Cardullo, Università di Genova |
Inequalities in talents’ earnings: a tale of two European countriesAbstractThis paper explores wage inequalities for highly talented youth in Italy and Germany (main destination of Italian talents). We use EUSILC cross-section data (2012 and 2022) and estimate unconditional quantile regression to investigate the wage of Italian and German talents and, within talents, between genders, across the overall wage distribution also decomposing the wage gaps. We detect a substantial increase in the wage gap at the disadvantage of Italian talents in 2022 largely determined by differences in returns with a higher change for female talents. The gap is increasing more for female talents especially at the top of the wage distribution. The gender wage gap within talent increased for talents in Italy (from 10% in 2012 to 22.5% in 2022) and decreased in Germany (from 27.5% in 2012 to 15% in 2022), with a higher unexplained share of the gender wage gap in Italy than in Germany. An increasing wage gap at the disadvantage of Italian talents, together with better conditions for employed talents in Germany, are consistent with the observed flow of talents from Italy to Germany and call, wishing to increase attractiveness for Italian talents, for policies able to reduce the observed distance within the two countries. |
| By Tindara Addabbo; Università di Modena e Reggio Emilia Chiara Mussida; Università Cattolica del Sacro Cuore Milano |
| Presented by: Tindara Addabbo, Università di Modena e Reggio Emilia |
| Session 91: MICROECONOMICS II October 24, 2025 14:00 to 15:20 Location: Aula Grande |
| Session Chair: Maria Rosa Battaggion, Università di Bergamo |
Bottled vs Tap Water: Unveiling Consumer Choices in ItalyAbstractThis study investigates the factors that influence bottled water consumption in Italy, particularly those driving the preference for bottled water over tap water. This research aims to contribute to understanding the surge in the Italian bottled water market and its potential environmental consequences. \indent Italy, like many countries, faces a growing challenge of plastic pollution. The United Nations estimates that 19-23 million tonnes of plastic waste enter aquatic ecosystems annually. Bottled water consumption is a significant contributor to plastic waste. To address this issue, this paper proposes a theoretical framework that integrates key concepts from existing literature and identifies some testable implications. A survey administered within Italy will be used to evaluate these implications and provide insights into consumer behavior. O-Probit results suggest that safety concerns play the most important role in driving the purchase and consumption of bottled water, especially compared to taste and odor. However, environmental concerns and prosocial attitudes also play a role in the opposite direction, leading people to drink tap water. |
| By Alessio D'Amato; Università di Napoli Parthenope Loredana Mirra; Università di Roma Tor Vergata Andrea Rampa; Università di Roma Tor Vergata |
| Presented by: Andrea Rampa, Università di Roma Tor Vergata |
Licensing with Passive Cross Ownership and WelfareAbstractThis paper studies a differentiated product duopoly where firms differ in marginal costs due to technological asymmetry. The low-cost firm holds partial cross ownership (PCO) in its rival, and licensing under a two-part tariff is allowed. We show that when product differentiation is low, social welfare can increase with PCO, consistent with the counterpart Cournot model. However, in contrast to Cournot competition, consumer surplus decreases monotonically with PCO. We also establish that the high-cost firm prefers licensing when cost asymmetry is just sufficient to make licensing profitable. Finally, we characterize the welfare-maximizing level of PCO and also demonstrate that PCO can have anti-competitive effects under inelastic demand. |
| By Aditya Chowdhury; Indian Statistical Institute, Kolkata |
| Presented by: Aditya Chowdhury, Indian Statistical Institute, Kolkata |
Population age distribution and aggregate impatienceAbstractThe present paper studies the dynamics of the impatience bias towards present vs. future displayed by aggregate consumption of a population consisting of overlapping generations of finitely lived individuals endowed with recursive preferences that are additively separable over consumption sequences as in Epstein and Hynes\cite{EH83}. The dependency of the aggregate impatience rate on the age distribution of the population is explicitly formulated and quantitatively analyzed. A distribution of impatience rates across the set of agents is obtained as a function of the population age structure, and measures of a representative agent endogenous rate of impatience are derived to simulate the evolution of aggregate impatience over time. |
| By Pietro Senesi; Università di Napoli L'Orientale |
| Presented by: Pietro Senesi, Università di Napoli L'Orientale |
Restricting Demand to the Happy Few: Pricing Strategy with Word-of-Mouth and Heterogeneous Consumers.AbstractIn this paper, we present a monopoly model featuring an experience durable good with hidden quality. We allow communication between two different generations of consumers through word-of-mouth. However, this communication can be biased due to the heterogeneous types of consumers. We demonstrate how the transmission of information among consumers shapes the demand function and affects the monopolist's intertemporal pricing strategy. |
| By Maria Rosa Battaggion; Università di Bergamo Alessandro Vaglio; Università di Bergamo |
| Presented by: Maria Rosa Battaggion, Università di Bergamo |
| Session 92: MONETARY POLICY III October 24, 2025 14:00 to 15:20 Location: Aula Piccagli |
| Session Chair: Daniela Marchettini, International Monetary Fund |
The macroeconomic effects of reducing a central bank monetary policy portfolio: a model-based evaluationAbstractWe use a New Keynesian model with financial market segmentation, calibrated to the euro area, to analyze the macroeconomic effects of a reduction in the stock of long-term sovereign bonds held by a central bank, as the latter does not reinvest the principal payments from maturing bonds. In the model, this reduction affects real and financial variables because a preferred habitat assumption holds for some investors. According to our results, the reduction, by inducing a rise in long-term interest rates, has recessionary and disinflationary effects. These effects are amplified if the central bank does not adequately reduce the policy rate, or if financial markets overreact in the short run to the announcement of the monetary policy portfolio reduction. |
| By Anna Bartocci; Banca d'Italia Alessandro Notarpietro; Banca d'Italia Massimiliano Pisani; Banca d'Italia |
| Presented by: Massimiliano Pisani, Banca d'Italia |
Every Signal Counts: Effects of ECB Presidents’ Textual and Verbal Sentiments on Financial MarketsAbstractDo the audio and text characteristics of ECB press conferences impact euro area financial markets? This question motivated us to investigate the changing communication features of ECB Presidents’ across different topics and sample periods, and their effects on financial markets. Leveraging advanced audio analysis techniques, large language models, and high-frequency financial market data at the one-second frequency, we provide new insights on the impact of ECB communication features on euro area financial markets between 2012 and 2024. The results indicate that euro area financial markets are often significantly influenced by distinct text and audio characteristics, with the magnitude and direction of these effects varying markedly during different periods and subject matters. Notably, communication regarding the broader economic outlook exhibits the most robust and widespread market responses, while discussions focused on inflation and monetary policy produce subtler and generally less statistically significant effects. At the same time, the arousal and valence of verbal intervention possess higher number of significant effects than other characteristics. Introductory statements more often exhibit statistically significant impact than Q&A. These as well as other findings of the study underscore the importance of understanding nuanced central bank communication and its heterogeneous impact on financial markets. |
| By Linas Jurksas; Bank of Lithuania Rokas Kaminskas; Bank of Lithuania Vita Akstinaite; ISM University of Management and Economics |
| Presented by: Linas Jurksas, Bank of Lithuania |
Monetary policy effects on wage inequality: evidence from ItalyAbstractThis study examines the impact of monetary policy on wage inequality in Italy from 1999m1 to 2018m12, using a newly assembled dataset based on high-frequency administrative data on private-sector employees from the Italian Social Security Institute (INPS). By applying the Smooth Local Projection (SLP) method, we derive the impulse responses to exogenous monetary policy shocks of average wages and of the Gini index of wage inequality and other indicators of the wage distribution. Our findings show that expansionary monetary policy significantly reduces wage inequality while stimulating economic activity. Furthermore, distinguishing workers’ subgroups according to sector of activity, occupation and firm’s size, we find that expansionary monetary policy decreases wage inequality both 'between' and 'within' subgroups. |
| By Elton Beqiraj; Sapienza Università di Roma Stefano Di Bucchianico; Università di Salerno Mario Di Serio; Università di Salerno Michele Raitano; Sapienza Università di Roma |
| Presented by: Stefano Di Bucchianico, Università di Salerno |
Bidding Behavior in Italian Treasury Auctions: The Role of Top-upsAbstractIn response to rising global government debt, sovereign debt management offices are increasingly refining their issuance methods to optimize investor engagement and minimize borrowing costs. This paper evaluates the effectiveness of a two-stage Treasury auction design that incorporates a supplementary non-competitive 'top-up' component, assessing its potential to enhance bidder performance. Utilizing detailed microdata from Italian Treasury bill auctions and employing a Difference-in-Differences analytical framework, the paper investigates how these supplementary top-up auctions influence bidder behavior in terms of requested quantities and offered prices during the main competitive auction. The analysis demonstrates that the introduction of top-ups promotes more aggressive bidding, especially among marginal bids, leading to higher cumulative bid values in the primary competitive phase. These findings suggest that top-up auctions can effectively boost auction coverage and may contribute to lower government borrowing costs by strategically shaping bidder incentives and behaviors. |
| By Daniela Marchettini; International Monetary Fund |
| Presented by: Daniela Marchettini, International Monetary Fund |
| Session 93: PUBLIC ECONOMICS I October 24, 2025 14:00 to 15:20 Location: Aula 7 |
| Session Chair: Margherita Saraceno, Università di Pavia |
Should I share or should I not? On the sharing of information on past performance in procurementAbstractMany real-world public-sector purchases involve a combination of verifiable and non-verifiable dimensions of quality, leading to a classical incomplete-contracting problem. This paper analyses how public buyers may use debarment lists — in essence, blacklists of under-performing contractors — to incentivize quality provision in repeated procurement tenders. A key question is whether debarment lists should be shared among multiple agencies or maintained separately. Sharing multiplies the punishment for bad performance (an under-performing firm loses access to all agencies, not just one), which might strongly deter shirking. However, this paper shows that sharing debarment lists backfires when mistakes may occur in judging quality ex-post: if one agency erroneously penalizes a cooperative contractor, that error propagates to every agency, potentially discouraging contractors from exerting high quality in the first place. By modelling repeated interactions and allowing for observational errors, we show the implicit costs stemming from a shared debarment list, and draw policy lessons for designing blacklists in public procurement. |
| By Gian Luigi Albano; Consip S.p.A. Walter Ferrarese; Universitat de Les Illes Balears Alberto Iozzi; Università di Roma Tor Vergata Roberto Pezzuto; Università di Roma Tor Vergata |
| Presented by: Roberto Pezzuto, Università di Roma Tor Vergata |
Corporate Social Responsibility: a theory of the firm revisited with environmental issuesAbstractThe Corporate Social Responsibility (CSR) theory of the firm states that, in strategic markets, social actions lead to a prisoner’s dilemma. This paper develops a model with pollution externalities and environmental taxation to incentivise firms’ abatement activities through green R&D investments. When the firms’ objective function embeds environmental issues (Environmental CSR or ECSR), a large spectrum of Nash equilibria emerges, from the Pareto inefficient to the Pareto efficient (ECSR,ECSR), depending on social concern and product differentiation degree. The timing of the environmental policy, government’s commitment (time inconsistent) vs. non-commitment (time consistent), affects the endogenous market structure of the ECSR decision game thereby representing a relevant difference compared to the standard CSR without abatement and taxation. |
| By Domenico Buccella; Kozminski University Luciano Fanti; Università di Pisa Luca Gori; Università di Pisa |
| Presented by: Domenico Buccella, Kozminski University |
Real-effort in the Multilevel Public Goods GameAbstractWe investigate the extent to which a real-effort effect and an inequality ef- fect impact individuals’ prosocial behavior in the multilevel public goods game. We explore two symmetrical treatments: one where everyone participates in a preliminary task to obtain their initial endowment, and another where no one does, to assess the real-effort effect. Additionally, we examine two asymmetrical treatments where only individuals from one local group engage in the preliminary task to study the inequality effect. We find evidence that the contribution to the local public good is stable across all treatments, while the contribution to the global public good is significantly lower when both groups perform the preliminary task. |
| By Marco Catola; Maastricht University Pietro Guarnieri; Unversità di Pisa Laura Marcon; CNR Lorenzo Spadoni; Università di Cassino e del Lazio Meridionale |
| Presented by: Marco Catola, Maastricht University |
A conjectural model for public goods: Equilibria, dynamic features, and policy implications AbstractWe provide a dynamic conjectural equilibrium model where, time by time, heterogenous, rational but uninformed, and uncertain individuals decide whether to contribute or not to a public good. This model allows us to frame the contribution problems from a novel perspective, keeping the classical public good issues together. Results show that a unique conjectural equilibrium is achieved; however, it is compatible with an infinity of possible equilibrium conjectures. Policymakers interested in supporting the public good provision can intervene through various effective approaches, including i. the enlargement of exogenous public good provision; ii. the fight with corruption and public sector inefficiencies; iii. taxation; and iv. actions supporting social capital and altruism and reducing population risk aversion. However, the relevant dynamical effects of such policies must be carefully considered because the path to the exact policy target can be very twisted and takes time. The interaction of uncertainty and individual conjectures makes any policy action cumbersome since the system might eventually stop not precisely at the projected position. |
| By Giorgio Rampa; Università di Pavia Margherita Saraceno; Università di Pavia |
| Presented by: Margherita Saraceno, Università di Pavia |
| Session 94: FIRM ORGANISATION III October 24, 2025 14:00 to 15:20 Location: Sala Consiliare |
| Session Chair: Daniele Moschella, Scuola Superiore Sant'Anna Pisa |
Working from home and labour productivity: Firm-level evidenceAbstractThis study examines the impact of working from home on firm-level outcomes. It uses detailed survey data from Italian firms before the pandemic and up to 2023. Estimates using a novel instrumental variable suggest that, on average, the effects on labour productivity, employment dynamics and composition, wages and other costs are negligible. However, the analysis shows that a subset of firms experienced benefits in terms of labour productivity. |
| By Gaetano Basso; Banca d'Italia Davide Dottori; Banca d'Italia Sara Formai; Banca d'Italia |
| Presented by: Davide Dottori, Banca d'Italia |
Profit Sharing and Robots: Evidence from Italian FirmsAbstractThis paper investigates the role of contractual Profit Sharing (PS) in influencing robotic adoption within Italian firms, with particular attention to differences across organizational levels. We find that blue-collar Profit Sharing (BPS) is positively associated with an increased likelihood of adopting robotics, while this effect is not evident for white-collar Profit Sharing (WPS). These findings remain significant when controlling for factors such as firm size, age, workforce composition, and industry context. Our results indicate no significant association between robotic adoption and increased layoffs, nor do they suggest a role for Profit Sharing in driving the adoption of advanced technologies beyond robotics. This leads us to discount both a heightened replacement rate due to increased labor costs and the presence of a shared innovation culture within firms as explanatory mechanisms. Conversely, evidence supports a training-enhancement mechanism: firms with BPS are more inclined to invest in digital training, and this skill development, in turn, facilitates the integration of robotic technologies. These results indicate that profit-sharing does not simply align employee and employer incentives; it also creates conditions that encourage skill formation and smooth organizational adaptation to technologically advanced production processes. |
| By Davide Bisi; Università di Parma Stefano Dughera; Università di Torino Fabio Landini; Università di Parma |
| Presented by: Stefano Dughera, Università di Torino |
A Seat at the Table: The Effects of Workers’ Representation on Firm and WorkersAbstractThis paper examines the impact of board-level employee representation on job quality and firm performance. Worker voice institutions remain a contentious topic in the economic literature, with existing evidence often mixed and based on limited or non-credible identification strategies. We contribute to this debate by studying a 2015 French mandate requiring board-level employee representation in firms with over 1,000 permanent employees. Using rich linked employer-employee data and two empirical strategies—a difference-in-differences design and a difference-in-discontinuity approach—we examine how firms and workers responded to the reform. Findings suggest small positive effects on job quality, with no evidence of adverse impacts on firm performance. |
| By Andrea Mina; Scuola Superiore Sant'Anna Pisa Daniele Moschella; Scuola Superiore Sant'Anna Pisa Julian Tiedtke; Scuola Superiore Sant'Anna Pisa |
| Presented by: Daniele Moschella, Scuola Superiore Sant'Anna Pisa |
| Session 95: GOVERNMENT II October 24, 2025 14:00 to 15:20 Location: Biblioteca |
| Session Chair: Francesco Pigliaru, Università di Cagliari |
Drivers of (de)centralising environmental protection spending in the EU countries AbstractThis paper investigates the drivers of (de)centralisation of environmental protection expenditure across the 27 European Union Member States between 1995 and 2022. Drawing on the theoretical frameworks of fiscal and environmental federalism, we analyse how environmental pressures — specifically the distinction between local and global pollutant emissions, and the occurrence of uninsured natural disasters — influence the decentralisation of environmental spending relative to total public expenditure. Using harmonised multilevel data from Eurostat, we also assess the moderating role of institutional settings, measured by the Regional Authority Index, and political preferences for environmental and decentralisation reforms, using data from the Manifesto Project. The results reveal that a higher prevalence of locally impactful pollutant emissions fosters decentralisation, whereas greater exposure to uninsured disaster-related damages prompts a shift toward re-centralisation. Furthermore, while strong regional institutions appear to moderate buffer the centralising effects of environmental shocks, political preferences exert a limited influence. These findings offer new insights into the complex interactions between environmental risks, fiscal governance, and institutional resilience in the EU context. |
| By Federica Lanterna; Università di Urbino Giovanni Marin; Università di Urbino Agnese Sacchi; Università di Urbino |
| Presented by: Federica Lanterna, Università di Urbino |
EU Cohesion Policy and Digital Public ServicesAbstractThis paper investigates the impact of European Cohesion Funds on the digitalization of local governments in Italy, with a specific focus on the quality of municipal websites. Leveraging web scraping techniques and a generalized Difference-in-Differences approach, the study examines whether municipalities that received EU funding improved the technological sophistication and user-friendliness of their websites—particularly through the adoption of modern web standards such as HTML5. The findings reveal that cohesion funds have significantly fostered digital advancements in local governance, especially in smaller, southern, and inner-area municipalities. These results highlight the critical role of financial support in advancing digital inclusion and improving the delivery of public services at the local level, contributing to meaningful (digital) catch-up effects in lagging territories. |
| By Nicola Caravaggio; Università del Molise Giuliano Resce; Università del Molise Agapito Emanuele Santangelo; Università del Molise |
| Presented by: Giuliano Resce, Università del Molise |
Government Size, Civic Capital and Economic Performance: An O-ring approachAbstractThis paper explores how civic capital shapes the relationship between government size and economic performance. Building on an exogenous-growth version of Barro (1990), we incorporate O-ring technology to capture task complementarity in the public sector, highlighting the role of civic capital in reducing errors and malfeasance. Our model shows that greater civicness not only raises the inverted U-shaped relationship between government size and output but also shifts it rightward, increasing both economic performance and the optimal government size. We test these implications using a dynamic panel data model for 23 OECD countries from 1975 to 2010, estimated via system GMM. Our results support the hypothesized inverted-U relationship and demonstrate that civic capital significantly raises the threshold at which the marginal returns to government size approach zero. Thus, countries with higher civicness can sustain larger public sectors without compromising growth. This finding provides fresh insights into how deeply institutional quality, rooted in social trust, shapes the government-size–growth nexus. |
| By Luciano Mauro; Università di Trieste Francesco Pigliaru; Università di Cagliari Gaetano Carmeci; Università di Trieste |
| Presented by: Francesco Pigliaru, Università di Cagliari |
| Session 96: INDUSTRY 4.0 AND DIGITAL TRANSFORMATION III October 24, 2025 14:00 to 15:20 Location: Aula di Calcolo 2 |
| Session Chair: Roberta Rabellotti, Università di Pavia |
Will Robots and AI Steal your Job? Tech Visions, Technological Change and Political PolarizationAbstractTech visions on automation and AI, e.g. narratives forecasting the future of work, have the potential to cause a backlash against technology and polarize public opinion, as has happened in the past. We test these hypotheses with a survey experiment with representative samples from three countries (Germany, Italy and the US, N=11418). First, we find that the techno-pessimistic vision generates a backlash motivated by concerns over job losses while the techno-optimistic one leads, on the opposite, to a more favourable view of markets and innovation policies. The balanced vision combines both visions and stands in between in terms of policy preferences. Then, the most signed petition on Change.org is the balanced one and exposure to these tech visions on aggregate reduce polarization rather than increasing it. This marks a difference compared to other issues like immigration, globalization, etc. where narratives tended to increase polarization in recent years. This result is driven by beliefs on the popularity of narratives and by feelings of political correctness more than by pluralistic ignorance. We find evidence of increased polarization only for some segments of the population: old and NEET individuals, and those potentially more exposed to AI. |
| By Giacomo Battiston; Rockwool Foundation Berlin Federico Boffa; Libera Università di Bolzano Eugenio Levi; Link Campus University Alberto Parmigiani; LSE Steven Stillman; Libera Università di Bolzano |
| Presented by: Eugenio Levi, Link Campus University |
Restructuring and Layoffs in the Industry 4.0 Era: the Role of Exposure to Advanced Manufacturing TechnologiesAbstractThis study examines how Industry 4.0 advanced manufacturing technologies (AMTs) influence restructuring decisions. Analyzing data from European manufacturing firms (2013–2020), we find that greater AMT exposure correlates with a lower overall likelihood of restructuring. When restructuring occurs, AMTs reduce closure probabilities while increasing downsizing likelihood and minimizing layoffs. AMT exposure is measured through industry-level adoption and firm-level capital intensity. This study emphasizes the need to consider both the benefits and disruptions of automation in shaping strategies. |
| By Fabio Lamperti; Università Cattolica del Sacro Cuore Milano Katiuscia Lavoratori; Sapienza Università di Roma Davide Castellani; Henley Business School |
| Presented by: Fabio Lamperti, Università Cattolica del Sacro Cuore Milano |
Technological adoption and Firm Resilience: Understanding the Impact of New Digital TechnologiesAbstractThis study investigates the impact of new digital technologies on the resilience of firms to external shocks. Using rare comprehensive data on both the adoption of single and multiple new digital technologies, we employ a Difference-in-Differences methodology with propensity score matching to evaluate how digitalization influenced firms’ ability to withstand the COVID-19 crisis. We isolate the effects of adopting 1) a single technology, 2) multiple technologies (the breadth of adoption), and 3) technologies that are complementary to one another. The findings provide novel insights into how firms can shape their investments in new digital technologies to increase the benefits of digitalization, and enhance their ability to navigate future crises. |
| By Laura Bisio; ISTAT Valeria Cirillo; Università di Bari Matteo Lucchese; ISTAT Andrea Mina; Scuola Superiore Sant'Anna Pisa Stefania Scrofani; Scuola Superiore Sant'Anna Pisa |
| Presented by: Laura Bisio, ISTAT |
Green Investments in the Age of the Twin Transition: The Role of Digital Capabilities and International Linkages AbstractThis paper investigates the interplay between green investments, digital capabilities, and international linkages in European firms, focusing on their role in the Twin Transition. Using a novel dataset combining the European Investment Bank Investment Survey (EIBIS) and ORBIS data, we examine how digital technology adoption and international connections influence firms' propensity to invest in green practices. We hypothesize that digital capabilities enhance green investment, particularly within international networks, and explore the behaviour of multinational enterprise (MNE) subsidiaries compared to domestic firms. Our findings reveal that digital adoption significantly increases the likelihood of green investment. However, this effect is amplified in MNE subsidiaries, especially those headquartered in countries with strong sustainability commitments, highlighting the importance of the headquarters' institutional environment. While digital adoption is broadly linked to green investment, this relationship depends on the specific digital technology, with artificial intelligence and automation showing differing impacts depending on the MNE's origin. These results contribute to the emerging literature on the Twin Transition, emphasizing the interactive roles of digitalization and internationalization in shaping corporate green investment behaviour. |
| By Federico Colozza; Università di Pavia Emanuele Forlani; Università di Pavia Peter Harasztosi; European Investment Bank Andrea Morrison; Università di Pavia Roberta Rabellotti; Università di Pavia |
| Presented by: Federico Colozza, Università di Pavia |
| Session 97: MACROECONOMICS I October 24, 2025 14:00 to 15:20 Location: Aula di Calcolo 1 |
| Session Chair: Demis Legrenzi, Università di Brescia |
Life expectancy and business cycles in a small open economyAbstractThis paper examines the effects of increased life expectancy on the short-run macroeconomic stability of a typical small open economy. We develop a real-business-cycle (RBC) model of a small open economy that is consistent with the main empirical facts of economic fluctuations in open economies. Different from the previous satisfactory open-economy extensions of the baseline RBC model, given its finite lifetimes feature, our framework also helps rationalize some of the key results from recent empirical literature on the relationship between longevity and business cycles. In our model, changes in life expectancy change the planning horizon of individuals and thus affect their intertemporal choices. Consequently, the cyclical volatilities of aggregate variables are also affected. As a numerical exercise, we quantify how increased life expectancy has impacted Canadian business cycle fluctuations over the past forty years. The results indicate that the fluctuations in physical capital, human capital, and consumption all decrease as life expectancy increases. On the other hand, the fluctuation of hours worked, output, and trade balance ratio are found to increase with life expectancy. |
| By Tselmuun Tserenkhuu; Osaka University Stephen Kosempel; University of Guelph |
| Presented by: Tselmuun Tserenkhuu, Osaka University |
Private debt demand generation process, personal income inequality and growth in an SFC-Supermultiplier modelAbstractThis paper will evaluate the capacity of the Stock-Flow Consistent (SFC) and the Sraffian Supermultiplier growth model to incorporate debt-driven autonomous consumption as a determinant of aggregate demand and growth. This inclusion is important for assessing the sustainability of the growth process. The research will analyze the “Anglo-Saxon capitalism” model and its effects on economic stability, particularly focusing on how the demand generation process impacts financial stability and long-run growth. In particular, we investigate the influence of increased household debt used to finance consumption on the economy. We develop a theoretical model with a structure comprising three sectors (households, firms, and banks) and five household income quintiles. The model emphasizes how changing consumption and loan demand behaviors lead to financial instability, via a consumption cascade mechanism. We illustrate the dual nature of household debt: while it can increase aggregate demand and income, it also escalates financial instability by creating contractionary pressures through debt repayment. This framework allows us to study how personal income inequality influences the demand generation process and the accumulation of financial fragility. |
| By Francesco Ruggeri; Sapienza Università di Roma Riccardo Pariboni; Università di Siena Giuliano Toshiro Yajima; Levy Institute of Bard College |
| Presented by: Giuliano Toshiro Yajima, Levy Institute of Bard College |
Adaptation to climate-induced macrofinancial risks: top-down and bottom-up solutionsAbstractThis paper examines the macro-financial effects of alternative adaptation strategies in response to exogenous shocks in labor productivity caused by climate change. Using a Stock-Flow-Consistent Agent-Based model calibrated to U.S. data, we analyze two main scenarios: (i) a change in the conduct of monetary policy to account for climate-related damages, and (ii) a firm-level adaptation strategy that internalizes expected climate losses. We evaluate both scenarios under the assumption of either homogeneous or heterogeneous climate shocks. Our results indicate that both strategies can mitigate the adverse effects of climate change on output and wealth distribution. However, their performance is significantly worse in the presence of heterogeneous climate shocks, which also lead to a persistent increase in firms' leverage. Moreover, while firm-level adaptation relies primarily on internal resources, monetary policy adjustments increase firms’ dependence on external debt financing, underscoring the need for closer monitoring of financial stability in such circumstances. |
| By Demis Legrenzi; Università di Brescia Emanuele Ciola; Università di Brescia Davide Bazzana; Università di Brescia |
| Presented by: Demis Legrenzi, Università di Brescia |
| Session 98: Aline Bütikofer (Norwegian School of Economics) - Gender Differences in the Labor Market and Household Outcomes of Top Talent October 24, 2025 15:30 to 16:30 Location: Aula Grande |
| Session Chair: Elena Cefis, Università di Bergamo |
Gender Differences in the Labor Market and Household Outcomes of Top TalentAbstractGender Differences in the Labor Market and Household Outcomes of Top Talent |
| By Aline Butikofer; Norwegian School of Economics |
| Presented by: Aline Butikofer, Norwegian School of Economics |
| Session 99: TEN YEARS OF THE ITALIAN ECONOMIC JOURNAL October 24, 2025 17:00 to 18:20 Location: Aula 9 |
| Session Chair: Alessandro Sapio, Università di Napoli Parthenope |
InterventoAbstractsessione celebrativa decennale ItEJ |
| By Caterina Calsamiglia; ICREA, Catalan Institution for Research and Advanced Studies & Barcelona Supercomputing Center - editor di SERIEs |
| Presented by: Caterina Calsamiglia, ICREA, Catalan Institution for Research and Advanced Studies & Barcelona Supercomputing Center - editor di SERIEs |
InterventoAbstractsessione celebrativa decennale ItEJ |
| By Hartmut Egger; University of Bayreuth - editor di German Economic Review |
| Presented by: Hartmut Egger, University of Bayreuth - editor di German Economic Review |
InterventoAbstractsessione celebrativa decennale ItEJ |
| By Francesco Lippi; LUISS Guido Carli - editor di The Economic Journal |
| Presented by: Francesco Lippi, LUISS Guido Carli - editor di The Economic Journal |
InterventoAbstractsessione celebrativa decennale ItEJ |
| By Alessandro Sapio; Università di Napoli Parthenope - editor di Italian Economic Journal |
| Presented by: Alessandro Sapio, Università di Napoli Parthenope |
| Session 100: CLIMATE POLICY II October 24, 2025 17:00 to 18:20 Location: Aula 5 |
| Session Chair: Maria Arvaniti, Università di Bologna |
Are EU unilateral climate policies compatible with SDG goals? A Dynamic CGE ApproachAbstractThis paper analyses the compatibility of the European Union’s unilateral climate policies —particularly carbon pricing and the Carbon Border Adjustment Mechanism (CBAM)— with selected Sustainable Development Goals (SDGs). Employing a recursive dynamic Computable General Equilibrium (CGE) model, we examine four climate policy scenarios, including a cooperative “climate club” approach in which African countries adopt internal carbon pricing to gain exemption from the CBAM. Our findings show that while EU unilateral measures reduce domestic emissions and improve energy efficiency within the EU, their global impact is limited and may lead to adverse effects in least developed countries, such as increased emissions and higher production-related carbon intensity. In contrast, the climate club scenario results in more substantial global emission reductions, improved energy efficiency, and a greater share of renewable electricity in both the EU and partner countries. These results suggest that multilateral cooperation, rather than unilateral action, is more effective in aligning climate policy with the 2030 Agenda. |
| By Francesco Calciolari; Università Roma Tre Valeria Costantini; Università Roma Tre Mariagrazia D'Angeli; Università Roma Tre Elena Paglialunga; Università Roma Tre |
| Presented by: Francesco Calciolari, Università Roma Tre |
Climate Policies, Energy Shocks and Spillovers Between Green and Brown Stock Price IndicesAbstractThis paper examines the effects of climate policies and energy shocks on mean and volatility spillovers between green and brown stock price indices in five countries. More specifically, bivariate GARCH-BEKK models including dummy variables controlling for these shocks are estimated using weekly series with start dates ranging from 13 March 2009 to 24 August 2012 (depending on data availability for the green index) and an end date of 29 December 2023. Significant dynamic linkages between green and brown indices are found when climate policy and oil shocks are considered jointly. Some common patterns emerge, such as shifts in spillover dynamics between green and brown assets, but also country specific effects of the climate policy shocks which reflect differences in regulatory frameworks and policies. By contrast, energy shocks tend to have a more uniform impact. Further, the interaction between climate policy and energy shocks weakens cross-market linkages, enhancing portfolio diversification opportunities for green investors. The conditional correlation analysis confirms this finding, suggesting that green stocks can be used as an effective hedge. These results highlight the benefits of incorporating green assets into diversified portfolios, particularly in financial centers where, in recent years, they have offered higher returns and lower volatility. |
| By Marina Albanese; Università di Napoli Federico II Guglielmo Maria Caporale; Brunel University of London Ida Colella; Brunel University of London Nicola Spagnolo; Brunel University of London |
| Presented by: Ida Colella, Brunel University of London |
Time-Varying Impacts of Government Spending on CO2 EmissionsAbstractWe employ an interacted vector autoregression framework to analyze how government spending shocks have impacted CO2 emissions in the United States from the 1980s to the pre-pandemic period. We find that consumption-generated emissions have generally risen following fiscal expansions, although their elasticity to government spending has declined substantially over time, with the five-year elasticity dropping from about 0.5 in the early 1980s to 0.1 by 2019. In contrast, positive government spending shocks increased production-generated emissions in the early 1980s—with a five-year elasticity near 0.4—but reversed course by the 1990s, eventually reaching an elasticity of –0.5 by the end of the sample. Examination of time-varying interaction variables suggests that environmental regulation, tertiarization, and a larger share of spending on public goods can mitigate—or even reverse—the emissions growth associated with economic expansions driven by government spending. Furthermore, government consumption, rather than investment, is chiefly responsible for these shifts in emissions elasticities. |
| By Stefano Di Bucchianico; Università di Salerno Mario Di Serio; Università di Salerno Matteo Fragetta; Università di Salerno Giovanni Melina; IMF |
| Presented by: Matteo Fragetta, Università di Salerno |
Climate Coalitions with Sophisticated Policy MakersAbstractWe study the formation of international climate coalitions with sophisticated policy makers. They strategically predict the consequences of their membership decisions in climate negotiations and use an integrated assessment model of the economy and the climate in their decision making. We analytically characterise the equilibrium number of coalitions and their number of signatories with certain types of hetero- geneity. We also investigate numerically possible coalition outcomes for a calibrated model with an exhaustible and inexhaustible energy sector. In contrast to earlier ap- proaches to coalition formation based on internal and external stability, much larger coalitions can be sustained in equilibrium and large and small coalitions can exist alongside each other. Sophisticated policy makers would lead to more mitigation of global warming. |
| By Maria Arvaniti; Università di Bologna Frederick van der Ploeg; University of Oxford Sareh Vosooghi; KU Leuven |
| Presented by: Maria Arvaniti, Università di Bologna |
| Session 101: FIRM BEHAVIOUR October 24, 2025 17:00 to 18:20 Location: Aula Piccagli |
| Session Chair: Luca Gori, Università di Pisa |
Pricing Perishable Goods in the Digital EconomyAbstractA retailer selling perishable goods can choose between two selling strategies: (i) direct sales to consumers, either in a single-period only (one-time selling) or over two-periods (Lausanne’s Patisserie), and (ii) a platform-based model for selling excess supply (Platform Model ). We derive the optimal pricing and profitability for each strategy and identify the conditions under which one becomes dominant. Our parsimonious model provides a theoretical rationale for the diverse selling practices observed in perishable goods markets and assesses the impact of two-sided platforms on these markets. |
| By Elias Carroni; Università di Bologna Riccardo Paba; Università di Sassari Dimitri Paolini; Università di Sassari |
| Presented by: Dimitri Paolini, Università di Sassari |
Double Play in Exclusive Dealing with R&DAbstractThis study contributes to exclusive dealing (ED) literature by introducing a novel observation of such contracts. Our analysis is based on the New York State Attorney General’s complaint in AMD’s antitrust lawsuit against Intel, which indicates that the input supplier offered specific discounts to the manufacturer, aiming to deter entry of rivals in both upstream and downstream markets under exclusivity. We use “double play” to describe this contract characteristic and obtain the following interesting results. First, promoting the input supplier’s R&D investment is crucial in providing the ED contract. Second, ED can improve welfare by fostering the input supplier’s R&D investment when the downstream transport rate is low and the cost parameter of R&D is high. Surprisingly, this welfare improvement occurs even though ED reduces the total R&D investment. This implies that although ED may appear anti-competitive, the government should not always prohibit such contracts. |
| By Dang-Long Bui; National Dong Hwa University Wen-Jung Liang; National Dong Hwa University Yan-Shu Lin; National Dong-Hua University Kuang-Cheng Wang; Chang Gung University |
| Presented by: Dang-Long Bui, National Dong Hwa University |
Employment protection and the rise of intangible assetsAbstractWe offer a novel explanation for the accumulation of intangible assets. Tighter employment protection induces firms to respond by substituting capital for labour. The new capital-labour ratio is driven by larger investments in R&D and intangible assets, but reduced investments in physical capital. Intangible assets possess two distinct characteristics: non-rivalry in use, enabling economies of scale and scope, and limited excludability, restricting their potential for non-rivalrous use. The former favours the accumulation of knowledge capital over physical capital when workers’ dismissal costs increase. However, the latter limits the firm’s appropriation of the returns from knowledge. As a result, firms strive to retain and attract inventors, a crucial idiosyncratic and complementary input to the increase in knowledge intensity. We exploit the staggered adoption of the “good faith” exception by US states between the 1970s and the 1990s to demonstrate, in a difference-in-differences setting, that firms headquartered in states implementing the law, preventing unjustified employee terminations, significantly increased their intangible intensity. Additionally, our analysis reveals that the shift toward intangibles is accompanied by within-firm employment polarization toward inventors. We confirm that idiosyncratic knowledge is intrinsically tied to key talent employees, making their retention essential to minimize appropriability losses associated with intangibles. |
| By Gianluca Orsatti; Università di Torino Guido Pialli; University College London |
| Presented by: Gianluca Orsatti, Università di Torino |
A rational choice of technology in a strategic settingAbstractThis research tackles the issue of the rational (endogenous) choice of constant-return-to-scale (CRS) or decreasing-return-to-scale (DRS) technologies in a strategic setting. In this regard, the paper considers a simultaneous-move (Cournot) duopoly showing that the emerging sub-game perfect Nash equilibrium (SPNE) ranges from the prisoner’s dilemma to the deadlock passing through an anti-coordination game. The article also pinpoints the social welfare outcomes corresponding to the SPNE, highlighting the rise of win-win solutions and discussing some policy recipes. It finally introduces horizontal product differentiation and considers the technology decision game in a Bertrand-rivalry setting comparing it with the Cournot model. |
| By Domenico Buccella; Kozminski University Luciano Fanti; Università di Pisa Luca Gori; Università di Pisa |
| Presented by: Luca Gori, Università di Pisa |
| Session 102: GREEN GROWTH IN ITALY III October 24, 2025 17:00 to 18:20 Location: Aula 8 |
| Session Chair: Stefano Usai, Università di Cagliari |
The impact of EU taxonomy-driven investments on regional development: An input-output analysis for Emilia-RomagnaAbstractThe Regulation on the Taxonomy for Sustainable Activities, introduced by the European Union in 2020, defines a classification system aimed at aligning economic activities with six specific environmental sustainability objectives established by the Green Deal to drive eco-sustainable investments by European institutions and financial and non-financial companies. This investigation quantifies the impact of investments aligned with the environmental objectives of the European Taxonomy, implemented and planned in the next five years in Emilia-Romagna, on key macroeconomic and environmental performances such as production, income, employment, endogenous components of demand, imports of intermediate inputs and polluting emissions, both in the regional territory and in the entire Italian economic system. The analysis is conducted using a multi-regional input-output system with a commodity-industry approach, built on the supply and use tables of Emilia-Romagna and Italy. The impact of investments, both in terms of absolute increase and their recomposition, is calibrated through microdata collected from a survey of 2000 companies operating in the region, integrated into a developed commodity-industry investment bridge matrix. The results offer relevant indications for industrial planning at regional and national level, contributing to a detailed assessment of the economic and social sustainability of investments aimed at the ecological transition. |
| By Gianmarco Oro; Università Cattolica del Sacro Cuore Milano Francesco Timpano; Università Cattolica del Sacro Cuore Milano |
| Presented by: Gianmarco Oro, Università Cattolica del Sacro Cuore Milano |
Antecedents and drivers of Net-Zero Technologies using web scraping: an empirical analysis from Italian corporate websitesAbstractThe Net Zero Industry Act (NZIA) represents a breakthrough in fostering innovation and green transition among firms. However, data on the NZIA technology adoption is not readily available, making it necessary to rely on web-scraping techniques to identify them. This paper proposes the use of commercial websites to detect NZIA-related technologies. First, we demonstrate how websites can be leveraged to identify companies involved in the production and use of NZIA technologies. Second, we explore the antecedents and drivers that influence the likelihood of NZIA technology adoption, highlighting differences between producers and users. This approach offers a bottom-up perspective that can support policymakers in mapping relevant industrial ecosystems, while also highlighting the value of advanced NLP techniques in economic and business research. |
| By Noemi Giampaoli; Università Politecnica delle Marche Marco Cucculelli; Università Politecnica delle Marche Matteo Renghini; Università Politecnica delle Marche |
| Presented by: Noemi Giampaoli, Università Politecnica delle Marche |
Twin (green and digital) patents identification: an automated patent landscaping approachAbstractIdentifying green, digital, and twin patents is crucial for assessing innovation trends and evaluating policy effectiveness in fostering sustainability and technological development. The literature offers various approaches, from code-based classification to machine learning techniques, each with distinct strengths and limitations. However, the absence of a universally accepted methodology for identifying such patents undermines the consistency and comparability of findings across studies. In this article, we examine existing methods, highlighting their advantages and constraints, and propose a methodological framework to address current limitations, enabling a more robust and scalable identification of twin patents. We introduce a fully automated, unsupervised patent landscaping approach that systematically identifies relevant digital-sustainable ”twin” patents through an open-source, replicable, and consistent methodology. This method integrates rule-based seed identification—leveraging various combinations of keywords, IPCs, and CPC codes—with two bidirectional citation expansions, along with a pre-trained PaECTER BERT model for pruning, ensuring a more precise and efficient selection process. |
| By Francesca Ghinami; Crenos, Università di Cagliari Sandro Montresor; Università di Trento Stefano Usai; Università di Cagliari |
| Presented by: Stefano Usai, Università di Cagliari |
| Session 103: GREEN INNOVATION AND PERFORMANCE II October 24, 2025 17:00 to 18:20 Location: Aula di Calcolo 1 |
| Session Chair: Maurizio Lisciandra, Università LUMSA |
Foreign ownership and environmental performance under the EU Emissions Trading SystemAbstractThis paper investigates how foreign ownership affects the environmental performance of firms participating in the European Union Emissions Trading System (EU ETS). Relying on plant-level emissions data from the European Union Transaction Log (EUTL) matched with firm-level financial and ownership information from AIDA for the period 2011–2020, we estimate the causal effect of foreign acquisitions on emissions outcomes. Specifically, we test whether plants acquired by foreign multinationals achieve greater emissions reductions than comparable domestically owned plants operating under the same market-based regulatory framework. We employ a staggered difference-in-difference (DID) approach to account for variation in the timing of foreign acquisitions, and to assess the dynamic effects of foreign ownership on emissions performance over time. The results suggest that foreign acquisition does not necessarily lead to improved environmental performance under the EU ETS. These findings contribute to the broader understanding of how foreign direct investment (FDI) interacts with environmental regulation and offer policy-relevant insights into the role of ownership structures in shaping firm responses to carbon pricing mechanisms. |
| By Michele Imbruno; Sapienza Università di Roma Claudia Nardone; Sapienza Università di Roma Rosanna Pittiglio; Università della Campania L. Vanvitelli Filippo Reganati; Sapienza Università di Roma |
| Presented by: Claudia Nardone, Sapienza Università di Roma |
(In search of) The “green” premium: transaction level evidence of the sustainability advantageAbstractThis paper investigates the existence and magnitude of a green premium in international trade using highly disaggregated export and patent data from Italian and French firms. By exploiting a probabilistic patent-to-product concordance and detailed transaction-level information, we examine whether environmentally friendly innovations command additional market value beyond traditional patent premiums. We find that patent protection generally increases export values and quantities by 2.5-5\%, operating primarily through expanded trade volumes rather than price markups. However, the most striking result emerges from the interaction between green patents and green products: when environmentally friendly technologies protect environmentally beneficial goods, firms enjoy an additional premium of 20-40\% in export performance. Notably, neither green patents nor green products alone generate consistent premiums, highlighting the crucial importance of technological and market alignment. These findings provide novel empirical evidence supporting the view that environmental innovation can create substantial economic value when properly aligned with market opportunities, offering insights for both business strategy and policy approaches to the green transition. |
| By Laura Bisio; ISTAT Angelo Cuzzola; Scuola Superiore Sant'Anna Pisa Marco Grazzi; Università Cattolica del Sacro Cuore Milano Daniele Moschella; Scuola Superiore Sant'Anna Pisa |
| Presented by: Angelo Cuzzola, Scuola Superiore Sant'Anna Pisa |
Re-legitimation and Sustainability Disclosure: A World Analysis of Three Industries in a Reputational CrisisAbstractEnvironmental disasters and/or customer trust debacles at a large firm darken its whole sector, for society. Hence, all shamed sector’s firms must recover moral legitimacy. We focus on sustainable disclosure as a critical strategy within the profound reputation crises hitting three industries: Finance (Global Financial Crisis, 2008); Oil industry (Deepwater Horizon, 2010); and Automotive (Dieselgate, 2015). We use all the records in the Global Reporting Initiative (GRI), the most encompassing database on firm-level sustainability disclosure – for GRI plus other major reporting frameworks – at 13,830 firms from 133 countries over 21 years (1999 – 2019). We construct two measures of sustainability disclosure for each firm/year and estimate Differencein- Difference regressions – centred around either the, presumably exogenous, legitimacy crises or the inception of the new Sustainable Development Goals (SDGs) metric – to ascertain whether firms within reputation-endangered sectors seek re-legitimation by improving disclosure. We document that, indeed, sustainability disclosure improved across the three sectors after the SDGs’ inception, and for each one of them following its own legitimacy shock. |
| By Giuliana Birindelli; Università di Pisa Giovanni Ferri; Università LUMSA Giuliano Resce; Università del Molise |
| Presented by: Giovanni Ferri, Università LUMSA |
Carbon Pricing, Regional Innovation, and Spatial Equity: An EU-ETS Assessment at the NUTS-2 LevelAbstractUsing 2008-2023 data from the European Union Transaction Log merged with Eurostat socio-economic indicators at the NUTS-2 level, we test whether the EU Emissions Trading System widens or narrows territorial disparities across Europe. For each region we monetise a “carbon burden”—the annual cost of surrendered allowances—and estimate fixed-effects panel quantile regressions on a composite green-innovation index (environment-related patents, high-tech employment, and R&D intensity). Results reveal an innovation-inducement effect in the upper quantiles: a higher carbon burden spurs green technological change, lending support to the Porter channel. Below the median, effects are null or mildly negative, underscoring the role of absorptive capacity. Lagging regions that already possess a critical mass of knowledge-intensive activity exhibit conditional convergence, indicating that carbon pricing can act as a development lever when local innovation ecosystems are in place. Smart recycling of auction revenues, targeted transition assistance, and alignment with EU cohesion funds therefore emerge as complementary policies for an equitable and effective green transition. |
| By Naomi Fagni; Università LUMSA Maurizio Lisciandra; Università LUMSA |
| Presented by: Maurizio Lisciandra, Università LUMSA |
| Session 104: LABOUR MARKET II October 24, 2025 17:00 to 18:20 Location: Aula 6 |
| Session Chair: Francesco Bloise, Sapienza Università di Roma |
Cohesion Policies and Young Women's Participation in the Labour Market in Italy AbstractThis paper aims to shed light on the evolution of young women's employment rates in Italy during recent years as a result of the cohesion strategy (2014-2020). More specifically, the study utilizes the Open Coesione and ISTAT data at the NUTS3 level to determine if structural funds boost the rate of young female labour market participation and reduce the gap between Italy's more and less developed regions. The paper relies, first, on the analysis of employment allocation across Italian provinces and the distribution of structural funds. In the second part, it will move on to an empirical framework based, to control for spill over effects, on spatial models. The impact of the EU Structural Funds on the above outcomes will also be assessed taking into account the differences between the North Central (NC) and the South and Islands (SI). The relevant findings will provide crucial insights for influencing regional policy and conventional regional development plans and will enable Italian industrial and cohesion policy players to plan more regionally. |
| By Marinella Boccia; Università di Salerno Sergio Destefanis; Università di Salerno |
| Presented by: Marinella Boccia, Università di Salerno |
Capital and Labor Income MobilityAbstractDoes capital or labor income drive overall relative income mobility? This article examines the dynamics of capital and labor intra-generational income mobility, utilizing individual-level income registers from Norway covering almost 300,000 individuals observed over 26 years. It introduces a novel methodological framework to decompose total income mobility into the contributions of its components across the life cycle. We present three key findings on the subject. First, different capital and labor income mobility measures along the respective uni-dimensional distributions do not convey clear income-factor mobility orderings. Second, upward total income mobility is mainly driven by upward labor income mobility and by the joint upward mobility of capital and labor. Third, downward total income mobility is mainly driven by downward capital income mobility and by the joint downward mobility of capital and labor. These results are robust to considering only high upward or downward jumps and are discussed in light of recent theoretical and empirical findings on the dynamics of compositional inequality and homoploutia in capital and labor, both within countries and globally. |
| By Marco Ranaldi; University College London Joel Buhler; University of Barcelona Roberto Iacono; Norwegian University of Science and Technology |
| Presented by: Roberto Iacono, Norwegian University of Science and Technology |
Estimating Intergenerational Mobility A cross Cohorts : A Novel Approach for Data Limited ContextsAbstractThis paper introduces the Cross-Fitted Rank-Rank (CFRR) method to estimate intergenerational mobility in contexts with limited data. Traditional approaches—like linked estimators requiring parent-child income data or the two-sample two-stage least squares (TS2SLS) method—are often unfeasible in many countries or historical periods due to data scarcity. CFRR addresses this limitation by using machine learning to predict children’s earnings based on parental background within a single sample, while applying cross-fitting techniques to reduce overfitting. The method allows for broader and more consistent cross-country and intertemporal comparisons. The CFRR is first validated using U.S. PSID data, showing comparable performance to the linked estimator. It is then applied to Italian data by linking administrative earnings records with survey-based parental background from AD-SILC. Mobility is estimated for 31 rolling birth cohorts (1945–1979), selecting the best-performing prediction algorithm per cohort. The findings reveal an inverted U-shaped trend in intergenerational immobility in Italy: mobility declined for cohorts born through the 1960s, then improved for younger cohorts. This pattern reflects shifting socioeconomic dynamics and has implications for policy targeting social mobility. CFRR offers a flexible tool for researchers and policymakers to study intergenerational mobility where direct income linkage is not possible, significantly expanding the scope of empirical analysis. |
| By Teresa Barbieri; Università di Bari Francesco Bloise; Sapienza Università di Roma Michele Raitano; Sapienza Università di Roma |
| Presented by: Francesco Bloise, Sapienza Università di Roma |
| Session 105: PUBLIC ECONOMICS II October 24, 2025 17:00 to 18:20 Location: Aula 7 |
| Session Chair: Ornella Tarola, Sapienza Università di Roma |
Capital decumulation trap in regulated utilitiesAbstractWe consider a regulated utility that operates under a limited losses constraint. Relying on both analytical tools and Monte Carlo simulations, we outline the dy- namics of incentives to invest in unverifiable capital and the resulting pattern of capital de/accumulation in a multi-period setting where capital reduces fixed costs and depreciates stochastically. We show that the regulated firm has incentives to invest and preserve capital as long as it makes profits, or it only incurs limited losses. When cumulated losses grow sufficiently high, the firm suddenly stops investing and starts impoverishing through sharp capital decumulation. Thus, regulators insisting on a hard budget approach should be aware of the provision of services of general interest being exposed to the risk of abrupt interruption. |
| By Fabio Fiorillo; Università Politecnica delle Marche Annalisa Vinella; Università di Bari |
| Presented by: Fabio Fiorillo, Università Politecnica delle Marche |
Catch Laffer if you can: Tax take in an evasion-detection gameAbstractIn a simple taxation framework, we analyze a taxpayer's decision of whether to report income truthfully or engage in an evasion game with the tax agency. Specifically, taxpayer and tax agency can expend efforts, respectively, to conceal income and detect evasion. These activities are costly, and the final outcome -whether evasion is detected or not- is stochastic, and depends endogenously on the relative abilities of the contestants and on the policy parameters set by the authority. We present two main results: i) evasion always occurs at relatively low tax rates, and then it may exhibit a U-shaped relationship with the tax rate; ii) at the revenue-maximizing tax, the government's revenue is invariant to both detection efficiency and penalty rate. |
| By Rosaria Distefano; Università di Catania Francesco Reito; Università di Catania |
| Presented by: Rosaria Distefano, Università di Catania |
Inheritance Taxation in Global PerspectiveAbstractThis paper presents a novel dataset on estate, inheritance, and gift (EIG) taxes that covers several decades and over 160 countries. The data include harmonized rates, exemption thresh- olds, schedules, and revenues, indicating a global decline in EIG taxation. However, there is significant variation across countries — some have scaled back or repealed taxes, while others have implemented policies that increase tax liabilities. The top marginal tax rate, which was around 30% before the 1980s, had fallen to about 20% by 2022. Moreover, among countries with progressive tax rates, the average number of brackets has fallen from over 20 in the 1970s to about five today. However, the average tax exemption as a ratio of average wealth has remained largely unchanged, and there is no single pattern in the evolution of EIG tax revenues across countries over the last four decades. Finally, we use these data to derive cross-country revenue elasticities, estimating that a 1% increase in the top marginal tax rates leads to a 7% increase in EIG tax revenues |
| By Twisha Asher; CUNY Graduate Center Luca Giangregorio; Università Roma Tre Salvatore Morelli; Università Roma Tre Manuel Schechtl; University of North Carolina at Chapel Hill Francesca Subioli; Università Roma Tre |
| Presented by: Salvatore Morelli, Università Roma Tre |
Interjurisdictional Tax competition and Optimal Tax CollectionAbstractIn the absence of tax autonomy, local governments have an incentive to strategically adjust their tax collection rates to influence effective corporate tax burdens. We show that the tax collection rate is always lower in the firm-exporting region when firms are mobile compared to when they are immobile. In contrast to standard tax competition theory, the tax collection rate is higher in the firm importing region when firms are mobile – provided that its initial endowment of firms is sufficiently small. |
| By Thierry Madies; Université de Fribourg Ornella Tarola; Sapienza Università di Roma Emmanuelle Taugourdeau; CNRS, CREST, IPParis |
| Presented by: Ornella Tarola, Sapienza Università di Roma |
| Session 106: MACROECONOMICS II October 24, 2025 17:00 to 18:20 Location: Biblioteca |
| Session Chair: Emiliano Santoro, Università Cattolica del Sacro Cuore |
Debt Sustainability in the Context of Population Ageing: A Risk Management ApproachAbstractThe ageing of the population has negative effects on the gross domestic product (GDP), influencing various economic and social aspects. These effects, in turn, contribute to an increase in the debt-to-GDP ratio, raising concerns about the long-term sustainability of public debt. The objective of this study is to evaluate the possible dynamics of debt sustainability with a certain level of probability. The analysis employs the stochastic modelling of risk factors influencing the debt-to-GDP ratio, particularly emphasising the economic consequences of population ageing. Using advanced risk management techniques, we aim to provide a robust assessment of how future demographic outlooks impact debt sustainability. |
| By Samantha Ajovalasit; Università di Palermo Andrea Consiglio; Università di Palermo Davide Provenzano; Università di Palermo |
| Presented by: Davide Provenzano, Università di Palermo |
Guns or Butter? The labor market effects of Social and Military spendingAbstractThe recent resurgence of military spending across Europe, driven by geopolitical tensions and new imperatives, has reignited the long-standing debate on the macroeconomic and labor market effects of public expenditures. While social spending is often associated with inclusive economic growth and employment generation, military expenditure is traditionally justified on security grounds but also raises concerns about its opportunity cost and economic spillovers. Building on the framework of Akitoby et al (2022) and Reljic and Zezza (2024), this paper examines the differential effects of public social and military expenditures on GDP and labor market outcomes in the European Union (EU) with a specific focus on gendered impacts, skill composition, and sectoral employment. Using time series data for EU countries and applying Structural Vector Autoregression (SVAR) and Local Projection methods, we estimate and compare the multipliers associated with social and military spending. |
| By Jelena Reljic; Sapienza Università di Roma Francesco Zezza; Sapienza Università di Roma |
| Presented by: Francesco Zezza, Sapienza Università di Roma |
Kinks and Gains from Credit CyclesAbstractWe assess the welfare cost of business cycles in a calibrated small-open-economy model incorporating collateralized household borrowing. Business fluctuations impact credit tightness, leading to periods when households are financially unconstrained relative to a steady state characterized by a binding collateral constraint. The resulting nonlinearity in debt determination and its influence on households’ consumption and saving decisions are pivotal to the emergence of a welfare gain from business cycles that overcomes conventional losses associated with uncertainty. As shocks become larger, households engage in precautionary saving to mitigate the risk of hitting their borrowing limit. |
| By Henrik Jensen; University of Copenhagen Oskar Juul; Copenhagen Business School Søren Hove Ravn; University of Copenhagen Emiliano Santoro; Università Cattolica del Sacro Cuore |
| Presented by: Emiliano Santoro, Università Cattolica del Sacro Cuore |
| Session 107: MIGRATION AND DEMOGRAPHICS October 24, 2025 17:00 to 18:20 Location: Sala Consiliare |
| Session Chair: Tiziana Venittelli, Università di Napoli Parthenope |
Legacy of Servitude: Long-Run Intergenerational Mobility in the US AbstractThis paper provides the first estimates of intergenerational mobility in the antebellum United States. Using surname-based estimators and novel data on colonial migration, I examine the intergenerational mobility of Americans who descended from transported English convicts, who accounted for 10% of all white immigrants during the colonial period. I find that having a convict ancestor is associated with a 9% lower probability of real estate ownership in 1850, a disadvantage that persists at 8% by 1940. This pattern extends to various socioeconomic outcomes. Leveraging exogenous variation in convicts' arrival locations in the US, I show that geographic factors play a crucial role in the persistence of inequality. I further demonstrate that attributes specific to convicts, such as criminal tendencies or social stigmatization, cannot fully account for these results. I calculate a lower-bound intergenerational wealth elasticity estimate of 0.63 between 1750 and 1850. These findings provide new insights into the long-term persistence of initial disadvantages and the structural barriers to social mobility faced by the bottom strata of society. |
| By Taylan Alpkaya; University of Mannheim |
| Presented by: Taylan Alpkaya, University of Mannheim |
Intergenerational socio-economic mobility in Europe from the migrant perspectiveAbstractThe relationship between migration and social mobility has been a central topic in recent research, with scholars emphasizing the influence of social class, cultural capital, and structural barriers on migrants’ mobility trajectories. This study extends existing work by examining intergenerational socio-economic mobility across 22 European countries using EU-SILC 2019 data. Moving beyond a sole focus on education, we provide a comparative analysis of social class, education, and economic hardship for a fuller picture of migrants’ socio-economic outcomes. We distinguish between first-generation and second-generation migrants. Using retrospective parental background data, we measure intergenerational mobility through shifts in social class, education, and economic hardship. Logistic regression models estimate the likelihood of downward mobility across these domains, adjusting for demographic factors. Findings show mixed patterns: first- and second-generation migrants have higher risks of downward social class mobility, while education outcomes show only a limited disadvantage, and economic hardship results are inconsistent, since they depend on the country of destination. By combining multiple dimensions of socio-economic status, this study offers new insights into the complex relationship between migration history and social mobility in Europe |
| By Michele Bavaro; University of Oxford Nhat An Trinh; University of Oxford |
| Presented by: Michele Bavaro, University of Oxford |
Beyond Legal Access: Family Reunification and Well-being of Immigrants in ItalyAbstractThis paper investigates the impact of family reunification policies on the overall and psychological well-being of immigrants, focusing on whether policies that facilitate reunification contribute positively to immigrants' integration outcomes. Drawing on existing literature that highlights the psychological benefits of family presence among immigrant populations, we contribute to this body of research by evaluating the policy effects of Romania's accession to the European Union in 2007, which eased family reunification procedures for Romanians in Italy. Using data from the 2011 ISTAT Survey on the Social Integration of Immigrants in Italy, we employ a Difference-in-Differences (DiD) approach, comparing changes in self-reported well-being between Romanian immigrants who reunited with their spouses before and after EU accession, and a control group of non-Romanian (extra-EU) immigrants who did not benefit from the policy change. Contrary to much of the existing literature, our results indicate that the increased openness to reunification did not lead to beneficial effects on immigrants’ general or psychological well-being. These findings suggest that while legal facilitation may remove administrative barriers, it does not automatically translate into improved subjective outcomes, potentially due to unmet expectations, economic strain, or integration challenges arising after reunification. |
| By Maria Rosaria Carillo; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Tiziana Venittelli; Università di Napoli Parthenope |
| Presented by: Tiziana Venittelli, Università di Napoli Parthenope |
| Session 108: REGIONAL DETERMINANTS OF THE GEOGRAPHY OF POLITICAL DISCONTENT (with AISRe – Associazione Italiana di Scienze Regionali) October 24, 2025 17:00 to 18:20 Location: Aula 4 |
| Session Chair: Giovanni Perucca, Politecnico di Milano |
At the roots of the geography of political and life discontentAbstractThe recent upsurge of populist movements has been the object of a rich stream of literature, aimed at understanding the determinants of this phenomenon. Several studies associated the geography of (political) discontent to the individual dissatisfaction with one’s own life and, more specifically, with the opportunities provided in the community of residence. In this perspective, populist support is interpreted as the revenge of places (and people) that don’t matter. Despite the rich evidence on the overlapping of political and life dissatisfaction, this is not the rule. Recent empirical evidence showed that individuals and communities satisfied with their life may support populist parties, so as dissatisfied people may oppose populism. A clear identification of the joint geography of political and life dissatisfaction is still missing. Even more importantly, the understanding of the common (and different) determinants of these two sentiments is far from being achieved. The present paper aims at providing an overview of the geography of political and life discontent in European regions over the last two decades. Moreover, it identifies the economic, social, institutional and cultural factors under which political and life dissatisfaction do not simultaneously occur, leading to deviations from the mainstream interpretation of populist voting. |
| By Camilla Lenzi; Politecnico di Milano Giovanni Perucca; Politecnico di Milano |
| Presented by: Giovanni Perucca, Politecnico di Milano |
Local wealth ineqality fuels political protests: New big-data evidence from the Global SouthAbstractin Europe and North America, studies exploring the geographies of political discontent across the Global South remain under-explored. Leveraging novel micro-estimates of relative wealth, we construct measures of spatial inequality across 28,675 local-level administrative units in 89 Global South countries. These measures are then linked to 0.67 million georeferenced protest instances, recorded daily between January 1, 2014, and December 31, 2018. Leveraging monthly local-level variations within broader sub-national tiers, we uncover a robust systematic link between local wealth inequality and political protests. We further match spatial inequality and protest data with country-level characteristics. Our findings suggest that the connection between spatial wealth inequality and protests is strongest in countries with lower economic development, higher unemployment, stronger protections for freedom of expression, and a more robust rule of law. Overall, our results highlight how spatial inequality profoundly impacts political protests, though its effects are not uniform across the Global South. |
| By Zhiwu Wei; University of Cambridge Davide Luca; University of Cambridge Neil Lee; London School of Economics and Political Science |
| Presented by: Davide Luca, University of Cambridge |
Green discontent and Europe’s capacity to combat climate changeAbstractEurope’s green transition is encountering growing political resistance in the very places most affected by both climate change and the policies to combat it. This paper investigates the phenomenon of the rise in “green discontent” by analysing the vulnerability of 235 European regions to (a) climate change; (b) the socio-economic effects of the green transition; and (c) their combined effect. We construct composite indices for each region’s vulnerability to climate-related hazards and to the green transition, before examining their relationship with voting patterns in European elections over the period 2009–2022. The results show that in regions hit hardest by climate impacts support pro-environment parties increases, while regions facing steep transition costs show increased support for climate-sceptic parties. In places that are both vulnerable to climate change and to the green transition the tendency is for support for parties that have environmental sustainability and heart of their agenda to wane. We argue that balancing environmental ambition with economic fairness —through more than simple “just transition” policies— is needed to mitigate regional discontent and secure Europe’s capacity to combat climate change. |
| By Andres Rodriguez-Pose; London School of Economics and Political Science Anabela Marques-Santos; European Commission Andrea Conte; European Commission Francesco Molica; Université Libre de Bruxelles |
| Presented by: Andrea Conte, European Commission |
Green discontent and regional policiesAbstractRegional policies have long aimed to protect the environment, an objective that has evolved from addressing local problems to tackling global issues like climate change. Less developed regions are more vulnerable to climate change and struggle to afford adaptation measures, making them more susceptible to the negative effects of mitigation strategies. This can lead to regional discontent, which varies based on local circumstances and policy implementation. This paper examines the relationship between regional policies and two types of green discontent: "we are doing too much" and "we are not doing enough." Regions are categorized by the level and type of green policies they implement, followed by a multivariate analysis to identify factors influencing the relationship between policy and discontent. Key factors include regional vulnerability to climate change and significant socio-economic issues. The findings indicate that economically deprived areas are more likely to experience "too much" discontent, while wealthier regions tend to feel "not enough" discontent. There is no consistent relationship between green policies and green discontent; the impact varies by policy type and regional context. People's responses to regional policies depend on their region's most pressing issues. |
| By Ugo Fratesi; Politecnico di Milano Andrea Conte; European Commission Anabela Marques-Santos; European Commission Francesco Molica; Université Libre de Bruxelles |
| Presented by: Ugo Fratesi, Politecnico di Milano |
| Session 109: INDUSTRY 4.0 AND DIGITAL TRANSFORMATION IV October 24, 2025 17:00 to 18:20 Location: Aula di Calcolo 2 |
| Session Chair: Francesco Aiello, Università della Calabria |
Drivers of Wage Inequality Across Italian Provinces: Unraveling the Role of Technology and Labour RegulationAbstractIn recent decades, Italy has experienced a notable rise in wage inequality, raising concerns about its social and economic consequences. While several studies have investigated its drivers—focusing on individual characteristics such as gender, age, and education, as well as industry dynamics and the role of firms — less attention has been paid to the territorial dimension. Despite Italy's strong geographic disparities, research shows that most wage inequality arises within, rather than between, geographic units. Building on this literature, this paper focuses on the role and interaction of technological change and labour regulation—two key factors likely contributing to rising wage inequality in Italy. The digital transition has intensified labour market polarisation, increasing high-skill job demand while reducing middle-skill opportunities and expanding low-wage roles. Labour reforms have increased flexibility through widespread non-standard contracts, often associated with lower wages. Adopting a territorial lens, we analyse how these dynamics play out at the provincial level, using data from Eurostat LFS, RACLI Register, and INPS Comunicazioni Obbligatorie. We focus on wage drivers at the 10th and 90th percentiles and examine selected inequality measures to understand how technology and labour regulation jointly shape wage dispersion across provinces. |
| By Valeria Cirillo; Università di Bari Marialuisa Divella; Università di Bari Giuseppe Simone; Università di Bari |
| Presented by: Giuseppe Simone, Università di Bari |
The Automation Premium in Wage Dynamics: Firm-Level Evidence from Italian ImportersAbstractWe investigate the impact of investment in automation-related goods on wages and wage inequality for Italian importing firms during 2011-2019. We integrate datasets on trade activities, firm, and worker characteristics for the population of Italian importing firms and quantify the automation adoption premium, which stands at approximately 10%. However, Mincer-type wage regressions reveal that automation adopters pay approximately 3% higher wages after controlling for worker sorting. To disentangle the impact of automation adoption on wages from selection into adoption, we estimate the effects on adopters’ wages and wage dispersion within a difference-in-differences framework. We find a positive average adoption effect on adopters’ average wages, settling around 4% five years after an automation spike, with a major contribution driven by small firms, whereas no effect on wages are found for medium and large firms. Importantly, wage gains coincide with increasing within-firm wage dispersion, with wage variance rising by 7% in smaller firms and the ratio between top decile and median wages increasing by 3% in firms with more than 20 employees. Crucially, a decomposition analysis reveals that wage benefits are concentrated among specific worker groups: employees aged 45 and above, managers, middle managers, and white-collar workers. |
| By Laura Bisio; ISTAT Angelo Cuzzola; Scuola Superiore Sant'Anna Pisa Marco Grazzi; Università Cattolica del Sacro Cuore Milano Daniele Moschella; Scuola Superiore Sant'Anna Pisa |
| Presented by: Laura Bisio, ISTAT |
The Role of Robot Adoption in Shaping Export and Import Activities: the case of SwedenAbstractThis paper investigates the impact of industrial robot investments on international trade flows, focusing on Sweden, a leading European country in robot adoption that has been largely overlooked in the automation literature. While previous studies have primarily addressed the employment effects of automation, this research shifts the attention to trade, examining whether increased exposure to robots stimulates export and import activities at the municipality-sector level over the period 2000–2019. A novel measure of robot exposure is introduced, combining sectoral data from the International Federation of Robotics with localized investment in machinery to produce a granular indicator of automation intensity. Using a rich dataset that integrates firm-level and worker-level administrative records, we estimate a first difference model that controls for workforce composition and local economic conditions. Our results show that robot adoption significantly boosts exports and imports. When disaggregated by trading partner, we find that robot exposure increases the exports fraction to EU countries but has a negative effect on trade with non-EU Europe and North America. These findings suggest that automation reshapes the geography of trade by enhancing competitiveness in specific markets. |
| By Chiara Franco; Università di Pisa Francesco Suppressa; Università di Pisa |
| Presented by: Francesco Suppressa, Università di Pisa |
The Twin Transition in Practice. Digital Technologies, Sustainability, and the Role of Family Ownership in EuropeAbstractThis paper investigates the extent to which digital technologies (DTs) enable firms to implement environmental sustainability (ES) practices and whether this relationship is moderated by firm ownership. Using a large cross-sectional sample of approximately 14,000 European firms from the Flash Eurobarometer 486 survey, we estimate a recursive simultaneous equation model through a conditional mixed-process (CMP) framework to address potential endogeneity. Our results show that digitalization supports the adoption of sustainability practices; however, the positive effect of digitalization on ES weakens as firms reach higher levels of digital technology adoption. Family firms (FFs) display a stronger general commitment to sustainability compared to non-family firms, yet the positive effect of digitalization on ES practices is comparatively weaker for FFs. Additional analyses reveal that these patterns vary across different types of ES practices. Overall, the findings emphasize the importance of ownership structure in shaping the role of digital technologies in advancing environmental goals and offer insights for promoting a more inclusive green transition. |
| By Francesco Aiello; Università della Calabria Lidia Mannarino; Università della Calabria Valeria Pupo; Università della Calabria |
| Presented by: Francesco Aiello, Università della Calabria |
| Session 110: DEMOGRAPHIC ECONOMICS October 24, 2025 17:00 to 18:20 Location: Aula Magna |
| Session Chair: Mauro Sodini, Università di Napoli Federico II |
Assortative Marriage and Geographic SortingAbstractBetween 1980 and 2000, the U.S. experienced a significant rise in geographic sorting and educational homogamy, with college graduates increasingly concentrating in high- skill cities and marrying similarly educated spouses. We develop and estimate a spatial equilibrium model with local labor, housing, and marriage markets, incorporating a marriage matching framework with transferable utility. Using the model, we estimate trends in assortative preferences, quantify the interplay between marital and geographic sorting, and assess their combined impact on household inequality. Welfare analyses show that after accounting for marriage, the college well-being gap grew substantially more than the college wage gap. |
| By Jiaming Mao; Xiamen University Jiayi Wen; Xiamen University |
| Presented by: Jiaming Mao, Xiamen University |
The Remote Control of fertility: Evidence from the transition to digital terrestrial televisionAbstractThis paper investigates the unintended demographic consequences of the transition from analog to Digital Terrestrial Television in Italy. By exploiting the staggered rollout of Digital Television as an exogenous shock, I estimate its causal impact on fertility rates using a doubly robust difference-in-differences approach. The findings reveal a significant decline in fertility, particularly in municipalities characterized by low initial birth rates, high population density, and strong progressive political leanings. The study explores two potential mechanisms: time substitution between television consumption and reproductive activities, and a shift in gender norms due to exposure to new media content. Evidence suggests that the latter mechanism dominates, as women increased television ownership and engaged more in independent content selection. This shift was accompanied by greater female labor force participation and a more equitable distribution of domestic work |
| By Andrea Caria; Università di Cagliari |
| Presented by: Andrea Caria, Università di Cagliari |
Fertility, Education and Corruption in a dynamic modelAbstractThe aim of the paper is to investigate the issue of fertility differentials from both an empirical and theoretical perspective in advanced countries, focusing on their connection to varying levels of corruption. Our empirical results show that corruption and fertility rates are negatively related, differently from that proposed by Varvarigos and Arsenis (2015), suggesting that higher levels of corruption reduce fertility rates. To theoretically clarify this result, we consider an overlapping generations model in which households face a child quantity/quality trade-off, and bureaucrats are delegated to deliver public services for the education of children, i.e. accumulation of human capital. The emergence of dishonest behavior among bureaucrats, that influences the quality and quality of public services, reveals a channel through which fertility choices are influenced. |
| By Roy Cerqueti; Sapienza Università di Roma Raffaella Coppier; Università di Macerata Giovanni Fosco; Università della Campania L. Vanvitelli Mauro Sodini; Università di Napoli Federico II |
| Presented by: Mauro Sodini, Università di Napoli Federico II |
| Session 111: CORPORATE FINANCE October 24, 2025 17:00 to 18:20 Location: Aula Grande |
| Session Chair: Davide Scotti, Università di Bergamo |
The Value of Words: Evidence from Non-Financial Disclosure RegulationAbstractWe examine the effects of laxer non-financial disclosure regulation on operating costs and access to external financing for micro firms in Italy. Simplified account keeping induces a trade-off between costs and transparency. On the one hand, lower accounting burden may allow for costs savings and reflect on profit margins. On the other hand, it makes the firm more opaque, with potential negative effects on equity or debt financing. Starting from 2016, firms below certain size thresholds were exempted from redacting reports with qualitative information complementing the ordinary balance sheet items. In a RDD estimation that exploits multidimensional size cut-offs that determine the eligibility, we detect no evidence of cost savings, but find that access to bank credit diminishes in the medium-term. The effects are concentrated on the extensive margin: affected firms have a lower probability to borrow from a bank within 2-3 years. The take-up of the policy is lower in low social capital areas, suggesting that formal institutions, such as disclosure mandates, may act as a substitute for informal ones. |
| By Gianmarco Cariola; Banca d'Italia Audinga Baltrunaite; Banca d'Italia Antonio Accetturo; Banca d'Italia Annalisa Frigo; Banca d'Italia Marco Gallo; Banca d'Italia |
| Presented by: Gianmarco Cariola, Banca d'Italia |
Evaluating the effect of the Italian Allowance for Corporate Equity: Evidence from a Post COVID-19 ExperienceAbstractThe study examines the impact of Italy’s reinforced Allowance for Corporate Equity (ACE) in 2021, a temporary COVID-19 relief measure aimed at reducing corporate debt and boosting investment. Using a Difference-in-Differences estimator on matched data, the research assesses whether the policy strengthened firms' financial resilience by lowering debt and encouraging investment. Results indicate that firms benefiting from the "Innovative ACE" significantly reduced debt and increased investments. Additionally, the policy’s effects persisted beyond 2021, despite its temporary nature. The findings suggest that the ACE reinforcement achieved its goal of enhancing firm stability and promoting investment during economic uncertainty. |
| By Elsa Amaddeo; Università di Bari Angela Stefania Bergantino; Università di Bari Giuseppe Di Liddo; Università di Bari Ernesto Longobardi; Università di Bari |
| Presented by: Elsa Amaddeo, Università di Bari |
The Market for Player Rights: Trading and Price Manipulation in European Soccer, 2015-2023AbstractWe construct a theoretical framework for European soccer leagues, showing that financial constraints can enhance overall welfare by safeguarding systemic stability, despite temporarily limiting competitive intensity. This analysis offers theoretical justification for UEFA’s Financial Fair Play regulations as a response to systemic risks from unsustainable spending. We then empirically examine how market participants responded through analysis of capital gains in the transfer market. Using comprehensive data from 22 European leagues between 2015–2023, we identify three patterns, most critically that cross-transfers—bilateral player exchanges between clubs—generate approximately 35% higher capital gains than standard transfers, even after controlling for player characteristics and market conditions. This premium persists across robustness checks and cannot be explained by differences in player quality or performance improvements. Our findings illustrate how regulations intended to improve market sustainability can paradoxically incentivize creative accounting practices that may undermine financial transparency and integrity. |
| By Federico Ciliberto; University of Virginia Davide Scotti; Università di Bergamo Silvio Vismara; Università di Bergamo |
| Presented by: Davide Scotti, Università di Bergamo |
| Session 112: RICERCA SCIENTIFICA E RIFORMA DELL'UNIVERSITA' IN ITALIA October 24, 2025 18:30 to 19:30 Location: Aula Grande |
| Session Chair: Mario Pianta, Presidente della Società Italiana di Economia |
Le università pubbliche e la ricercaAbstractIntroduzione |
| By Giulio Perani; Dirigente di ricerca ISTAT, autore di "Lo stato della ricerca scientifica in Italia" (Aspen Italia-Treccani, 2025) |
| Presented by: Giulio Perani, Dirigente di ricerca ISTAT, autore di "Lo stato della ricerca scientifica in Italia" (Aspen Italia-Treccani, 2025) |
InterventoAbstractriforma università |
| By Giovanna Iannantuoni; già Presidente CRUI, Presidente della Fondazione Bicocca |
| Presented by: Giovanna Iannantuoni, già Presidente CRUI, Presidente della Fondazione Bicocca |
InterventoAbstractriforma università |
| By Annalisa Rosselli; Accademia Nazionale dei Lincei - Presidente della Commissione Ricerca |
| Presented by: Annalisa Rosselli, Accademia Nazionale dei Lincei - Presidente della Commissione Ricerca |
| Session 113: MIGRATION AND STRUCTURAL CHANGE October 25, 2025 8:30 to 9:50 Location: Aula 4 |
| Session Chair: Giulia Felice, Politecnico di Milano |
Migration, the Diffusion of Ideas and the Rise of the American Labor Movement: Evidence from the American Civil WarAbstractI study the effects of the migration of particular German revolutionaries, the Fourty-Eighters, on the start of the Labor Movement in 19th Century US. I start by relying on OLS with a rich set of controls. I find a positive association between counties that received revolutionaries and the number of Knights of Labor Unions established. This relationship is robust to the exclusion of big cities, different definitions of Fourty-Eighter counties, and analyzing only small counties. Moving towards causality, I leverage the increasingly random assignment of soldiers to Union Army companies to test for the horizontal diffusion of ideas. Using soldier-level data, I construct a measure of exposure to 48er counties through having shared Civil War enlistment-a unique setting where men from diverse counties lived together for years. I find a robust effect of 48er exposure on subsequent unionization, with strong effects concentrated among counties with the highest exposure levels. This paper provides evidence for horizontal diffusion of socialist ideas across the Atlantic and highlights how the American Civil War created unprecedented ideological exchange, contributing to the development of the American labor movement. |
| By Pablo Zarate; University of Mannheim |
| Presented by: Pablo Zarate, University of Mannheim |
From Tweets to Ballots: Refugee Inflows and Natives’ ReactionsAbstractWe examine the impact of the opening of refugee reception centers on natives' social media activity and voting behavior in the Netherlands during the large and unexpected refugee inflow of 2015-2016. Using over 100 million geocoded tweets and a difference-in-differences approach, we find a short-lived surge in refugee salience on social media, accompanied by a decline in expressed support for refugees and increased discussions about religious minorities, particularly Islam. Linking social media salience to voting behavior, we analyze detailed voting data and document a significant rise in anti-immigration voting near newly established reception centers. This effect diminishes over time and with distance from the centers. Furthermore, we show that areas with a strong initial salience response to refugees drive increased support for anti-immigration parties, while areas with high pre-existing refugee salience exhibit no such increase in anti-immigration votes. |
| By Paul Bose; Università di Roma Tor Vergata Olivier Marie; Erasmus University Rotterdam Renske Stans; Erasmus University Rotterdam |
| Presented by: Paul Bose, Università di Roma Tor Vergata |
Climate Variability and Migration in South Asia: The Mediating Role of AgricultureAbstractSouth Asia is among the regions most severely affected by climate change. In recent decades, the persistent migration patterns observed in this area appear to be closely linked to rising temperatures and increasing precipitation variability. Agriculture serves as the primary channel through which these climatic factors influence migration. This paper utilizes data from South Asian countries spanning 1990 to 2022 to examine the relationship between climate change, agricultural production, and international migration. We show that variations in temperature and precipitation negatively impact agricultural output, which in turn significantly drives migration from the region. Our findings are robust across various estimation techniques and alternative measures of migration. The paper also discusses policy implications aimed at supporting lagging behind South Asian economies address the challenges posed by the climate change–migration nexus. |
| By Nouman Saleem; Università della Calabria Janna Smirnova; Università della Calabria |
| Presented by: Janna Smirnova, Università della Calabria |
Internal Migration and Structural Change in ChinaAbstractThis study empirically examines how internal migration in China affected the shift of employment from agriculture to non-agricultural sectors using spatially granular estination areas (prefecture-level cities). Our study is the first to quantify both the direct and the indirect effects of internal migration, where the former are related to a shock in labor supply and the latter to migration's influence on income per capita and sectoral productivity. Results from instrumental variables and 3SLS estimations indicate that migration substantially contributed to structural change. Interestingly, indirect effects go in opposite directions; migration reduced income per capita at destination, leading to increased relative consumption of agricultural goods but it simultaneously enhanced agricultural relative productivity, prompting a shift of employment out of agriculture. We discuss the implications of both direct and indirect effects for China’s economic growth. |
| By Yi Wang; Politecnico di Milano Giulia Felice; Politecnico di Milano |
| Presented by: Giulia Felice, Politecnico di Milano |
| Session 114: TRADE POLICY October 25, 2025 8:30 to 9:50 Location: Aula 9 |
| Session Chair: Paolo Di Caro, Università di Catania |
Does India's export industry benefit from price reduction policies? AbstractThis paper's objective is to evaluate how well price reductions work to increase India's exports. We do this by determining the non–linear price elasticates of supply and demand of India’s export volumes. We separately look at all the major components of relative price: (a) domestic supply price (b) export unit values (c) competitor’s price and (d) exchange rates. The analysis is done at the industry level. Based on our results, we group Indian industries into three major categories: (1) where export supply can be increased through appropriate price changes but not export demand (2) where both export demand and supply can be increased through price changes and finally (3) where price changes are ineffective in changing export quantities (only external demand matters). Assuming a complete passthrough of cost and price subsidies and exchange rate interventions into prices, industries belonging to case (2) such as: Gems and Jewellery and Coffee, tea, cocoa, spices, Petroleum products, machinery, textiles, chemicals and electronics. above are identified as worthy of these policies because these policies are likely to increase the level of exports for them but not for the others. |
| By Ranajoy Bhattacharyya; Indian Institute of Foreign Trade Sayani Ghosh; Indian Institute of Foreign Trade |
| Presented by: Ranajoy Bhattacharyya, Indian Institute of Foreign Trade |
A Competitive Landscape: How U.S. Aid Responds to Chinese Presence in Recipient CountriesAbstractThis paper explores the dynamics involved in the allocation of international aid by the United States and China. We examine the trends and patterns of foreign aid, emphasizing the strategic motivations that drive these decisions. Our instrumental variable estimation reveals a negative relation between the number of projects and activities undertaken by the U.S. and those initiated by China in recipient countries. We discuss this result in terms of China's increasing influence in global affairs. In this perspective, we present suggestive evidence indicating that in countries where the U.S. start less projects, the political ties between China and those recipient countries are comparatively stronger. |
| By Emmanuel Caiazzo; LUISS Guido Carli Pietro Panizza; Università di Napoli Federico II Alberto Zazzaro; Università di Napoli Federico II |
| Presented by: Emmanuel Caiazzo, LUISS Guido Carli |
Trade flows, spatial effects and cohesion policy in the EU regionsAbstractThe European regions are increasingly interconnected and directly benefit from cohesion policy funds. To jointly study the two phenomena, we combine panel data on regional bilateral trade flows and information on the EU funds and apply a spatial panel origin-destination gravity model. Our empirical analysis points out that EU cohesion policy plays a relevant role for explaining bilateral regional trade flows in Europe. We also find that spatial interactions, both at the origin and destination, are important to understand regional trade flows. Our results are robust to alternative specifications and different sensitivity checks. In policy terms, the analysis points to the need to consider inter-regional and trade effects in the welfare assessment of cohesion policy, as well as to coordinate regional development and market integration policies |
| By Paolo Di Caro; Università di Catania Ugo Fratesi; Politecnico di Milano Elisa Fusco; Università di Firenze |
| Presented by: Paolo Di Caro, Università di Catania |
| Session 115: FINANCIAL LITERACY & EDUCATION October 25, 2025 8:30 to 9:50 Location: Aula Piccagli |
| Session Chair: Chiara Rapallini, Università di Firenze |
Reaching wide through small screens: the impact of a Bank of Italy financial education TV campaignAbstractFinancial literacy is essential for individual and collective well-being, yet remains low among adults worldwide. Traditional education programs often struggle to engage their audience. We explore a broader-reaching approach: delivering financial education through mass media. By means of a randomized survey experiment on about 1,000 individuals, we evaluate the impact of a television campaign launched in 2023 by the Bank of Italy and public broadcaster Rai, covering various financial topics across different TV formats. Results show significant improvements in financial knowledge, particularly among women, individuals with lower financial literacy, and non-investors. The campaign also increased interest in financial topics and awareness of investment diversification. With approximately 7 million viewers in 2024, its potential impact is substantial. From a policy perspective, short-format financial education on television and social media presents a scalable, cost-effective complement to existing initiatives. While our findings are robust, they capture only short-term effects; further research is needed to assess long-term impact. |
| By Alessio D'Ignazio; Banca d'Italia Ludovica Galotto; Banca d'Italia Daniela Marconi; Banca d'Italia Marco Panfili; Banca d'Italia |
| Presented by: Marco Panfili, Banca d'Italia |
Financial literacy and financial education: The role of risk-aversionAbstractIn this paper, we show that risk aversion provides households with a ‘pre- cautionary’ motive to invest in financial education (FE) thereby improv- ing their own financial literacy (FL). We demonstrate that the greater the household’s stock of FL, the greater the incentive to invest in FE. This educational process increases households’ awareness about financial choices and decreases their degree of prudence. The same mechanism acts as a brake in adverse scenarios when the costs of education decrease the opportunity value of FE. We provide empirical evidence to support our theoretical predictions. From a policy perspective, our results imply that the ultimate outcomes of FE programs crucially depend on the initial level of FL and households’ risk aversion. |
| By Alessandro Bellocchi; Università di Urbino Giuseppe Travaglini; Università di Urbino |
| Presented by: Alessandro Bellocchi, Università di Urbino |
Retirement and pension adequacyAbstractThe paper analyses the financial adequacy of retirees in Italy using data from the Survey on Household Income and Wealth from 1993-2016. Comparing workers and pensioners around the pension eligibility thresholds using a fuzzy regression discontinuity design shows that retirees face significant income drops upon leaving the workforce, with pensions averaging 28.6 percentage points lower than previous earnings. Disparities exist among different employment categories, with craftsmen and entrepreneurs facing declines of about 45 percent. Although individuals seem either aware of or particularly pessimistic about the income contraction they will face upon retirement, this does not protect them from a greater risk of financial distress, casting doubts on their ability to pursue consumption smoothing. |
| By Stefano Castaldo; Università di Padova |
| Presented by: Stefano Castaldo, Università di Padova |
Aging and financial risk-taking: A meta-analysisAbstractThis paper presents the first comprehensive meta-analytical review of findings from the economic and psychological literature on the association between aging and financial risk attitudes. We find that differences in effects are largely driven by the methods used to measure risk preferences. In particular, the positive association between risk aversion and age is confirmed in studies using survey data and lotteries, whereas psychological tasks highlight the role of the learning process and suggest that cognitive abilities and health status may influence preferences. The metaregression on effect sizes from survey-based studies reveals not only the importance of using longitudinal data, but also that cognitive abilities and health status account for a significant portion of the heterogeneity in this sample. |
| By Erica Ordali; Università di Firenze Chiara Rapallini; Università di Firenze |
| Presented by: Chiara Rapallini, Università di Firenze |
| Session 116: INDUSTRY DYNAMICS I October 25, 2025 8:30 to 9:50 Location: Aula 5 |
| Session Chair: Stefano Galavotti, Università di Bari |
Architectural Innovation, Consumer Preferences, and Industry Dynamics: A Generalized NK-ModelAbstractProduct architectures are not stable but change through time, bearing important 2 consequences for both firm performance and industry dynamics. Yet, our theoretical understanding of 3 the long-term evolution of product architectures remains limited. We develop a market competition 4 model that incorporates products as complex artifacts and consumers with heterogeneous preferences 5 extending Altenberg’s generalized NK-model. The model replicates a number of stylized facts 6 including product diffusion curves, industry shakeout, and submarket emergence. We further show 7 that irrespective of the exact distribution of consumer preferences, the products of surviving firms 8 exhibit the highest degree of modularity and this value increases throughout industry lifecycle. Our 9 model thus provides a robust explanation for the emergence of modularity in the evolution of product 10 architectures casting a new light on the theories of dominant design and the industry lifecycle. 11 Keywords: product architecture, NK-model, pleiotropy, complexity, modularity, demand, industry 12 lifecycle, shakeout, dominant design |
| By Manuel Romagnoli; Friedrich Schiller University |
| Presented by: Manuel Romagnoli, Friedrich Schiller University |
How does an effective price ceiling influence cost pass-through? Empirical evidence from the retail gasoline marketAbstractA significant body of economic literature examines how firms' pricing strategies affect consumer cost changes. The COVID-19 pandemic and the Ukrainian-Russian war disrupted production and supply chains, leading to high inflation and rising energy prices. In response, the Hungarian government intervened in the retail gasoline markets by establishing a price cap below wholesale prices for households, while allowing firms to pay market rates. Our study, using an error-correction estimation strategy, found that prior to this price ceiling, firms symmetrically passed on cost changes to consumers. However, after the cap was introduced, the cost pass-through became asymmetric, with firms only passing on about 70% of cost decreases, while a one-unit cost increase led to an average 1.2-unit price increase. This indicates that households ultimately bore the costs of the intervention through a different channel. |
| By Richárd Farkas; University of Pécs Mihaly Szoboszlai; Central Bank of Hungary |
| Presented by: Richárd Farkas, University of Pécs |
Peer-to-peer carsharing as an effective way to reduce car over-usageAbstractWe study the market of peer-to-peer carsharing (P2PCS), a market where owners rent their cars out to non-owners in exchange for a price. In a model where individuals take into account the effects of their mobility decisions on the environment, but this green sensitivity is heterogeneously distributed across them, we show that the introduction of P2PCS may lead to both an increase or a decrease in total car usage (and thereby emissions), but, if the direct utility from car driving is sufficiently concave, has more beneficial effects in a population with a low sensitivity to green concerns. We also allow for the possibility that individuals are present-biased, so that they tend to over-use the car, i.e. more than what was initially planned to be optimal, given their green concerns. We show that the introduction of P2PCS seems effective in controlling for his tendency, and, in some cases, fully eliminates over-usage. |
| By Angela Bergantino; Università di Bari Stefano Galavotti; Università di Bari Mario Intini; Università di Bari |
| Presented by: Stefano Galavotti, Università di Bari |
| Session 117: INFLATION October 25, 2025 8:30 to 9:50 Location: Aula di Calcolo 1 |
| Session Chair: Roberto Billi, Sveriges Riksbank |
Inflation return: look-through policy under incomplete informationAbstractThis paper studies monetary policy in a New Keynesian model with incomplete information on the persistence of cost-push shocks. Both the central bank and the private sector learn the persistence of the shock as it transmits through the economy. The central bank pursues a look-through policy under a temporary cost-push shock, otherwise it follows a Taylor rule. If agents’ prior is that the cost-push shock is of a temporary nature, while the true shock is persistent, it takes a while for the central bank to pursue an erroneous (with the benefit of hindsight) look-through policy before switching to a monetary tightening. As a result, the realized inflation is higher than in a complete information case. Data-dependent discretionary early liftoff strategies can compensate somewhat for the mistaken initial policy path. In contrast to full information conditions, the paper casts doubt on the validity of look-through policies in an incomplete information environment regardless of the true persistence of a cost-push shock. |
| By Ginters Buss; Bank of Latvia Guido Traficante; Università Europea di Roma e CASMEF |
| Presented by: Guido Traficante, Università Europea di Roma e CASMEF |
Inflation and pandemic in SpainAbstractThis paper shows what the main inflation macroeconomics drivers in Spain are. Even if there has been a less than two-digit inflation in the last three decades, it can be emphasized the fact that the inflation rate has raised and declined rapidly in recent years because of its fundamental determinants. Main reasons behind the behaviour of the consumption price index are related to higher prices in the energy sector and a higher government expenditure, particularly after the post-pandemic economy re-opening. Proxy variables such as oil prices free on board in the European Brent market, the 12 months Euribor interest rate of the Economic and Monetary Union, the nominal gross domestic product, the government expenditure of the public administration, and fiscal deficits in terms of the gross domestic product are those variables in which the consumer price index depends on. Changes on interest rates have managed to stabilized inflation rates once again, thereby diminishing the percentage change in the consumer price index. |
| By Leonardo Tariffi; Pompeu Fabra University-University of Barcelona |
| Presented by: Leonardo Tariffi, Pompeu Fabra University-University of Barcelona |
Modelling Fiscal Drag in a DSGE environmentAbstractIn a period of renewed inflationary pressures, understanding how progressive taxation interacts with rising prices is crucial. This paper investigates the macroeconomic effects of fiscal drag - a phenomenon where inflation-induced increases in nominal income push households into higher tax brackets - within a Two-Agent New Keynesian (TANK) DSGE model calibrated to the U.S. economy. We develop a novel piecewise-quadratic tax function to replicate U.S. federal income brackets and simulate a persistent inflationary shock. Our results show that fiscal drag leads to higher tax revenues and passive debt consolidation but imposes asymmetric burdens across households. Forward-looking savers reduce consumption and work more to offset expected taxation, while hand-to-mouth households bear a disproportionate share of the adjustment due to their inability to respond. These findings underscore the redistributive consequences of unindexed tax systems and provide new insights into the role of taxation in inflationary environments. |
| By Marina Albanese; Università di Napoli Federico II Francesco Busato; Università di Napoli Parthenope Monica Varlese; Università di Napoli Federico II |
| Presented by: Monica Varlese, Università di Napoli Federico II |
Inflation, Fiscal Rules and Cognitive DiscountingAbstractUsing a stylized, calibrated New Keynesian model, we provide a welfare ranking of passive monetary and active fiscal (PM/AF) rules when contractionary aggregate-demand shocks occasionally drive the nominal interest rate to the ELB. When the shocks are calibrated to match the U.S. frequency of ELB episodes under a traditional active monetary, passive fiscal (AM/PF) regime, a PM/AF regime in which debt increases trigger increases in government purchases and/or cuts in taxes---what we call super-active fiscal policies---can so reduce the frequency of the ELB that they outperform an AM/PF regime if expectations are formed rationally. This last condition is crucial. Welfare ranking of policy regimes depends critically on the way private sector agents form expectations; when agents display cognitive discounting, PM/AF regimes perform significantly worse. This result is robust to the government's long-run debt target and the presence of long-term debt. We also analyze fiscal rules calibrated to the U.S. response during the Great Recession and the COVID recession. Our paper is the first to analyze super-active fiscal policies and to evaluate the implications of cognitive discounting for the relative performance of AM/PF and PM/AF policy regimes. |
| By Roberto Billi; Sveriges Riksbank Carl E. Walsh; University of California, Santa Cruz |
| Presented by: Roberto Billi, Sveriges Riksbank |
| Session 118: FINANCIAL & PORTFOLIO MANAGEMENT October 25, 2025 8:30 to 9:50 Location: Aula di Calcolo 2 |
| Session Chair: Chiara Oldani, Università della Tuscia |
Trump’s 2024 Win and The Fate of Green and Brown Portfolio ReturnsAbstractThis study examines the short-term stock price reactions of green and brown firms following Donald Trump’s 2024 election. Using an event-study methodology, we analyze cumulative abnormal returns (CARs) for portfolios constructed based on environmental sustainability criteria, including ESG scores, environmental pillar scores, and CO2 emission intensity. Our findings indicate that classification criteria significantly influence market reactions. Brown portfolios generally outperformed green portfolios post-election, reflecting investor expectations of relaxed environmental regulations favoring carbon-intensive industries. Conversely, when portfolios are classified by CO2 emission intensity, green portfolios outperformed brown portfolios, suggesting investors prioritize direct environmental impact metrics in the short term. The study also emphasizes the importance of the factor model used to estimate benchmark returns, as different models yield varying magnitudes and dynamics of CARs. Specifically, size and value factors are found to play a critical role in shaping the CARs of green and brown portfolios around the election. Regression analysis reveals that market volatility, public attention to climate change, and political sentiment significantly influenced the CARs of green and brown portfolios, albeit with differing effects. Green sentiment, however, had no significant impact on CARs. These results highlight the complex interplay between political events, investor sentiment, and sustainability-related market dynamics. |
| By Nicola Comincioli; Università di Brescia Michael Donadelli; Università di Brescia |
| Presented by: Nicola Comincioli, Università di Brescia |
Do Credit Rating Agencies Respond to Emerging Risks?AbstractThis study examines how emerging risks - measured as annual growth rates in geopolitical risk (GPR), climate vulnerability and readiness (ND-GAIN), yield curve shifts, and inflation - influence default probability (PD) transitions for 32,816 U.S. firm-year observations (1995-2016). By mapping S&P’s long-term issuer ratings to one-year PD transitions, we demonstrate that rising geopolitical risk and inflation increase PD transitions, while improving climate resilience and yield curve steepness reduce them. The effects are nonlinear and context-dependent. Our interaction models reveal crisis-period amplification, with the 2001/2008 shocks for geopolitical risk effects and interest rate effects. These results provide empirical evidence that rating agencies systematically incorporate emerging risk dynamics, though with significant heterogeneity across firm characteristics. |
| By Peter N. Posch; TU Dortmund University Cathrin Reismann; TU Dortmund University |
| Presented by: Cathrin Reismann, TU Dortmund University |
How Stable are Backed Stablecoins in Euro?AbstractStablecoins are very promising evolution of digital currencies; they exhibit low transaction costs, have stable values and reduced volatility, if compared with cryptocurrencies, and are widely purchased by investors to diversify their portfolios. We investigate how stable are the prices of stablecoins backed with reserves and linked to the euro; we analyze their behavior from 3rd January 2022 to 1st November 2024 employing the recursive methods of Phillips, Shi, & Yu, (2015) and Phillips, Wu, & Yu, (2011) for testing and date-stamping episodes of exuberant behaviour. The critical values of the tests are computed through the composite wild bootstrap technique by Phillips and Shi (2020) to make them robust to time-varying unconditional heteroscedasticity and the multiplicity issue in recursive tests. According to the results, contrary to stablecoins linked to the dollar, backed stablecoins linked to the euro show no sign of bubbles or exuberance. Implications of results presented in this paper relate with the broad goal of financial stability and rule setting in the digital ecosystem. |
| By Chiara Oldani; Università della Tuscia Giovanni Bruno; Università Bocconi |
| Presented by: Chiara Oldani, Università della Tuscia |
| Session 119: MIGRATION IN ITALY October 25, 2025 8:30 to 9:50 Location: Sala Consiliare |
| Session Chair: Roberto Basile, Università dell'Aquila |
Migrant Entrepreneurship and Firm Performance: the Role of the LiabilitiesAbstractThis study investigates the role of liabilities on the economic performance of migrant-owned firms in Italy’s manufacturing sector. Drawing upon a dataset combining records from ISID and the Cerved Business Register, the analysis contrasts migrant and native firms across multiple performance metrics between 2019 and 2022. Central to the empirical framework are three liabilities—foreignness (LoF), newness (LoN), and smallness (LoS)—which are traditionally seen as constraining entrepreneurial performance. While descriptive evidence confirms that migrant-owned firms exhibit lower productivity and sales level, our regression findings reveal a more nuanced dynamic. The liability of foreignness alone does not consistently predict lower performance. When LoF is coupled with LoN and LoS, migrant enterprises demonstrate hiher growth rates in sales, total assets, and employment, suggesting that under certain conditions, these liabilities may signal entrepreneurial dynamism rather than disadvantage. Matched sample analysis affirms the robustness of these results, albeit with some attenuation in productivity gains. These findings challenge deterministic interpretations of foreign liabilities, instead highlighting the importance of firm-specific factors and adaptive capacities. |
| By Alessandro Arrighetti; Università di Parma Giovanni Foresti; Intesa Sanpaolo Simone Fumagalli; Intesa Sanpaolo Sara Giusti; Intesa Sanpaolo Andrea Lasagni; Università di Parma |
| Presented by: Andrea Lasagni, Università di Parma |
Do women or men rely more on fortune cookies? The job satisfaction-gender paradox among migrants in Southern ItalyAbstractIn recent decades, immigration in Italy has grown significantly, attracting numerous studies on its causes, characteristics, and effects, particularly in the labour market. While most research compares job satisfaction between migrants and natives, little attention has been paid to gender differences among migrants. Despite facing worse working conditions and lower wages, migrants often report higher satisfaction than natives, suggesting that women might paradoxically be more satisfied than men. However, existing evidence on this paradox among migrants is scarce and mixed. This paper focuses on immigrants in an area of southern Italy, the province of Foggia, characterised by a high presence of foreign workers in relation to the local population. The objective of the research is to explore the work-specific determinants of immigrants’ job satisfaction by considering a broad set of variables ranging from the work environment, tasks performed, safety conditions, relations between colleagues and with the boss, some standard socio-economic and demographic variables. Results from probit models do not confirm the gender satisfaction paradox among migrants, showing that males are more satisfied with their jobs than females. |
| By Giuseppe Celi; Università di Foggia Nunzia Nappo; Università di Napoli Federico II Edgardo Sica; Università di Foggia |
| Presented by: Edgardo Sica, Università di Foggia |
Should I Stay or Should I Go? Return migration: preliminary evidence from the Italian caseAbstractReturn migration is a crucial but understudied aspect of the migration process, largely due to data limitations. This paper uses a unique administrative dataset covering the entire population of immigrants in Italy to estimate the impact of various macro- and micro-level factors on migration duration through time-to-event models. We begin with descriptive evidence on return migration among all immigrants who arrived in or departed from Italy between 2011 and 2022. Focusing on the 2011 arrival cohort, we estimate survival models to assess the impact of macro- and micro-level factors. Results indicate that economic conditions are more influential than political ones in shaping return decisions. Male and older migrants are more likely to return sooner than women and younger migrants. To address limitations of parametric survival models, we apply quantile regressions. These reveal heterogeneous effects across the duration distribution. Women and younger migrants are more likely to leave earlier at lower percentiles, but this pattern reverses at higher percentiles. Political instability in origin countries primarily affects long-term stays, while economic conditions consistently influence duration: higher living costs and rising origin-country GDP shorten stays, whereas higher wages in Italy extend them. |
| By Lisa Capretti; CEIS - Tor Vergata Francesca Centofanti; Università di Roma Tor Vergata Alessio Farcomeni; Università di Roma Tor Vergata Furio Camillo Rosati; Università di Roma Tor Vergata |
| Presented by: Francesca Centofanti, Università di Roma Tor Vergata |
Internal and international Italian brain drain: are Southern regions doomed?AbstractThis paper follows Becker et al. (2004) to measure the brain drain in Italy, focusing on the net loss of human capital. In contrast to previous studies, we incorporate return migration and calculate the brain drain as a net loss of human capital rather than emigration only. In addition, we examine the compensatory effect between international and internal migration, in particular the migration of high-skilled workers from Southern to Northern Italy, highlighting the disproportionate human-capital loss in southern regions. The evidence clearly shows that, over the period 2013-2022, the migration of qualified young people from the South to the North more than compensated for the international brain drain affecting the northern regions, but it exacerbated the problem for southern economies. Building on this evidence, this paper also uses longitudinal data to identify and measure the frequency of different migration trajectories of young people moving from Southern regions over the period 2013-2023. It distinguishes between internal and international trajectories and more complex trajectories, including return to the South and even circular migration. |
| By Roberto Basile; Università dell'Aquila Francesca Centofanti; Università di Roma Tor Vergata Francesca Licari; ISTAT |
| Presented by: Roberto Basile, Università dell'Aquila |
| Session 120: GLOBAL VALUE CHAINS I October 25, 2025 8:30 to 9:50 Location: Aula 6 |
| Session Chair: Valentina Meliciani, LUISS Guido Carli |
Analyzing the Impact of Geopolitical Risk and Economic Policy Uncertainty on Global Supply Chain PressureAbstractThe increasing frequency and intensity of geopolitical shocks, along with the increasing uncertainty associated with economic policy, have highlighted the need to understand how these factors affect the global supply chain. In this paper, we analyze the relationship between the Geopolitical Risk (GPR) Index and the Economic Policy Uncertainty (EPU) Index, on the one hand, and the Global Supply Chain Pressure Index (GSCPI), on the other. The methodology relies on a Bayesian Vector Autoregressive (BVAR) model incorporating a combination of informative priors. Empirical results suggest that while both GPR and EPU shocks exert upward pressure on the GSCPI, the effect of EPU is more pronounced. Historical decomposition shows that GSCPI dynamics are primarily driven by its own shocks, though EPU contributes during periods of heightened volatility. Scenario-based forecasting suggests that persistent high levels of geopolitical or policy uncertainty are likely to amplify future supply chain stress. These findings emphasize the importance of incorporating political and geopolitical factors into the analysis and management of global supply chains. |
| By Mercedes Monfort; Universitat Jaume I Javier Ordóñez; Universitat Jaume I |
| Presented by: Javier Ordóñez, Universitat Jaume I |
Supply Chain Shocks, Managerial Responses, and Resilience: Evidence from European FirmsAbstractThis paper leverages detailed firm-level survey responses from the European Investment Bank and ORBIS balance sheet data to examine the impact of supply chain disruptions on firm performance and the strategic responses of managers to adverse shocks. Using a multi-stage empirical approach, we find that proactive managerial strategies significantly reduce the magnitude and persistence of supply chain shocks. Strategies focused on enhancing internal management, such as inventory stockpiling and digitalization, are more effective in boosting firm resilience than a broad reorientation of sourcing strategies. We also find that supply chain shocks exacerbate financial constraints and, in turn, limit firms' ability to implement these strategies. |
| By Thomas Rowley; Università Bocconi Giorgio Presidente; Università Bocconi Carlo Altomonte; Università Bocconi Christoph Weiss; European Investment Bank |
| Presented by: Thomas Rowley, Università Bocconi |
Nearshoring and employment in EuropeAbstractThis paper offers a novel analytical and methodological perspective to quantify and understand recent trends in the geographical distribution of value added across Global Value Chains (GVCs). We do so across three macro regions (Europe, Asia Pacific and North/South Americas) with a main focus is on European GVCs and the consequences on employment. We find that since 2012 European GVCs have increased the share of value added imported from within Europe – a trend that we label ‘nearshoring’. We also find that nearshoring has a positive effect on employment in the country of completion of the value chain both in terms of share of total GVC employment and absolute terms. We identify two mechanisms behind this, relating to relative productivity of Europe vis-à-vis its extra-regional partners and intra-regional spillovers due to Europe’s strong economic integration. We discuss these findings in the context of the recent policy debate around nearshoring and the European ‘Open Strategic Autonomy’ (OSA). |
| By Filippo Bontadini; LUISS Guido Carli Valentina Meliciani; LUISS Guido Carli Maria Savona; LUISS Guido Carli |
| Presented by: Valentina Meliciani, LUISS Guido Carli |
| Session 121: QUANTITATIVE METHODS I October 25, 2025 8:30 to 9:50 Location: Aula 7 |
| Session Chair: Andrea Monticini, Università Cattolica del Sacro Cuore Milano |
Many Instruments Estimation and Inference under Clustered DependenceAbstractThe literature on many weak instruments in a heteroskedastic environment under data independence is largely developed. When data dependence is present, it poses difficulties in making correct and convenient inferences. We show that clustering either deems the jackknife instrumental variables estimation inconsistent, or makes its inferences hugely distorted. We suggest an alternative approach, which is computationally attractive and allows general structures of intra-cluster correlations, presence of many instruments and weak identification. We use the natural extension of jackknifing, the leave-cluster-out methodology, applied to the instrument projection matrix, which allows one to dispose of the cross-cluster dependencies in the influence function of the structural parameter estimator. We further weigh the observations by inverse cluster sizes to flexibly adjust for cluster heterogeneity. We set out a formal asymptotic framework to analyze the proposed cluster-jackknife instrumental variables (CJIV) estimator, with an increasing number of clusters, possibly increasing heterogeneous cluster sizes, and possible presence of many weak instruments. We study the importance of instrument design on the properties of CJIV and compare it with other estimators in a relevant empirical context. Finally, we apply CJIV methodology to two setups from Angrist and Krueger (1991, JPE) and compare its performance with some alternative estimators. |
| By Stanislav Anatolyev; CERGE-EI e New Economic School Maksim Smirnov; CERGE-EI |
| Presented by: Stanislav Anatolyev, CERGE-EI and New Economic School |
Robustness of SFA in approximating basic inputs: A possible threat to policy analysisAbstractStochastic Frontier Analysis (SFA) is widely used to estimate technical efficiency and examine its determinants across various fields, including agriculture, finance, healthcare, and tourism. However, despite methodological advancements, the empirical literature often overlooks a fundamental issue: the heterogeneity in the measurement of production factors and outputs. In this study, we demonstrate that different approximations of inputs (labor, land, capital) and outputs lead to substantial variability in the estimated effects of efficiency determinants. Even minor changes in input and output measurement significantly affect the results, regardless of the inefficiency distribution assumed. This variability challenges the causal interpretation and comparability of empirical findings and raises concerns about the robustness of evidence-based policy recommendations derived from SFA studies. Nonetheless, our analysis reveals that while the magnitude of estimated effects is sensitive to input and output approximations, the statistical significance and direction (sign) of the effects remain robust. We propose a heuristic robustness approach and apply it to examine the impact of subsidies on farm efficiency in Germany, Spain, France, Italy, Poland, and the United Kingdom between 2014 and 2019. Our findings highlight the critical need for robustness checks related to input and output approximations in SFA-based efficiency analyses. |
| By Lukas Fryd; Prague University of Economics and Business |
| Presented by: Lukas Fryd, Prague University of Economics and Business |
Misperception of Norms: Smartphone UseAbstractMisperception of Norms are widespread across social contexts. The implications of misperceiving own and others’ behavior is typically associated with distorted responses by those who are affected by. In this paper, we employ an online survey to test the existence of misperceptions concerning smartphone use. We first assess the existence of them, and we examine the source of misperceptions distinguishing the own from the peers’ usage. We found evidence of systemic reference group overestimation of usage, which is positively associated with own screen time, and active usage of social media platforms (SMP). Concerning the misperception of the own usage, the direction is unclear. Notwithstanding the latter fact, those who reported higher screen time are more likely to underestimate their own usage. We include, as a policy intervention, an information experiment which aims at providing truthful information about others’ smartphone use. We found that, a 2.4% underestimation of own use is associated with a willingness to reduce screentime smartphone consumption by 1%. Furthermore, showing the truthful value of smartphone peers’ consumption to those who overestimated peers’ consumption led us to estimate an ATE of 0.119 S.D. points among our subjects. |
| By Lorenzo Pinna; Università di Pisa |
| Presented by: Lorenzo Pinna, Università di Pisa |
Bootstrap Performance with HeteroskedasticityAbstractThe aim of this paper is to illustrate more than one instance of poor bootstrap performance, and to see how available diagnostic techniques can indicate reliably when and how this poor performance can arise. Two particular features that seem to be important to explain bootstrap discrepancy are illustrated by some Monte Carlo experiments. |
| By Russell Davidson; McGill University Andrea Monticini; Università Cattolica del Sacro Cuore Milano |
| Presented by: Andrea Monticini, Università Cattolica del Sacro Cuore Milano |
| Session 122: PATENTING AND INSTITUTIONS October 25, 2025 8:30 to 9:50 Location: Biblioteca |
| Session Chair: Andrea Morrison, Università di Pavia |
University Regulations, Spinoff Characteristics, and External Financing: A Signaling Perspective on Academic SpinoffsAbstractWe study the role of university regulations and spinoff characteristics in influencing the ability of academic spinoffs (ASOs) to secure external financing. Using a panel of 1,070 Italian ASOs from 2000 to 2023, we analyse how university-level signals, such as institutional policies, research quality, and technology transfer mechanisms, interact with firm-level signals, including founder credibility and patent activity, to shape investment decisions. We employ Probit and Tobit models to distinguish between the extensive margin (probability of receiving funding) and the intensive margin (amount of funding secured). Our findings suggest that university regulations, particularly those requiring academic founders to retain equity, enhance the likelihood of funding by signalling commitment and reducing information asymmetry. However, these policies do not influence the amount invested, which depends more on spinoff-level characteristics. Strong founders and patent activity serve as key signals that not only increase the probability of funding but also affect investment size. These results highlight the importance of both institutional and firm-level signals in shaping spinoff financing outcomes. |
| By Alessandro Muscio; Università di Foggia Giuseppina Testa; Università di Foggia Giovanna Vallanti; LUISS Guido Carli |
| Presented by: Giovanna Vallanti, LUISS Guido Carli |
Proximity to university and patenting. Evidence from Italian startupsAbstractThis paper examines the relationship between university-industry proximity, patenting activities, and financial accessibility in the context of the Italian Startup Act. Using Probit models on a sample of Italian startups (2014–2020), we identify four key results. First, geographical proximity to universities significantly enhances patenting likelihood, emphasizing knowledge transfer and collaboration. Second, innovative startups exhibit a higher propensity to patent compared to non-innovative counterparts. Third and more importantly, a novel substitution effect is found: financial accessibility mitigates the adverse impact of distance from universities on innovation, challenging traditional assumptions about proximity's dominance. Finally, knowledge-intensive firms near universities demonstrate a significantly higher level of innovativeness, underscoring sector-specific dynamics and the unique role of tacit knowledge spillovers. These findings provide critical insights into the interplay between financial policies and geographical factors, offering contributions to innovation literature and policy design |
| By Francesco Aiello; Università della Calabria Lucia Errico; Università della Calabria Lidia Mannarino; Università della Calabria Valeria Pupo; Università della Calabria |
| Presented by: Lucia Errico, Università della Calabria |
From Immigrants to Inventors: the innovative behaviour of second generation immigrants during the age of mass migration in the USAbstractThis paper investigates who became an inventor among second-generation immigrants during the U.S. Age of Mass Migration (1850–1940), when more than 30 million Europeans arrived in search of better opportunities. While a growing body of research documents the innovative contributions of first-generation immigrants, the role of their children remains largely unexplored. Combining linked full-count historical census data from IPUMS with a novel patent–census dataset, we construct an intergenerational panel that traces inventors and their families over time, allowing us to study both the likelihood of becoming an inventor and the mechanisms driving this process. We find strong heterogeneity across national origins for both first and second generation immigrants. Family background matters: higher household wealth and having an inventor parent increase the probability of invention. Yet geography proves also to be influential. Growing up in innovation-intensive neighbourhood significantly raises the chances of becoming an inventor, suggesting that exposure to innovation and ethnic social networks foster intergenerational mobility. By integrating migration, innovation, and social mobility perspectives, this paper highlights geography as a key determinant of immigrant assimilation through inventive activity. Innovation emerges as a powerful yet unequal channel of integration, one deeply shaped by the environments in which immigrant children grow up. |
| By Stefano Breschi; Università Commerciale L. Bocconi Zenne Hellinga; Utrecht University Andrea Morrison; Università di Pavia |
| Presented by: Andrea Morrison, Università di Pavia |
| Session 123: CLIMATE FINANCE October 25, 2025 8:30 to 9:50 Location: Aula Magna |
| Session Chair: Roberta Terranova, EIEE |
Competition and Preventive Investments in Climate InsuranceAbstractInsurance markets face increasing and non-diversifiable climate risks. Investments in climate resilience and other preventive measures can mitigate these risks. However, insurers underinvest in these measures due to competition concerns, as they cannot internalise all risk reduction benefits but bear full costs, in the absence of coordination mechanisms. I develop a model of investments by insurance companies in prevention of natural catastrophes. By modeling how insurers' pricing and investment strategies vary with market structure, I examine the policy trade-off between competition and investment. Monopoly insurance markets result in a higher level of preventive investment than Bertrand duopoly market, which differs from the conventional theory of competition and process innovation. Moreover, with preventive investment, monopolist insurer finds it optimal to lower prices below competitive prices without investment. Thus, monopolist can expand insurance coverage as well as preventive investments, in absence of competition concerns. Another novel result from the paper is that preventive investments by climate insurance industry are pareto-improving, even at the cost of welfare loss from reduced competition from allowing monopoly. |
| By Ananya Goyal; Queen Mary University of London |
| Presented by: Ananya Goyal, Queen Mary University of London |
Billionaires' Carbon Wealth: Quantifying Polluting Assets for a Fair Climate TaxationAbstractAddressing climate change requires urgent, equitable policy measures. Traditional carbon pricing has struggled to reduce emissions effectively and often disproportionately impacts low-income populations. As a result, attention is turning to carbon wealth taxation (CWT), which targets the carbon-intensive assets of the ultra-wealthy. This approach is based on evidence that the richest 10% of the global population are responsible for about half of all emissions. This study introduces a new dataset combining financial and emissions data to analyze the carbon footprint of the 500 wealthiest individuals. It estimates their share of global emissions and assesses the revenue potential of a carbon wealth tax. Even when accounting for tax avoidance, simulations show that such a tax could raise significant funds for climate mitigation. Moreover, it could encourage a shift in billionaire portfolios toward greener investments. Overall, the research highlights the potential of CWT to reduce emissions while avoiding regressive impacts on lower-income groups. |
| By Krystian Bua; Scuola Superiore Sant'Anna Pisa Matteo Coronese; Scuola Superiore Sant'Anna Pisa Francesco Lamperti; Scuola Superiore Sant'Anna Pisa Chiara Marino; Scuola Superiore Sant'Anna Pisa Elisa Palagi; Scuola Superiore Sant'Anna Pisa Andrea Roventini; Scuola Superiore Sant'Anna Pisa |
| Presented by: Elisa Palagi, Scuola Superiore Sant'Anna Pisa |
Geopolitical Events and Oil Price Shocks: Comparative Impacts on Traditional vs. Modern Sector ETFsAbstractThis study investigates the impact of geopolitical events and oil price fluctuations on Exchange-Traded Funds (ETFs), focusing on both traditional and modern sector ETFs such as those in Environmental, Social, and Governance (ESG) and technological innovation. Against the backdrop of heightened global economic uncertainty, the study examines how these external shocks affect ETF performance, comparing their responses with the behavior of gold as a control variable. Drawing on methodologies from structural vector autoregressive (SVAR) models, the research employs Cholesky identification to trace out the dynamic effects of exogenous shocks on ETFs. The analysis explores two distinct investment directions: one anchored in conventional sectors and the other in contemporary themes, highlighting their resilience and adaptability in volatile market conditions. By capturing the nuanced reactions of ETFs to geopolitical tensions and oil price volatility, the study contributes to understanding how different investment strategies navigate complex economic landscapes. Insights gained from this research are crucial for asset managers and investors seeking to optimize portfolio allocations amidst ongoing economic uncertainties and geopolitical risks. |
| By Fabio Anobile; Università LUM Marco Maria Matarrese; Università di Foggia Lucio Laureti; Università LUM |
| Presented by: Fabio Anobile, Università LUM |
Carbon credits: who purchases them and why?AbstractCarbon dioxide removal technologies are increasingly considered essential for achieving climate targets, yet they remain costly and uncertain in effectiveness. Despite the lack of regulatory mandates, a growing number of firms, particularly in the technology, finance, and insurance sectors, are voluntarily purchasing carbon credits to support CDR methods, including direct air capture and bioenergy with carbon capture and storage. This study explores the motivations behind such voluntary purchases and investigates their financial and strategic implications. We propose four key hypotheses: firms may be hedging against anticipated future regulations, treating carbon credits as an appreciating asset class; using them to signal environmental commitment and attract sustainability-focused investment; or responding to direct market incentives through investor reactions. Using a novel dataset compiled from multiple sources, we document transaction-level data on voluntary carbon credit purchases, focusing on publicly listed firms. We assess how carbon credit announcements influence stock market performance through an event study approach. This paper provides the first systematic analysis of firm-level behaviour in voluntary carbon markets, offering insights into the strategic roles carbon credits play in corporate climate strategies. Our findings have implications for policy design, market development, and the broader role of private actors in global decarbonization. |
| By Francesco Lamperti; Scuola Superiore Sant'Anna Pisa Roberta Terranova; EIEE |
| Presented by: Roberta Terranova, EIEE |
| Session 124: HOUSEHOLD INCOME October 25, 2025 8:30 to 9:50 Location: Aula Grande |
| Session Chair: Antonio Scialà, Università Roma Tre |
Expenditure, Income Variability and Heterogeneity: Evidence from Italian Household DataAbstractThe paper provides estimates of the elasticity of expenditure relative to income for Italy, using a quasi-panel dataset from the Italian Household Budget Survey (AD-HBS) between 2018 and 2022. Specifically, we estimate the Expenditure-Income Elasticity (EIE) using quantile regression methods at different points of the income distribution and with different characteristics of the population (working and marital status, type of income - labour, pensions and transfers -, demographic characteristics, geographical location etc.) and type of goods (durables, non-durables and services). We observe significant heterogeneity in the EIE distribution, which is strictly decreasing across quantiles and persistent across time, with an extraordinary reduction in 2020 due to the pandemic outbreak. The analysis highlights the importance of accounting for household heterogeneity when assessing the distributional effects of income changes. We discuss the relevance of the results for evaluating spending responses to fiscal interventions and redistributive scenarios. |
| By Fausto Libero Barberis; Sapienza Università di Roma Susan Battles; Ministero dell'Economia e delle Finanze Fabio Di Dio; Sapienza Università di Roma Pietro Zoppoli; Ministero dell'Economia e delle Finanze |
| Presented by: Fausto Libero Barberis, Sapienza Università di Roma |
Social Interaction and Consumer behaviour. Some evidence on cultural consumptionAbstractICTs have dramatically changed the production and consumption of cultural goods. Nowadays, a new challenge is represented by the advent of Artificial Intelligence, although its full potential has not yet been explored. Despite all these innovations and changes, the importance of the social aspects of cultural events is still considered a pillar of cultural consumption by several scholars. The aim of this paper is to investigate the importance of social interaction in the consumption of highbrow cultural goods, like live music, theatre, or dance performance; live book reading, poetry or storytelling event; and art exhibit such as paintings, sculpture, pottery, graphic design or photography. Using data from the 2022 Survey of Public Participation in the Arts, we consider both the physical social interactions (partner or spouse; other family members; friends neighbors or co-worker; etc) but also digital interactions (print or broadcast media and social media) to evaluate its impact on cultural consumption. Preliminary results suggest that social media interaction is an important aspect that cannot be neglected with respect to the other interactions in the consumption of highbrow cultural goods, and cultural institutions should also take into account the importance of social media in advertising cultural goods. |
| By Concetta Castiglione; Università della Calabria Davide Infante; Università della Calabria |
| Presented by: Concetta Castiglione, Università della Calabria |
Patterns and drivers of EU income inequality: an analysis of EU-SILC dataAbstractFocusing on the period 2007-2021, this paper applies the Analysis of Gini (ANOGI) methodology introduced by Yitzhaki (1994) to the decomposition of EU-SILC household-level income data, to investigate the evolution of income distribution among EU Member States. Our findings show that aggregate income inequality has decreased in the European Union between 2007 and 2021, mainly driven by a drop in between-country inequality, fostered by a reduction of the dispersive effect of within-country overlapping inequality. Within-country inequality and between-country overlapping inequality have instead remained broadly stable. The analysis of the bilateral within-country overlapping components also show that they are explained by macroeconomic factors such as cultural distance, geographical separation, technological differences, trade intensity, migration flows, and public expenditure patterns. The results indicate that closer cultural ties and stronger economic interactions are associated with greater overlap, suggesting that these determinants foster convergence in income distributions across the EU. |
| By Filomena Pietrovito; Università del Molise Alberto Franco Pozzolo; Università Roma Tre Giuliano Resce; Università del Molise Antonio Scialà; Università Roma Tre |
| Presented by: Antonio Scialà, Università Roma Tre |
| Session 125: POLITICAL PROCESS I October 25, 2025 8:30 to 9:50 Location: Aula 8 |
| Session Chair: Angela Parenti, Università di Pisa |
Campaign spending in elections with micro-targeting and ideologically biased votersAbstractWe study interactions between campaign spending and ideology in an election where two parties compete over an electorate with ideologically biased voters. The parties target voters with costly persuasive effort which, together with ideology, defines the party each voter votes for. In equilibrium, the joint distribution of party expenditures reaches a maximum for a specific value of the ideological bias, which identifies the focus of the campaign, i.e. the group most heavily targeted by the campaign. This focus shifts from swing voters to the strongest partisans of the party with the smaller budget, as the gap between party budgets increases. |
| By Marco Magnani; Università di Parma |
| Presented by: Marco Magnani, Università di Parma |
Preferences for redistribution and demand for redistributive policies in EuropeAbstractThis paper aims to map factors associated with preferences for redistribution by European citizens and to analyse to what extent such preferences materialise into consistent voting behaviour. To these aims, we use European Social Survey (ESS) data to investigate the individual personal, social, economic and cultural drivers of preferences for redistribution across the EU and candidate countries of the Balkan region. We also investigate in detail the link between income inequality and preferences for redistribution in Europe. In the second part of the paper, for a selected set of EU countries, we match ESS data on individual preferences for redistribution and self-reported voting behaviour with information available in the Chapel Hill Experts Survey (CHES) on the positioning of political parties regarding the role of the government in addressing income inequalities. We also investigate which factors affect the strength of the link between preferences for redistribution and consequent voting behaviour. Our findings indicate that an individual position in the upper part of the income distribution as well as trust in politics, positive attitudes towards immigrants and a leftist ideology are associated with a higher consistency between stronger preferences for redistribution and voting for parties supporting redistribution. |
| By Cristiano Perugini; Università di Perugia Marko Vladisavljevic; University of Belgrade |
| Presented by: Marko Vladisavljevic, University of Belgrade |
Local labour market conditions and electoral behaviour: an instrumental variable approach from ItalyAbstractWhat is the causal impact of local employment dynamics on electoral behaviour? We combine Italian labour market area-level data for four national elections (2008−2022) with a shift-share IV estimation design to identify how a 1 p.p. drop in the local employment rate affects voter decisions. Our baseline estimates show that such a shock yields a 0.76 p.p. increase in turnout and a 0.80 p.p. decline in incumbent vote share. Further analyses reveal that (i) roughly one-quarter of the incumbent penalty (0.21 p.p.) operates via higher turnout; (ii) effects are driven entirely by areas actually experiencing employment declines, with no response where conditions improve; and (iii) while regional-national partisan alignment slightly moderates the magnitude, national accountability for economic performance largely dominates the electoral reaction of the local population. |
| By Daniel Mele; Banca d'Italia, ARET Trieste Alessandro Pietropaoli; Banca d'Italia, ARET L'Aquila |
| Presented by: Alessandro Pietropaoli, Banca d'Italia, ARET L'Aquila |
The political cost of integration: A natural experiment on local governmentsAbstractThe existing literature identifies a negative relationship between jurisdiction size and voter participation. Previous studies have primarily examined this correlation through local government mergers or amalgamations, which often fail to establish a robust causal link due to limitations in natural experimental settings. To address this gap, we analyze the French experience of intermunicipal cooperation (2001–2018), where municipalities transfer specific responsibilities and fiscal revenues from the local to the intermunicipal level. Leveraging an exogenous population-based rule, our analysis reveals that voter turnout in municipal elections significantly declines in newly integrated communities. This reduction in participation is enduring, persisting even after the introduction of direct elections for intermunicipal governments. Further analysis on the mechanisms behind these e!ects shows that these municipalities experience a notable decrease in fiscal revenues for approximately two years following their integration decision. Our findings suggest that when less is at stake, in terms of responsibilities and fiscal revenues in highly integrated municipalities, citizens feel less involved and electoral participation decreases. |
| By Edoardo Di Porto; Università di Napoli Federico II Angela Parenti; Università di Pisa Sonia Paty; GATE - University of Lyon 2 |
| Presented by: Angela Parenti, Università di Pisa |
| Session 126: QUANTITATIVE METHODS II October 25, 2025 10:00 to 11:20 Location: Aula 7 |
| Session Chair: Dario Palumbo, Università Cà Foscari di Venezia |
Evaluating Data-Driven Risk Estimation: A Practical Assessment of Volatility Forecasting under Stress ConditionsAbstractThis study provides a comparative analysis of machine learning and traditional econometric volatility forecasting models' performance during market crises, with direct implications for Value-at-Risk (VaR) calculations and regulatory compliance. Using daily data from the equity, commodity, and foreign exchange market spanning the COVID-19 pandemic, we demonstrate that transformer-based architectures (Autoformer) achieve superior point forecasting accuracy (MSE reduction of 18-42% vs GARCH), while the extended LSTM (xLSTM) better captures volatility trajectories and more precisely aligns with the timing of volatility changes (Dynamic Time Warping scores 60-92% and Time Distortion Index 40-95% lower than alternatives). However, machine learning models exhibit critical limitations for risk management applications, with 2.1-4.8× higher VaR exceedance rates than GARCH during stress periods. We identify a fundamental trade-off: while deep learning models improve forecast precision, GARCH-type models maintain regulatory acceptability through conservative risk estimates despite higher capital charges. The findings advocate for hybrid governance frameworks that combine machine learning's adaptive capabilities with traditional models' operational stability, providing actionable insights for financial institutions navigating regulatory requirements. |
| By Patrick Spitzer; TU Dortmund University Peter N. Posch; TU Dortmund University |
| Presented by: Patrick Spitzer, TU Dortmund University |
The Cost Share Approach to Production FunctionsAbstractI propose a new semi-parametric estimation approach that recovers heterogeneous output elasticities, markups, and revenue total factor productivity from company accounts data. The method requires no assumption on demand, the law of motion of productivity, or the invertibility of input demand. It is also immune to the issues with the estimation of production functions when there is market power in output markets. My approach relies on input cost shares as proxies of output elasticities. I characterize the sign and magnitude of the bias in cost-share-based output elasticity estimates from the most plausible forms of measurement error in input expenditures (error in the cost of capital). I show analytically that this measurement error can always be purged from noisy data on the cost of inputs. I then propose a novel two-stage production function estimation approach that recovers heterogeneous output elasticities, markups, and revenue productivity. I use Monte Carlo simulations to show that this approach performs extremely well on multiple dimensions in a very general setting. Finally, I apply the new estimator to Compustat, and show that the biggest driver of the variance of revenue productivity and its rise is markup dispersion. |
| By Giulio Gottardo; University of Oxford |
| Presented by: Giulio Gottardo, University of Oxford |
A Clusterwise Approach to Poverty analysis in European regionsAbstractThis study develops and applies a novel regression framework to analyze poverty risk across European regions distinguished by urban, suburban, and rural contexts. Using distributional socio-economic data (income, education, employment) from Eurostat, the approach transforms each variable’s quantile function via a logarithmic-derivative (LDQ) transformation and represents it with spline-based functional objects. A clusterwise regression algorithm is then applied: observations are grouped into clusters and local functional regression models are fit within each cluster. In case studies of European countries, the model achieved high explanatory power and revealed distinct clusters with different driving factors. For example, in cities higher educational attainment strongly reduced poverty risk, whereas in rural areas employment and income were the dominant predictors . These findings demonstrate that urbanization materially alters poverty dynamics and that the proposed LDQ‐based model can capture complex distributional effects, informing more targeted policy interventions. |
| By Gianmarco Borrata; Università di Napoli Federico II Simona Cafieri; ISTAT |
| Presented by: Simona Cafieri, ISTAT |
A simple parsimonious framework for extracting and modelling the term structure of interest ratesAbstractThis paper introduces a novel methodology for the extraction and modelling of the unobserved term structure of interest rates which incorporates in a single inferential framework both cross-sectional and time-series information from observed bond prices. In doing so, the paper introduces both a parametric and a semi-parametric dynamic model for the term structure which can be extended to capture also features such as heteroschedasticity in both the time and cross-section dimension, as well as the zero-lowerbound constraint. The models provide a coherent description of the term structure and outperforms current term structure extraction methods in fitting the observed bond prices surface. The models also outperform other existing dynamic term structure models in forecasting observed bond prices at one, six and twelve months horizons. Moreover, the study highlights a strong sensitivity of the forecasting errors of the existing dynamic models to the choice of the term structure extraction method used to construct the samples for the parameters’ estimation. |
| By Dario Palumbo; Università Cà Foscari di Venezia |
| Presented by: Dario Palumbo, Università Cà Foscari di Venezia |
| Session 127: NOVEL PERSPECTIVE IN ENVIRONMENTAL AND RESOURCE ECONOMICS (with IAERE - Associazione Italiana Economisti dell’Ambiente e delle Risorse Naturali) October 25, 2025 10:00 to 11:20 Location: Aula 9 |
| Session Chair: Alessio D'Amato, Università di Napoli Parthenope |
Climate change, inequality and vulnerability: Estimating spatially heterogeneous effects under data constraintsAbstractUnderstanding the socioeconomic incidence of climate change impacts can inform the effective targeting of adaptation policies. Insight to date is limited by data availability; climate impacts and socioeconomic vulnerability are spatially heterogeneous and spatially-explicit profiles of social vulnerability are often unavailable. A method to overcome these data limitations can widen the scope with which one may estimate spatially heterogeneous climate impacts. This paper presents a novel spatial microsimulation estimation method to quantify social vulnerability to climate change impacts at the small area level. We apply this method in the investigation of climate risk, considering flood risk in Ireland as a case study. We demonstrate the utility of such insight for climate adaptation policy. The quantification of flood exposure provides a first-round approximation of locations which may require adaptation interventions. However, metrics of socioeconomic vulnerability allow for areas of highest priority to be identified, conditional on societal preferences towards equity. |
| By Stefano Ceolotto; Euro-Mediterranean Center on Climate Change Niall Farrell; Economic and Social Research Institute (ESRI) |
| Presented by: Stefano Ceolotto, Euro-Mediterranean Center on Climate Change |
Climate Events and Adaptation: Effects on Environmental Policy and AbatementAbstractWe examine how an extreme climate event a¤ects the incentives of regulators to invest in adaptation measures that reduce the impact on firms´ production costs, and how this investment affects environmental policy and firms´ incentives to invest in abatement. Different government agencies implement these policies (adaptation and emission fees) and can exhibit asymmetric preferences for pollution. We find that investment in adaptation and abatement are substitutes, and more likely climate events decrease firms´ investment in abatement. We also find that severe climate events can induce less investment in adaptation, as they can be used as a tool to reduce expected output and pollution. In addition, we show that symmetric agencies induce a lower investment in adaptation. Finally, we separately identify the welfare gains from adaptation and environmental policy. |
| By Ana Espinola-Arrendondo; Washington State University Felix Munoz-Garcia; Washington State University Françeska Tomori; Complutense University of Madrid |
| Presented by: Françeska Tomori, Complutense University of Madrid |
Floods do not sink prices, historical memory does: How flood risk impacts the Italian housing marketAbstractDo home prices incorporate flood risk in the immediate aftermath of specific flood events, or is it the repeated exposure over the years that plays a more significant role? We address this question through the first systematic study of the Italian housing market, which is an ideal case study because it is highly exposed to floods, though unevenly distributed across the national territory. Using a novel dataset containing about 550,000 mortgage-financed transactions between 2016 and 2024, as well as hedonic regressions and a difference-in- difference design, we find that: (i) specific floods do not decrease home prices in areas at risk; (ii) the repeated exposure to floods in flood-prone areas leads to a price decline, up to 4% in the most frequently flooded regions; (iii) responses are heterogeneous by buyers’ income and age. Young buyers (with limited exposure to prior floods) do not obtain any price reduction for settling in risky areas, while experienced buyers do. Furthermore, buyers who settle in risky areas have lower incomes than buyers in safe areas in the most affected regions. Our results emphasize the importance of cultural and institutional factors in understanding how flood risk affects the housing market and socioeconomic outcomes. |
| By Anna Bellaver; Università di Torino Lorenzo Costantini; CENTAI Institute Ariadna Fosch; CENTAI Institute Anna Monticelli; Intesa Sanpaolo David Scala; Intesa Sanpaolo Marco Pangallo; CENTAI Institute |
| Presented by: Lorenzo Costantini, CENTAI Institute |
“Bad rebounds” and the Environment: Bottled water and plastic collection behavior using cross-sectional Italian dataAbstractThe multidimensional nature of environmental problems is increasingly recognized, as different relevant behaviors may be mutually reinforcing or may be in a trade-off relationship. This is particularly relevant in cases when the use of resources is tightly linked to their packaging, as in the case of bottled water consumption. This paper aims at using Italian data to assess whether plastic related separated collection and bottled water consumption reduction are complements or substitutes in consumers’ behaviors. Using Cross-sectional Italian data, we show that the relationship depends on the availability of waste infrastructures: surprisingly, better infrastructures (door to door collection) crowd out water related behaviors, resulting in a challenging “rebound” effect. We also attempt to provide a conceptual framework to explain this evidence, and provide robustness analysis for our results. |
| By Marco De Simone; Università degli Studi Internazionali di Roma Ivano Dileo; Università di Napoli Parthenope Elisabetta Marzano; Università di Napoli Parthenope Alessio D'Amato; Università di Napoli Parthenope |
| Presented by: Marco De Simone, Università di Napoli Parthenope |
Mortality, Temperature, and Public Adaptation Policy: Evidence from ItalyAbstractIn 2004, Italy introduced a national program to address heat-related health risks through public awareness campaigns, heatwave warning systems, and hospital protocols. Leveraging administrative mortality data, temperature variations, and the plausibly exogenous timing of the policy's rollout, this paper shows that the program mitigated the mortality impact of extreme heat (days at or above 30°C) by more than 57%. Exploring the mechanisms, we find that the staggered implementation of the heat wave warning systems contributed to reducing excess mortality on days exceeding 30°C in treated provinces. We further show that enhancing access to information is essential to achieving these mitigating effects. Our findings underscore the critical role of public adaptation policies that leverage information disclosure on the health risks associated with heat stress. |
| By Filippo Pavanello; ifo Institute Giulia Valenti; Fondazione Eni Enrico Mattei |
| Presented by: Giulia Valenti, Fondazione Eni Enrico Mattei |
| Session 128: INNOVATION AND RESILIENCE UNDER UNCERTAINTY: INSIGHTS FROM BANKING AND CORPORATE STRATEGIES (with Centro Studi delle Camere di Commercio "Guglielmo Tagliacarne") October 25, 2025 10:00 to 11:20 Location: Aula 4 |
| Session Chair: Gaetano Fausto Esposito, Centro Studi delle Camere di Commercio Guglielmo Tagliacarne |
Is relationship banking supporting firms’ adaptation to an uncertain world?AbstractIs relationship banking supporting firms’ adaptation to an uncertain world? |
| By Giovanni Ferri; Università LUMSA Anton Giulio Bottoni; Centro Studi delle Camere di Commercio Guglielmo Tagliacarne Gaetano Fausto Esposito; Centro Studi delle Camere di Commercio Guglielmo Tagliacarne Marco Pini; Centro Studi delle Camere di Commercio Guglielmo Tagliacarne |
| Presented by: Giovanni Ferri, Università LUMSA |
Uncertainty beyond Exposure: Trump’s Tariffs and Italian Firms’ ExpectationsAbstractUncertainty beyond Exposure: Trump’s Tariffs and Italian Firms’ Expectations |
| By Anton Giulio Bottoni; Centro Studi delle Camere di Commercio Guglielmo Tagliacarne Davide Mariz; Centro Studi delle Camere di Commercio Guglielmo Tagliacarne |
| Presented by: Anton Giulio Bottoni, Centro Studi delle Camere di Commercio Guglielmo Tagliacarne |
Boosting innovative entrepreneurial culture: local banking and high-technology firm formationAbstractBoosting innovative entrepreneurial culture: local banking and high-technology firm formation |
| By Valentina Meliciani; LUISS Guido Carli Pierluigi Murro; LUISS Guido Carli Giuseppe Terzo; Università LUMSA |
| Presented by: Giuseppe Terzo, Università LUMSA |
Financial cooperatives as circular investors: An explanatory study of their role in Italy and Canada AbstractFinancial cooperatives as circular investors: An explanatory study of their role in Italy and Canada |
| By Beatrice Di Marco; Università LUMSA |
| Presented by: Beatrice Di Marco, Università LUMSA |
| Session 129: INTERNATIONAL TRADE October 25, 2025 10:00 to 11:20 Location: Aula di Calcolo 1 |
| Session Chair: Nicola Coniglio, Università di Bari |
Redefining Global Trade Patterns BRICS+, G7, and Technological TradeAbstractThe developed of BRICS+ has reflected a clear commitment to become a relevant global actor. Considering the significant heterogeneity among the countries in terms of income and economic structure, the potential consequences and implications remain uncertain. This study explores the reshaping of global trade by estimating the determinants of exports with a focus on the technological content of traded goods. Using a unique dataset, further augmented to include trade in technologically innovative products, this paper seeks to understand how the technological capacity in developing countries exporting to BRICS and G7 affects the intensity of their high and mid-tech exports. Results indicate similar export patterns for both BRICS and G7 countries. Our findings suggest that for high-tech exports, the greater the R&D activities, the lower the volume of exports to G7 countries, while no significant results have been found for BRICS countries. The way international trade has been structured, particularly the productive capacities and technologically advanced industries of the traditional industrial powers (G7) and the emerging economies (as proxied with BRICS+), has left little room for developing countries to integrate into higher-value segments of international trade. We illustrate that the drivers of more technologically advanced integration are based on specific conditions. |
| By Carlos Abreo; University of Valencia Jennifer Pédussel Wu; IPE, Berlin School of Economics and Law Ignacio Silva Neira; HWR and YSI |
| Presented by: Ignacio Silva Neira, HWR and YSI |
Trade Flow and Institutional Quality: A Theoretical and Empirical FrameworkAbstractThis paper examines the impact of institutional quality on trade liberalisation. Although recent studies emphasise the benefits of trade for economic development, this paper focuses on how institutional settings, such as contract enforcement, property rights, and regulatory quality, affect nations' incentives to trade. Using a network formation game and an empirical model employing Ordinary Least Squares (OLS), Poisson Pseudo-Maximum Likelihood Estimator (PPML) and Instrumental Variable Poisson (IVPPML), this paper highlights that higher institutional quality has a noticeable and positive impact on trade flows. Strong institutions, according to theoretical modelling and empirical study, are more likely to be involved in stable and efficient free trade networks; weaker institutions limit their ability to benefit from global trade. The results emphasise the need for institutional development to improve global economic integration and reduce trade conflicts. |
| By Luigi Aldieri; Università di Salerno Cristian Barra; Università di Salerno Anna Papaccio; Università di Salerno Concetto Paolo Vinci; Università di Salerno |
| Presented by: Anna Papaccio, Università di Salerno |
International trade, organizational capital and interest ratesAbstractDo interest rates affect firm-level choices of internationalization? We answer this question through both theoretical modeling and empirical analysis. First, we develop a dynamic heterogeneous-firm trade model à la Melitz (2003) that incorporates two novel channels: (i) a temporal gap between export production costs and revenue realization, and (ii) a dynamic accumulation of organizational capital, which endogenously affects firm productivity. These mechanisms imply that higher interest rates reduce both firms’ extensive and intensive margin of internationalization, the more so for firms with lower stocks of organizational capital. Second, we test these predictions using detailed panel data on nearly 100,000 Portuguese firms from 2006 to 2022. We construct firm-level measures of organizational capital using selling, general, and administrative expenses, and assess the impact of changes in monetary policy rates on exports through fixed effects regressions and pseudo-Poisson maximum likelihood estimation. Our results confirm that organizational capital significantly mitigates the negative effect of interest rates on export performance. The findings underscore the policy relevance of fostering organizational capital as a buffer against adverse monetary shocks in open economies. |
| By Paolo Giordani; LUISS Guido Carli Francesco Nucci; Sapienza Università di Roma Alberto Petrucci; LUISS Guido Carli Filomena Pietrovito; Università del Molise Alberto Franco Pozzolo; Università Roma Tre |
| Presented by: Filomena Pietrovito, Università del Molise |
Deindustrialization and the evolution of comparative advantages: the exit of products from export basketsAbstractTrade de-specializations represent the mirror image of deindustrialization as erosion of productive capabilities in some sector is reflected in the loss of comparative advantages. In this paper we explore the extent and dynamics of trade exits – defined as a substantial and non-temporary decline in revealed comparative advantages – for a large sample of countries in the last two decades. Our analysis reveals that exits are highly frequent as more than one third of specializations transiting countries’ export baskets between 2000 and 2019 are ‘lost’ in the analysed period. We provide evidence of large cross-country and cross-sectoral heterogeneity and employ a set of econometric models to understand the product-level and country-level determinants of exits across the World with a focus on Asian countries. We also bring new evidence on the role of the growing participation of China in the global economy (the so-called China-shock) in influencing exits of products, in particular industrial ones, in the rest of the world. |
| By Nicola Coniglio; Università di Bari Matteo Lanzafame; Asian Development Bank Davide Vurchio; Università di Bari |
| Presented by: Nicola Coniglio, Università di Bari |
| Session 130: ECONOMIC THOUGHT October 25, 2025 10:00 to 11:20 Location: Aula di Calcolo 2 |
| Session Chair: Neri Salvadori, Università di Pisa e Accademia dei Lincei |
Mr. Keynes and the "Classics" a Century Later: Reviewing the IS-LM modelAbstractThe IS-LM model, formulated by Hicks in 1937, has been a cornerstone in macroeconomic pedagogy and policy analysis. Influential economists and textbooks - including Blanchard (2021), Mankiw (2016), and Samuelson and Nordhaus (1998) - have extensively relied on its stylized but clear representation of the key macroeconomic relations of a capitalist economy. Despite its popularity, the IS-LM model faces criticism for its static nature and incomplete accounting structure. This paper aims to address fundamental questions about the continued relevance of the IS-LM model. Specifically, it explores whether the model, when enriched with dynamics and stock-flow completeness, still exhibits the same qualitative behaviour. Our findings suggest that the answer is negative. When assessing the implications of economic policy shocks, the original formulation of the IS-LM model is likely to lead to misleading conclusions, mainly due to flow leakages and missing stock-flow links. |
| By Marco Veronese Passarella; Università dell'Aquila e Leeds University Business School |
| Presented by: Marco Veronese Passarella, Università dell'Aquila e Leeds University Business School |
An Essay on the Monetary Roots of ExploitationAbstractThis paper proposes a theory of the mark-up that is embedded in a circuit model of the capitalist mode of production. The model and the theory are built on Keynes's principle of effective demand, Graziani's monetary theory of production and Pivetti's monetary theory of distribution. The price-setting mechanism is conceived as driven by a Kaleckian rule. The rate of interest on bank loans and the propensities to save of different macro-players are shown to affect the level of the mark-up, thus contributing to explain "labour exploitation" as measured by the average gap between worker's pay and productivity. In other words, "labour exploitation" is seen as being in part originated by monetary phenomena, such as the rentability of bank credit and the macro-players' propensities to accumulate money in a bank account. |
| By Corrado Andini; University of Madeira |
| Presented by: Corrado Andini, University of Madeira |
Luigi Lodovico Pasinetti as a contributor to the controversies in the theory of capitalAbstractIn this paper we scrutinize Luigi Pasinetti’s various contributions to the controversies in the theory of capital. It is shown that his arguments and judgements were typically compelling and sound and that he managed admirably well spotting slips and inconsistencies in some of the reasonings of his neoclassical colleagues. We will focus on three debates: the debate about reswitching in the 1966 (The Quarterly Journal of Economics ); Pasinetti’s critique of Solow’s revival of the concept of the “social rate of return” (The Economic Journal ); the debate about reswitching in the seventies (Revue d’économie politique). We will use letter exchanges from three archives: Sraffa, Pasinetti, Samuelason. |
| By Heinz Kurz; University of Graz Neri Salvadori; Università di Pisa e Accademia dei Lincei |
| Presented by: Neri Salvadori, Università di Pisa e Accademia dei Lincei |
| Session 131: AGENT-BASED MODELS FOR THE MACROECONOMICS OF THE ENERGY AND CLIMATE TRANSITIONS October 25, 2025 10:00 to 11:20 Location: Sala Consiliare |
| Session Chair: Andrea Roventini, Scuola Superiore Sant'Anna Pisa |
Climate change and inequality: Insights from an agent-based integrated assessment modelAbstractClimate change impacts economic and natural systems in highly uneven ways, yet, integrated assessment models (IAMs) rarely address economic inequality systematically. This paper addresses this gap by developing an integrated agent-based model that captures the dynamic interplay between climate change, economic inequality, and policy responses. We extend the Dystopian Schumpeter-Keynes (DSK) agent-based IAM by introducing heterogeneous households with evolving income and wealth, enabling the endogenous analysis of inequality over time. The model simulates the macroeconomic and distributional effects of various climate policy mixes, alongside fiscal and redistributive measures. |
| By Elisabetta Cappa; Scuola Superiore Sant'Anna Pisa Hannah Engljaehringer; Scuola Superiore Sant'Anna Pisa Francesco Lamperti; Scuola Superiore Sant'Anna Pisa Andrea Roventini; Scuola Superiore Sant'Anna Pisa |
| Presented by: Hannah Engljaehringer, Scuola Superiore Sant'Anna Pisa |
Navigating Climate-Induced Systemic Risk: Insights from an Agent-based Integrated Assessment ModelAbstractThe interconnected nature of the financial system makes it particularly vulnerable to climate-risk, where damages propagate through the economy and amplify within the financial sector, fueling systemic risk build up. We use the Dystopian Schumpeter meeting Keynes agent-based integrated assessment model to analyze the build-up of systemic risk in presence of increasing climate damages. We extend the model by enabling the endogenous formation and evolution of an interbank network, assuming that commercial banks manage payment flows among firms. This framework allows us to create a financial network where the shocks can originate either in the real or the financial sector, and they can propagate both within and between the two domains. We introduce a Basel-III like prudential framework and incorporate a network-based micro-prudential tool (NEVA), i.e., a balance sheet-based valuation of interbank exposures that minimizes systemic risk with minimal behavioral assumptions about banks. In our proposed framework, we test two regulatory modifications: the introduction of green capital requirements and a micro-prudential regulation for systemic risk mitigation (NEVA). To assess the framework robustness, we measure, in a warming world, the financial sector’s ability to absorb climate-induced damages and assess its effectiveness in curbing macro-financial instabilities. |
| By Gianluca Pallante; Scuola Superiore Sant'Anna Pisa Francesco Lamperti; Scuola Superiore Sant'Anna Pisa Andrea Roventini; Scuola Superiore Sant'Anna Pisa |
| Presented by: Gianluca Pallante, Scuola Superiore Sant'Anna Pisa |
The Impacts of Climate Change on Health and Collective Well-being: an Agent-Based Integrated Assessment ModelAbstractClimate change has been identified as the largest threat to public health of the 21st century. Despite this evidence, the integrated assessment models (IAMs) used to quantify the global consequences of climate change seldom incorporate its long-term effects on public health and living conditions. This paper addresses this gap by employing an agent-based stock-flow consistent model that captures the long-run social impacts of climate change in terms of population health and well-being, within a framework that jointly analyses the co-evolution of health and economic dynamics. The model shows that climate change-induced health shocks increase mortality and hospitalization rates, leading to declines in both overall life expectancy and healthy life expectancy. The health effects, primarily via their impacts on labour supply, spill over to the economic sector, affecting GDP growth and amplifying the macroeconomic impacts of climate change. Importantly, our results reveal a vicious feedback-loop between economic and health dynamics, which amplifies the initial health impacts. Finally, the model provides a robust framework for evaluating the effects of alternative climate policies on economic growth and collective welfare, as well as for assessing different public health investment strategies aimed at mitigating the societal impacts of climate change. |
| By Elisabetta Cappa; Scuola Superiore Sant'Anna Pisa Giovanni Dosi; Scuola Superiore Sant'Anna Pisa Francesco Lamperti; Scuola Superiore Sant'Anna Pisa Andrea Roventini; Scuola Superiore Sant'Anna Pisa |
| Presented by: Elisabetta Cappa, Scuola Superiore Sant'Anna Pisa |
Modelling Transition Risk - An Agent-based, Stock-Flow Consistent ModelAbstractThe paper presents an agent-based (AB), stock-flow-consistent (SFC) macroeconomic framework to study the economic, financial and social implications of the transition to a net zero carbon economy. The work follows recent proposals in the literature and from policy that agent-based, stock-flow consistent macro-economic models are needed in order to answer ``macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role'' (Haldane and Turrell, 2018, p. 219). The AB-SFC modelallows the user to study a wide range of macro dynamics that emerge from the interactions of heterogeneous actors across several sectors of the economy under conditions of imperfect information and bounded rationality. The paper describes the modelling approach and illustrates its usefulness by using a pilot version of the model to study the economic, distributional and financial stability implications associated with a wholescale technological transition from `brown' (fossil fuel) to `green' (eg renewable) energy. The model allows us to explore questions of price stability, distributional equity, asset stranding and financial transition risk within a single macroeconomic framework. |
| By Florian Botte; Université du Littoral Cote d'Opale Tommaso Ciarli; UNU-MERIT Andrew Jackson; University of Surrey Marco Valente; Università dell'Aquila |
| Presented by: Marco Valente, Università dell'Aquila |
Are fiscal multipliers state dependent? Insights from an agent-based modelAbstractThe paper examines the macroeconomic effects of fiscal policy under varying economic conditions. The analysis is conducted using a closed-economy agent-based model, where macroeconomic outcomes of fiscal intervention emerge from the bottom up as the result of interactions between heterogeneous agents in different markets, with feedback loops between demand, supply, and the financial sector. The model simulation results indicate that expansionary fiscal policies generate significant positive effects on aggregate output, with a public consumption multiplier of 1.6 on average, and an income tax multiplier of approximately 1.0. Notably, the effectiveness of a public direct consumption stimulus exhibits significant non-linearities, with multipliers reaching up to 3.5 during periods of economic slack and 2.5 during times of high financial fragility. In contrast, income tax rate multiplier appears largely acyclical. Overall, this analysis contributes to the growing and unsettled debate on the state-dependent effects of fiscal policy, providing model-based insights into this crucial topic. |
| By Marco Amendola; Università dell'Aquila Marcelo C. Pereira; University of Campinas |
| Presented by: Marco Amendola, Università dell'Aquila |
| Session 132: INDUSTRY DYNAMICS II October 25, 2025 10:00 to 11:20 Location: Aula 5 |
| Session Chair: Roberto Gabriele, Università di Trento |
Labour Mobility as a Response to Manufacturing Decline: an Empirical Analysis for ItalyAbstractThis paper examines to what extent severe industrial crises in Italy influenced the internal mobility of the working-age resident population across local labour markets (LLMs) from 2000 to 2019. Using a staggered difference-in-differences approach, we find a significant negative impact on net migration, due to both reduced inflows from, and increased outflows to other LLMs. The results remain robust across different model specifications, alternative DiD estimators, and extended pre-treatment periods. |
| By Giulia Bettin; Università Politecnica delle Marche Silvia Mattiozzi; Università Politecnica delle Marche |
| Presented by: Giulia Bettin, Università Politecnica delle Marche |
Emergent macro properties through gradient flowAbstractThis paper develops a dynamic industry model within a general equilibrium framework to examine the effects of intra-industry reallocation on aggregate behaviour. The analysis focuses on scenarios where, in the short run, sectoral factor returns are not necessarily equal due to the presence of temporarily immobile factors. Specifically, the paper adapts \citet{sonnenschein1982price} to an economy composed of short-sighted competitive firms and workers who move across sectors in response to differential factor returns under quadratic movement costs. We demonstrate that the macrodynamics of the system can be represented as a gradient flow. Consequently, the dynamics of firm sectoral distribution—i.e., the sequence of short-run general equilibria—can be interpreted as a sequence of instantaneous aggregate optimizations. In the continuous-time limit, this process is characterized by a partial differential equation. We establish the existence, global stability, and efficiency of the long-run equilibrium under varying conditions of consumer preferences, technology, and labor mobility. Furthermore, we analyze the properties of the convergence path, which reveals specific dynamic aggregate efficiency, even when it arises from the uncoordinated actions of individual firms. |
| By Giorgio Fabbri; CNRS-GAEL Davide Fiaschi; Università di Pisa Cristiano Ricci; Università di Pisa |
| Presented by: Davide Fiaschi, Università di Pisa |
Mapping technological trajectories in the food industry using main path analysis: are there health and green transitions?AbstractThis paper explores technological trajectories in the global food industry by analyzing patent citation networks from the early 1920s to 2021. Using main path analysis, we identify the key technological developments in the sector, as well as the countries and applicants driving these changes. We investigate two dimensions of technological evolution that have been largely overlooked in existing research: whether the ongoing "health transition" in food innovation has been accompanied by a "green transition." Our findings reveal the emergence of three successive technological paradigms: (1) the era of mass food production driven by process innovations; (2) the introduction of reformulation strategies focused solely on enhancing the palatability of confectionery products; and (3) more recent reformulation strategies aimed at balancing taste with health improvements. These shifts appear to be influenced by increasingly prevalent public health policies and growing consumer resistance to unhealthy artificial ingredients. With the partial exception of the most recent period, we find little evidence of a "green transition" within the leading technological changes. Subsequently, we conduct separate main path analysis on a sub-sample of green patents in the food industry, aiming to uncover green technological trajectories and better understand the industry’s current stage within its life cycle. |
| By Enrico Alessandri; Università di Bologna Riccardo Cappelli; Università Politecnica delle Marche Marco Cucculelli; Università Politecnica delle Marche Jasmine Mondolo; Università Politecnica delle Marche |
| Presented by: Enrico Alessandri, Università di Bologna |
Intra-industry diversification in the semiconductor industryAbstractFirms in the semiconductor industry exhibit substantial variation in how they diversify across product lines, prompting questions about the performance implications of intra-industry diver- sification (IID). Drawing on a global panel of 471 firms from 2001–2021, we employ a measure of portfolio coherence—relatedness-weighted diversification (RWD)—and examine its impact on sales growth and market share. Our analysis reveals that coherence enhances performance but is moderated by competitive overlap in both application and device markets. Notably, the inter- action is nonlinear: coherence becomes more valuable under high saturation, where system-level integration and customer lock-in matter most. We further distinguish between Fabless firms and Integrated Device Manufacturers (IDMs), finding that Fabless firms derive greater benefits from coherent portfolios due to their structural flexibility. To address model limitations, we comple- ment fixed-effects regressions with machine learning methods, including Random Forests and Gradient Boosting Machines. These models confirm the presence of nonlinearities and improve predictive accuracy, underscoring the utility of a hybrid econometric-ML framework for studying strategy-performance relationships in complex industries. |
| By Elettra Sartori; Università di Trento Marco Corsino; Università di Milano-Bicocca Roberto Gabriele; Università di Trento |
| Presented by: Roberto Gabriele, Università di Trento |
| Session 133: GLOBAL VALUE CHAINS II October 25, 2025 10:00 to 11:20 Location: Aula 6 |
| Session Chair: Gianluca Capone, Università di Parma |
Intangible assets and the position in global value chainsAbstractIn this paper, we propose a conceptual and measurement framework to analyze the distribution of intangible assets within and across global value chains (GVCs), enabling us to identify the position of each country-industry. We then conduct a structural decomposition analysis to disentangle the trade-related and technology-related drivers of changes in country-industries’ positions within GVCs. Our findings reveal that while economic integration within Europe has deepened, it has only partially mitigated pre-existing asymmetries in the distribution of intangible assets, with distinct patterns between manufacturing and service industries. Eastern Europe in particular has improved its GVC position in intangible terms through its growing role as a GVC supplier rather than an increase in intangible intensity. In contrast, Western Europe has consolidated its role as a knowledge supplier, particularly in high-technology manufacturing sectors. |
| By Filippo Bontadini; LUISS Guido Carli Rinaldo Evangelista; Università di Camerino Florencia Jaccoud; Università di Camerino e UNU-MERIT Valentina Meliciani; LUISS Guido Carli |
| Presented by: Rinaldo Evangelista, Università di Camerino |
Unpacking the Polarizing Effects of Global Production Networks: Evidence from EU RegionsAbstractThis paper investigates the relationship between regional participation in Global Production Networks (GPNs) and labour market polarization across European regions. While existing literature has extensively examined the effects of technological change and trade on occupational structures, the territorial consequences of different modes of firm internationalization remain underexplored. We address this gap by constructing a novel panel dataset (2007–2022) that integrates regional employment data with firm-level information on multinational ownership structures from Orbis DataHub. We identify three main forms of GPN participation: the emergence of Global Ultimate Owners (GUOs), the expansion of foreign subsidiaries by domestic multinationals (SUBOUT), and the presence of foreign-owned firms (SUBIN). Using fixed effects and instrumental variable models, we find that all three forms of internationalization are significantly associated with higher levels of polarization, though outward FDI by local firms generates the strongest effects by displacing middle-skill occupations. Importantly, we show that national labour market institutions—such as employment protection legislation and collective bargaining centralization—can moderate these effects, in some cases reversing the direction of impact. Our findings suggest that policies supporting international integration should be accompanied by institutional and territorial strategies capable of addressing uneven impacts and fostering a more balanced distribution of their outcomes. |
| By Vieri Calogero; Università di Milano-Bicocca Simona Comi; Università di Milano-Bicocca Mara Grasseni; Università di Bergamo Laura Resmini; Università di Milano-Bicocca |
| Presented by: Vieri Calogero, Università di Milano-Bicocca |
Italy’s Position in Global Innovation Networks: A Network Analysis ApproachAbstractOver the past decades, the international fragmentation of production has reshaped the global innovation landscape, fostering the rise of Global Innovation Networks (GINs). This study investigates Italy’s integration into GINs from 1995 to 2020, focusing on four innovation-intensive manufacturing sectors: chemicals, pharmaceuticals, electronics, and machinery. While Italy’s role in global value chains is well-established, its position in global innovation networks remains underexplored. Using network analysis techniques applied to OECD inter-country input-output data, the study examines Italy’s structural position within GINs by measuring sectoral centrality, connectivity, and directional linkages. Preliminary findings show that the machinery sector holds a central position in European innovation clusters, while pharmaceuticals have gained prominence since 2005 through rising foreign direct investment (FDI) in pre-production activities. Conversely, the electronics sector remains peripheral, reflecting Italy’s lag in science-based and fast-evolving technologies. The analysis also reveals a link between network centrality and the ability to attract innovation-related FDI, suggesting a pattern of externally sourced innovation. Italy appears strongly embedded in European innovation blocs but has limited interregional connectivity. This research contributes to a better understanding of Italy’s innovation positioning and provides valuable insights to inform policy strategies aimed at enhancing innovation performance and knowledge-based competitiveness. |
| By Andrea Coveri; Università di Urbino Raffaele Giammetti; Università di Cassino e del Lazio Meridionale Antonello Zanfei; Università di Urbino |
| Presented by: Andrea Coveri, Università di Urbino |
Regional Windows of Opportunity in GVCs: The Impact of Inward FDI on Local Subcontractors' UpgradingAbstractThis study examines how foreign MNE entry and exit create local windows of opportunity for subcontractors in the Italian fashion industry, shaping their upgrading trajectories. By integrating firm-level information from the IMEFAS dataset and ORBIS Historical database, we classify upgrading into four dimensions: engagement in high-value-added activities, client and activity portfolio expansion, and the transition from component production to final goods manufacturing. Our findings reveal that foreign MNE exits significantly enhance subcontractor upgrading across all four dimensions, fostering repositioning within the value chain. Conversely, MNE entry has a weaker impact, possibly due to power imbalances that limit subcontractors’ ability to diversify and expand. These results challenge existing views on vertical spillovers associated with inward FDI and the disruptive effects of divestment, suggesting that subcontractors leverage MNE exits to upgrade out of necessity. Our study highlights the dynamic interplay between foreign MNEs and local suppliers, offering new insights into the regional factors shaping GVC evolution. |
| By Jacopo Canello; Università di Parma Gianluca Capone; Università di Parma Cristina Re; Università di Parma |
| Presented by: Gianluca Capone, Università di Parma |
| Session 134: CLIMATE CHANGE, AGRIFOOD SYSTEMS, AND CONFLICT: PATHWAYS, IMPACTS, AND POLICY IMPLICATIONS October 25, 2025 10:00 to 11:20 Location: Aula Grande |
| Session Chair: Donato Romano, Università di Firenze |
Progetto di ricerca: Climate Change, Agrifood Systems, and Conflict: Pathways, Impacts, and Policy Implications - PRIN-2022 project 2022RSZW83 "Climate change, violent conflicts and welfare: Amulti-scale investigation of causal pathways in different institutional contexts (CCLIMATE-CONFLICTS)" (principal investigator: Raul Caruso)AbstractProgetto di ricerca: Climate Change, Agrifood Systems, and Conflict: Pathways, Impacts, and Policy Implications - PRIN-2022 project 2022RSZW83 "Climate change, violent conflicts and welfare: Amulti-scale investigation of causal pathways in different institutional contexts (CCLIMATE-CONFLICTS)" (principal investigator: Raul Caruso) |
| By Donato Romano; Università di Firenze |
| Presented by: Donato Romano, Università di Firenze |
Climate Change – Agrifood – Conflict Nexus Pathways: A Scoping Review of the LiteratureAbstractThis paper explores the pathways linking climate change and conflict, shedding light on the critical role the agrifood system can play as an intermediary. By conducting a scoping review of recent literature, this paper identifies two main pathways: increased competition over natural resources used in agriculture and decreased agricultural productivity. While some relationships, such as those examining the immediate causes of conflict – like threats to livelihoods, increased migration, and food insecurity – have been extensively studied, others, such as the impact of price changes and market forces, remain surprisingly underexplored. Various empirical approaches have been employed to identify these pathways, including ordinary least squares and logit/probit regressions as well as instrumental variables and structural equation modeling. |
| By Donato Romano; Università di Firenze Luca Tiberti; Università di Firenze Tulia Gattone; Università di Firenze Raul Caruso; Università Cattolica del Sacro Cuore Sara Balestri; Università di Perugia Anna Balestra; Università Cattolica del Sacro Cuore |
| Presented by: Donato Romano, Università di Firenze |
Pathways of Climate Variability, Agricultural Performance, and Conflict: A Machine Learning Approach to Complex DependenciesAbstractThis study empirically tests a conceptual framework linking climate variability to conflict through agricultural and market-mediated pathways, using georeferenced data from Nigeria. Climate variability, measured via the Standardized Precipitation- Evapotranspiration Index (SPEI), is linked to crop commercialization, household consumption, and conflict outcomes. All models draw on socio-economic data from the World Bank LSMS-ISA (waves 1–3, 2010–2016), including crop selling chain information to test the market access channel. Our main empirical strategy combines logit, Generalized Additive Models (GAM), and artificial neural networks (ANN) to capture nonlinear dynamics and mediating effects. For robustness checks, we apply Random Forest, Support Vector Machines (SVM), and Naive Bayes. As a sensitivity test, we implement a stepwise ANN model in Keras using wave 4 (2018-2019) data as testing data to validate the agricultural productivity channel based on crop yields. |
| By Tulia Gattone; Università di Firenze Donato Romano; Università di Firenze Luca Tiberti; Università di Firenze |
| Presented by: Tulia Gattone, Università di Firenze |
Drought, Kinship, and Conflict in West AfricaAbstractThis paper examines the relationship between drought, kinship networks, and conflict occurrence in West Africa. Building on insights from the literature on informal risksharing within spatially extended social networks, we explore whether ethnic groups with lineage systems that span multiple communities are differently exposed to the effects of covariate shocks. Using a panel dataset of 1,260 grid cells matched to 231 ethnic groups from 1997 to 2022, we construct a measure of relative drought, identifying instances in which a given area experiences drought while neighboring coethnic areas are not simultaneously affected, but are connected through kinship ties. In these contexts, we observe lower incidence of conflict events—particularly rebel attacks against civilians—when extended kinship systems are present. |
| By Chiara Livorno; Università di Firenze Luca Tiberti; Università di Firenze |
| Presented by: Chiara Livorno, Università di Firenze |
Sowing Conflict: Extreme Climate Events, Agriculture and Violence in West AfricaAbstractThis paper investigates the relationship between climatic anomalies and conflict in four West African countries—Burkina Faso, Niger, Nigeria, and Côte d’Ivoire— all of which are heavily reliant on rainfed agriculture —over the period 2010 to 2023. Drawing on data from the Standardized Precipitation-Evapotranspiration Index (SPEI), the Armed Conflict Location & Event Data Project (ACLED), the World Bank’s Living Standards Measurement Study – Integrated Surveys on Agriculture (LSMS-ISA) and the Enquête Harmonisée sur le Conditions de Vie des Ménages (conducted by World Bank and UEMOA Commission), the analysis provides robust household-level evidence linking rainfall deviations and drought events during growing seasons to conflict incidence up to one year after the harvest. We leverage the temporal and spatial comparability of the climate index, which provides a strong analytical foundation for cross-country comparisons while retaining micro-level granularity, thereby strengthening the external validity of our analysis. |
| By Tulia Gattone; Università di Firenze Donato Romano; Università di Firenze Giordana Sabella; Università di Firenze Luca Tiberti; Università di Firenze |
| Presented by: Luca Tiberti, Università di Firenze |
| Session 135: FINANCIAL AND CREDIT MARKETS October 25, 2025 10:00 to 11:20 Location: Biblioteca |
| Session Chair: Edoardo Gaffeo, Università di Trento |
Proximity-Powered Attention: Exploring Spatial Spillover in Investor AttentionAbstractThis paper examines the transmission of investor attention between firms based on geographical proximity and product market similarity using EDGAR search traffic data. We find that firms receive more attention when a nearby firm experiences abnormal attention, with the effect decreasing with distance and over time. The effect is stronger for firms in similar product markets. Effects are most concentrate among nearby firms, with attention increases exceeding 90% for very similar markets, dropping to 41% as distance increases. This research extends the literature on investor attention and local information bias, highlighting the importance of peer firm relationships in information transmission. |
| By Kevin Lehmann; Technical Universtity Dortmund Peter Posch; TU Dortmund University |
| Presented by: Kevin Lehmann, Technical Universtity Dortmund |
EU Views and Household Investments: Evidence from the Brexit ReferendumAbstractThis study investigates how euroscepticism affected the portfolio choices of Italian retail investors following the Brexit referendum. Leveraging a quasi-experimental setting and granular investment data, we show that residents of eurosceptic provinces significantly increased their allocations to UK securities relative to those in pro-European provinces after Brexit. This suggests that ideological polarization shaped investor perceptions, leading eurosceptic individuals to view Brexit as a positive signal for UK prospects. Robustness checks confirm that the results are not driven by demographic, geographic, or economic confounders, nor by broader geographic portfolio rebalancing. Our findings highlight how political polarization, when coupled with pivotal political events, can influence international investment decisions. |
| By Michele Cascarano; Banca d'Italia Laura Sigalotti; Banca d'Italia Francesco Stradi; KU Leuven |
| Presented by: Michele Cascarano, Banca d'Italia |
Market Spillovers amid Geopolitical Conflicts and Tensions: Analysing Sectoral Return and Volatility Interconnections in the Indian Stock Market with the US Market, Oil, and GoldAbstractThis study investigates the sectoral return and volatility interconnections between the Indian stock market, the US market, crude oil, and gold, particularly during periods of geopolitical tensions and global crises. Utilizing the Time-Varying Parameter Vector Autoregression (TVP-VAR) model proposed by Antonakakis et al. (2020), we analyse daily data spanning from August 9, 2011, to February 3, 2025. To capture the dynamic nature of market connectedness across different crisis episodes, we segment the analysis into three key periods: the US-China trade war, the COVID-19 pandemic, and the Russia-Ukraine conflict. Our findings reveal that volatility interconnectedness surpasses return interconnectedness, highlighting the heightened market uncertainty during global disruptions. Notably, the highest volatility spillovers are observed during the Russia-Ukraine war, whereas return interconnectedness peaks during the COVID-19 pandemic. These insights contribute to the understanding of financial market dynamics under crisis conditions, offering valuable implications for policymakers, investors, and risk managers navigating turbulent economic landscapes. |
| By Ujjal Dutta; National Institute of Technology Silchar Aliul Islam; National Institute of Technology Silchar |
| Presented by: Ujjal Dutta, National Institute of Technology Silchar |
The Worth of Connections. An Assessment of the Impact of Interlocking Directorates on Resources AllocationAbstractTo what extent do personal acquaintances between bankers and firms distort lending decisions, operating like a financial friction? This paper investigates credit misallocation driven by the network structure of interlocking directorates in Portugal. Our empirical results show that personal ties between corporate directors and lenders contribute to preferential credit allocation, supporting the literature on favoritism as a financial distortion. However, when we simulate a counterfactual scenario where interlocks are removed and credit is artificially redistributed to equalize marginal returns, we do not observe any significant improvement in aggregate output. This suggests that the macroeconomic impact of such distortions is extremely limited. We argue that this unexpected finding can be explained by the fact that less efficient firms are typically more distant from banks in geodesic terms, which reduces the misallocation effects of favoritism in credit allocation. |
| By Enrico Cristofoletti; Università di Trento Edoardo Gaffeo; Università di Trento |
| Presented by: Edoardo Gaffeo, Università di Trento |
| Session 136: POLITICAL PROCESS II October 25, 2025 10:00 to 11:20 Location: Aula 8 |
| Session Chair: Federico Boffa, Libera Università di Bolzano |
Robotic automation and right-wing populism: do labor skills make a difference?AbstractWe study whether the electoral outcome of right-wing populism is related to differences in patterns of substitutability/complementarity between robots and workers belonging to different skill categories. We do so by relying on sectoral estimates of the elasticity of substitution (EoS) between robots (i.e., robotic capital) and workers at different skill categories, understood as a measure of the workers’ perceived exposure to automation. Using data on Italian provinces, we show that the EoS between robots and unskilled labor positively and significantly affected the populist right electoral outcome. On average, a one-unit increase of the EoS in a province (in the years between two subsequent elections) increased the electoral share of populist right-wing parties in that province by 0.071 points. By contrast, the EoS between robots and skilled labor seems to have exerted no effect. We further show that neither elasticity has an important effect on the shares of left parties in the same period. |
| By Massimo Del Gatto; Università di Chieti-Pescara Christos Mavridis; Università di Chieti-Pescara |
| Presented by: Massimo Del Gatto, Università di Chieti-Pescara |
Does A Lack of Trust Boost Populist Political Parties in Europe? Causal Evidence from Three MethodologiesAbstractExisting research has identified several economic and cultural determinants of populist voting. We focus on a related explanation: whether populist leaders can capitalize on a sense of distrust between individuals. There is currently limited causal evidence on the relationship between interpersonal trust and support for populist parties, and the underlying mechanisms driving this relationship are not well understood. Using three distinct causal identification strategies, each grounded in different assumptions, we find consistent evidence that a deficit in trust significantly bolsters support for populist political parties throughout Europe. Notably, this influence is driven by far-right populist voting. |
| By Jessica Di Cocco; European University Institute Eugenio Levi; Link Campus University Rama Dasi Mariani; Università Roma Tre Steven Stillman; Free University of Bozen-Bolzano |
| Presented by: Rama Dasi Mariani, Università Roma Tre |
Social BlameAbstractA social planner wants to allocate resources among individuals who assign blame or gratitude based on their current allocations, recognizing that alternative outcomes might have been possible if the planner had made different choices. This paper proposes social blame to model such social choice problems, where the planner is concerned with how people assign blame, e.g., when political candidates propose policies to gain support. This paper studies the transitivity, best choice, group-best choice, and second-best choice within the context of social blame. It shows that preference orders are generally non-transitive in pairwise comparisons with a variable budget. However, when the budget is fixed, preferences may become transitive, leading to a (group-)best choice that results in discrimination and inequality. The paper also explores two extended settings---skew asymmetry and ambiguity aversion---and finds that both can violate completeness and induce a status quo bias, thereby exacerbating discrimination and inequality. Furthermore, the study considers the role of peer effects in this framework, suggesting that a consistent social belief in equilibrium, along with potential transitivity, could help overcome the status quo. Several examples, including income mobility, political elections, and gender issues, are discussed afterwards. |
| By Liyang Hong; Xiamen University Zhuzhu Zhou; Xiamen University |
| Presented by: Zhuzhu Zhou, Xiamen University |
Do Incompetent Politicians Breed Populist Voters? Evidence from Italian MunicipalitiesAbstractPoor performance by the established political class can drive voters towards anti-establishment outsiders. Is the ineffectiveness of incumbent politicians an important driver of the recent rise of populist parties? We provide an empirical test exploiting a sharp discontinuity in the wage of local politicians as a function of population in Italian municipalities. We find that the more skilled local politicians and more effective local government in municipalities above the threshold cause a significant drop in voter support for the populist Five-Star Movement in regional and national elections. Support for incumbent governing parties increases instead. |
| By Federico Boffa; Libera Università di Bolzano Vincenzo Mollisi; University of Mannheim Giacomo Ponzetto; CREI, UPF, BSE and IPEG |
| Presented by: Federico Boffa, Libera Università di Bolzano |
| Session 137: TERRITORI IN TRANSIZIONE: INFRASTRUTTURE, MOBILITA' E TURISMO October 25, 2025 10:00 to 11:20 Location: Aula Piccagli |
| Session Chair: Mario Intini, Università di Bari |
Progetto di ricerca: TERRITORI IN TRANSIZIONE: INFRASTRUTTURE, MOBILITA' E TURISMO - GRINS—Growing Resilient, INclusive and Sustainable - Next-Generation EU (PNRR), Missione 4, Componente 2, Investimento 1.3—D.D. 1558 11/10/2022, PE00000018, CUP: H93C2200AbstractProgetto di ricerca: TERRITORI IN TRANSIZIONE: INFRASTRUTTURE, MOBILITA' E TURISMO - GRINS—Growing Resilient, INclusive and Sustainable - Next-Generation EU (PNRR), Missione 4, Componente 2, Investimento 1.3—D.D. 1558 11/10/2022, PE00000018, CUP: H93C22000650001, Spoke 7 Territorial Sustainability) |
| By Angela Stefania Bergantino; Università di Bari Mario Intini; Università di Bari |
| Presented by: Mario Intini, Università di Bari |
Firms' Performance and Structural Funds: An Analysis of the Tourism Sector in ItalyAbstractThis study assesses the impact of Cohesion Policy investments on the development of Italy's tourism sector using a firm-level approach. By leveraging the newly available “Tourism Attractiveness” policy-focus dataset from OpenCoesione and detailed firm-level information, the paper investigates whether and to what extent EU-funded initiatives contribute to the growth, productivity, and competitiveness of tourism-related businesses. The analysis focuses on firms operating in sectors closely linked to tourism and considers a broad range of investment categories, including infrastructure, cultural heritage, and digital innovation. To address the challenges posed by staggered treatment timing and varying investment intensities, the study adopts a recent methodological advancement in impact evaluation: the staggered Difference-in-Differences (DiD) estimator with continuous treatment developed by De Chaisemartin and Haultfoeuille (2023). This approach allows for more robust estimation of causal effects in a setting characterized by heterogeneity in the timing and amount of funding received. |
| By Marika Arena; Politecnico di Milano Angela Stefania Bergantino; Università di Bari Alessandro Buongiorno; Università di Bari Maria Grazia Cito; Università di Bari Mario Intini; Università di Bari Francesco Scotti; Politecnico di Milano |
| Presented by: Maria Grazia Cito, Università di Bari |
Measuring Tourism Pressure on Italian Destinations: A Vulnerability Analysis at the Provincial LevelAbstractOver the past three decades, international tourist arrivals have more than tripled, reaching a remarkable 1.5 billion travelers worldwide. This consistent growth in tourism has persisted over time, despite adverse events that temporarily diminished traveler numbers. In subsequent years, however, demand rebounded swiftly, often with increasing growth rates. Even in the aftermath of the significant global crisis caused by the Covid-19 pandemic, international demand demonstrated remarkable resilience, fully recovering to 2019 levels across nearly all regions of the world by 2024. As tourism demand surges, more destinations are facing congestion, a situation often exacerbated by media reports that highlight the difficulties and frustrations expressed by residents regarding the unregulated and uncontrolled growth of tourism. |
| By Angela Stefania Bergantino; Università di Bari Alessandro Buongiorno; Università di Bari Mario Intini; Università di Bari |
| Presented by: Alessandro Buongiorno, Università di Bari |
Sustainability practices in tourism? An empirical analysis based on tourists’ perceptionsAbstractSustainability concerns have gained a central place in scientific research due to the increased focus on the SDGs outlined in Agenda 2030 and environmental issues. The rapid acceleration of tourism demand has put a strain on tourist destinations as well as on national and local policymakers. Specific issues relate to tourism's contribution to the irresponsible use of natural resources and the dampening of other economic sectors, which subsequently restrains local development potential in the medium and long term. |
| By Angela Stefania Bergantino; Università di Bari Mario Intini; Università di Bari Giulio Pedrini; Università di Enna "Kore" Raffaele Scuderi; Università di Enna "Kore" |
| Presented by: Giulio Pedrini, Università di Enna "Kore" |
| Session 138: GREEN PREFERENCES October 25, 2025 10:00 to 11:20 Location: Aula Magna |
| Session Chair: Davide Bazzana, Università di Brescia |
Willingness-To-Pay for Sustainable and Ethical FashionAbstractThe transition from seasonal to fast fashion, coupled with the rise of compulsive and disposable consumer behavior, poses significant challenges to the environment and labor conditions. This study investigates consumers’ willingness to pay (WTP) for garments labeled as sustainable or ethically produced by different certifiers (the brand, an NGO, or the EU). Using a Randomized Controlled Trial, we conducted a contingent valuation survey on a representative sample of approximately 5,000 Italians aged 18 to 75. Results show that WTP is influenced by demographic, socio- economic, and ideological factors. Specifically, individuals with left-leaning political views exhibit significantly higher WTP, highlighting the role of ideology in ethical consumption. Higher household income and greater clothing exprenditure are positively associated with WTP, suggestingeconomic capacity supports sustainable fashion choices. Such findings emphasize the potential of consumer-driven solutions in the fashion industry. By aligning sustainability certifications with consumer expectations and building trust, brands and policymakers can advance towards a more responsible and sustainable economy. |
| By Marzia Montanaro; Università di Napoli Federico II Laure de Preux; Imperial College London Carla Guerriero; Università di Napoli Federico II |
| Presented by: Marzia Montanaro, Università di Napoli Federico II |
Pro-Environmental Behavior under Risk and Ambiguity: Evidence from a Lab ExperimentAbstractThe present study examined the impact of risk and ambiguity on environmental donations. Using a dictator game, the research investigated the behavior of student donors in a laboratory experiment in which the recipient was an environmental agency financing sustainable projects. The findings showed that participants used objective risk as a justification to avoid donating, particularly when the risks associated with the donation’s outcome were explicit. Risk- and ambiguity-averse participants tended to place greater weight on the potential benefits of pro-environmental actions over their uncertain drawbacks. Additionally, participants’ perceived level of ambiguity—and the general difficulty they faced in assessing objective probabilities—tended to increase selfish behavior, suggesting a link between cognitive abilities, generosity, and pro-environmental decision-making. Finally, regarding the timing of decisions, contributions seemed to be driven by instantaneous and intuitive decisions. |
| By Rocco Caferra; Unitelma Sapienza Andrea Morone; Università di Bari Piergiuseppe Morone; Unitelma Sapienza |
| Presented by: Andrea Morone, Università di Bari |
Tourism in Balance in Italian regions. Evidence from microdata. AbstractTourism is one of the main driving forces of the Italian economy. However, despite bringing many economic benefits, high tourism flows have negative consequences in terms of overtourism and negative environmental impacts. Therefore,tourism diversification becomes a keyword. To this end, the European Union has recently developed a project “Tourism in Balance” aimed at favoring cooperation between six cities (Amsterdam, Rome, Cracove, Tallin, Brasove, Sevilla) characterized by permanent issues of overtourism. Specifically, the cities involved will cooperate to spread tourism to a wider area, in order to minimize the negative effects coming from overtourism. Following this perspective and using data from the International Tourism Survey carried out by Bank of Italy for 2018 and 2023, the paper explores travel patterns of foreign tourists having a holiday in Italy. Diversification is expressed in terms of foreign tourists’ destinations, that is how many Italian municipalities they visit during a single travel. This is then used as dependent variable in qualitative data models to evaluate what are the personal characteristics and place of origin making tourists more likely to visit more than one municipality in Italian regions. This would allow targeting foreign tourists and, thus, help policy makers in better managing tourist flows. |
| By Martina Aronica; Università di Palermo Maria Francesca Cracolici; Università di Palermo Davide Piacentino; Università di Palermo Furio Urso; Università di Palermo |
| Presented by: Martina Aronica, Università di Palermo |
Spurring abatement investments: Endogenous green preferences and social dynamics in the MATRIX modelAbstractThis work analyzes the effects and feedback of endogenously evolving consumer green preferences on firms' investment decisions in CO2 emissions abatement. While the existing literature focusing on the willingness to pay for less polluting products identifies key drivers of green consumption, it remains unclear to what extent such preferences can incentivize firms to adopt abatement measures and significantly alter overall emission trajectories. Moreover, social dynamics are critical in shaping individual preferences, potentially enabling or constraining sustainable consumption choices. Using the Multi-Agent model for Transition Risks (MATRIX), a stock-flow-consistent, agent-based, integrated-assessment model, we find that endogenous green preferences can accelerate the green transition by complementing carbon taxation. However, social dynamics and peer imitation produce non-trivial effects: without large-scale, coordinated abatement efforts by firms, sporadic investments fail to generate sufficient momentum to shift preferences toward greener products. Consequently, while individual-level actions may favor full CO2 emissions reduction, "brown" social norms dominate, hindering the green transition. |
| By Demis Legrenzi; Università di Brescia Emanuele Ciola; Università di Brescia Davide Bazzana; Università di Brescia Massimiliano Rizzati; Università di Brescia Enrico Turco; Fondazione Eni Enrico Mattei Sergio Vergalli; Università di Brescia |
| Presented by: Davide Bazzana, Università di Brescia |
| Session 139: TERRITORI IN TRANSIZIONE: INFRASTRUTTURE, MOBILITA' E TURISMO October 25, 2025 11:30 to 12:50 Location: Aula 5 |
| Session Chair: Angela Stefania Bergantino, Università di Bari |
Progetto di ricerca: Territori in transizione: infrastrutture, mobilità e turismo. GRINS—Growing Resilient, INclusive and Sustainable - Next-Generation EU (PNRR), Missione 4, Componente 2, Investimento 1.3—D.D. 1558 11/10/2022, PE00000018, CUP: H93C22000AbstractProgetto di ricerca: Territori in transizione: infrastrutture, mobilità e turismo. GRINS—Growing Resilient, INclusive and Sustainable - Next-Generation EU (PNRR), Missione 4, Componente 2, Investimento 1.3—D.D. 1558 11/10/2022, PE00000018, CUP: H93C22000650001, Spoke 7 Territorial Sustainability) |
| By Angela Stefania Bergantino; Università di Bari Mario Intini; Università di Bari |
| Presented by: Angela Stefania Bergantino, Università di Bari |
Analyzing Accessibility to Citizenship Services A Network Analysis and Machine Learning ApproachAbstractThis work aims to investigate and study the accessibility to citizenship services, such as mobility, education and healthcare, within Italian municipalities. To this end, we employ predictive Machine Learning methodologies for cluster analysis, and Network analysis. We use for our estimates a unique local dataset, which integrates municipal socioeconomic variables with advanced engineering features, obtained by analyzing the geo-spatial and road distances between public services and by analyzing the service networks present on the Italian territory. The use of such indicators provides a complete and detailed view of the factors that influence accessibility to services, also allowing to formulate policy recommendations aimed at improving the efficiency of public policies and ensuring a fair distribution of citizenship services. |
| By Angela Stefania Bergantino; Università di Bari Mario Intini; Università di Bari Gianluca Monturano; Università di Modena e Reggio Emilia |
| Presented by: Mario Intini, Università di Bari |
| Gianluca Monturano, Università di Modena e Reggio Emilia |
Beyond the Waterfront: institutional variety, maritime intensity and the uneven geography of Italy’s green transitionAbstractPorts are central to both global trade and national decarbonisation agendas, yet their surrounding territories often lag behind other regions on greentransition metrics. Leveraging the EU taxonomy, we construct employmentweighted indices of transition alignment (TAC) and exposure (TEC) for Italian provinces in 2019 and 2022. Merging these outcomes with raw data on port throughput, institutional quality, income, population and industrialdistrict density, we compute pairwise standard Jaccard dissimilarities and apply principal-coordinate k-means clustering. |
| By Elsa Amaddeo; Università di Bari Elisa Barbieri; Università Ca' Foscari Venezia Angela Stefania Bergantino; Università di Bari Sebastiano Cattaruzzo; Università di Venezia Cà Foscari Mario Intini; Università di Bari |
| Presented by: Sebastiano Cattaruzzo, Università di Venezia Cà Foscari |
Impact of EU funds on municipal tourism attractivenessAbstractThis study investigates the impact of the European Union Cohesion Policy-funded tourism investments on the attractiveness of Italian municipalities. Utilizing data from OpenCoesione, the research classifies tourism projects to differentiate between various investment types and estimates their effects through alternative spatial panel models. The findings reveal that Cohesion Policy funds generally improve tourism attractiveness, although the impact depends on the type of investment. Investments for businesses and transportation demonstrate synergistic effects, while all categories show non-linear effects, with diminishing returns observed at higher expenditure levels. |
| By Marika Arena; Politecnico di Milano Angela Stefania Bergantino; Università di Bari Alessandro Buongiorno; Università di Bari Maria Grazia Cito; Università di Bari Mario Intini; Università di Bari Francesco Scotti; Politecnico di Milano |
| Presented by: Angela Stefania Bergantino, Università di Bari |
| Maria Grazia Cito, Università di Bari |
| Session 140: CIRCULAR ECONOMY AND NEW DEVELOPMENT PARADIGMS October 25, 2025 11:30 to 12:50 Location: Aula 6 |
| Session Chair: Aniello Ferraro, Università di Napoli Parthenope |
Progetto di ricerca: PRIN 2022 PNRR “GENIUS” - A GrEen Network for an Integrated bUsiness Strategy to monitor sustainability measures, CUP I53D23006410001, Codice Progetto P20224YJYPAbstractProgetto di ricerca: PRIN 2022 PNRR “GENIUS” - A GrEen Network for an Integrated bUsiness Strategy to monitor sustainability measures, CUP I53D23006410001, Codice Progetto P20224YJYP |
| By Aniello Ferraro; Università di Napoli Parthenope Antonio Garofalo; Università di Napoli Parthenope |
| Presented by: Aniello Ferraro, Università di Napoli Parthenope |
Assessing the Impact of European Regulations on CO2 Emissions in the Automotive Sector AbstractAssessing the Impact of European Regulations on CO2 Emissions in the Automotive Sector |
| By Aniello Ferraro; Università di Napoli Parthenope Antonio Garofalo; Università di Napoli Parthenope |
| Presented by: Aniello Ferraro, Università di Napoli Parthenope |
Efficiency, and Mobility: A Regional Tobit Approach to Transport Mode Choice in ItalyAbstractThis paper investigates the interplay between public and private transport systems by analysing the substitutability or complementarity between private cars and mass transport means across Italian regions. Using a Tobit model to handle the censored nature of the dependent variable—defined as differences in car usage efficiency scores across four models—we examine the effects of public transport expenditure, public R&D, and private R&D on consumer mobility behaviour. The empirical findings reveal that public transport expenditure generally enhances complementarity, suggesting that infrastructure and service improvements foster an integrated mobility system. |
| By Aniello Ferraro; Università di Napoli Parthenope Massimiliano Agovino; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Maria D'Avino; Università di Padova |
| Presented by: Maria D'Avino, Università di Padova |
Digital Twin Technology for Circular Economy OptimizationAbstractIndustry 5.0 represents an evolution of Industry 4.0 by placing greater emphasis on human-centric, sustainable, and resilient manufacturing processes [1, 2]. Within this framework, Digital Twin (DT) technology has emerged as a transformative tool for bridging the physical and digital realms of production. By enabling real-time monitoring, simulation, and optimization, DTs facilitate proactive maintenance, resource efficiency, and reduced environmental impact [3]. Despite growing interest, many current DT implementations fall short of fulfilling their full potential, especially in integrating sustainability goals into industrial operations. |
| By Narinder Singh; Università di Napoli Parthenope Aniello Ferraro; Università di Napoli Parthenope |
| Presented by: Narinder Singh, Università di Napoli Parthenope |
Proposal of a Smart Ecosystem for Advancing Circular Economy in the Textile IndustryAbstractThe transition towards a circular economy represents a challenge for industrial sustainability, particularly in resource-intensive sectors such as textiles. The research aims to develop an innovative model for monitoring and optimizing energy and material flows along the textile supply chain. A key innovation of the study is the measurement of sustainability performance through the combined application of Material Flow Analysis (MFA) and Life Cycle Assessment (LCA). This approach facilitates the identification of optimal resource management strategies, targeting reductions in both carbon and water footprints. The research intends to offer a scalable and replicable model for the textile sector, with potential applications across other industries undergoing ecological and digital transformation. |
| By Lucia Acampora; Università di Napoli Federico II Fabio De Felice; Università di Napoli Parthenope Aniello Ferraro; Università di Napoli Parthenope |
| Presented by: Lucia Acampora, Università di Napoli Federico II |
| Session 141: HISTORICAL PERSPECTIVE ON SO-CALLED RATIONAL ECONOMIC BEHAVIOR (with AISPE - Associazione Italiana per la Storia del Pensiero Economico) October 25, 2025 11:30 to 12:50 Location: Aula Magna |
| Session Chair: Nicola Giocoli, Università di Pisa |
Should we really care about ambiguity? On Bruno de Finetti’s reaction to the Ellsberg ParadoxAbstractDaniel Ellsberg is considered the most important critic of the Bayesian approach to decision-making. Any theoretical work critical of it begins with a brief analysis of Ellsberg’s paradox in order to ascertain what criteria can justify the choices of individuals who violate the sure-thing axiom. The decision context presented by Ellsberg was limited to simple examples of betting on urns, but these examples highlighted the ambiguity of a much more relevant set of decision contexts, showing that uncertainty cannot be reduced to risk. It was to this broader context that Ellsberg devoted his doctoral dissertation, submitted to Harvard in 1962 and remained unpublished for almost 40 years. In his thesis, Ellsberg proposed a broad historical- methodological analysis to justify what is now called the imprecise probability approach. This paper examines de Finetti’s reaction to Ellsberg’s manuscript, presented in two dense typewritten pages, a copy of which was retrieved among Savage Papers archived at Yale University Library. De Finetti rejected Ellsberg’s criticisms and reaffirmed his confidence in the normative approach to decision theory that assumes precise probabilities in every decision context. However, he conceded that he would be attentive to this kind of criticism had a convincing mathematical structure been proposed. |
| By Carlo Zappia; Università di Siena |
| Presented by: Carlo Zappia, Università di Siena |
The feminist economics' critique to rational choice theory: the case of Barbara BergmannAbstractFeminist economist Barbara Bergmann’s contributions to economic methodology was focused on her innovative approaches and critiques of mainstream economic practices. She adopted statistical analysis to criticize rational choice theory and formalized equilibrium models based on maximization. Bergmann’s advocacy for alternative methods, such as experiments and computer simulations, were aimed to challenge neoclassical economics' methodological foundation. |
| By Giandomenica Becchio; Università di Torino |
| Presented by: Giandomenica Becchio, Università di Torino |
Psychological narratives in decision theory: what they are and what they are good forAbstractDecision theory is a branch of economics concerned with how individuals make choices under conditions of uncertainty. The mathematical models developed in this field are generally accompanied by “psychological narratives,” i.e., accounts of the psychological factors and processes that determine an individual’s choices under uncertainty. This paper makes three contributions. First, it reviews the psychological narratives associated with nine influential models developed since the late 1970s to supersede expected utility theory. Second, it examines the epistemological status of these narratives, arguing that they draw from folk psychology and are best understood as as-if constructs. Third, it explores two main epistemic functions of psychological narratives: they serve as rhetorical devices that enhance a model’s perceived validity; more importantly, and despite their fictional nature, they provide explanations for choice-behavior phenomena. Recognizing this latter function requires abandoning the assumption that truth is a necessary condition for explanation. |
| By Ivan Moscati; Università dell'Insubria |
| Presented by: Ivan Moscati, Università dell'Insubria |
Reflections on the History of Uncertainty in EconomicsAbstractThe paper reflects on the importance the problem of uncertainty has had in the evolution of economics and, more generally, the social sciences, as well as on some recent methodological developments. It is argued that the history of how economists have dealt with the problem of uncertainty comprises multiple interconnected stories: the history of uncertainty theory within the conventional framework of expected utility, which is part of the broader history of the mathematization of economics; and the crisis of the standard model, which is encompassed within the credibility revolution in economics and the other social sciences. |
| By Nicola Giocoli; Università di Pisa |
| Presented by: Nicola Giocoli, Università di Pisa |
| Session 142: THE GEOGRAPHY AND ECONOMICS OF NEW TECHNOLOGICAL TRANSFORMATIONS-RELATED JOBS IN ITALY October 25, 2025 11:30 to 12:50 Location: Aula 7 |
| Session Chair: Andrea Fracasso, Università di Trento |
Progetto di ricerca: “The geography and economics of new technological transformations-related jobs in Italy” Progetto 2022EE33TA (CUP E53D23010150006) finanziato dall'Unione europea – Next Generation EU, nell’ambito del bando PRIN 2022AbstractProgetto di ricerca: “The geography and economics of new technological transformations-related jobs in Italy” Progetto 2022EE33TA (CUP E53D23010150006) finanziato dall'Unione europea – Next Generation EU, nell’ambito del bando PRIN 2022 |
| By Andrea Fracasso; Università di Trento Camilla Lenzi; Politecnico di Milano |
| Presented by: Andrea Fracasso, Università di Trento |
Digitalisation, platformisation and the transformations of local labour markets AbstractRapid technological advancements, primarily in the fields of artificial intelligence and advanced automation, have relaunched the debate regarding their impact on employment, highlighting vast heterogeneity across occupational groups, with the least skilled and least educated workers proving to be the most vulnerable to substitution effects. This paper re-examines this statement by conceptually and empirically distinguishing digitalisation from platformisation, depending on their use of digital tools for the organisation of market transactions, and shows their positive, though highly selective, effects for specific occupational groups. Based on an empirical analysis of Italian NUTS3 regions in the period 2018-2023, the paper highlights the role of platforms for the creation of gig jobs, as much as the importance of advanced digitalisation for the creation of creative jobs, highlighting an undesirable downgrading of jobs and an enduring polarisation trend in labour markets, which calls for mitigating policies accompanying the diffusion of digitalisation and platformisation in the upcoming years. |
| By Roberta Capello; Politecnico di Milano Simona Ciappei; Politecnico di Milano Camilla Lenzi; Politecnico di Milano |
| Presented by: Simona Ciappei, Politecnico di Milano |
Occupational exposure to Artificial Intelligence and labor market inequalitiesAbstractArtificial intelligence (AI) is expected to have a significant impact on the labor market in the coming years. We find that occupations that are potentially more exposed to AI in the Italian labor market, i.e. more at risk of being complemented or substituted by it, are in the top two quintiles of the income distribution, mostly in the service sector, and employ a large share of women. To assess implications for income and gender inequalities, we analyze recent job-to-job mobility patterns. These show strong occupational persistence, thus providing little support to the hypothesis that transitions between occupations can easily help adapting to AI-driven changes. However, the few high-income workers moving from substitutable to complementary occupations experience significant wage gains, suggesting that more frequent transitions could amplify income inequality. Women in substitutable occupations face considerable barriers in moving to complementary occupations |
| By Antonio Dalla Zuanna; Banca d'Italia Davide Dottori; Banca d'Italia Elena Gentili; Banca d'Italia Salvatore Lattanzio; Banca d'Italia |
| Presented by: Davide Dottori, Banca d'Italia |
Task Characteristics and Job Satisfaction: The Moderating Role of AutomationAbstractRecent research on automation and job satisfaction points out that robotization negatively impacts workers’ well-being by inducing fear of replacement, questioning work meaningfulness and/or affecting workers’ mental health. Seeking to consider both risks as well as potential benefits of automation, the present paper focuses on the role of task characteristics for job satisfaction, and it investigates the moderating role of automation. Specifically, we consider three important task characteristics that vary across occupations - routine-manuality, perception and manipulation, and social intelligence - and we study how the effects of these characteristics on workers’ well-being are moderated by automation. The empirical analysis makes use of a rich database for the Italian labor market. The econometric results point out that robotization positively moderates the effects of task characteristics on job satisfaction. Workers in occupations that have higher ”automatibility” risks are precisely those that experience more benefits from the introduction of machines in the workplace. This result holds for workers with lower education levels, and those that have a permanent job contract. |
| By Fulvio Castellacci; University of Oslo Chiara Franco; Università di Pisa Francesco Suppressa; Università di Pisa |
| Presented by: Chiara Franco, Università di Pisa |
The Impact of New Digital Technologies: Evidence at the Occupational LevelAbstractThis paper investigates the causal impact of the recent adoption of new digital technologies, namely Advanced Automation and Big Data, on granular employment outcomes in Italy between 2015 and 2019. Exploiting firm-level data on actual technology adoption from the 2018 ISTAT Permanent Census of Enterprises aggregated at the province-macrosector level, we estimate the causal effects of adoption on the local employment shares of all occupational groups at the 2-digit level. To address endogeneity issues, we employ an instrumental variable strategy that exploits the exogenous global development of knowledge and local variation in absorptive capacity. Our findings reveal significant heterogeneity in the impact, both across technologies and occupations, leading to substantial labour reallocation. By using both regional-sectoral data and actual rates of adoption for the period 2016-2018, we contribute to the understanding of the nuanced effects of technological transformations on local labour markets. |
| By Mauro Caselli; Università di Trento Enrico Cristofoletti; Università di Trento Andrea Fracasso; Università di Trento |
| Presented by: Enrico Cristofoletti, Università di Trento |
| Session 143: FIRM RESPONSES TO GLOBAL CHALLENGES: GLOBAL VALUE CHAINS, INNOVATION AND SUSTAINABILITY October 25, 2025 11:30 to 12:50 Location: Aula 8 |
| Session Chairs: |
| Anna D'Ambrosio, Politecnico di Torino |
| Greta Falavigna, CNR-IRCrES |
Progetto di ricerca: Pandemic shock and the sustainability of international trade flows - PRIN 2022 PNRR: P20227AWSW_SH1_PRIN2022PNRR - CUP B53D23026350001, finanziato dall’Unione europea- Next Generation EU, Missione 4 Componente C2 Investimento 1.1AbstractProgetto di ricerca: Pandemic shock and the sustainability of international trade flows - PRIN 2022 PNRR: P20227AWSW_SH1_PRIN2022PNRR - CUP B53D23026350001, finanziato dall’Unione europea- Next Generation EU, Missione 4 Componente C2 Investimento 1.1 |
| By Anna D'Ambrosio; Politecnico di Torino Luigi Benfratello; Politecnico di Torino Greta Falavigna; CNR-IRCrES |
| Presented by: Anna D'Ambrosio, Politecnico di Torino |
Pandemic shock and the sustainability of Italian trade flowsAbstractOur study examines the impact of COVID-19 on the sustainability of Italian trade flows, focusing on firms’ green sourcing strategies. Using a differences-in-differences approach and firm-level trade data, we find that firms in non-essential sectors reduced green imports post-pandemic. However, state aid effectively mitigated this decline. Our results highlight significant regional disparities, with some firms in less-affected regions increasing green sourcing independently. The findings emphasize the importance of targeted policy support to promote sustainable trade practices during economic disruptions. |
| By Maria Laura Pupo; Politecnico di Torino Anna D'Ambrosio; Politecnico di Torino Luigi Benfratello; Politecnico di Torino Greta Falavigna; CNR-IRCrES Alessandro Manello; Università di Torino |
| Presented by: Anna D'Ambrosio, Politecnico di Torino |
The internationalization process of manufacturing firms: new insights from the agri-food industryAbstractConsidering national brand as a public good and focusing the Italian food and beverage industry, this work investigates two alternative business strategies: the strategy of using local inputs for the production process (i.e., “Made in Italy”), and the strategy of using foreign inputs for that production process (i.e., “Made by Italians”). The latter strategy does not propose products that respect the local traditions and the cultural values of a real Italian food, exploiting the national brand to be more competitive on the global market. Using micro data on import and export trade flows between 2014 and 2021, we observe that the strategy “Made by Italians” fosters the internationalization process of this industry, while the “Made in Italy” is successful on the local market. According to the results, an importing firm is 2.88 times more likely to be an exporter than a non-importing firm. Furthermore, an increase in import intensity by 10% is expected to increase export intensity by 0.32%. We cannot therefore reject the hypothesis of a strategic behavior of Italian firms, which adapt their production process to consumers expectations and to what might be their concept of quality within that national brand. |
| By Greta Falavigna; CNR-IRCrES Valentina Giannini; Università Politecnica delle Marche Roberto Ippoliti; Università di Torino |
| Presented by: Greta Falavigna, CNR-IRCrES |
The effects of FDI on innovation. The role of firms’ similarity and complementarity AbstractForeign acquisitions are an important tool for corporate restructuring, proving target firms access to financial resources, technologies, and international networks. While such takeovers can boost economic performance, their impact on innovation remains largely debated in the literature. This study aims to contribute to this debate by seeking to reconcile the mixed and inconclusive evidence on how foreign ownership affects innovation trajectories of target companies. Using firm-level data on one million Italian firms, which are observed between 2007 and 2023, the analysis combines propensity score matching with a staggered difference-in-differences approach to assess post-acquisition changes in patent output, quality, and diversification. It also explores the roles of ownership concentration and technological similarity/complementarity between acquirer and target firms and investigates both short and long-term effects. |
| By Loreta Calzaretta; Università di Verona Laura Magazzini; Scuola Superiore Sant'Anna Pisa Angelo Zago; Università di Verona |
| Presented by: Loreta Calzaretta, Università di Verona |
Is Retaining the same as Attracting Foreign Capitals? Not quite… The case of ItalyAbstractIl paper analizza le determinanti degli IDE in entrata e del disinvestimento dei capitali esteri nelle imprese italiane, un fenomeno spesso visibile solo quando gli investitori stranieri decidono di uscire dal capitale delle aziende locali. Mentre molta letteratura si è concentrata sui fattori macroeconomici che attraggono investimenti diretti esteri (IDE), questo studio approfondisce il livello micro (aziendale e regionale) utilizzando dati AIDA e ORBIS dal 2007 al 2023. Sono considerate tre definizioni di impresa straniera, basate su soglie di partecipazione estera. L’analisi empirica adotta modelli multilivello e multinomiali per studiare sia l’entrata sia l’uscita dei capitali esteri. Tra i fattori aziendali, dimensione ed età dell’impresa aumentano la probabilità di attrarre IDE, mentre una maggiore produttività può favorire l’uscita degli investitori. A livello locale, lo sviluppo economico (PIL pro capite), la qualità istituzionale (durata dei processi giudiziari) e lo sviluppo finanziario influiscono sia sull’attrazione che sulla tenuta dei capitali esteri. L’analisi è ancora in corso, con l’obiettivo di includere variabili aggiuntive legate all’innovazione, al sistema bancario, al capitale umano e alla qualità delle istituzioni, applicando metodi di selezione delle variabili e analisi spaziali per cogliere eventuali economie di agglomerazione. |
| By Laura Magazzini; Scuola Sant'Anna Pisa Chiara Piccardo; Università di Bologna Angelo Zago; Università di Verona |
| Presented by: Angelo Zago, Università di Verona |
| Session 144: THE ENVIRONMENTAL AND SOCIAL SUSTAINABILITY OF THE NRRP: POLICY COALITIONS, DISTRIBUTIONAL EFFECTS, IMPACT EVALUATION October 25, 2025 11:30 to 12:50 Location: Aula Piccagli |
| Session Chair: Mario Pianta, Scuola Normale Superiore |
Progetto di ricerca: The environmental and social sustainability of the NRRP: policy coalitions, distributional effects, impact evaluation – Codice CUP: E53D23019450001AbstractProgetto di ricerca: The environmental and social sustainability of the NRRP: policy coalitions, distributional effects, impact evaluation – Codice CUP: E53D23019450001 |
| By Mario Pianta; Scuola Normale Superiore |
| Presented by: Mario Pianta, Scuola Normale Superiore |
Interrogating the environmental and social sustainability of the Italian recovery and resilience planAbstractThe paper proposes an analytical grid to investigate the environmental and social sustainability of the recovery and resilience plan in Italy. Italy is a case in point to assess whether the plan marks a difference with previous EU policies in terms of not only allocation of funds, but also structural reforms. Indeed, the Italian NRRP is one of the most significant national plan in terms of resources granted; moreover, at the Italian level itself it represents a considerable amount of funds allocated in the context of impoverished public finances and a declined role of the state in the past decades due to austerity policies and structural economic crisis. In order to analyse the Italian NRRP, we build a theoretical framework centred on social and environmental sustainability and its potential contradiction within policy- making. The aim is to problematize green policies to enquire whether they also take into account social issues, to explain the different measures that compose the plan and their relative weight in terms of funds allocated. Social sustainability is considered in the different dimensions of development (social goals), maintenance (social support), and bridge (compensations). |
| By Gemma Gasseau; Scuola Normale Superiore Guglielmo Meardi; Scuola Normale Superiore Gianfranco Viesti; Università di Bari |
| Presented by: Gemma Gasseau, Scuola Normale Superiore |
The negotiation of economic and social sustainability: The case of the Italian National Recovery and Reselience PlanAbstractThe Recovery and Resilience Plans within the Next Generation EU has been debated to represent a new season within EU policy-making, marked with expansionary policies aimed at boosting growth in a conjuncture of polycrisis on the one hand, and on the other hand aimed also at implementing structural reforms that the EU has been pushing for decades. In fact, the plan has specific policy goals, among which the ecological transition features a prominent role. The paper, drawing on debates on EU governance and on the role of social dialogue during the crisis, addresses the questions of whether these policies offer an opportunity for positive-sum social dialogue, and of how social dialogue affects the definition of social and environmental sustainability and the balance within them. It draws on research conducted since 2024 on the Italian NRRP, the largest of any member states in relation to the country’s GDP. The paper presents a theoretical framework centred on social, economic and environmental sustainability and it looks, through case studies and through the analysis of the process of policy making, into how the ‘emergency’ nature of the NRRP allows little scope for social dialogue and risks to structurally distort the definitions of sustainability. |
| By Guglielmo Meardi; Scuola Normale Superiore |
| Presented by: Guglielmo Meardi, Scuola Normale Superiore |
Il PNRR e le trasformazioni delle città italianeAbstractThis paper analyzes the implementation of Italy’s National Recovery and Resilience Plan (PNRR) in urban contexts, with a particular focus on its impact on social, economic, and environmental sustainability in Italian cities. Drawing on a framework that links key urban challenges to institutional and governance constraints, the paper explores how the PNRR has been integrated into local urban strategies—particularly through interventions in sustainable mobility, green infrastructure, social inclusion, and urban regeneration. Through a set of comparative case studies, the paper examines how cities have responded to the opportunities and limitations of the plan, considering factors such as administrative capacity, political leadership, and coordination among metropolitan actors. The analysis highlights both the transformative potential and the structural barriers affecting the urban implementation of the PNRR, offering insights into future directions for urban policy and governance in Italy. |
| By Carmela Chiapperini; Università di Bari Gianfranco Viesti; Università di Bari |
| Presented by: Gianfranco Viesti, Università di Bari |
| Session 145: THE EFFECT OF ORGANIZED CRIME ON FIRM TECHNICAL EFFICIENCY AND R&D INVESTEMENTS October 25, 2025 11:30 to 12:50 Location: Aula 9 |
| Session Chair: Carlo Migliardo, Università di Messina |
This research project received funding from the European Union - Next-GenerationEU - National Recovery and Resilience Plan (NRRP) – MISSION 4 COMPONENT 2, INVESTIMENT N. 1.1,
CALL PRIN 2022 PNRR D.D. 1409 14-09-2022 – entitled “The effect of organized crime on firm technical efficiency and R&D investments”, ID P20227XY5N, CUP J53D23016850001 (University of
Messina), ID P20227XY5N_001, CUP C53D23008900001 (University for Foreigners “Dante Alighieri” of Reggio Calabria) ID P20227XY5N_003. Finanziato dall’Unione Europea- Next Generation EU, Missione 4 Componente 2 CUP J53D23016850001.AbstractProgetto di ricerca: This research project received funding from the European Union - Next-GenerationEU – National Recovery and Resilience Plan (NRRP) – MISSION 4 COMPONENT 2, INVESTIMENT N. 1.1, CALL PRIN 2022 PNRR D.D. 1409 14-09-2022 – entitled “The effect of organized crime on firm technical efficiency and R&D investments”, ID P20227XY5N, CUP J53D23016850001 (University of Messina), ID P20227XY5N_001, CUP C53D23008900001 (University for Foreigners “Dante Alighieri” of Reggio Calabria) ID P20227XY5N_003. Finanziato dall’Unione Europea- Next Generation EU, Missione 4 Componente 2 CUP J53D23016850001 |
| By Carlo Migliardo; Università di Messina |
| Presented by: Carlo Migliardo, Università di Messina |
The Mafia's Economic Grip: Firm Efficiency and a Composite Indicator of Organized CrimeAbstractIn Italy, organized crime poses a significant economic challenge as it reduces productivity and contributes to regional inequalities. This study investigates the influence of mafia activity on firm efficiency, with a specific focus on civil engineering companies. A composite indicator of organized crime was developed to measure its presence at the municipal level, and stochastic frontier models were employed to assess firm efficiency and input misallocation across Italian municipalities. We also estimate an Institutional Quality Indicator (IQI) to account for the impact of local institutional effectiveness on firm performance, with the results showing that higher IQI levels are associated with lower inefficiency. The findings indicate that criminal activities significantly hinder efficiency, especially in areas where organized crime is pervasive. These results underscore the urgent need for strategies to shield firms from organized crime, foster growth, and facilitate regional development. |
| By Antonio Forgione; Università di Messina Carlo Migliardo; Università di Messina |
| Presented by: Antonio Forgione, Università di Messina |
Organized Crime Perception: Analyzing the Effect of a Mafia Composite Index on Italian Firms’ efficiency and R&DAbstractThis study examines the impact of perceived organised crime on firms' technical efficiency and R&D propensity. The analysis is based on an original survey conducted by the Bank of Italy, which involved a representative sample of over 2,600 Italian firms in the industrial and services sectors.The survey collects firms' perceptions of the presence of organised crime, which we aggregate into a synthetic measure of the perceived risk of a mafia syndicate that could affect the firm's operability. We have estimated the impact of this bad environment on the technical efficiency of the firm, using both parametric and non-parametric techniques. Our empirical results show that firms operating in areas and sectors characterised by a high risk of organised crime are significantly more likely to experience a reduction in their technical efficiency and their propensity to invest in R&D. The presence of organised crime appears to distort market dynamics by raising operating costs and reducing the ability of firms to use factors of production efficiently, thereby undermining entrepreneurial dynamism. These findings underline the importance for policy-makers and financial institutions to incorporate the risk of organised crime into their assessment models and to implement targeted financial measures to mitigate its negative economic impact. |
| By Antonio Forgione; Università di Messina Carlo Migliardo; Università di Messina Marco Spadaro; Università di Messina |
| Presented by: Carlo Migliardo, Università di Messina |
Innovation under Threat: The Role of Organized Crime in Shaping Firm Strategy and EfficiencyAbstractThe relationship between crime and firm-level innovation performance has attracted increasing academic attention. The existing literature emphasises that criminal activity imposes significant costs on firms and shapes strategic decision making. Studies have examined how crime affects innovation investment, knowledge spillovers and R&D outcomes, often associating exposure to crime with increased risk aversion and resource diversion. While some research identifies a chilling effect on innovation, other work emphasises adaptive or resilience-based responses that inspire novel strategic approaches. This study examines the relationship between a composite mafia index (a multidimensional measure of the presence of organised crime) and firms’ innovativeness, controlling for technical efficiency, institutional quality and other potential determinants. The results are relevant for policy makers to implement appropriate strategies by combining security measures with innovation incentives to support firms operating in a hostile environment. |
| By Antonio Forgione; Università di Messina Salvatore Loprevite; Università per Stranieri Dante Alighieri di Reggio Calabria Roberto Mavilia; Università per Stranieri Dante Alighieri di Reggio Calabria Carlo Migliardo; Università di Messina Marco Spadaro; Università di Messina |
| Presented by: Marco Spadaro, Università di Messina |
Organized Crime and Market Distortions: A General Equilibrium Analysis with Quasi-Variational InequalitiesAbstractIn this paper, we analyze a production market in which firms determine optimal production level and choose the quantity of inputs under the potential influence of organized crime pressure. Such effect, that can be direct (e.g., extortion, resource diversion) or indirect (e.g., distortion of market competition), alters the strategic interaction of firms and thereby reshapes market dynamics. We develop a theoretical general equilibrium model that incorporates these criminal influences, extending classical equilibrium conditions to account for both agents’ preference allocations (e.g., firms prioritizing security costs or risk mitigation) and modified market clearing conditions that reflect systemic disruptions caused by criminal activity. To formalize this framework, we recast the problem as a preference equilibrium model and employ a quasi-variational inequality (QVI) approach. This methodology allows us to characterize equilibria where firms’ production decisions, labour demand, and responses to criminal pressures are interdependent. In particular, our model captures how the presence of the Mafia introduces non-linear cost structures, reallocates resources, and creates externalities that conventional equilibrium models overlook. |
| By Antonio Forgione; Università di Messina Carlo Migliardo; Università di Messina Monica Milasi; Università di Messina |
| Presented by: Monica Milasi, Università di Messina |
| Session 146: SPILLOVER EFFECTS, FUNDING, FUNDING STRATEGIES, PROXIMITY DIMENSIONS, CLIMATE-TECH INOOVATION October 25, 2025 11:30 to 12:50 Location: Aula 4 |
| Session Chair: Alessandro Marra, Università di Chieti-Pescara |
Progetto di ricerca: Using text data to measure proximity among firms - Codice 20224EATBN; CUP: D53D23006120006AbstractUsing text data to measure proximity among firms Codice 20224EATBN; CUP: D53D23006120006 |
| By Marco Cucculelli; Università Politecnica delle Marche Alessandro Marra; Università di Chieti-Pescara |
| Presented by: Alessandro Marra, Università di Chieti-Pescara |
| Marco Cucculelli, Università Politecnica delle Marche |
The Climate Challenge in Europe Requires Billions of Euros: Can the Hype Effect Drive Scaling-Up?AbstractWe explore whether spillover effects can be harnessed to accelerate and scale up funding. Our paper employs an econometric framework based on industrial and technological proximities to test whether increased funding or a rising valuation of a startup generates indirect effects that benefit similar or nearby firms. These research questions hold significant relevance, as understanding spillover dynamics could inform more effective funding strategies for climate-tech innovation in Europe and beyond. The findings reveal significant, positive spillovers across firms belonging to the same industrial and technological domains, as well as within the same geographic region, indicating that increased funding and rising valuations can bolster the success not only of the directly affected firm but also of other firms. Specifically, startups would generate a sort of ‘hype’ effect benefiting firms that are close on the geographical, industrial and technological spaces, albeit with varying intensities. Additionally, investors appear to play a differentiated role, influencing spillovers in distinct ways depending on the type of funding and the specific proximity dimension considered: business angels exert a stronger influence within the industrial proximity, public funding across both industrial and technological spaces, and venture capital shows a more pronounced impact when considering geographical and technological proximity. |
| By Alessandro Marra; Università di Chieti-Pescara Andrea D’Isidoro; Università di Chieti-Pescara Emiliano Colantonio; Università di Chieti-Pescara |
| Presented by: Emiliano Colantonio, Università di Chieti-Pescara |
Using geographical and semantic proximity to measure spillovers. Identifying different weights for metropolitan and national networksAbstractTo exchange knowledge, it is necessary to be physically close and share some expertise. Our purpose is to combine a geographical adjacency matrix with a non-geographical one, through their optimal convex combination based on maximum likelihood estimations, to investigate the existence of spillovers between firms. The latter matrix is designed to replicate semantic proximity and constructed using web-derived data, capturing firms’ expertise about industrial specializations and adopted technologies. The paper aims to test the presence of spillovers, which positively impact the performance of neighbouring firms. We compare two technological ecosystems (the metropolitan city of Milan vs Sweden), which differ for their physical extension and industrial/technological configuration. The results show that firm’s economic performance depends not only on its intrinsic characteristics such as its initial scale or growth stage, but also on the spillover effects that arise from both proximities. Interestingly, the analysis highlights that semantic proximity plays the most important role where firms are in the same metropolis and are more correlated in terms of specializations/technologies, while the geographical structure is more relevant when we observe higher geographical distances and the emergence of local spillovers. |
| By Alessandro Marra; Università di Chieti-Pescara Andrea D’Isidoro; Università di Chieti-Pescara |
| Presented by: Andrea D’Isidoro, Università di Chieti-Pescara |
Identification of STEP and NZIA technologies through text mining: An empirical analysis of patent dataAbstractAssessing the presence and distribution of strategic and net-zero technologies in companies is crucial for European competitiveness. However, due to the complexity and evolving nature of these technology areas, this is a challenging task. This paper presents a process for identifying and mapping strategic and net-zero technologies (as described in the Strategic Technologies for Europe Platform (STEP) and the Net-Zero Industry Act (NZIA)) in European companies. STEP and NZIA technologies are identified using text mining techniques based on the titles and abstracts of patents filed with the EPO and retrieved in PATSTAT for the years 2002 to 2022. The paper describes the classification process of STEP and NZIA technologies based on IPC codes of file patents. The IPC codes were then matched with the patent portfolio of almost 100,000 European companies to determine the company's technological profile and the distribution of these technologies by sector, geographic area, and company characteristics in the European panorama. |
| By Marco Cucculelli; Università Politecnica delle Marche Noemi Giampaoli; Università Politecnica delle Marche Matteo Renghini; Università Politecnica delle Marche |
| Presented by: Matteo Renghini, Università Politecnica delle Marche |
| Session 147: SHORT AND LONG RUN IMPACTS OF EXTERNAL SHOCKS, NATURAL DISASTERS AND CLIMATE CHANGE ON THE ITALIAN NORTH/SOUTH DIVIDE October 25, 2025 11:30 to 12:50 Location: Aula di Calcolo 1 |
| Session Chair: Tommaso Oliviero, Università di Napoli Federico II |
Progetto di ricerca: Short and long run impacts of external shocks, natural disasters and climate change on the Italian North/South divide – PRIN P20227JN7RAbstractProgetto di ricerca: Short and long run impacts of external shocks, natural disasters and climate change on the Italian North/South divide – PRIN P20227JN7R |
| By Tommaso Oliviero; Università di Napoli Federico II |
| Presented by: Tommaso Oliviero, Università di Napoli Federico II |
Environmental Hazard, Firm Capital Structure and Employment of Italian FirmsAbstractThis project investigates the economic vulnerability of Southern Italy's firms to natural disasters, focusing on the interplay between firm characteristics, local banking development, and regional disparities. The persistent North-South divide in Italy is mirrored in the prevalence of smaller, less capitalized, and less profitable firms in the South, making them particularly susceptible to exogenous shocks. This research will examine how firm resilience to natural disasters— measured through employment retention, and investment continuity—is influenced by firm size, governance and their banking relationships. The empirical analysis will leverage data from ORBIS and AIDA for firm-level financial and governance information, merged with geo-referenced disaster data. By analyzing these dynamics, the project aims to uncover mechanisms behind regional economic fragility and inform policy interventions to enhance the adaptability of local economies in the face of increasing climate-related risks. |
| By Emanuela Benincasa; University of Sydney Tommaso Oliviero; Università di Napoli Federico II Alberto Zazzaro; Università di Napoli Federico II |
| Presented by: Tommaso Oliviero, Università di Napoli Federico II |
Redistributive Effects of Italian Protectionism at the end of the XIX century AbstractThis work investigates the long-term impact of out-migration on the North-South divide in Italy, focusing on the positive selection of migrants. While migration can alleviate labor market imbalances, it may have persistent negative effects when highly skilled individuals are the ones who leave. We exploit a historical natural experiment—the Italy-France tariff war (1888–1900)—which disproportionately affected Southern regions reliant on exports like wine, olive oil, and citrus fruits. The resulting economic shock led to income losses, widespread migration of farmers, and banking crises. Using the wine sector as a case study, we estimate the revenue losses caused by the drop in wine prices and assess whether more specialized provinces experienced higher emigration and increased bank failures. |
| By Davide Bellucci; Università di Napoli Parthenope Maria Rosaria Carillo; Università di Napoli Parthenope Salvatore Carrozzo; Università di Napoli Parthenope Luca Pennacchio; Università di Napoli Parthenope |
| Presented by: Maria Rosaria Carillo, Università di Napoli Parthenope |
Global Manufacturing: Sectoral Trends, CO2e-Efficiency Gaps, and Pathways to DecarbonizationAbstractThis paper proposes a novel accounting framework for global greenhouse gas (GHG) emissions that captures both output-emissions generated in final pro- duction and input-emissions embodied in supply chains. By tracing emissions embedded in intermediate goods and services used in production, this method provides new insights into emission patterns across key manufacturing sectors, including basic metals, mining, chemicals, petroleum refining, and food prod- ucts. Using this method we assess sectoral and country-level performance using two complementary measures: input-emissions intensity (emissions embodied in inputs per value of output) and output-emissions intensity (emissions gener- ated by the final output per value of output). |
| By Demetrio Guzzardi; Università della Calabria Damiano B. Silipo; Università della Calabria |
| Presented by: Demetrio Guzzardi, Università della Calabria |
Do UN Principles for Responsible Banking Spur the Green Transition?AbstractIn the attempt to spur the green transition, in 2019 the United Nations launched the UN Principles for Sustainable Banking. More than half of the banking industry worldwide adhered to the Principles. The paper investigates whether this initiative spurred banks to support the green transition. We build up a dataset which includes all the banks that adhered to the UN Principles (315 banks from 77 countries) and a sample of 669 peer non-member banks. First, we investigate the determinants of membership. Next, we studied the impact of the UN Principles on behavior and performance of members banks relative to their peers. Both the results on the determinants of the membership and the effect of the latter on banking behavior show that banks did not adhere to the UN Principles do spur the green transition. Additional evidence from a smaller sample of banks on green lending and the issuance of green bonds as well as the incentive to reveal information about the CO2 content of their loans support the conclusion. |
| By Andrea Mosca; Università di Bergamo Sandro Rondinella; Università della Calabria Damiano B. Silipo; Università della Calabria Isil Sevilay Yilmaz; TED University |
| Presented by: Damiano B. Silipo, Università della Calabria |
| Session 148: THE ROLE OF INSTITUTIONS AND TRANSITION STRATEGIES TOWARDS CIRCULAR ECONOMY (with CRIsDA - Centro di Ricerca Interdipartimentale sulle Diseguaglianze Ambientali) October 25, 2025 11:30 to 12:50 Location: Aula di Calcolo 2 |
| Session Chair: Katia Marchesano, Università di Napoli Parthenope |
Progetto di ricerca: PROGETTO BAC ARCET Advancing Regional Circular Economy Transition. CUP D13C22002160001 AbstractProgetto di ricerca: PROGETTO BAC ARCET Advancing Regional Circular Economy Transition. CUP D13C22002160001 |
| By Massimiliano Agovino; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Pasquale Marcello Falcone; Università di Napoli Parthenope Aniello Ferraro; Università di Napoli Parthenope Antonio Garofalo; Università di Napoli Parthenope Katia Marchesano; Università di Napoli Parthenope Gaetano Musella; Università di Napoli Parthenope |
| Presented by: Katia Marchesano, Università di Napoli Parthenope |
Evaluating the transition towards regional Circular Economy in Italy: A Luenberger Productivity Indicator approachAbstractThis study assesses the efficiency of Italian regions in the transition towards a Circular Economy (CE) by applying the Luenberger Productivity Indicator (LPI) over the period 2015-2023. The analysis employs regional-level data on municipal waste management costs, total waste generated, and various recycling fractions, allowing for a detailed examination of productivity changes in waste management. The findings reveal significant regional disparities: Sicilia, Molise, and Calabria demonstrate notable improvements driven by technological progress, while regions like Campania and Friuli-Venezia Giulia face stagnation. The results underscore the importance of both technical innovation and regional adaptability for advancing CE goals. Policymakers should target investments in local infrastructure and foster regional capabilities to bridge these efficiency gaps and promote sustainable waste management. |
| By Pasquale Marcello Falcone; Università di Napoli Parthenope Grazia Errichiello; Università di Napoli Parthenope Patrizio Giganti; Università di Napoli Parthenope |
| Presented by: Patrizio Giganti, Università di Napoli Parthenope |
How does state fragility drive environmental degradation? A multi-dimensional analysis of governance and socio-economic vulnerabilitiesAbstractThe growing crises in the environmental sector worldwide have increased the call for better comprehension of the linkage among governance, socio-economic stability, and environmental degradation. In this respect, state fragility-a term covering governance gaps, political instability, and economic turmoil-has emerged as a vital and rather unexplored cause of environmental degradation. This study analyzes the multi-dimensional influences of state fragility (Fragile States index) on environmental degradation (CO₂ emissions) considering 130 countries between 2006 and 2020. The empirical findings, based on GLS and IVH approach, indicate that countries characterized by higher levels of fragility face increased levels of CO₂ emissions and that these most strongly depend on levels of economic and political fragility. Social pressures and external interventions are also contributing to environmental harm, though their impacts too vary across contexts. Cohesion fragility shows mixed impacts, indicating further refinement in measurement techniques. This study contributes to new knowledge in state fragility dimensions that have been responsible for environmental degradation and emphasizes the need for targeted policy interventions toward governance and socio-political vulnerabilities coupled with sustainable development. |
| By Cristian Barra; Università di Salerno Luca Esposito; Università di Foggia Pasquale Marcello Falcone; Università di Napoli Parthenope |
| Presented by: Luca Esposito, Università di Foggia |
EU waste directives and the transition towards circular economy in the EU-27AbstractLegislative Decree 152/2006 transposed EU legislation into the Italian regulatory framework and established separate waste collection targets. This work evaluates the role of the decree in fostering convergence in waste treatment methods among Italian macro-areas. A GMM relative β-convergence approach is implemented, controlling for economic and demographic characteristics. Official data on the three macro-areas of Italy (North, Centre and South) from 1995 to 2019 are used in the analysis. Results indicate divergence in waste treatment methods among Italian macro-areas, primarily driven by wide territorial differences. Southern Italy lags behind due to limited resource availability. In order to foster the transition towards circularity, substantial infrastructural investments are required, especially in Southern Italy, where economic resources are scarcer. Policymakers must address territorial disparities to ensure equitable progress and foster circularity at the national level. This study contributes the debate on convergence/divergence in environmental policy. Doing so, it provides new insights into the territorial dynamics of waste treatment in Italy and more broadly in the European Union. |
| By Massimiliano Agovino; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Antonio Garofalo; Università di Napoli Parthenope Katia Marchesano; Università di Napoli Parthenope |
| Presented by: Massimiliano Cerciello, Università di Napoli Parthenope |
How regional environmental policies affect household separate waste production efficiencyAbstractSeparate Waste Collection (SWC) production plays a key role in waste management, necessitating active participation from both governments and households. This study aims to analyse the impact of regional environmental policies (direct effects) and neighbourhood influences (indirect effects) on households' efficiency in SWC production. To achieve this, the study defines a household-level SWC production function that integrates regional environmental policies to assess their effects on household efficiency. The Spatial Stochastic Frontier Approach is then applied to quarterly data from 2002Q1 to 2020Q1, covering Italian regions and sourced from official datasets (ISTAT, ISPRA), using appropriate strategies to address potential endogeneity. The results reveal that household composition affects how time is allocated to SWC activities and highlight the positive impact of regional environmental policies on household efficiency. |
| By Massimiliano Agovino; Università di Napoli Parthenope Massimiliano Cerciello; Università di Napoli Parthenope Katia Marchesano; Università di Napoli Parthenope Gaetano Musella; Università di Napoli Parthenope |
| Presented by: Katia Marchesano, Università di Napoli Parthenope |
| Session 149: GEOTWIN - The Geography of the Twin Transition: Mapping the Regional Combination of the Green and the Digital Transition October 25, 2025 11:30 to 12:50 Location: Sala Consiliare |
| Session Chair: Sandro Montresor, Università di Trento |
Progetto di ricerca: GEOTWIN - “The Geography of the Twin Transition: Mapping the Regional Combination of the Green and the Digital Transition” - PIANO NAZIONALE DI RIPRESA E RESILIENZA (PNRR) – MISSIONE 4 “Istruzione e Ricerca” – COMPONENTE 2 – INVESTIMENTO 1.1 – “Fondo per il Programma Nazionale di Ricerca e Progetti di Rilevante Interesse Nazionale (PRIN)” - PRIN 2022: 2022ZKW4F5AbstractProgetto di ricerca: GEOTWIN - “The Geography of the Twin Transition: Mapping the Regional Combination of the Green and the Digital Transition” - PIANO NAZIONALE DI RIPRESA E RESILIENZA (PNRR) – MISSIONE 4 “Istruzione e Ricerca” – COMPONENTE 2 – INVESTIMENTO 1.1 – “Fondo per il Programma Nazionale di Ricerca e Progetti di Rilevante Interesse Nazionale (PRIN)” - PRIN 2022: 2022ZKW4F5 |
| By Sandro Montresor; Università di Trento |
| Presented by: Sandro Montresor, Università di Trento |
The green-digital nexus: Unveiling firms’ twin-transition strategies across Italian (macro) regionsAbstractThis paper investigates how firms integrate green and digital practices and/or innovations in their path towards the twin transition. We argue that both the green and digital dimensions encompass a broad spectrum of practices that firms can combine in different ways, resulting in diverse strategies for pursuing the twin transition. We further suggest that the adoption of these strategies is shaped by both firm-specific characteristics and the features of the regions in which they operate. Our empirical analysis draws on a newly released survey covering approximately 6,000 Italian firms over the period 2021–2023. The survey collects detailed information on firms’ green and digital strategies, their integration, and the internal and policy-related factors that may influence them. Preliminary findings reveal a marked heterogeneity in the adoption of twin transition firms’ practices and innovations across (macro-)regional areas. Moreover, regional and firm-level characteristics appear to interact in shaping firms’ strategic choices in the realm of the twin transition. |
| By Luca Cattani; Università di Parma Martin Cimiterra; Università di Trento Sandro Montresor; Università di Trento |
| Presented by: Sandro Montresor, Università di Trento |
Universities as Drivers of Green-Digital Innovation: an analysis of European regionsAbstractGrounded in the literature on regional knowledge bases, and on the role of universities in regional innovation systems, the paper examines how university-driven spillovers contribute to the local development of green and digital (twin) technologies. Leveraging PATSTAT data (2011–2021) and a twin-patent identification strategy, we construct a regional panel dataset that integrates twin patent records with data about the different roles of regional universities: educated human capital (from the European Tertiary Education Register (ETER), research productivity, specialized publications, and third-mission activities (from InCites and Eurostat). Using a log-log fixed effects model, we estimate the correlation between regional twin patents and regional universities’ roles, controlling for regional factors. Preliminary results highlight the importance of ICT-related human capital and universities’ third-mission activities involving industry collaboration. The findings offer new insights into the spatial dynamics of the twin transition and inform policy strategies for strengthening regional innovation ecosystems. |
| By Alice Bertoletti; JRC Seville Martin Cimiterra; Università di Trento Francesco Lelli; Università di Trento Sandro Montresor; Università di Trento |
| Presented by: Francesco Lelli, Università di Trento |
From bits to sustainability: How digital investments influence green practices in Italian firmsAbstractThe paper investigates the extent to which firms’ investments in new digital technologies can spur their capacity of engaging in environmentally sustainable business practices. Extending the extant debate about the drivers of the twin transition at the firm level, we argue that the green enabling role of digitalisation is heterogeneous, as different green practices are driven by different digital technologies. Using the last release of the “Survey on Businesses and Work (“Rilevazione Imprese e Lavoro)” by the Italian National Institute for the Analysis of Public Policies (INAPP), we exploit detailed information about the green and digital domains in which about 30,000 Italian firms have invested over the cross-sectional period 2019-2021 and look at their relationship. Using information about the firms’ resort to depreciation and super-depreciation incentives to digital investments offered to firms by the Italian government contained in the same survey, we propose an econometric strategy that is capable to account for endogeneity in the relationship at stake and to test the causal effect of digital investments on green ones. Preliminary results reveal that indeed bits drive sustainability at the firm level, but with important nuances when the different domains of the green and the digital realm are disentangled. |
| By Francesco Lelli; Università di Trento Sandro Montresor; Università di Trento Fabio Pieri; Università di Trento |
| Presented by: Fabio Pieri, Università di Trento |
Unlocking the Twin Transition: Understanding the Drivers of Twin technologies in the EUAbstractThis study investigates the factors that determine the development of twin technologies, with a specific focus on the European Union (EU) context. Using a matched patent-applicant level dataset, this research explores how geographical, sectoral, technology-, and firm-specific characteristics influence the propensity of green patents to cite digital knowledge, and examines the firm-level and invention-level characteristics that are most relevant for the development of these technologies. |
| By Michela Bello; European Commission Davide Castellani; University of Reading Giacomo Damioli; University of Strasbourg Giovanni Marin; Università di Urbino Sandro Montresor; Università di Trento Panagiotis Ravanos; European Commission |
| Presented by: Panagiotis Ravanos, European Commission |
| Session 150: STRENGTHENING TARgeting AND GUIDANCE WITH ACTIONABLE AND TIMELY EVIDENCE (STARGATE) for the implementation of the Italian National Recovery and Resilience Plan October 25, 2025 11:30 to 12:50 Location: Biblioteca |
| Session Chairs: |
| Mara Giua, Università Roma Tre |
| Augusto Cerqua, Sapienza Università di Roma |
Progetto di ricerca: Strengthening TARgeting and Guidance with Actionable and Timely Evidence (STARGATE) for the implementation of the Italian National Recovery and Resilience Plan (Progetto PRIN 2022: CUPF53D23003220006)AbstractStrengthening TARgeting and Guidance with Actionable and Timely Evidence (STARGATE) for the implementation of the Italian National Recovery and Resilience Plan |
| By Mara Giua; Università Roma Tre Augusto Cerqua; Sapienza Università di Roma |
| Presented by: Augusto Cerqua, Sapienza Università di Roma |
| Mara Giua, Università Roma Tre |
Implementation capacity of regional funds: evidence from cohesion policyAbstractThe effectiveness of EU Cohesion Policy hinges on the administrative capacity of local and regional authorities tasked with its implementation. This study introduces a novel, data-driven indicator of implementation capacity, derived from detailed project-level information from OpenCoesione (2014–2020). By using missing or inconsistent reporting in EU-funded projects as proxies for administrative shortcomings, we construct a measurable and replicable indicator of institutional efficiency. Cohesion Policy serves as an ideal testing ground, combining substantial financial resources with complex administrative requirements. Our approach offers a more rigorous alternative to traditional assessments of governance quality, leveraging observed data irregularities to evaluate the performance of local institutions. Results highlight the critical role of human capital in public administration: municipalities with better-trained or younger leadership demonstrate superior implementation outcomes. These findings underscore the importance of investing in the professionalisation and continuous training of local officials-particularly in light of future challenges posed by programs like Next Generation EU. |
| By Mara Giua; Università Roma Tre Francesca Micocci; Università Roma Tre Giulia Valeria Sonzogno; Università Roma Tre |
| Presented by: Francesca Micocci, Università Roma Tre |
Signature Spending Politics AbstractWe study the behavior of politicians when they have vast discretion over the allocation of public resources. We examine a unique case study from Italy, where the exogenous pandemic shock prompted Lombardy's regional government to approve a large extraordinary spending package. Most of these funds were swiftly allocated to numerous small projects through ad hoc motions proposed and signed by individual members of the regional parliament and subsequently approved through bipartisan resolutions. We leverage Large Language Models to text-mine thousands of parliamentary documents and assemble a fine grained politician-fund dataset containing detailed information on how and where these resources were distributed and which politician signed them. We document widespread pork-barrel strategies bargained with informal arrangements and driven by personal electoral rent-seeking, benefiting both majority and opposition politicians. By scraping social media data, we pinpoint the key mechanism: politicians credit claiming to boost visibility and advance their political careers. |
| By Augusto Cerqua; Sapienza Università di Roma Costanza Giannantoni; Sapienza Università di Roma Marco Letta; Sapienza Università di Roma Gabriele Pinto; Sapienza Università di Roma |
| Presented by: Augusto Cerqua, Sapienza Università di Roma |
Enhancing Implementation Success in Cohesion Policy and Next Generation EU. A Machine Learning ApproachAbstractThe Next Generation EU (NGEU) program allocates unprecedented resources to foster resilience and economic recovery, yet the scientific debate on its implementation remains limited. This paper aims to guide NGEU’s success by identifying potential obstacles and proposing strategies for their mitigation. Leveraging the EU Cohesion Policy’s extensive experience - given its shared goals, governance structures, and territorial scope with NGEU - we analyse what are the implementation characteristics associated with delays and target failures. Using granular data on Cohesion Policy projects from 2014-2020, we apply Random Forest algorithms at the project-municipal level to predict project delays and target fulfillment based on the project governance, profile and implementation complexity, municipal institutional context and location characteristics. Our model predicts delays and target failures with over 90% accuracy and ranks the most influential predictors driving these outcomes, with Shapley values capturing directions and intensities of the relations. Significant heterogeneity in terms of delay and target failures explanation emerges based on project size and geographic location, particularly along the North-South divide. These findings provide valuable insights for refining NGEU implementation by improving targeting strategies with the aim of enhancing public investment effectiveness. |
| By Mara Giua; Università Roma Tre Francesca Micocci; Università Roma Tre Giulia Valeria Sonzogno; Università Roma Tre |
| Presented by: Giulia Valeria Sonzogno, Università Roma Tre |
‘Dead Man Working’: A Place-based Approach to Occupational Safety and HealthAbstractDespite increasingly stringent regulations, there has been a concerning stagnation in reducing workplace fatalities recently. Can place-based targeting help? By coupling machine learning techniques with comprehensive data from Italy, we develop a place-based approach to workplace fatalities. Harnessing accurate forecasts, we construct a granular risk map and compare it to the allocation of on-site inspections and public subsidies for occupational safety, uncovering limited overlap. Counterfactual estimates reveal that current measures are effective only in areas flagged as high-risk by ex-ante machine predictions. AI-powered territorial targeting can reduce the incidence of this chronic issue while lowering the costs of policy implementation. |
| By Augusto Cerqua; Sapienza Università di Roma Costanza Giannantoni; Sapienza Università di Roma Marco Letta; Sapienza Università di Roma Gabriele Pinto; Sapienza Università di Roma |
| Presented by: Costanza Giannantoni, Sapienza Università di Roma |
| Session 151: FIRM NETWORKS AND SUSTAINABLE DEVELOPMENT October 25, 2025 13:30 to 14:50 Location: Aula 4 |
| Session Chair: Mattea Stein, Università di Napoli Federico II |
Progetto di ricerca: Firm networks and sustainable development. Finanziato dall’Unione europea - Next Generation EU, Missione 4 Componente 1, CUP E53D23016720001AbstractProgetto di ricerca: Firm networks and sustainable development. Finanziato dall’Unione europea - Next Generation EU, Missione 4 Componente 1, CUP E53D23016720001 |
| By Mattea Stein; Università di Napoli Federico II |
| Presented by: Mattea Stein, Università di Napoli Federico II |
Firms' supply chain networks and tax compliance: Experimental evidence from SenegalAbstractTax administrations in low-income countries face widespread tax evasion and high enforcement costs. They thus need information to detect where tax evasion is most severe, and allocate scarce resources accordingly. This paper shows that leveraging large firms’ trading network to collect information about their suppliers is a cost-efficient way to detect tax evasion and increase audit returns. We collaborate with the Senegalese tax administration on a vast data collection effort to digitise lists of payments submitted by the largest firms and conduct two RCTs. First, we note that a large share of firms provide incomplete information about their suppliers, preventing cross-checking against income declared by the suppliers themselves. We randomise a low-cost communication campaign across misreporting firms, to discourage future misreporting. In aggregate, this allows to uncover $145.5 million in unreported revenue (i.e. 0.5% of GDP). Most of it accrues to a few tax-registered suppliers, as opposed to informal ones. Second, we cross-check the payments lists against suppliers’ self-reported revenues and detect very substantial under-reporting. The tax administration randomly implemented standard enforcement protocols mong under-reporters and we track impacts on tax compliance as well as the network effects in the buyer-seller network of increased tax enforcement. |
| By Leo Czajka; Paris School of Economics e EU Tax Observatory Bassirou Sarr; Ministère des Finances et du Budget, République du Sénégal Mattea Stein; Università di Napoli Federico II e CSEF |
| Presented by: Mattea Stein, Università di Napoli Federico II e CSEF |
Inter-firm contracting at the intersection between formal and informal sectorsAbstractInformal firms are responsible for a substantial share of economic activity in developing economies, but are by their very nature difficult to observe, and longitudinal data on them is absent. Further, little is known about the extent to which formal and informal firms interact in the developing economy. This paper contributes an analysis of inter-firm contracting networks in the Senegalese economy, in particular the interlinked dynamics of the formal and informal sectors. We collaborate with the Senegalese tax administration on a vast data collection and merging effort, to construct the network of buyer-seller relationships over a 10-year horizon. Crucially, unlike VAT data, our data allows us to follow over time a policy-relevant subset of informal firms – those large/reliable enough to be suppliers to the largest Senegalese firms. |
| By Leo Czajka; Paris School of Economics e EU Tax Observatory Florence Kondylis; World Bank Matteo Moracci; Università di Napoli Federico II Mattea Stein; Università di Napoli Federico II |
| Presented by: Matteo Moracci, Università di Napoli Federico II |
Sustainable RelationshipsAbstractAgricultural Global Value Chains (GVCs) play a pivotal role in shaping environmental outcomes worldwide. International trade and consumption of agricultural commodities alone drive one-quarter of forest loss in tropical and subtropical regions. These markets are dominated by large international buyers that differ substantially in how they organize their sourcing strategies, particularly in the degree to which they rely on long-term, relational contracts. This paper examines how such differences in sourcing strategies relate to sustainability outcomes within GVCs. Using rich transaction-level data from Cˆote d’Ivoire’s cocoa sector we show that buyers that adopt more relational sourcing strategies are significantly less likely to drive deforestation associated with cocoa production. We provide suggestive evidence that this might be driven by managers’ educational backgrounds which influence the sourcing strategies firms adopt. Taken together, these results highlight the critical role that the structure of buyer–supplier relationships can play in advancing, or hindering, sustainability goals in agricultural GVCs. |
| By Davide Del Prete; Università di Napoli Parthenope Valentin Guye; INRAE Edoardo Tolva; University of Warwick |
| Presented by: Davide Del Prete, Università di Napoli Parthenope |
Does incentivizing formal cross-border trade improve firm performance?AbstractA substantial share of international trade occurs through unofficial border crossings, prompting governments worldwide to step up efforts to regulate these flows and promote official trade channels. While such policies are desirable from a public perspective, their impact on traders remains uncertain. We conduct a randomized controlled trial (RCT) with cross-border traders in Kenya to examine the effects of incentivizing official trade on business performance. The program provides a fixed financial incentive—a lump sum per trip—for up to four documented trading trips across the official border over two months. A subset of traders also receives information on the risks associated with unofficial trade. We find that the subsidy leads to a substantial increase in both revenue and profit, with effects persisting four months after the subsidy ends. This is consistent with the subsidy relaxing credit constraints and enabling traders to reach a self-sustaining regime of higher trade volumes and profitability. |
| By Paolo Falco; University of Copenhagen Mattea Stein; Università di Napoli Federico II Eleanor Wiseman; Stanford University |
| Presented by: Paolo Falco, University of Copenhagen |
| Session 152: ENVIRONMENTAL AWARENESS, ENVIRONMENTAL POLICIES, AND INTERNATIONAL SHOCKS: A THEORETICAL AND EMPIRICAL INVESTIGATION October 25, 2025 13:30 to 14:50 Location: Aula 5 |
| Session Chair: Maria Ferrara, Università di Napoli Parthenope |
Progetto di ricerca: Environmental Awareness, Environmental Policies, and International Shocks: a Theoretical and Empirical Investigation, Codice: 20227KF2ZK, CUP: I53D23002570006AbstractProgetto di ricerca: Environmental Awareness, Environmental Policies, and International Shocks: a Theoretical and Empirical Investigation, Codice: 20227KF2ZK, CUP: I53D23002570006, Università coinvolte nel progetto: Università degli Studi di Napoli Parthenope (Università Capofila), Università di Roma Tor Vergata, Università di Perugia |
| By Maria Ferrara; Università di Napoli Parthenope |
| Presented by: Maria Ferrara, Università di Napoli Parthenope |
Consumption Behavior and Environmental Awareness: a TANK ModelAbstractThis paper investigates the role of households’ inequality and financial constraints in the adoption of pro-environmental behavior. We develop a Two-Agent New Keynesian model with environmentally aware households who differ in their budget constraints. The analysis provides a theoretical support to the extensive empirical literature accord ing to which wealthiest agents are more concerned about the impact of their consumption behavior on environment. However, they are also the share of population who makes the largest quantitative contribution to climate change. Our study emphasizes that households heterogeneity in environmental models calls for important insights in terms of business cycle dynamics and of the designing of environmental policies. Furthermore, we evaluate the effects of expansionary fiscal policies and their welfare implications. |
| By Gianluigi Cisco; Università di Napoli Parthenope Nicoletta D'Alterio; Università di Napoli Parthenope Maria Ferrara; Università di Napoli Parthenope |
| Presented by: Nicoletta D'Alterio, Università di Napoli Parthenope |
Determinants of Energy's WTP in Italy. A Bayesian Spatial Probit Approach.AbstractAbstract A Bayesian probit model with spatial effects is proposed to estimate the determinants of willingness to pay (WTP) for fostering environmental policies in two markets in Italy: electricity and private automotive fuel. The data come from an ad hoc survey on green awareness in Italy, conducted as part of a research project funded by the National Plan for Recovery and Resilience. The survey covers 604 municipalities and provides ordered responses on various aspects of green awareness and willingness to pay. Individual characteristics such as gender, income, education, and job qualification are also recorded, allowing them to serve as covariates in the empirical analysis. Abstract Regarding the latter, we focus on two survey items: WTP for green technologies in electricity supply and WTP for an extra fee on private automotive fuel aimed at supporting anti-pollution policies. A spatial Bayesian probit model is then implemented. The results show that the probability of willingness to pay is positively related to age, gender, and education but not to income; in particular, female younger educated agents increases the probability to pay more for the environment. Moreover, strong spatial correlation is observed, suggesting regional effects in individual behavior. |
| By Maria Chiara D'Errico; Università di Perugia Massimo Giannini; Università di Roma Tor Vergata Barbara Martini; Università di Roma Tor Vergata |
| Presented by: Massimo Giannini, Università di Roma Tor Vergata |
Estimating Willingness to Pay of Italian Households - FORMAT RESEARCH Survey AbstractThe European Union's transition towards renewable energy sources (RES) is shaped by evolving geopolitical and economic challenges, including the COVID-19 pandemic and the energy crisis following the war in Ukraine. This study investigates the willingness to pay (WTP) of Italian households for green electricity and gas using data from an ad-hoc survey conducted by FORMAT RESEARCH. A double-bounded discrete choice model is employed to estimate WTP and explore its determinants, incorporating socio-demographic, psychological, and attitudinal factors. Findings reveal a strong correlation between environmental concern, sustainable behaviors, and WTP, while age negatively influences support levels. A key finding is the distinction between two groups of respondents: those who immediately define their WTP and those who require multiple bid rounds to reach a decision. The latter group consistently reports higher WTP, suggesting that greater engagement in the decision process leads to stronger financial support for RES. The study also identifies significant variations in WTP between green electricity and green gas, pointing out differing levels of consumer awareness and acceptance. The results offer crucial insights for policy-makers, highlighting the necessity of tailored strategies to enhance public support for renewable energy policies, particularly in light of economic and social constraints. |
| By Carlo Andrea Bollino; Università di Perugia Maria Chiara D'Errico; Università di Perugia Barbara Martini; Università di Roma Tor Vergata |
| Presented by: Maria Chiara D'Errico, Università di Perugia |
The Inflationary Effects of Greenhouse Gas Emissions in China: A Sectoral AnalysisAbstractChinese economy represents one of the most interesting challenges in terms of the dualism between economic leadership and environmental vulnerability. China stands out as the engine of global economic growth in recent decades, with an unprecedented impact on poverty reduction and technological progress. Also, it is one of the main responsible for pressures on the global ecosystem, being the main emitter of greenhouse gases (GHG) and one of the places most affected by the effects of climate change. How- ever, China’s energy policies and transition strategies have profound implications for global inflation dynamics. In fact, GHG emissions, due to increased industrial activ- ity or energy consumption—production costs, especially in fossil fuel-reliant industries, tend to rise. These higher costs are often passed on to consumers, leading to inflation increase. Within a general equilibrium model, supported by a vector autoregressive analysis, this paper investigates the relationship between GHG emissions and inflation, comparing the agricultural and non-agricultural sectors. Results provide key insights about emission shocks and spillover effects, highlighting the crucial role of this relation- ship. This finding offers valuable implications for China’s green transition. |
| By Francesco Busato; Università di Napoli Parthenope Gianluigi Cisco; Università di Napoli Parthenope Maria Ferrara; Università di Napoli Parthenope Claudia Ulloa Severino; Università di Napoli Parthenope |
| Presented by: Claudia Ulloa Severino, Università di Napoli Parthenope |
| Session 153: I TRASPORTI DI FRONTE ALLE NUOVE DOMANDE DI MOBILITA' (with SIET – Società Italiana di Economia dei Trasporti e della logistica) October 25, 2025 13:30 to 14:50 Location: Aula Piccagli |
| Session Chair: Elena Maggi, Università dell'Insubria |
Work on two wheels: exploring connections between bike commuting and subjective well-being in the ItalyAbstractResearch exploring the relationship between subjective factors and active commuting has gained prominence, particularly as transportation systems seek to align with sustainability objectives and individual well-being. Evidence indicates that bike commuting supports environmental sustainability by lowering emissions, its psychological and emotional benefits remain underexamined. This study addresses this gap by analysing the link between cycling to work (BTW) and subjective well-being (SWB) within Italian context. The analysis employs a two-stage econometric model using maximum likelihood estimation to provide a comprehensive understanding of these dynamics. |
| By Irina Di Ruocco; Università di Trieste Daniele Crotti; Università dell'Insubria Elena Maggi; Università dell'Insubria |
| Presented by: Irina Di Ruocco, Università di Trieste |
Trading off effectiveness and efficiency in case of new terminal investments: a welfare-based analysis of port management board decision in a dynamic settingAbstractPort infrastructure can be considered as a public good which companies combine with private inputs to provide services to many stakeholders, including final users. As a result, port managers act to optimize the positive effects of such assets on social welfare. From a dynamic perspective, the paper analyses the welfare impacts of investments in terminals vertically integrated with container shipping companies. As vertical integration affects not only terminal operations but also port and land-based logistics services in the form of larger throughput to the benefit of final users, the welfare-based decisions of port management boards on dock investments should balance between efficiency and effectiveness claims. Our analysis suggests that investments in vertically integrated terminals might not be always welfare-enhancing, especially if port managers are not enough oriented to effectiveness goals. In term of industry implications, this research findings imply that port expansions through integrated terminals, as happens in today’s liner shipping sector, should be carefully assessed by port authorities by considering governance long-run objectives. |
| By Daniele Crotti; Università dell'Insubria Claudio Ferrari; Università di Genova Alessio Tei; Università di Genova |
| Presented by: Daniele Crotti, Università dell'Insubria |
Analyzing road transport vulnerability through a game-theoretical approachAbstractTraditional methods for assessing urban road networks typically rely on link performance frequency distributions such as travel time, delay, and capacity. This study introduces a game-theoretical approach, a non-cooperative zero-sum game, to assess road network vulnerability. The methodology involves formulating a strategic game between two players: network users and an adversary termed the “demon.” Users aim to minimize their expected trip cost by optimally selecting routes, whereas the demon seeks to maximize these costs by strategically choosing adverse link performance scenarios. The result of this game is a Nash Equilibrium characterized by a stable condition in which neither player can benefit from unilaterally deviating from their chosen strategy. At equilibrium, users adopt a cautious and pessimistic approach to network conditions, establishing a robust baseline for network analysis and design. This model will be applied to the road network of the metropolitan area of the city of Naples, Italy, the study aims to identify network vulnerabilities and support urban transportation planning strategies designed to reduce associated risks and enhance resilience. |
| By Tahseen Bashir; Università di Napoli Federico II Angela Stefania Bergantino; Università di Bari Francesca Pagliara; Università di Napoli Federico II |
| Presented by: Tahseen Bashir, Università di Napoli Federico II |
From many to one. Urban road safety as a mediator between pro-environmental attitudes and unimodal cycling commuting to universityAbstractCommuting to university is a puzzling topic when living at a short distance from college. Whereas pro-ecological attitudes might call for unimodal cycling to connect to college sites, concerns about road safety may impede shifts to low-impact habits and favour motorized vehicles, resulting in dissonance habits. In this study, we assess the link between motivational mechanisms drawn from the self-determination theory and the propensity to unimodal cycling commuting to college by exploring the role of safety-driven perceptions in urban contexts. Using primary data from an Italian national survey featuring university students living in college cities, we rely on structural equation modelling to test potential mediating effects of road safety on pro-environmental attitudes and cycling commuting habits. Whereas autonomous motivations have a direct effect, not mediated by safety claims, instead controlled motivations, seen as a social rewarding, might need for safe infrastructure and quality of bike paths to effectively foster active commuting at college. From a policy perspective, this study implies that tailored campaigns should be issued to promote safe cycling behaviours targeted to college users living in university cities. |
| By Jurgena Myftiu; Università di Bergamo Daniele Crotti; Università dell'Insubria |
| Presented by: Jurgena Myftiu, Università di Bergamo |
| Session 154: ECOSYSTEM FOR SUSTAINABLE TRANSITION IN EMILIA-ROMAGNA October 25, 2025 13:30 to 14:50 Location: Aula 6 |
| Session Chair: Francesco Timpano, Università Cattolica del Sacro Cuore Milano |
Progetto di ricerca: Ecosystem for Sustainable Transition in Emilia-Romagna - Codice: ECS_00000033 - CUP: B33D21019790006AbstractProgetto di ricerca: Ecosystem for Sustainable Transition in Emilia-Romagna - Codice: ECS_00000033 - CUP: B33D21019790006 |
| By Francesco Timpano; Università Cattolica del Sacro Cuore Milano |
| Presented by: Francesco Timpano, Università Cattolica del Sacro Cuore Milano |
Do environmental sustainability and social sustainability for firms go hand in hand? Mapping the transition in Emilia Romagna regionAbstractThe relationship between environmental and social sustainability has increasingly occupied a central position in the sustainability discourse, particularly within the context of corporate strategy and organizational behavior. Although both elements are often grouped under the umbrella of corporate sustainability, they do not always evolve in parallel. Environmental sustainability typically refers to practices aimed at reducing the ecological footprint of business activities, including efforts to enhance energy efficiency, minimize waste, reduce emissions, and promote resource circularity (Dyllick & Hockerts, 2002; Hart & Milstein, 2003). These measures are frequently driven by regulatory compliance, cost-efficiency concerns, or the need to maintain competitiveness in increasingly environmentally conscious markets (Porter & van der Linde, 1995). As a result, environmental initiatives are often more visible, easier to measure, and more likely to be codified into formal strategies. Social sustainability, on the other hand, encompasses the ways in which organizations interact with their employees, stakeholders, and broader communities. It includes themes such as equity, inclusion, human rights, health and safety, work-life balance, and long-term community impact. Furthermore, firms may perceive social sustainability as less immediately “urgent” or commercially viable compared to environmental actions, especially in small and medium-sized enterprises (SMEs) where resources and formalized governance systems are often limited. |
| By Elisa Chioatto; Università di Ferrara Susanna Mancinelli; Università di Ferrara Massimiliano Mazzanti; Università di Ferrara & SEEDS' Francesco Nicolli; Università di Ferrara Fabiola Onofrio; Università di Ferrara Emy Zecca; Università di Ferrara |
| Presented by: Massimiliano Mazzanti, Università di Ferrara & SEEDS' |
Green Voices: Employee Representation and Firm Investments in SustainabilityAbstractThe green transition represents a critical challenge, involving not only environmental goals but also profound social transformations. Likewise the disruptive impact of Industry 4.0, the shift toward ecological sustainability risks marginalizing workers whose skills are tied to carbon-intensive production models. However, this transformation also opens potential opportunities for labor institutions—particularly trade unions—to reassert their relevance by actively shaping firm-level strategies. This paper investigates whether and how the presence of trade unions within firms is associated with greater investment in green-related initiatives, with a specific focus on training activities that develop green skills. Using novel data from the ECOSISTER survey (around 2,000 firms in Emilia- Romagna), we analyze the relationship between internal union representation (RSU/RSA) and firm behavior regarding the implementation of actions aligned with Regulation (EU) 2020/852. We hypothesize that trade unions, driven by concerns over potential skill mismatches and the risk of workers being excluded from the green economy, may actively encourage firms to invest in green activities, especially training programs. Our empirical findings show that the presence of trade union structures is significantly associated with the adoption of various sustainability-oriented actions, related to renewable energy use, production and distribution, and provision of green training for circular economy practices. |
| By Davide Bisi; Università di Parma Fabio Landini; Università di Parma Riccardo Rinaldi; Università di Parma |
| Presented by: Fabio Landini, Università di Parma |
Taxonomy Alignment and WACC reductionAbstractVoluntary disclosure of EU Taxonomy alignment reduces information asymmetries in financial markets. Creditors respond to firms' actions, such as investments, by affecting their capital allocation preferences. Investors might then discriminate against brown companies and favour green ones by lowering the financing costs. This correction of the "Lemon Market" concerning sustainable green finance could reduce financing costs for firms that align their activities with the green transition. This paper assesses whether firms' investments in Taxonomy alignment objectives reduce the Weighted Average of the Cost of Capital (WACC). We used a two-stage Difference-in-Difference approach. The data originates from a survey of more than 1000 firms residing in Emilia-Romagna distributed in various Climate Policy Relevant Sectors in 2024 and matched it with Orbis data. The questionnaire detailed which of the six areas their investments between 2018 and 2023 covered. We identified 2021-2024 as the treatment time and the firms' reporting investments in the areas as treated group. The found effects on WACC are heterogeneous. Climate mitigation investments mildly increase financing costs, while adaptation and water treatment reduce it by 1.3%. No effect was found for firms investing in Circular Economy, Pollution Prevention, and Biodiversity Protection. |
| By Matteo Mazzarano; Università Cattolica del Sacro Cuore Milano Gianni Guastella; Università Cattolica del Sacro Cuore Milano Luca Bagnato; Università Cattolica del Sacro Cuore di Milano Francesco Timpano; Università Cattolica del Sacro Cuore Milano Stefano Pareglio; Università Cattolica del Sacro Cuore di Milano |
| Presented by: Matteo Mazzarano, Università Cattolica del Sacro Cuore Milano |
Regional Insights into Green Investment: Firm-Level Evidence from ItalyAbstractThis study explores the economic dimensions of green investment, focusing on how firms perceive and implement sustainability as a driver of growth and recovery. Using a dataset of approximately 2,000 firms in Italy’s Emilia-Romagna region, the research investigates the relationship between firms’ financial profiles and their engagement in green practices, particularly within the framework of the EU taxonomy. Employing a two-step empirical approach, cluster analysis to identify firm typologies, followed by regression modelling, the study examines how economic conditions influence sustainability-related investments. Results aim to clarify how different firm types adopt green strategies and highlight sectoral and structural disparities in the green transition. The findings contribute to ongoing debates on the financial viability and strategic value of green investment, especially in post-crisis recovery contexts. |
| By Elisa Chioatto; Università di Ferrara Susanna Mancinelli; Università di Ferrara Massimiliano Mazzanti; Università di Ferrara & SEEDS Francesco Nicolli; Università di Ferrara Fabiola Onofrio; Università di Ferrara Emy Zecca; Università di Ferrara |
| Presented by: Emy Zecca, Università di Ferrara |
Regolamento Tassonomia ed Emilia-Romagna: quali impatti sugli ecosistemi produttivi regionali?AbstractLo scopo dell’analisi è quello di studiare il processo di allineamento delle imprese e degli ecosistemi industriali dell’Emilia-Romagna al Regolamento Tassonomia dell’Unione Europea, identificando l’impatto complessivo e le strategie necessarie per sfruttare le opportunità e le politiche volte a mitigare il cambiamento climatico e promuovere la sostenibilità. Attraverso un’analisi statistica di una survey ad-hoc svolta su 2000 imprese emiliano-romagnole nell’ambito del progetto Ecosister, la ricerca mira a verificare il livello di conoscenza del Regolamento Tassonomia da parte di un campione rappresentativo di imprese emiliano-romagnole, i loro investimenti effettuati in azioni ricollegabili alla Tassonomia e l’eventuale effetto sulle performance aziendali in termini di crescita, redditività e produttività. |
| By Paolo Rizzi; Università Cattolica del Sacro Cuore Lorenzo Turci; Università Cattolica del Sacro Cuore |
| Presented by: Lorenzo Turci, Università Cattolica del Sacro Cuore |
| Session 155: ACCELERATING THE SUSTAINABLE PATH TO THE CIRCULAR ECONOMY FOCUSING ON THE BIOBASED INDUSTRY October 25, 2025 13:30 to 14:50 Location: Aula 7 |
| Session Chair: Pasquale Marcello Falcone, Università di Napoli Parthenope |
Progetto di ricerca: Accelerating the sustainable path to the Circular Economy focusing on the Biobased industry (2022RCXRB2) – CUP I53D23004360006AbstractProgetto di ricerca: Accelerating the sustainable path to the Circular Economy focusing on the Biobased industry (2022RCXRB2) – CUP I53D23004360006 |
| By Pasquale Marcello Falcone; Università di Napoli Parthenope |
| Presented by: Pasquale Marcello Falcone, Università di Napoli Parthenope |
Comparing experiential learning and informational interventions for sustainable behavior: Insights from a circular economy field experiment AbstractFostering pro-circular behaviors is essential for advancing sustainable development, yet the role of experiential learning in promoting such behaviors remains underexplored. This study investigates the impact of two nudge-based interventions—educational nudges and social nudges—on sustainable behaviors among university students. A sample of 260 students from Parthenope University was divided into three groups: a treatment group exposed to experiential learning on circular economy (CE) principles, a nudge group informed about peer behaviors to leverage social influence, and a control group with no intervention. An Ordered Logit model was employed to analyze self-reported behaviors related to recycling, sustainable consumption, and transportation choices, controlling for socio-demographic factors. Results reveal that experiential learning significantly enhances sustainable behaviors compared to social nudging, emphasizing the importance of direct engagement in fostering environmental awareness. These findings suggest that integrating hands-on CE activities into educational curricula could be a powerful policy tool for promoting sustainable behaviors. |
| By Grazia Errichiello; Università di Napoli Parthenope Patrizio Giganti; Università di Napoli Parthenope Ilaria Tutore; Università di Napoli Parthenope Pasquale Marcello Falcone; Università di Napoli Parthenope |
| Presented by: Grazia Errichiello, Università di Napoli Parthenope |
Understanding the drivers of pro-circular behaviors: an empirical analysis of environmental concerns, local perceptions, and social capitalAbstractThis study investigates the determinants of consumer engagement in Circular Economy (CE) practices using data from the “Aspects of daily life” survey conducted by Italian National Statistics Office over 2018-2020. It explores how environmental concerns (egoistic, altruistic, biospheric), local environmental perceptions, social capital (trust, civic sense), and demographic factors influence CE behaviors. Findings from ordered probit regression analysis and robustness checks reveal that higher levels of egoistic, altruistic, and biospheric environmental concerns positively correlate with CE engagement. Perceptions of local environmental issues inversely correlate with CE behaviors, while social capital variables like civic sense and trust in municipal government show relevant positive associations. Demographic factors such as gender, marital status, age, education, and household size also influence CE practices. The study contributes by offering insights into individual motivations and barriers towards CE adoption, informing targeted policies for enhancing sustainability at the consumer level. |
| By Pasquale Marcello Falcone; Università di Napoli Parthenope Damiano Fiorillo; Università di Napoli Parthenope Alessandro Sapio; Università di Napoli Parthenope |
| Presented by: Damiano Fiorillo, Università di Napoli Parthenope |
How do climate, energy, economic policy and sustainability uncertainty affect EKC within a quantile framework? Evidence from international economiesAbstractThis study explores the impact of different types of uncertainties—Economic Policy Uncertainty (EPU), Climate Policy Uncertainty (CPU), Energy-Related Uncertainty (EUI), and Environmental, Social, and Governance Uncertainty (ESGUI)—on the Environmental Kuznets Curve (EKC) hypothesis. Using a panel dataset of 21 international economies spanning from 2002 to 2020, the analysis employs Fixed Effects (FE) and Quantile Regression (QR) models to investigate how these uncertainties shape the economic growth-CO₂ emissions relationship. The findings confirm the existence of the EKC, indicating that emissions initially rise with GDP per capita, peak, and subsequently decline. Moreover, CPU and EUI exhibit non-linear modulating effects, dampening the environmental impact of economic growth at higher income levels. In contrast, EPU amplifies emissions during early growth stages but moderates as economies mature. ESGUI shows limited significance, suggesting its current regulatory framework may be insufficient to drive substantial emission reductions. Policy implications underscore the need for stable regulatory frameworks to mitigate uncertainty-driven environmental impacts. |
| By Cristian Barra; Università di Salerno Luca Esposito; Università di Foggia Pasquale Marcello Falcone; Università di Napoli Parthenope Anna Parziale; Università di Salerno |
| Presented by: Anna Parziale, Università di Salerno |
Black and green: How Electoral Outcomes Influence Provincial Circular Economy Performance in ItalyAbstractItaly’s territorial disparities, particularly the north–south divide, reflect broader European challenges in balancing sustainability with economic cohesion amid rising political volatility. While northern provinces leverage robust infrastructure and global value chain integration to drive industrial innovation, southern regions face persistent unemployment, skilled worker outmigration, and deindustrialization, fostering socio-economic marginalization and populist sentiments. Parties like Lega in the north and Movimento Cinque Stelle in the south capitalize on local discontent, often critiquing EU policies, including the circular economy (CE) agenda, which is perceived as disconnected from peripheral areas’ immediate needs. Using NUTS-3 level data, this study investigates how electoral preferences in Italian provinces shape CE implementation. By analyzing ecological transition indicators, economic performance, and electoral dynamics, it reveals how political orientations influence CE adoption, highlighting northern provinces’ readiness versus southern challenges due to infrastructural deficits and populist resistance. These insights may inform policymakers on fostering inclusive, territorially balanced ecological transitions across the different socio-political landscapes of the country. |
| By Giuseppe Celi; Università di Foggia Vincenzo D'Atteo; Università di Foggia Edgardo Sica; Università di Foggia |
| Presented by: Vincenzo D'Atteo, Università di Foggia |
| Session 156: From vines to WINes: managing RIsks to Enhance Sustainability and COntinuity October 25, 2025 13:30 to 14:50 Location: Aula 8 |
| Session Chair: Pier Paolo Miglietta, Università del Salento |
Progetto PRIN-PNRR WIN-RIESCO, finanziato dall’Unione Europea - NextGenerationUE [CUP: D53D23017740001 - PNRR - Missione 4 “Istruzione e Ricerca” - Componente 2 “Dalla Ricerca all’Impresa” – Lina di Investimento 1.1 “Fondo per il Programma Nazionale di Ricerca e Progetti di Rilevante Interesse Nazionale (PRIN)”].
AbstractProgetto di ricerca: From vines to WINes: managing RIsks to Enhance Sustainability and COntinuity - PRIN-PNRR WIN-RIESCO, finanziato dall’Unione Europea - NextGenerationUE [CUP: D53D23017740001 - PNRR - Missione 4 “Istruzione e Ricerca” - Componente 2 “Dalla Ricerca all’Impresa” – Lina di Investimento 1.1 “Fondo per il Programma Nazionale di Ricerca e Progetti di Rilevante Interesse Nazionale (PRIN)”] |
| By Pier Paolo Miglietta; Università del Salento Donatella Porrini; Università del Salento |
| Presented by: Pier Paolo Miglietta, Università del Salento |
Index-based multi-risk insurance for viticulture: an innovative response to climate changeAbstractClimate change is increasing the frequency and severity of environmental hazards (e.g., prolonged drought), and even non-extreme climate events (e.g., a period of slightly warmer temperatures) can lead to extreme impacts when they occur simultaneously with other (non-extreme) events. In viticulture, climate-related hazards (droughts, heatwaves, and frosts) increase the probability of risks (grapes yield and quality reduction), ultimately threatening the economic sustainability of viticulturists. In response and as a theoretical framework, this study develops a multi-hazard risk index-based insurance product for viticulture, enabling insurers and viticulturists to manage complex, interacting climate-related hazards. The product is structured through three interconnected modules. The hazard module identifies key climate-related hazards and their combined impact through multi-criteria approaches, developing a multi-hazard risk index, which then establishes critical thresholds (trigger for payouts and exit from payouts in index-based insurance products). |
| By Zahra Ardakani; Università del Salento Giulio Paolo Agnusdei; Università Pegaso Donato Longo; Università del Salento Amenallah Zouari; Università della Campania L. Vanvitelli Pier Paolo Miglietta; Università del Salento |
| Presented by: Zahra Ardakani, Università del Salento |
Resilient distribution strategies for small wineries: Balancing profitability and adaptabilityAbstractThe distribution landscape for small wineries is characterized by limited resources, diverse channel options, and rapidly changing market conditions, making the selection of an optimal mix both complex and critical for profitability and resilience. This study formulates the choice of distribution strategy as a multi criteria decision making (MCDM) problem and introduces a hybrid framework that combines the Best–Worst Method (BWM) for deriving consistent criterion weights with the novel Axial Distance based Aggregated Measurement (ADAM) technique for robust alternative ranking. Seven evaluation criteria, economic profitability, resource availability, implementation feasibility, strategic alignment, market opportunity, competitive advantage, and flexibility, are applied to five distribution strategies: direct sales; online and social media channels; local partnerships; distributor partnerships; and participation in festivals and events. |
| By Mladen Krstic; Università del Salento Snezana Tadic; University of Belgrade Donatella Porrini; Università del Salento |
| Presented by: Donatella Porrini, Università del Salento |
Spatial zoning of water stress in Aglianico vineyards through PCA and open-source Earth Observation data for adaptive and cost-effective risk management strategyAbstractViticulture is a key economic driver in the Mediterranean Basin. This balance is increasingly threatened by rising temperatures and the growing frequency of extreme weather events, which are likely to intensify water stress conditions in vineyards, potentially compromising both yield and wine quality. In this evolving scenario, traditional knowledge alone may no longer suffice. There is a growing need for scientifically grounded, cost-effective strategies to manage climate-related risks. This study proposes a methodology for spatial zoning of water stress using a composite index derived from open-source and multi-source environmental data, including climatic variables, land surface temperature, and vegetation health indicators. The approach employs Principal Component Analysis to integrate and interpret spatial variability across the Aglianico vineyard area in Avellino, Southern Italy. The resulting zoning framework enables the identification of homogeneous climate risk zones, providing a data-driven foundation for adaptive vineyard management and spatial planning. Importantly, this method supports not only agronomic decision-making but also the development of innovative tools for climate risk governance. These include targeted agri-environmental policies and new-generation climate insurance schemes that reflect localized vulnerabilities. The approach demonstrates the potential of open-access satellite data to enhance the economic resilience of viticulture in the face of accelerating climate pressures. |
| By Alessandra Capolupo; Politecnico di Bari Andrea Gioia; Politecnico di Bari Eufemia Tarantino; Politecnico di Bari |
| Presented by: Alessandra Capolupo, Politecnico di Bari |
The impact of climate change on wine grape in Italy: regional 1 disparities and policy implicationsAbstractWe estimate the impact of weather fluctuations on vine grapes productivity in Italy on a regional 15 level from 2006 to 2022. The main weather variables as maximum and minimum temperatures, 16 precipitations and humidity were aggregated over the growing season of vine grapes and 17 divided into two seasons according to the annual vine cycle. We estimate the effect of weather 18 variability on productivity through fixed-effects panel estimation controlling for unobservable 19 variables. We construct two weather indicators as standardized weather indexes and growing 20 degree days (GDD) and killing degree days (KDD). We use four different forms of weather 21 specification (i) linear specification of weather, (ii) quadratic specification of weather (iii) 22 standardized weather indexes specification (iv) GDD and KDD specification. We find that high 23 minimum temperatures from April to June have a beneficial effect on productivity by 24 preventing frost damage, while high temperatures promote grapes ripening. We detect non-25 linear temperature effects as demonstrated in the literature, in particular productivity increases 26 with temperatures up to 32°C but these temperatures above the limit are very harmful. |
| By Claudio Mancuso; Università di Napoli Parthenope Giulio Paolo Agnusdei; Università Pegaso Marco De Simone; Università di Napoli Parthenope Elisabetta Marzano; Università di Napoli Parthenope Pier Paolo Miglietta; Università del Salento |
| Presented by: Claudio Mancuso, Università di Napoli Parthenope |
| Session 157: GREEN COMPETITIVENESS FOR A STRONGER AND MORE SUSTAINABLE ITALIAN ECONOMY – GREENGO October 25, 2025 13:30 to 14:50 Location: Aula 9 |
| Session Chair: Bernardina Algieri, Università della Calabria |
Progetto di ricerca: GREEN COMPETITIVENESS FOR A STRONGER AND MORE SUSTAINABLE ITALIAN ECONOMY – GREENGO - Scientific Research Program PRIN 2022 – “Project GREENGO 20229NB2MT”AbstractThis study analyses Italy’s international competitiveness and scrutinises the chief contributors to its export performance over time. Using a novel approach, it proposes a green competitiveness index in a general and symmetric version to disentangle the country’s green competitiveness. After assessing a battery of price competitiveness indicators, which allows us to square off Italy’s ability against its global competitors in the price domain, we unravel the determinants of Italy’s export flows using a structural time series model which incorporates price and non-price competitiveness alongside other factors linked to green components, offering a comprehensive picture of the forces driving Italy’s export performance. The results demonstrate how price and non-price factors, including the green dimension, influence the country’s ability to sell products abroad and underscore the importance of incorporating supply-side factors, particularly green and non-green non-price competitiveness, when assessing export flows. |
| By Bernardina Algieri; Università della Calabria |
| Presented by: Bernardina Algieri, Università della Calabria |
The Italian Competitiveness: Unveiling price and non-price dynamics and green componentsAbstractThis study analyses Italy’s international competitiveness and scrutinises the chief contributors to its export performance over time. Using a novel approach, it proposes a green competitiveness index in a general and symmetric version to disentangle the country’s green competitiveness. After assessing a battery of price competitiveness indicators, which allows us to square off Italy’s ability against its global competitors in the price domain, we unravel the determinants of Italy’s export flows using a structural time series model which incorporates price and non-price competitiveness alongside other factors linked to green components, offering a comprehensive picture of the forces driving Italy’s export performance. |
| By Bernardina Algieri; Università della Calabria Giuseppe Arcuri; University Paris 1 Panthéon-Sorbonne Rosetta Lombardo; Università della Calabria Fernanda Ricotta; Università della Calabria Marianna Succurro; Università della Calabria |
| Presented by: Bernardina Algieri, Università della Calabria |
Green Tourism Competitiveness of Italian Regions in the European Market before and during Covid-19 PandemicAbstractGreen tourism offers a opportunity for sustainable regional development, fostering eco-friendly practices and enhancing local competitiveness. The COVID-19 pandemic has acted both as a shock and a opportunity for rethinking and relaunching tourism through greener models. This study analyses the evolution of green tourism competitiveness across Italian regions, focusing on pandemic-induced changes and provincial-level drivers. To measure green tourism competitiveness, a spatial formulation of the Shift Share Analysis (SSA) method was applied. Provinces were then classified based on their green competitiveness levels, and a Continuation Ratio Mixed-Effect Model (CRMEM) was employed to identify factors influencing the likelihood of provinces improving their competitiveness. To explore regional differences in green competitiveness before and after COVID-19, the analysis was conducted for the periods 2017–2019 and 2021–2023. Results reveal a reconfiguration of the green tourism landscape: lesser-known destinations gained ground, while traditional hubs—especially those lacking specialisation—lost competitiveness. Key drivers include tourist specialisation, environmental quality, and the presence of protected areas, whereas pollution and mass tourism have negative effects. These findings highlight the need for integrated, place-based strategies to promote emerging destinations and mitigate decline in established ones, leveraging spatial interdependencies to strengthen the green tourism system. |
| By Furio Urso; Università di Palermo Martina Aronica; Università di Palermo Salvatore Costantino; Università di Palermo Davide Piacentino; Università di Palermo Maria Francesca Cracolici; Università di Palermo |
| Presented by: Furio Urso, Università di Palermo |
Circular Economy and the Green Transition in the Italian regions: An Econometric Analysis of Efficiency and its Determinants AbstractThis study evaluates the efficiency and determinants of the green transition across 20 Italian regions from 2012 to 2021, focusing on the transport and building sectors not covered by the EU Emissions Trading System. Employing the Global Malmquist-Luenberger (GML) productivity index, the analysis explicitly accounts for greenhouse gas emissions as unde- sirable outputs, thus offering a more accurate assessment of environmental efficiency than traditional models. The research further decomposes productivity changes into efficiency change and technological progress components. In a second stage, dynamic panel models investigate the influence of behavioural and participatory variables, such as public trans- port use, climate change awareness, and household adoption of photovoltaic systems, on eciency dynamics. The results reveal that technological progress has been the main driver of efficiency, with public transport usage and climate awareness positively impacting effciency, while small-scale solar adoption drives performance mainly through scale and input efficiency improvements |
| By Alberto Amadei; Università di Perugia Simona Bigerna; Università di Perugia Maria Chiara D'Errico; Università di Perugia Paolo Polinori; Università di Perugia |
| Presented by: Alberto Amadei, Università di Perugia |
Trade Competitiveness and Green Policy: Evidence from Italian ProvincesAbstractThis paper examines the impact of green policies on regional competitiveness and trade performance, focusing on the tightening of the European Union Emissions Trading Scheme (EU ETS) during Phase 3 (2013–2020). By combining verified emissions at installation level with sectoral trade data for 102 Italian provinces, we have constructed a measure of provincial exposure based on the change in net paid emissions between Phases 2 and 3. Using a Synthetic Difference-in-Differences (SDD) estimator, we identify the effect of increased carbon cost exposure on provincial exports, imports and comparative advantage. The results show that higher exposure to the EU ETS led to a contraction in exports and competitiveness, with the provinces most affected located in Southern Italy and the Islands. Notably, imports also decreased, suggesting that higher compliance costs may have reduced overall production and demand for inputs rather than merely shifting trade patterns. These findings emphasise the importance of regional heterogeneity in industrial structure and adaptive capacity in mediating the economic effects of environmental regulation. Overall, the results provide evidence of the trade costs of decarbonisation and emphasise the need for regionally specific support during the green transition. |
| By Lewoye Bantie Baylie; University of Salerno Anna Maria Ferragina; Università di Salerno Stefano Iandolo; Università di Salerno Ivan Sergio; HWWI University of Bremen |
| Presented by: Stefano Iandolo, Università di Salerno |
| Session 158: ECONOMIC GROWTH, INEQUALITY AND POVERTY IN THE LONG RUN: ITALY,1861-2021 October 25, 2025 13:30 to 14:50 Location: Aula di Calcolo 2 |
| Session Chair: Giovanni Vecchi, Università di Roma Tor Vergata |
Progetto di ricerca: Economic growth, inequality and poverty in the long run: Italy, 1861-2021 (PRIN 2022 - 2022BBMA3T)AbstractProgetto di ricerca: Economic growth, inequality and poverty in the long run: Italy, 1861-2021 (PRIN 2022 - 2022BBMA3T) |
| By Giovanni Vecchi; Università di Roma Tor Vergata |
| Presented by: Giovanni Vecchi, Università di Roma Tor Vergata |
Using Microsimulations to Estimate Historical Income Distributions at High Frequency: Italy, 1861-2021AbstractThis paper presents annual estimates of the distribution of household income for post-Unification Italy (1861-2021). This provides not only high-frequency series of inequality and absolute poverty indices, but also a reconstruction of gains and losses across the whole distribution for the period under examination. To achieve this, we bring together historical microdata and modern microsimulation: for selected benchmark years, we assemble nationally representative datasets of historical household budgets, and explore the use of static microsimulation models to fill in the gaps. This approach lays the foundation for understanding the distributive effects of both systemic and idiosyncratic shocks that took place in the past, based on novel insight into medium- and short-run fluctuations. |
| By Brian A'Hearn; Oxford University Nicola Amendola; Università di Roma Tor Vergata Federico Belotti; Università di Roma Tor Vergata Giulia Mancini; Università di Sassari Giovanni Vecchi; Università di Roma Tor Vergata |
| Presented by: Giovanni Vecchi, Università di Roma Tor Vergata |
Income Mobility in Belle Époque ModenaAbstractWe explore the possibilities for studying historical income mobility on the basis of fiscal sources. Modena’s taxpayer lists for the tassa di famiglia allow us to observe the total household income of families in roughly the top 40% of the city’s distribution. We extract samples of households in six years between 1882 and 1892, link them, and estimate the probabilities of transitions between tax brackets over time. The resulting transition matrices indicate what seems initially to be a nontrivial degree of instability or impermanence. Comparison with modern data, however, suggests the opposite interpretation: household incomes in belle époque Modena seem to have been much less volatile than today. We do not yet have a clear explanation for the mobility patterns we find, nor an unambiguous characterisation of them as socially desirable or undesirable. |
| By Brian A'Hearn; Oxford University Giovanni Vecchi; Università di Roma Tor Vergata Giulia Mancini; Università di Sassari Federico Belotti; Università di Roma Tor Vergata Nicola Amendola; Università di Roma Tor Vergata |
| Presented by: Brian A'Hearn, Oxford University |
A Historical Balanced Human Development IndexAbstractThe Human Development Index (HDI) can be interpreted as a “paternalistic social welfare function” (Graaf, 1957, Mas-Colell et al. 1995) based on a set of social indicators, without directly reQlecting individual preferences. While it ranks countries according to aggregated indicators, the HDI lacks a clear cardinal interpretation, unless one attributes an objective nature to the concept of human development. Drawing on the Atkinson-Kolm-Sen approach (Dutta, 2003), this paper introduces a “Historical Balanced Human Development Index” (BHDI) which focuses on the structure of human development rather than its level. |
| By Nicola Amendola; Università di Roma Tor Vergata |
| Presented by: Nicola Amendola, Università di Roma Tor Vergata |
Independent women: female heads of household at the top of the income distribution, Italy 1880-1920 AbstractSoon after Unification, the decision by many Italian municipalities to levy a family income tax left behind a bounty of data, allowing for an unprecedentedly in-depth exploration of the occupations and incomes of households at the top of the distribution. This paper investigates the position of women within these loosely defined “élites” between 1880 and 1920, focusing on four case studies - Rome, Modena, and three small comuni in the Center and South of Italy. Women’s work and incomes are often hidden from view in historical sources, in the shadow of the male breadwinner, but fiscal data offer insight on women who were themselves primary income recipients in their household. The paper explores the extent and trends of the “income glass ceiling” for women. Preliminary results indicate that women were rare but present at the top of the income distribution, though highly selected. While the incomes of most female heads of household came primarily from accumulated wealth, a non-trivial proportion of them, around 20%, did work, hinting at a reality more complex than passive enjoyment of family assets. |
| By Giulia Mancini; Università di Sassari |
| Presented by: Giulia Mancini, Università di Sassari |
| Session 159: DEEP - Digital tEchnologies and monEtary Policies: the role of cryptocurrencies October 25, 2025 13:30 to 14:50 Location: Sala Consiliare |
| Session Chair: Luca Fantacci, Università di Milano |
Progetto di ricerca: DEEP - Digital tEchnologies and monEtary Policies: the role of cryptocurrencies – PI Carlo D’Ippoliti - Unità di Roma: Sapienza Università di Roma - Unità di Milano: Università degli Studi di Milano - Responsabile unità di Milano: Luca Fantacci - Numero Progetto: Bando PRIN PNRR 2022 n. P2022EZBTEAbstractProgetto di ricerca: DEEP - Digital tEchnologies and monEtary Policies: the role of cryptocurrencies – PI Carlo D’Ippoliti |
| By Jacopo Temperini; Sapienza Università di Roma |
| Presented by: Jacopo Temperini, Sapienza Università di Roma |
The Regionalization of Payment Systems: The Role of CryptocurrenciesAbstractToday, as BRICS+ economies show a growing political interest in reducing their dependence on the U.S. dollar, the issue of regional clearing is coming back into focus. The twin goals of supporting regional trade growth and reducing exchange rate risk against the dollar are driving solutions based on multilateral payment technologies and cryptocurrencies. The paper analyzes several regional payment systems currently being proposed or implemented, looking at how they can reduce reliance on the U.S. dollar as a means of international settlement and how they can be understood (and perhaps further improved) in light of multilateral clearing principles |
| By Massimo Amato; Università Bocconi Luca Fantacci; Università di Milano Lucio Gobbi; Università di Trento |
| Presented by: Lucio Gobbi, Università di Trento |
Hayek’s Dream Meets Distributed Ledgers: Asset-referenced Stablecoins as Commodity Reserve CurrenciesAbstractHayek’s notion of currency competition is frequently evoked to describe a plausible outcome of the proliferation of cryptocurrencies, and more specifically of payment tokens. The underlying distributed ledger technology (DLT), conceived to allow transactions “without a trusted third party”, may indeed appear, in this perspective, as the enabling technology for the Denationalization of money. However, DLT can be used to create a wide variety of cryptocurrencies, with very different implications in terms of monetary stability. In this paper, we focus specifically on “asset-referenced tokens” (ART), a relatively neglected typology, which yet has several significant embodiments and is explicitly envisaged by the recent EU regulation MiCA (Markets in Crypto-Assets). |
| By Angela Ambrosino; Università di Torino Luca Fantacci; Università di Milano Florencia Sember; Università di Milano |
| Presented by: Angela Ambrosino, Università di Torino |
A new Consensus Algorithm analysed by a dynamic level-k model of alternating pie-sharing games: A laboratory studyAbstractThis paper introduces a novel blockchain consensus algorithm—Proof of Efficiency Loss (PoEL)—grounded in a microeconomic framework of alternating pie-sharing games. Unlike traditional mechanisms such as Proof of Work, PoEL incentivises cooperation between validator nodes through a two-phase negotiation process under conditions of strategic ambiguity and probabilistic continuation. Drawing on laboratory data from a controlled experimental setting, we analyse node behaviour using a dynamic level-k reasoning model. Results indicate that the dominant strategy among participants corresponds to naïve or boundedly rational behaviour (level-0), with minimal evidence of higher-order strategic thinking. |
| By Anna Conte; Sapienza Università di Roma Carlo D'Ippoliti; Sapienza Università di Roma Jacopo Temperini; Sapienza Università di Roma |
| Presented by: Jacopo Temperini, Sapienza Università di Roma |
What convention? A Keynesian perspective on unconventional monetary policiesAbstractThis contribution explores the origin of the notion of "unconventional monetary policies" to better contextualize the debate over their unfolding. Subsequently, it builds an analysis of these policies, as they have been implemented in the last 15 years, through the lens of the theories and proposals elaborated by John Maynard Keynes. More specifically, it questions the "unconventional" character of such policies through the notion of "convention" as elaborated in chapter 12 of the General Theory. According to Keynes, the normal functioning of financial markets relies on the preservation of a conventional assumption postulating the preservation of liquidity and the ongoing interchangeability of various types of money and assets. This work shows how so-called unconventional monetary policies have been implemented, paradoxically, to sustain confidence in this conventional basis of valuation. |
| By Luca Fantacci; Università di Milano Jacopo Maria Magurno; Università di Milano |
| Presented by: Luca Fantacci, Università di Milano |
| Session 160: CONNECT TO GROW: HIGH-SPEED RAIL AND DEVELOPMENT OF THE URBAN AREAS OF NAPLES AND BARI October 25, 2025 13:30 to 14:50 Location: Biblioteca |
| Session Chair: Francesco Prota, Università di Bari |
Progetto di ricerca PRIN: CONNECT TO GROW: HIGH-SPEED RAIL AND DEVELOPMENT OF THE URBAN AREAS OF NAPLES AND BARI (Project code 2022NKLHHT)AbstractProgetto di ricerca PRIN: CONNECT TO GROW: HIGH-SPEED RAIL AND DEVELOPMENT OF THE URBAN AREAS OF NAPLES AND BARI (Project code 2022NKLHHT) |
| By Francesco Prota; Università di Bari |
| Presented by: Francesco Prota, Università di Bari |
Valutazione ex-ante dei progetti di Alta Velocità ferroviaria: una rassegna della letteraturaAbstractLe infrastrutture rivestono un ruolo fondamentale nello sviluppo e nella crescita di un territorio. In particolare, le infrastrutture di trasporto (e.g., strade, ferrovie, porti e aeroporti) rappresentano un vero e proprio pilastro per la competitività economica di un’area, facilitando l'accesso ai mercati, alle opportunità di lavoro e ai servizi essenziali, oltre a supportare il turismo e la cultura. Inoltre, una rete di trasporti integrata contribuisce a una maggiore coesione territoriale, riducendo il divario tra aree metropolitane e zone più remote. |
| By Ilaria Mariotti; Politecnico di Milano Francesco Prota; Università di Bari Federica Rossi; Politecnico di Milano |
| Presented by: Ilaria Mariotti, Politecnico di Milano |
Una stima degli effetti della nuova linea ferroviaria Napoli Bari su accessibilità e sviluppo economicoAbstractCome per la costruzione di un nuovo aeroporto o l’apertura di una nuova autostrada, la realizzazione di una linea ad Alta Velocità (AV) rappresenta un intervento di grande rilievo nel sistema dei trasporti di un Paese. Questo tipo di infrastruttura non si limita a migliorare l'offerta di trasporto, ma genera trasformazioni significative nelle modalità di mobilità e nelle scelte di viaggio, con conseguenze sociali, economiche e ambientali di vasta portata. |
| By Ennio Cascetta; Università di Napoli Federico II Armando Cartenì; Università della Campania L. Vanvitelli Ilaria Henke; Università Mercatorum |
| Presented by: Ilaria Henke, Università Mercatorum |
Alta Velocità e Potenzialità Territoriali: Un'Analisi Integrata dell'Impatto AV/AC nell'Italia MeridionaleAbstractThe development of the High-Speed/High-Capacity (AV/AC) railway network represents a strategic infrastructure investment in Southern Italy, with the potential to significantly reshape social and economic dynamics in the Italian Mezzogiorno. This paper addresses two main research questions: (1) how to describe the socio-economic structures of the areas impacted by AV/AC, with particular attention to Naples, Bari, and the internal territories; and (2) which municipalities and areas are likely to benefit most from the implementation of the AV/AC infrastructure. |
| By Carlo De Luca; Università di Napoli Federico II Paola De Vivo; Università di Napoli Federico II Caterina Rinaldi; Università di Napoli Federico II Gaetano Vecchione; Università di Napoli Federico II |
| Presented by: Gaetano Vecchione, Università di Napoli Federico II |
Le relazioni fra Napoli e Bari come nuovo asse di sviluppo dell’economia italianaAbstractIl contributo parte da una rassegna dei contributi teorici che mostrano come “i vicini contano” moltissimo per lo sviluppo urbano e regionale. I percorsi di sviluppo urbani e regionali, infatti, sono condizionati non solo dalla disponibilità di risorse e fattori produttivi all’interno del territorio, ma anche dalla possibilità di interscambio di idee, merci, servizi, persone con altri territori. Questa possibilità è funzione della geografia (che storicamente ha rappresentato un fondamentale vincolo per lo sviluppo del Sud), ma anche dalle infrastrutture di trasporto e da quantità e qualità dei servizi che esse sono concretamente in grado di erogare. |
| By Gianfranco Viesti; Università di Bari Flavia Terribile; CNEL Carmela Chiapperini; Università di Bari |
| Presented by: Gianfranco Viesti, Università di Bari |
| # | Participant | Roles in Conference |
|---|---|---|
| 1 | A'Hearn, Brian | P158 |
| 2 | Acampora, Lucia | P140 |
| 3 | Accetturo, Antonio | P70, C70 |
| 4 | Addabbo, Tindara | P90, C90 |
| 5 | Aiello, Francesco | P109, C109 |
| 6 | Aina, Carmen | P58 |
| 7 | Aktas, Koray | P23 |
| 8 | Alessandri, Enrico | P132 |
| 9 | Algieri, Bernardina | P157, P157, C157 |
| 10 | Alidou, Sahawal | P63 |
| 11 | Alpkaya, Taylan | P107 |
| 12 | Altan, Basak | P90 |
| 13 | Amaddeo, Elsa | P111 |
| 14 | Amadei, Alberto | P157 |
| 15 | Ambrosino, Angela | C8, P159 |
| 16 | Ambrosino, Angela | P8 |
| 17 | Amendola, Marco | P131 |
| 18 | Amendola, Nicola | P158 |
| 19 | Anatolyev, Stanislav | P121 |
| 20 | Andini, Corrado | P130 |
| 21 | Angei, Fabio | P90 |
| 22 | Anobile, Fabio | P123 |
| 23 | Arbolino, Roberta | P52 |
| 24 | Ardakani, Zahra | P156 |
| 25 | Argentiero, Amedeo | P48, C48 |
| 26 | Arnone, Massimo | P44 |
| 27 | Aronica, Martina | P138 |
| 28 | Arvaniti, Maria | P100, C100 |
| 29 | Asllani, Alban | P56 |
| 30 | Bacchiocchi, Andrea | P85 |
| 31 | Baggetta, Chiara | P44 |
| 32 | Balestra, Anna | P6 |
| 33 | Balestri, Sara | P40 |
| 34 | Balsimelli Ghelli, Bianca | P29 |
| 35 | Banerjee, Subarna | P78 |
| 36 | Barberis, Fausto Libero | P124 |
| 37 | Barligea, Roxana | P78 |
| 38 | Baronchelli, Adelaide | P6 |
| 39 | Bashir, Tahseen | P153 |
| 40 | Basile, Roberto | P119, C119 |
| 41 | Battaggion, Maria Rosa | P91, C91 |
| 42 | Bavaro, Michele | P107 |
| 43 | Bazzana, Davide | P138, C138 |
| 44 | Becchio, Giandomenica | P141 |
| 45 | Bechini, Tommaso | P20 |
| 46 | Bejdic, Irma | P83 |
| 47 | Bellino, Enrico | P5 |
| 48 | Bellocchi, Alessandro | P115 |
| 49 | Bergantino, Angela Stefania | P139, P139, C139 |
| 50 | Bertacchini, Enrico | C10 |
| 51 | Bettin, Giulia | P132 |
| 52 | Bhardwaj, Mayank | P56 |
| 53 | Bhattacharyya, Ranajoy | P114 |
| 54 | Biagini, Luigi | P24 |
| 55 | Biggi, Gianluca | P18 |
| 56 | Billi, Roberto | P117, C117 |
| 57 | Biondo, Alessio Emanuele | P62, C62 |
| 58 | Biscione, Antonella | P57 |
| 59 | Bisio, Laura | P96, P109 |
| 60 | Biswal, Dinamani | P51 |
| 61 | Bloise, Francesco | P104, C104 |
| 62 | Boccia, Marinella | P104 |
| 63 | Boffa, Federico | P136, C136 |
| 64 | Boldrini, Michela | P48 |
| 65 | Bollino, Carlo Andrea | P20 |
| 66 | Bombelli, Saverio | P37 |
| 67 | Bonanno, Graziella | P87, C87 |
| 68 | Bose, Paul | P113 |
| 69 | Bossola, Benedetta | P21 |
| 70 | Bottoni, Anton Giulio | P128 |
| 71 | Bovini, Giulia | P15 |
| 72 | Bozzano, Monica | P64 |
| 73 | Breglia, Giulio | P28 |
| 74 | Brugnara, Luca | P84 |
| 75 | Brunazzi, Gianmaria | P8 |
| 76 | Brunetti, Irene | P62 |
| 77 | Bruno, Randolph | P30 |
| 78 | Buccella, Domenico | P93 |
| 79 | Bui, Dang-Long | P101 |
| 80 | Buongiorno, Alessandro | P137 |
| 81 | Butikofer, Aline | P98 |
| 82 | Butzbach, Olivier | P38 |
| 83 | Caferra, Rocco | P72 |
| 84 | Cafieri, Simona | P126 |
| 85 | Cafiso, Gianluca | P38 |
| 86 | Caiazzo, Emmanuel | P114 |
| 87 | Calciolari, Francesco | P100 |
| 88 | Calogero, Vieri | P133 |
| 89 | Calsamiglia, Caterina | P99 |
| 90 | Calzaretta, Loreta | P143 |
| 91 | Candio, Paolo | P83, C83 |
| 92 | Cano Ortiz, David | P79 |
| 93 | Capasso, Salvatore | P3 |
| 94 | Capolupo, Alessandra | P156 |
| 95 | Capone, Gianluca | P133, C133 |
| 96 | Caporale, Diana | P49 |
| 97 | Cappa, Elisabetta | P131 |
| 98 | Capretti, Lisa | P66 |
| 99 | Capriotti, Alessio | P60 |
| 100 | Cardullo, Gabriele | P90 |
| 101 | Caria, Andrea | P110 |
| 102 | Caria, Sara | P73 |
| 103 | Carillo, Maria Rosaria | P147 |
| 104 | Cariola, Gianmarco | P111 |
| 105 | Carrera, Jorge | P19, P48 |
| 106 | Carrozzo, Salvatore | P10 |
| 107 | Caruso, Raul | C6 |
| 108 | Caruso, Eleonora | P1 |
| 109 | Cascarano, Michele | P135 |
| 110 | Castaldo, Stefano | P115 |
| 111 | Castaldo, Angelo | P11 |
| 112 | Castiglione, Concetta | P124 |
| 113 | Catola, Marco | P93 |
| 114 | Cattaruzzo, Sebastiano | P139 |
| 115 | Cavallo, Carla | P76 |
| 116 | Ceccarelli, Valentina | P79 |
| 117 | Cefis, Elena | P69 |
| 118 | Cefis, Elena | C98 |
| 119 | Centofanti, Francesca | P119 |
| 120 | Ceolotto, Stefano | P127 |
| 121 | Cerciello, Massimiliano | P148 |
| 122 | Cerniglia, Floriana | P59 |
| 123 | Cerqua, Augusto | P58, P150, P150, C150 |
| 124 | Chiariello, Valentina | P26, C26 |
| 125 | Chowdhury, Aditya | P91 |
| 126 | Ciappei, Simona | P142 |
| 127 | Ciaschini, Clio | P17 |
| 128 | Ciccarelli, Carmela | P29 |
| 129 | Cingolani, Massimo | P51, C51 |
| 130 | Cipollina, Maria | P69, C69 |
| 131 | Cirigliano, Giovanni | P53 |
| 132 | Cisco, Gianluigi | P81 |
| 133 | Cito, Maria Grazia | P137, P139 |
| 134 | Ciucci, Salvatore | P63 |
| 135 | Colantonio, Emiliano | P146 |
| 136 | Colella, Ida | P100 |
| 137 | Colozza, Federico | P96 |
| 138 | Coluccia, Benedetta | P28 |
| 139 | Comincioli, Nicola | P118 |
| 140 | Congiu, Luca | P72 |
| 141 | Coniglio, Nicola | P5 |
| 142 | Coniglio, Nicola | P129, C129 |
| 143 | Consiglio, Andrea | C60 |
| 144 | Conte, Andrea | P108 |
| 145 | Conte, Anna | P39, C39 |
| 146 | Conti, Enrico | P16 |
| 147 | Conzo, Gianluigi | P44 |
| 148 | Coppier, Raffaella | P88, C88 |
| 149 | Coppola, Gianluigi | P24 |
| 150 | Corsini, Lorenzo | P77 |
| 151 | Costantini, Valeria | P59 |
| 152 | Costantini, Lorenzo | P127 |
| 153 | Coveri, Andrea | P133 |
| 154 | Crespi, Francesco | P21 |
| 155 | Cristofoletti, Enrico | P142 |
| 156 | Crociata, Alessandro | P10 |
| 157 | Crotti, Daniele | P153 |
| 158 | Cruickshank, Edward | P74 |
| 159 | Cucculelli, Marco | C25, P146 |
| 160 | Cuzzola, Angelo | P103 |
| 161 | D'Alessandro, Simone | P55 |
| 162 | D'Alterio, Nicoletta | P152 |
| 163 | D'Amato, Alessio | C127 |
| 164 | D'Amato, Alessio | P84, C84 |
| 165 | D'Ambrosio, Anna | P143, C143 |
| 166 | D'Ambrosio, Anna | C78, P143 |
| 167 | D'Amuri, Francesco | P70 |
| 168 | D'Angelo, Francesco | P68 |
| 169 | D'Atteo, Vincenzo | P155 |
| 170 | D'Ausilio, Domenico | P89 |
| 171 | D'Avino, Maria | P140 |
| 172 | D'Ecclesia, Rita Laura | P7 |
| 173 | D'Errico, Maria Chiara | C20, P152 |
| 174 | D'Imperio, Paolo | P53, C53 |
| 175 | Dalle Nogare, Chiara | P10 |
| 176 | Dattilo, Martina | P10 |
| 177 | Daviddi, Renzo | P13 |
| 178 | D’Isidoro, Andrea | P146 |
| 179 | De Angelis, Marina | P61 |
| 180 | De Angelis, Marina | C61 |
| 181 | De Arcangelis, Giuseppe | P5, C5 |
| 182 | De Benedictis, Luca | P5, C5 |
| 183 | De Bonis, Riccardo | C33 |
| 184 | De Grauwe, Paul | P45 |
| 185 | De Masi, Lorenzo | P14 |
| 186 | de Moraes Godinho, Enzo | P2 |
| 187 | De Paola, Maria | C14 |
| 188 | De Paola, Maria | P37 |
| 189 | De Pascale, Gianluigi | P65 |
| 190 | De Simone, Marco | P127 |
| 191 | De Simone, Marco | P69 |
| 192 | De Simone, Luisa | P57 |
| 193 | De Simone, Elina | P49, C49 |
| 194 | de Souza, Daniel | P50 |
| 195 | Debernardi, Carlo | P8 |
| 196 | Del Gatto, Massimo | P136 |
| 197 | Del Mastio, Ginevra | P9 |
| 198 | Del Prete, Davide | P151 |
| 199 | del Puente, Francesco | P57 |
| 200 | Dell'Anno, Roberto | P56, C56 |
| 201 | Demir, Ayse | P1 |
| 202 | Di Bucchianico, Stefano | P92 |
| 203 | Di Caro, Paolo | P114, C114 |
| 204 | Di Cataldo, Marco | P26 |
| 205 | Di Corato, Luca | P72, C72 |
| 206 | Di Cosmo, Valeria | P7 |
| 207 | Di Giorno, Saverio | P39 |
| 208 | Di Liberto, Adriana | P77, C77 |
| 209 | Di Liddo, Giuseppe | P80, C80 |
| 210 | Di Marco, Beatrice | P128 |
| 211 | Di Marcoberardino, Davide | P49 |
| 212 | Di Ruocco, Irina | P153 |
| 213 | Di Sabato, Attilio | P52 |
| 214 | Di Sisto, Serena | P84 |
| 215 | Distefano, Rosaria | P105 |
| 216 | Divella, Marialuisa | P56 |
| 217 | Djekna, Votsoma | P40 |
| 218 | Donà, Silvia | P61, C61 |
| 219 | Dottori, Davide | P94, P142 |
| 220 | Dughera, Stefano | P94 |
| 221 | Dutta, Ujjal | P135 |
| 222 | Egger, Hartmut | P99 |
| 223 | Engljaehringer, Hannah | P131 |
| 224 | Errichiello, Grazia | P155 |
| 225 | Errico, Lucia | P122 |
| 226 | Esposito, Luca | P148 |
| 227 | Esposito, Piero | P61 |
| 228 | Esposito, Gaetano Fausto | C128 |
| 229 | Evangelista, Rinaldo | P133 |
| 230 | Falavigna, Greta | P143, C143 |
| 231 | Falbo, Paolo | P7 |
| 232 | Falco, Paolo | P151 |
| 233 | Falcone, Pasquale Marcello | P155, C155 |
| 234 | Fantacci, Luca | P159, C159 |
| 235 | Fantechi, Federico | P74, C74 |
| 236 | Farkas, Richárd | P116 |
| 237 | Fasone, Vincenzo | P36 |
| 238 | Favaretto, Federico | P67, C67 |
| 239 | Felice, Giulia | P113, C113 |
| 240 | Fenoaltea, Enrico Maria | P61 |
| 241 | Ferrara, Maria | P152, C152 |
| 242 | Ferrara, Massimiliano | C60 |
| 243 | Ferraresi, Tommaso | P16 |
| 244 | Ferraro, Aniello | P140, P140, C140 |
| 245 | Ferreira de Oliveira, Marcia | P82 |
| 246 | Ferri, Giovanni | P128 |
| 247 | Ferri, Valentina | P61 |
| 248 | Ferri, Valentina | C61 |
| 249 | Ferri, Giovanni | P103 |
| 250 | Ferrulli, Eustachio | P77 |
| 251 | Fiaschi, Davide | P132 |
| 252 | Fiorelli, Cristiana | P62 |
| 253 | Fiorillo, Damiano | P22, C22, P155 |
| 254 | Fiorillo, Fabio | P105 |
| 255 | Fiorio, Carlo | P23 |
| 256 | Fontanelli, Luca | P47 |
| 257 | Fontini, Fulvio | C7 |
| 258 | Forgione, Antonio | P145 |
| 259 | Fosco, Giovanni | P49 |
| 260 | Fracasso, Andrea | C33, D70, P142, C142 |
| 261 | Fragetta, Matteo | P100 |
| 262 | Franco, Chiara | P142 |
| 263 | Franzini, Maurizio | P13 |
| 264 | Fratesi, Ugo | P32 |
| 265 | Fratesi, Ugo | P108 |
| 266 | Fryd, Lukas | P121 |
| 267 | Gabriele, Roberto | P132, C132 |
| 268 | Gaffeo, Edoardo | P135, C135 |
| 269 | Galavotti, Stefano | P116, C116 |
| 270 | Gallice, Andrea | P87 |
| 271 | Garlińska-Bielawska, Joanna | P25 |
| 272 | Garofoli, Gioacchino | P19, C19 |
| 273 | Gasseau, Gemma | P144 |
| 274 | Gattone, Tulia | P134 |
| 275 | Gehringer, Agnieszka | P46 |
| 276 | George, Preeta | P81 |
| 277 | Germani, Anna Rita | P54, C54 |
| 278 | Geuna, Aldo | P76, C76 |
| 279 | Giampaoli, Noemi | P102 |
| 280 | Giannantoni, Costanza | P150 |
| 281 | Giannini, Massimo | P152 |
| 282 | Giannola, Adriano | P3 |
| 283 | Giganti, Patrizio | P148 |
| 284 | Giocoli, Nicola | P141 |
| 285 | Giocoli, Nicola | C141 |
| 286 | Giombini, Germana | P47, C47 |
| 287 | Giua, Mara | P150, C150 |
| 288 | Gobbi, Lucio | P159 |
| 289 | Gori, Luca | P101, C101 |
| 290 | Gottardo, Giulio | P126 |
| 291 | Goyal, Ananya | P123 |
| 292 | Gravina, Antonio Francesco | P73 |
| 293 | Grugni, Elisa | P43 |
| 294 | Guarini, Giulio | P18, C18 |
| 295 | Guerini, Mattia | P76 |
| 296 | Guerreschi, Asia | P50 |
| 297 | Guzzardi, Demetrio | P147 |
| 298 | Halili, Bernadette Louise | C2 |
| 299 | Hashmi, Shabir | P85 |
| 300 | Hülsewig, Oliver | P38 |
| 301 | Henke, Ilaria | P160 |
| 302 | Iacono, Roberto | P104 |
| 303 | Iammarino, Simona | P32 |
| 304 | Iandolo, Stefano | P157 |
| 305 | Iannantuoni, Giovanna | P112 |
| 306 | Iapadre, Lelio | P5 |
| 307 | Intini, Mario | P137, C137, P139 |
| 308 | Iommi, Sabrina | P16, C16 |
| 309 | Ionascu, Alina | P76 |
| 310 | Iorio, Roberto | P55, C55 |
| 311 | Jahan, Eid Mohammad | P2 |
| 312 | Jurksas, Linas | P92 |
| 313 | Karan, Ritika | P1, P31 |
| 314 | Ker, Alan | P11 |
| 315 | Khalid, Usman | P46 |
| 316 | Khurana, Chaitanya | P24 |
| 317 | Lamperti, Fabio | C75, P96 |
| 318 | Lamperti, Francesco | P43 |
| 319 | Lanati, Mauro | P54 |
| 320 | Landini, Fabio | P154 |
| 321 | Lanterna, Federica | P95 |
| 322 | Lasagni, Andrea | P119 |
| 323 | Lábaj, Martin | P75 |
| 324 | Le Thu, Nga | P51 |
| 325 | Legrenzi, Demis | P97, C97 |
| 326 | Lehmann, Kevin | P135 |
| 327 | Lelli, Francesco | P149 |
| 328 | Leoni, Silvia | P63 |
| 329 | Levi, Eugenio | P96 |
| 330 | Liberatore, Assia | P4 |
| 331 | Lippi, Francesco | P99 |
| 332 | Lisciandra, Maurizio | P103, C103 |
| 333 | Lisi, Domenico | P88 |
| 334 | Livorno, Chiara | P134 |
| 335 | Lodi, Luca | P43 |
| 336 | Lopreite, Milena | P80 |
| 337 | Luca, Davide | P108 |
| 338 | Lucarelli, Stefano | P15, C15 |
| 339 | Lucheroni, Carlo | P7 |
| 340 | Lucidi, Francesco | P27 |
| 341 | Maggi, Elena | C153 |
| 342 | Magnani, Marco | P125 |
| 343 | Mancini, Giulia | P158 |
| 344 | Mancuso, Claudio | P72, P156 |
| 345 | Mao, Jiaming | P110 |
| 346 | Marano, Angelo | P80 |
| 347 | Marchesano, Katia | P148 |
| 348 | Marchesano, Katia | P148, C148 |
| 349 | Marchettini, Daniela | P92, C92 |
| 350 | Marchionne, Francesco | P53 |
| 351 | Marchiori, Carmen | P71 |
| 352 | Mariani, Rama Dasi | P136 |
| 353 | Mariani, Luca | P20 |
| 354 | Mariani, Michele | P17 |
| 355 | Marini, Giorgia | P88 |
| 356 | Mariotti, Ilaria | P160 |
| 357 | Marra, Alessandro | P146, C146 |
| 358 | Marrocu, Emanuela | C34, P52, C52 |
| 359 | Marsiglio, Simone | P66, C66 |
| 360 | Martini, Barbara | P64 |
| 361 | Martuscelli, Antonio | P39 |
| 362 | Mathentamo, Qaqambile | P55 |
| 363 | Mattia, Andrea | P87 |
| 364 | Mazzanti, Massimiliano | P154 |
| 365 | Mazzarano, Matteo | P154 |
| 366 | Mazzei, Julia | P41 |
| 367 | Mazzotta, Fernanda | C82 |
| 368 | Mazzulla, Francesco | P77 |
| 369 | Meardi, Guglielmo | P144 |
| 370 | Meier, Volker | P46 |
| 371 | Meliciani, Valentina | P120, C120 |
| 372 | Micheli, Silvia | P65, C65 |
| 373 | Micocci, Francesca | P150 |
| 374 | Migheli, Matteo | P42 |
| 375 | Migliardo, Carlo | P145, P145, C145 |
| 376 | Miglietta, Pier Paolo | P156, C156 |
| 377 | Milasi, Monica | P145 |
| 378 | Moccia, Sara | P88 |
| 379 | Mocetti, Sauro | P70 |
| 380 | Modica, Marco | P28, C28 |
| 381 | Molinari, Giuseppe | P62 |
| 382 | Mondolo, Jasmine | P75 |
| 383 | Montanaro, Marzia | P138 |
| 384 | Monticini, Andrea | P121, C121 |
| 385 | Montinari, Natalia | P64 |
| 386 | Montresor, Sandro | P32, P79, C79, P149, P149, C149 |
| 387 | Monturano, Gianluca | P139 |
| 388 | Moracci, Matteo | P151 |
| 389 | Morelli, Salvatore | P105 |
| 390 | Morganti, Patrizio | P31 |
| 391 | Morone, Andrea | P138 |
| 392 | Morretta, Valentina | P50 |
| 393 | Morrison, Andrea | P122, C122 |
| 394 | Mosca, Andrea | P22 |
| 395 | Moscati, Ivan | P141 |
| 396 | Moschella, Daniele | P94, C94 |
| 397 | Murro, Pierluigi | P47 |
| 398 | Musella, Gaetano | P79 |
| 399 | Mussida, Chiara | P73, C73 |
| 400 | Myftiu, Jurgena | P153 |
| 401 | Nappo, Nunzia | P11, C11 |
| 402 | Nardone, Claudia | P103 |
| 403 | Ndoja, Florinda | P2 |
| 404 | Neleptchenko, Yulia | P26 |
| 405 | Nistico', Roberto | P14 |
| 406 | Okano, Eiji | P67 |
| 407 | Oldani, Chiara | P118, C118 |
| 408 | Oliviero, Tommaso | P47, P147, P147, C147 |
| 409 | Orci, Martina | P36 |
| 410 | Ordóñez, Javier | P120 |
| 411 | Oro, Gianmarco | P102 |
| 412 | Orsatti, Gianluca | P101 |
| 413 | Ovidi, Marco | P23 |
| 414 | Pacelli, Lia | P29, C29 |
| 415 | Paesani, Paolo | P15 |
| 416 | Pagano, Ugo | P13 |
| 417 | Paiella, Monica | C23, P37 |
| 418 | Palagi, Elisa | P123 |
| 419 | Pallante, Gianluca | P131 |
| 420 | Palmaccio, Silvia | P78 |
| 421 | Palumbo, Dario | P126, C126 |
| 422 | Panfili, Marco | P115 |
| 423 | Paniccià, Renato | C16 |
| 424 | Paniccià, Renato | P16 |
| 425 | Paolini, Dimitri | P101 |
| 426 | Papaccio, Anna | P129 |
| 427 | Parenti, Angela | P125, C125 |
| 428 | Parisi, Lavinia | C58, P82 |
| 429 | Parziale, Anna | P155 |
| 430 | Pasha, Humaira Kamal | P22 |
| 431 | Pasqua, Silvia | P82 |
| 432 | Patriarca, Fabrizio | P68 |
| 433 | Pedrini, Giulio | P137 |
| 434 | Pelloni, Alessandra | P86, C86 |
| 435 | Perali, Federico | P3 |
| 436 | Perali, Federico | C3 |
| 437 | Perani, Giulio | P112 |
| 438 | Pernagallo, Giuseppe | P69 |
| 439 | Perucca, Giovanni | P108 |
| 440 | Perucca, Giovanni | C108 |
| 441 | Peruzzi, Valentina | P44, C44 |
| 442 | Petralia, Angelo Enrico | P86 |
| 443 | Pezzuto, Roberto | P93 |
| 444 | Pianta, Mario | P21, C21, C45, P144, C144 |
| 445 | Pianta, Mario | C112 |
| 446 | Piazzalunga, Daniela | P14 |
| 447 | Pieri, Fabio | P149 |
| 448 | Pieroni, Luca | P6 |
| 449 | Pierucci, Eleonora | C34, P47 |
| 450 | Pietropaoli, Alessandro | P125 |
| 451 | Pietrovito, Filomena | P129 |
| 452 | Pigliaru, Francesco | P95, C95 |
| 453 | Pignalosa, Daria | C35 |
| 454 | Pignataro, Giuseppe | P68 |
| 455 | Pinate, Adriana | P65 |
| 456 | Pinna, Lorenzo | P121 |
| 457 | Pinter, Julien | P67 |
| 458 | Pisani, Fabio | P55 |
| 459 | Pisani, Massimiliano | P92 |
| 460 | Podrecca, Elena | P71, C71 |
| 461 | Porrini, Donatella | P156 |
| 462 | Pozzolo, Alberto Franco | P38, C38 |
| 463 | Prasojo, Hadi | P18 |
| 464 | Prezioso, Stefano | P3 |
| 465 | Prodi, Elena | P36 |
| 466 | Pronti, Andrea | P28 |
| 467 | Prota, Francesco | P160, C160 |
| 468 | Provenzano, Davide | P106 |
| 469 | Puca, Marcello | P58 |
| 470 | Quatraro, Francesco | P50, C50, D70 |
| 471 | Rabellotti, Roberta | C96 |
| 472 | Raftopoulou, Athina | P66 |
| 473 | Raitano, Michele | P23, C68 |
| 474 | Ramazzotti, Andrea | P42 |
| 475 | Rampa, Andrea | P91 |
| 476 | Rancan, Antonella | C35 |
| 477 | Ranocchia, Claudia | P86 |
| 478 | Rapallini, Chiara | P115, C115 |
| 479 | Ravanos, Panagiotis | P149 |
| 480 | Recine, Andrea | P21 |
| 481 | Reis, José | P19 |
| 482 | Reismann, Cathrin | P118 |
| 483 | Renghini, Matteo | P146 |
| 484 | Resce, Giuliano | D70, P95 |
| 485 | Riccetti, Luca | P65 |
| 486 | Ricchiuti, Giorgio | C43, P85, C85 |
| 487 | Ricci Focaia, Davide | P20 |
| 488 | Ricciuti, Roberto | P40, C40 |
| 489 | Rizzati, Massimiliano | P85 |
| 490 | Rocca, Antonella | P73 |
| 491 | Rocca, Antonella | C73 |
| 492 | Rodriguez-Planas, Nuria | P58 |
| 493 | Romagnoli, Manuel | P116 |
| 494 | Romano, Donato | P134, P134, C134 |
| 495 | Romano, Maria Grazia | P9 |
| 496 | Rondinella, Sandro | P52 |
| 497 | Rosselli, Annalisa | C59 |
| 498 | Rosselli, Annalisa | P112 |
| 499 | Rossi, Federica | P57, C57 |
| 500 | Rosso, Marco | P39 |
| 501 | Roventini, Andrea | C131 |
| 502 | Rowley, Thomas | P120 |
| 503 | Rubichi, Eleonora | P27, C27 |
| 504 | Rubinacci, Roberta | P53 |
| 505 | Rubini, Lauretta | C36 |
| 506 | Rungi, Armando | P74 |
| 507 | Russo, Alberto | P81, C81 |
| 508 | Russo, Giulia | P41 |
| 509 | Sacchetti, Silvia | P63, C63 |
| 510 | Salomão Neto, Benito | P67 |
| 511 | Salustri, Francesco | P31 |
| 512 | Salustri, Andrea | P4, C4 |
| 513 | Salvadori, Neri | P130, C130 |
| 514 | Sandrini, Luca | P71 |
| 515 | Sanesi, Bianca | P9 |
| 516 | Santagata, Marta | P18 |
| 517 | Santangelo, Agapito Emanuele | P80 |
| 518 | Santoni, Edoardo | P27 |
| 519 | Santoro, Emiliano | P106, C106 |
| 520 | Santoro, Gianfranco | C37 |
| 521 | Sapio, Alessandro | P32, P99 |
| 522 | Sapio, Alessandro | C32, C99 |
| 523 | Saraceno, Margherita | P93, C93 |
| 524 | Sardone, Alessandro | P1, P27 |
| 525 | Sbrenna, Giacomo | P81 |
| 526 | Scandizzo, Pasquale Lucio | P3 |
| 527 | Schiavo, Stefano | P89, C89 |
| 528 | Schirone, Stefano | P43 |
| 529 | Scialà, Antonio | P124, C124 |
| 530 | Sciulli, Dario | P82 |
| 531 | Scoppola, Margherita | P31, C31 |
| 532 | Scotti, Davide | P111, C111 |
| 533 | Seghezza, Elena | P42, C42 |
| 534 | Senatore, Luigi | C9 |
| 535 | Senesi, Pietro | P91 |
| 536 | Sergio, Ivan | P74 |
| 537 | Sessa, Vincenzo | P26 |
| 538 | Severini, Francesca | P64, C64 |
| 539 | Sforza, Marco | P75 |
| 540 | Shahpari, Ghazal | P20 |
| 541 | Sharma, Dev | P78 |
| 542 | Sica, Edgardo | P119 |
| 543 | Signorelli, Marcello | C33 |
| 544 | Silipo, Damiano B. | P147 |
| 545 | Silva Neira, Ignacio | C1, P2, P129 |
| 546 | Silvestri, Francesco | P17, C17 |
| 547 | Simeone, Enza | P20 |
| 548 | Simone, Giuseppe | P109 |
| 549 | Singh, Narinder | P140 |
| 550 | Smirnova, Janna | P113 |
| 551 | Sodini, Mauro | P110, C110 |
| 552 | Sonzogno, Giulia Valeria | P150 |
| 553 | Spadaro, Marco | P145 |
| 554 | Spanò, Idola Francesca | P87 |
| 555 | Spitzer, Patrick | P126 |
| 556 | Stamegna, Marco | P6 |
| 557 | Stein, Mattea | P151, C151 |
| 558 | Stein, Mattea | P151 |
| 559 | Suppressa, Francesco | P109 |
| 560 | Surdej, Aleksander | P25 |
| 561 | Tajoli, Lucia | C5 |
| 562 | Tamagni, Federico | P30, C30 |
| 563 | Tarelli, Andrea | P60 |
| 564 | Tariffi, Leonardo | P117 |
| 565 | Tarola, Ornella | P105, C105 |
| 566 | Tati, Valerio | P56 |
| 567 | Temperini, Jacopo | P159, P159 |
| 568 | Terranova, Roberta | P123, C123 |
| 569 | Terzo, Giuseppe | P128 |
| 570 | Thakurata, Indrajit | P51 |
| 571 | Tiberti, Luca | P134 |
| 572 | Tidu, Alberto | P54 |
| 573 | Tiezzi, Silvia | P9 |
| 574 | Timpano, Francesco | P154, C154 |
| 575 | Toccafondi, Niccolò | P9 |
| 576 | Tomori, Françeska | P127 |
| 577 | Torrini, Roberto | P15 |
| 578 | Traficante, Guido | P117 |
| 579 | Tramontano, Jacopo | P41 |
| 580 | Tronti, Leonello | C15 |
| 581 | Tserenkhuu, Tselmuun | P97 |
| 582 | Turci, Lorenzo | P154 |
| 583 | Turco, Enrico Maria | P83 |
| 584 | Ulloa Severino, Claudia | P152 |
| 585 | Urbaniec, Maria | P25 |
| 586 | Urso, Furio | P157 |
| 587 | Usai, Stefano | P102, C102 |
| 588 | Uvalic, Milica | P13, C13 |
| 589 | Vairo, Antonio | P60 |
| 590 | Valente, Marco | P131 |
| 591 | Valenti, Giulia | P127 |
| 592 | Vallanti, Giovanna | P122 |
| 593 | Vannucci, Emanuele | P60 |
| 594 | Vaquero Pineiro, Cristina | P24, C24 |
| 595 | Varlese, Monica | P117 |
| 596 | Vecchi, Giovanni | P158, P158, C158 |
| 597 | Vecchione, Gaetano | P160 |
| 598 | Venittelli, Tiziana | P107, C107 |
| 599 | Venturini, Francesco | C47 |
| 600 | Vergari, Cecilia | P41, C41 |
| 601 | Veronese Passarella, Marco | P130 |
| 602 | Viesti, Gianfranco | P144, P160 |
| 603 | Vladisavljevic, Marko | P125 |
| 604 | Vurchio, Davide | P46, C46 |
| 605 | Yajima, Giuliano Toshiro | P97 |
| 606 | Zacchia, Paolo | P14 |
| 607 | Zago, Angelo | P143 |
| 608 | Zanfei, Antonello | P59 |
| 609 | Zappia, Carlo | P141 |
| 610 | Zarate, Pablo | P113 |
| 611 | Zecca, Emy | P154 |
| 612 | Zeneli, Fjona | P89 |
| 613 | Zezza, Francesco | P30, P106 |
| 614 | Zhou, Zhuzhu | P136 |
This program was last updated on 2026-09-14 07:23:41 EDT