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Seminars in Statistics François Caron (University of Oxford)

A Bayesian nonparametric model for undirected and multi-edges networks In this talk, I will present ongoing work on a Bayesian nonparametric specification for either undirected or multi-edge directed networks, building on the framework of completely random measures. The formulation allows for an unbounded number of nodes in the network, while encouraging a sparse set of…

Monday Lunch Seminars Michela Altieri

"Group Affiliation, Implicit Guarantees and the Cost of Borrowing" abstract This paper investigates the effect of group affiliation on credit spreads of firm’s public debt. We analyse all the firms issuing publicdebt on the US Primary and Secondary market from 1980 until 2006, by comparing business groups and independent firms new issuances. Theresults show that controlled firms…

Seminars in Politics and Society Nicole Scicluna

"Politicization without democratization: The impact of the Eurozone crisis on EU constitutionalism" abstract The paper will demonstrate how the European integration process overburdened EU law in an attempt to overcome political deficiencies, with negative consequences for the Union’s democratic legitimacy. The analysis is framed by the ‘twin crises’ of twenty-first century EU constitutionalism: the defeat…

Christian Gollier (IDEI and Toulouse School of Economics)

"Evaluation of long-dated investments under uncertain growth trend, volatility and catastrophes" Abstract In this paper, we examine the term structures of interest rates and risk premia when the random walk of economic growth is affected by some parametric uncertainty. Using a time-consistent expected utility framework, we show that parametric uncertainty does not affect assets prices of…

Seminars in Economics CANCELLED: Georg Weizsacker (Humboldt-Universität Berlin)

"An Experiment on Social Mislearning" abstract We investigate theories of social learning in two experiments based on simple arithmetic that isolate errors in inference from those in Bayesian updating.  In the first experiment, players move one-person-per-period and observe all predecessors’ actions. Although 75% of participants adhere to BNE in this experiment, they realize less than one-fifth of the payoff gains…

Monday Lunch Seminars Andrei Savochkin

“Mistake Aversion and a Theory of Robust Decision Making” Download the paper Abstract This paper studies the behavioral trait of aversion to making mistakes in the framework of choice under subjective uncertainty, assuming that the probabilities of outcomes are not exogenously specified. The decision procedure that is proposed to capture mistake aversion follows the general…

Seminars in Politics and Society Angela Garcia Calvo

"Upgrading in Spain: an institutional perspective" abstract This paper summarises the main contributions of a book manuscript that aimed to explain the recent rise of Spain’s firms in complex service sectors, and the parallel fall in capital and skill intensive manufacturing sectors through the analysis of the institutional structure that enabled it. I argued that…

Seminars in Economics of Innovation and Knowledge Cristina Rossi (Politecnico di Milano)

"How the characteristics of entrepreneurial teams shape founders’ exit path: an empirical analysis of the Italian case" (at Dipartimento di Economia "S. Cognetti de Martiis") abstract This paper examines founders’ exit from entrepreneurial ventures. Specifically, we investigate the influence of the entrepreneurial team on two different exit paths, namely sale of firm shares to internal buyers and…

Monday Lunch Seminars Roberto Marfè

"Labor Relations, Endogenous Dividends and the Equilibrium Term Structure of Equity" abstract Leading asset pricing models are inconsistent with the recent empirical findings which document downward sloping term structures of equity risk and premia. This paper shows that a simple general equilibrium model can accommodate the stylized facts about dividend strips as long as dividend distributions endogenously obtain…

Seminars in Politics and Society Giulia Dotti Sani

"Within-Couple Inequality in Earnings and the Relative Motherhood Penalty. A Cross-National Study of European Countries" abstract While much research has focused on the difference in earnings between childless women and men, mothers and fathers, somewhat less is known on the difference in earnings between women and their partners. This article investigates within couple earnings inequality…

Monday Lunch Seminars Stefano Bolatto

"Trade across Countries and Manufacturing Sectors with Heterogeneous Trade Elasticities" abstract Over the last decade, quantitative models of international trade have given a strong boost to trade literature,as they provide an excellent framework for both general equilibrium counterfactual studies andempirical studies based on firm-level data. Many authors have also proposed their variants of some of…

Seminars in Politics and Society Juana Lamote de Grignon Perez

"Social class and subjective well-being: a cross-country comparison" abstract In almost every country, individuals in the upper class enjoy, on average, higher subjective well being (SWB) than individuals in the lower class. However, the size of the SWB gap varies signicantly across countries; in other words, class seems to determine SWB to a greater extent in…