International markets crises following recent events such as terrorist attacks, wars in the East,
growing financial globalisation and integration raised an interest in the analysis of country risk
among industrialised countries as well as developing nations. This paper develops new measures of
economic and technological performances of countries by means of a systemic approach based on
combinations of several indices. A comparative analysis using data from 51 countries for the period
2000-2002 identifies the countries with high/low performances. The results are substantially
stronger and quicker than those obtained by conventional indicators. Moreover, results show Italy’s
low economic and technological performances with respect to other developed countries.
Learning to Coordinate whit Heterogeneous Belief-Formation
by Carsten Krabbe Nielsen, Takako Fujiwara-Grevepages: 26€ 6.00
Experiments show that players with identical information and objectives have heterogeneous
behavior rules. We formulate how different beliefs arise from the same information and analyze how
heterogeneous belief formation affects learning outcomes of two-person two-action coordination
games. With heterogeneous belief formation, it is possible to generate enough diversity in actions for
eventual coordination, which is impossible under the ordinary adaptive learning model. When each
player uses the same function to compute a belief over time, diversity of belief formation functions
within or across populations is suffcient for convergence to coordination. When players choose
belief-formation functions as well as actions over time, diverse adjustment of belief-formation functions
is suffcient. A risk-dominant equilibrium is more likely to emerge than a payoff-dominant equilibrium
since the former is more likely to be predicted by the players.
Multi-Agent and Common Agency Games with Complete Information: A Survey
This paper provides a general overview of the literature on multi-principal multi-agent games
with complete information. The analysis compares standard models with more recent results and reviews
possible applications of these games.
Are Human Rights Becoming Burdensome for Our Economies? The Role of Slavery-Like Practices in the Development of World Economics and in the Context of Modern Society
The article analyzes some recent episodes concerning slavery-like practices and human trafficking
reports. The problem seems particularly crucial in the industrialized world where the flow of illegal
migrants is directed. After a summary of the international covenants concerning slavery and its
unethical aspects, a sociological explanation of the phenomenon will be proposed. Besides the obvious
economical benefits of disposing of low-wage workers in a highly competitive environment,
we will try to understand the «social functions» of slavery today. The structure of modern society is
the result of a long historical evolution. Yet, modern society is also full of contradictions. Social stability
and cohesion are based upon a hierarchical organization in which some individuals or groups
occupy the lowest levels of the social ladder. Today, this position is covered by the «new slaves». In
this perspective, slavery appears to be both «necessary» and «compulsory» in enhancing social unity
Point-System Driving Licence: Was it Really Necessary?
In Italy, in July 2003, a new highway code came into force. Among other things, it posits a «revolutionary
» point-system driving licence. This paper analyses optimal punishment schemes and
shows that a simpler policy intervention, such as a dynamic increase in the size of the pecuniary sanctions,
could have induced the same outcome.
The Changing Firm. Contributions from the History of Economic Thought (M . PIVA)