Marriage as a commitment device

Non-cooperative couples are inefficient. Cooperation raises the utility of both parents, and of each child, but does not guarantee efficiency. In the presence of credit rationing, a cooperative equilibrium may not exist outside marriage, because the main earner cannot credibly promise to compensate the main childcarer at some future date, and may not be able or willing to do so at front. By allowing the main childcarer to credibly threaten divorce if the main earner does not deliver the promised compensation when the time comes, marriage makes that promise credible, and thus increases the probability that a cooperative equilibrium will exist. In a separate-property jurisdiction, a reduction in the cost or difficulty of obtaining a divorce increases married women??s participation in the labour market. In a community-property one, it has no such effect.     

Crowds and value. Italian Directioners on Twitter

This paper addresses crowd-based dynamics of value creation in participatory culture. Based on a corpus of 114,931 tweets associated with One Direction and similar boy bands, we draw on recent theories of crowd-based organization in digital media as well as classical crowd theory to build a theoretical model of collective value creation. In our model, the achievement of value in the form of trending and individual microcelebrity is based on affectively driven processes of imitation, rather than on rational evaluation and deliberation. We contrast this model with established accounts of microcelebrity and draw out implications for theories of crowd-based organization in digital media and for theories of participatory culture and collaborative value creation in general.     

Macro‐demographic effects of the transition to adulthood: Multistate stable population theory and an application to Italy

We exploit a multistate generalisation of a classical, one‐sex, stable population model to evaluate structural and long‐term effects of changes in the attainment of adulthood. The demographic framework that inspired this paper is provided by Italy, where a strong delay in the transition to adulthood and union formation has been observed over the last several decades. Italy has also experienced very low fertility levels, and the subsequent ageing problems have become of primary concern. We first discuss a theoretical framework based on the model developed by Inaba (1995) and then include the process of transition to adulthood. We consider explicitly some specifications of the general model, and we present two distinct empirical applications, one using macrosimulation and the other one using a linear approximation. Our principal aim is to evaluate the impact of the delay in the attainment of adulthood on reproduction and on the age structure of the population.     

Empirical evidence on internal control systems and corporate governance in Italy

The Corporate Governance (CG) theme has recently been the subject of significant measures to try to restore confidence among investors by encouraging information and communication transparency. The Italian Parliament approved Law 262 in 2005; and in 2006 the CG Committee of the Italian Stock Exchange approved the new Self-Regulatory Code for listed companies. This paper deals with control matters and moves on to causes and cases of their failures in relation to a sample of Italian companies. More precisely, it investigates, through an empirical survey, the main limits and areas for improvement in the working of company Internal Control (IC) system(s) and in the objectives of the role of the three main professional bodies currently in charge of it in Italy (i.e. Internal Auditing, Statutory Auditors and External Auditors). The results obtained show that the Italian situation is very unusual, due to a long tradition: the possibility to choose between different administration and control systems, often with coexisting and overlapping roles, creates problems in terms of responsibility and control. The first answers to the critical issues highlighted are given by the aforementioned laws, intended as the main catalysts for a review of the roles of all IC bodies. However, much work has still to be done. The final aim was to come up with suggestions about the possibility of finding areas for improvement within those companies’ IC systems.     

Parental Housing Assistance and Parent‐Child Proximity in Italy

Many studies of intergenerational exchanges include parent‐child proximity as an exogenous explanatory variable. Proximity may itself be a consequence of intergenerational resource flows, however. We analyze patterns of economic transfers between generations and their relationship to parent‐child proximity in Italy. Parental support for a child's home purchase may influence the child's choice of location, whether to facilitate parent‐child contacts, grandchild care, or parent care. We examine the situation of married couples, focusing on housing help received and the association of that help with proximity to each spouse's parents. Using 1998 survey data and multinomial logistic regression models, we find that past housing assistance has a significant effect on current proximity to each spouse's parents, controlling for parents' survival, family composition, and other factors.     

Localizing ruptures in block stochastic systems

Summary In the present paper, rupture detection in a possibly complex stochastic system is enhanced by means of a procedure for localizing the actual rupture among various possible sources. A general model is considered which includes a variety oflinear and non-linear innovation based models. The proposed localizing multiple comparison procedure satisfiescoherence andconsonance and, for a wide class of models, strongly controls the familywise error i.e. the various type I error probabilities involved. The first order autoregressive optimal control model is considered as a popular example. Montecarlo simulations are performed to evaluate asymptotic approximations and diagnostic performances by means of mean time of delay and mean time between false alarms. Some conjectures are then given on the possible structure of these indicators.