Working papers
IGIER fellows and affiliates publish books and articles in academic journals. Their current research projects are featured in the Working Paper series.
2023 - n° 689
Simone Cerreia-Vioglio, Fabio Maccheroni, Massimo Marinacci
2023 - n° 688
Giuliano Graziani, Barbara Rindi
Keywords: Keywords: Limit Order Book, Tick Size, Social Planner, Undercutting, Queuing.
2023 - n° 687
Leonardo D’Amico, Guido Tabellini
2023 - n° 686
Giacinta Cestone, Chiara Fumagalli, Francis Kramarz, Giovanni Pica
Keywords: Business Groups, Human Capital, Labor Market Frictions, Internal Labor Markets
2023 - n° 685
Ufuk Akcigit, Harun Alp, André Diegmann, Nicolas Serrano-Velarde
2022 - n° 684
Christoph Carnehl, Maximilian Schaefer, André Stenzel, Kevin Ducbao Tran
Keywords: Rating Systems, Dynamic Pricing, Asymmetric Information
2022 - n° 683
Diego Comin, Javier Quintana, Tom Schmitz, Antonella Trigari
2022 - n° 682
Mark Gertler, Christopher Huckfeldt, Antonella Trigari
2022 - n° 680
Chiara Fumagalli, Massimo Motta, Emanuele Tarantino
Keywords: Optimal merger policy, selection effect, nascent competitors
2021 - n° 679
Pierpaolo BATTIGALLI, Emiliano CATONINI, Julien MANILI
Keywords: Sequential games, chain rule, partial introspection, rational planning, rationalizability
2021 - n° 677
Maarten De Ridder, Basile Grassi, Giovanni Morzenti
Keywords: Macroeconomics, Production Functions, Markups, Competition
2021 - n° 676
Massimo Guidolin, Valentina Massagli, Manuela Pedio
Keywords: unconventional monetary policy; transmission channels; heteroskedasticity; vector autoregressions; identification; corporate bond yields
2021 - n° 675
Roberto Riccó, Barbara Rindi, Duane J. Seppi
Keywords: Market access fees, make-take, limit order markets, liquidity, market microstructure
2021 - n° 674
Vladimir Novak, Andrei Matveenko, Silvio Ravaioli
Keywords: polarization, beliefs updating, rational inattention, status quo, experiment
2020 - n° 673
Alberto Maccheroni and Fabio Maccheroni
2020 - n° 672
Marco Ottaviani
Keywords: Grants, applications, grading on a curve, evaluation across fields, formula-based allocation, proportional allocation, payline, unraveling, signal noise
2020 - n° 671
Laurent Cavenaile, Pau Roldan-Blanco, Tom Schmitz
Keywords: International Trade, Markups, Innovation, R&D, Productivity
2020 - n° 670
Fausto Panunzi, Nicola Pavoni, Guido Tabellini
Keywords: populism, prospect theory, behavioral political economics
2020 - n° 669
Helios Herrera, Massimo Morelli, Salvatore Nunnari
Keywords: Formal Model; International Relations; Causes of War; Dynamic Game; War Onset; War Duration; Balance of Power; Power Mismatch; Power Shift; Civil Wars; Inter-State Wars
2020 - n° 668
Simone Cerreia Vioglio, Lars Peter Hansen, Fabio Maccheroni and Massimo Marinacci
2020 - n° 667
Silvio Contessi, Pierangelo De Pace, Massimo Guidolin
Keywords: Finance, investment analyss, fixed income markets, yield spreads, mildly explosive behavior
2020 - n° 666
Loïc Berger, Nicolas Berger, Valentina Bosetti, Itzhak Gilboa, Lars Peter Hansen, Christopher Jarvis,Massimo Marinacci, Richard D. Smith
Keywords: model uncertainty, ambiguity, robustness, decision rules
2020 - n° 665
Nicola Limodio
Keywords: Terrorism, Finance
2020 - n° 664
Vincenzo Galasso, Tommaso Nannicini, Salvatore Nunnari
Keywords: Electoral Campaign, Political Advertisement, Randomized Controlled Trial, Field Experiment, Survey Experiment
2020 - n° 663
Simone Cerreia-Vioglio, Fabio Maccheroni, Massimo Marinacci
Keywords: Discrete Choice Analysis, Drift Diffusion Model, Heteroscedastic Extreme Value Models, Luce Model, Metropolis Algorithm, Multinomial Logit Model, Quantal Response Equilibrium, Rational Inattention
2020 - n° 662
Simone Cerreia-Vioglio, Roberto Corrao, Giacomo Lanzani
2020 - n° 661
Arnstein Aassve, Guido Alfani, Francesco Gandolfi, Marco Le Moglie
Keywords: Epidemic, Generalized trust, Spanish flu, Pandemic, Mortality crisis
2020 - n° 660
Roberto Riccò, Barbara Rindi, Duane J. Seppi
Keywords: Limit order markets, asymmetric information, liquidity, market microstructure
2020 - n° 659
Francesco Giavazzi, Felix Iglhaut, Giacomo Lemoli and Gaia Rubera
2020 - n° 658
Mehmet Ekmekci and Nenad Kos
Keywords: Signaling, information acquisition, refinements
2019 - n° 657
Tommaso Denti, Massimo Marinacci, and Aldo Rustichini
2019 - n° 656
Simone Cerreia-Vioglio, Fabio Maccheroni, and David Schmeidler
2019 - n° 655
Nicola Limodio
Keywords: Personnel Management, Public Sector, International Organizations
2019 - n° 654
Chiara Fumagalli and Massimo Motta
Keywords: Inefficient foreclosure, Tying, Scale economies, Network Externalities
2019 - n° 653
Ilke Aydogan, Loϊc Berger, and Valentina Bosetti
Keywords: Ambiguity aversion, reduction of compound lotteries, non-expected utility, model uncertainty, model misspecification
2019 - n° 652
Pierpaolo Battigalli, Paolo Leonetti, and Fabio Maccheroni
Keywords: Extensive game structure; behavioral equivalence; invariant transformations
2019 - n° 651
Carlo A. Favero and Alessandro Melone
Keywords: Asset Pricing, Asset Returns, Equilibrium Correction Term, Dynamic Factor Structure
2019 - n° 650
Salvatore Nunnari and Giovanni Montanari
Keywords: Choice under Uncertainty, Information Acquisition, Bayesian Updating, Selective Exposure, Confirmation Bias, Limited Attention, Online Experiment
2019 - n° 649
Salvatore Nunnari
Keywords: Dynamic Legislative Bargaining; Distributive Politics; Standing Committees; Endogenous Status Quo; Veto Power; Markov Perfect Equilibrium; Laboratory Experiments
2019 - n° 648
Fernando Vega-Redondo, Paolo Pin, Diego Ubfal, Cristiana Benedetti-Fasil, Charles Brummitt, Gaia Rubera, Dirk Hovy, Tommaso Fornaciari
Keywords: Social Networks, Peer Effects, Entrepreneurship, Semantic NLP Analysis
2019 - n° 647
Gloria Gennaro, Giampaolo Lecce, Massimo Morelli
Keywords: Populism, Electoral Campaign, American Politics, Text Analysis
2019 - n° 646
Pierpaolo Battigalli & Martin Dufwenberg
Keywords: psychological game theory; belief-dependent motivation; reciprocity; emotions; image concerns; self-esteem
2019 - n° 645
Diego Ubfal, Irani Arraiz, Diether Beuermann, Michael Frese, Alessandro Maffioli, Daniel Verch
Keywords: Business Training, entrepreneurship, soft skills
2019 - n° 644
Revenue vs Expenditure Based Fiscal Consolidation: The Pass-Through from Federal Cuts to Local Taxes
Luigi Marattin, Tommaso Nannicini, Francesco Porcelli
Keywords: fiscal consolidation, intergovernmental grants, difference-in-discontinuities
2019 - n° 643
Giovanna d'Adda, Martin Dufwenberg, Francesco Passarelli, Guido Tabellini
Keywords: Social norms, partial norms, normative expectations, consensus, experiment
2019 - n° 642
Pierpaolo Battigalli, Roberto Corrao, Martin Dufwenberg
Keywords: Psychological game theory; Belief-dependent motivation; Intentions; Time; Rationalizability; Self-confirming equilibrium; Bayesian sequential equilibrium
2019 - n° 641
Pierpaolo Battigalli, Roberto Corrao, Federico Sanna
Keywords: Epistemic game theory, hierarchies of beliefs, consistency, subjective rationality, strong rationalizability, psychological games
2019 - n° 640
Chiara Fumagalli and Massimo Motta
Keywords: Inefficient foreclosure, Refusal to supply, Scale economies, Exclusion, Monopolisation
2019 - n° 639
Massimo Guidolin and Manuela Pedio
2018 - n° 637
Pierpaolo Battigalli, Fabrizio Panebianco, and Paolo Pin
Keywords: Learning; Selfconfirming equilibrium; Network games; Observability by active players; Shallow conjectures
2018 - n° 635
Satoshi Fukuda
Keywords: Unawareness; Awareness; Knowledge; State Space; Ignorance; Possibility
2018 - n° 634
James O'Donovan Hannes F. Wagner Stefan Zeume
Keywords: Panama Papers, tax haven, offshore, corruption, tax evasion, expropriation, corporate misbehavior, Paradise Papers
2018 - n° 633
Satoshi Fukuda
Keywords: Knowledge, Information, Set Algebra, -algebra, Introspection
2018 - n° 632
Simone Cerreia-Vioglio, Efe A. Ok
Keywords: Transitive core, affine core, nontransitive nonexpected utility, justifiable preferences, comparative risk aversion, preference reversal phenomenon
2018 - n° 631
Simone Cerreia-Vioglio, David Dillenberger, Pietro Ortoleva
Keywords: Betweenness, Cautious Expected Utility, Disappointment Aversion, Utility representation
2018 - n° 630
Tommaso Denti, Massimo Marinacci, Luigi Montrucchio
2018 - n° 629
Pierpaolo Battigalli, Nicodemo De Vito
Keywords: Epistemic game theory, plans, perceived intentions, backward induction, forward induction
2018 - n° 628
V. Cappelli, S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, S. Minardi
Keywords: source preference, source-dependent uncertainty attitudes, subjective prices, competence hypothesis, home bias
2018 - n° 627
Massimo Guidolin, Erwin Hansen, Martín Lozano-Bandaz
Keywords: Linear asset pricing models, Stochastic discount factor, Portfolio selection, Out-of-sample performance
2018 - n° 626
Daniele Bianchi, Monica Billio, Roberto Casarin, and Massimo Guidolin
Keywords: Markov Regime-Switching, Weighted Eigenvector Centrality, Graphical Models, MCMC, Systemic Risk, Network Connectivity
2018 - n° 625
Alberto Martín, Enrique Moral-Benito, Tom Schmitz
Keywords: Housing bubble, Credit, Investment, Financial Frictions, Financial Transmission, Spain
2018 - n° 624
Fabiano Schivardi, Tom Schmitz
Keywords: TFP, Southern Europe, Divergence, IT Technology adoption, Management
2018 - n° 623
Ilke Aydogan, Loic Berger, Valentina Bosetti, Ning Liu
Keywords: Ambiguity aversion, reduction of compound lotteries, non-expected utility, model uncertainty, model misspecification
2018 - n° 622
Giuseppe Attanasi, Pierpaolo Battigalli, Elena Manzoni, Rosemarie Nagel
Keywords: Repeated psychological game; reputation; guilt; reciprocity; almost complete information
2018 - n° 621
Chiara Aina, Pierpaolo Battigalli, Astrid Gamba
Keywords: Experiments, psychological games, ultimatum minigame, frustration, anger, non-equilibrium analysis
2018 - n° 620
Simone Cerreia-Vioglio, Fabio Maccheroni, Massimo Marinacci
2018 - n° 619
Basile Grassi
Keywords: Input-Output Network, Production Network, Shocks Propagation, Oligopoly, Imperfect Competition, IndustrialOrganization, Firm Heterogeneity, Random Growth, Granularity, Volatility, Micro-Origin of Aggregate Fluctuations, Business Cycle
2017 - n° 618
Nicola Fontana, Tommaso Nannicini, Guido Tabellini
2017 - n° 617
S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, and L. Montrucchio
2017 - n° 615
S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, and A. Rustichini
Keywords: Discrete Choice Analysis, Drift Diffusion Model, Luce Model, Metropolis Algorithm, Multinomial Logit Model, Quantal Response Equilibrium
2017 - n° 614
Marta Giampietro, Massimo Guidolin, Manuela Pedio
Keywords: Finance, Commodities, Stochastic Discount Factor, Hidden Markov model
2017 - n° 613
M. Ali Choudhary and Nicola Limodio
Keywords: Development, Banking, Investment, Central Banks
2017 - n° 612
Nicola Limodio and Francesco Strobbe
Keywords: Banking, Liquidity Risk, Financial Development, Ethiopia
2017 - n° 611
Gabriele Gratton, Luigi Guiso, Claudio Michelacci and Massimo Morelli
2017 - n° 610
L. Guiso H. Herrera M. Morelli T. Sonno
Keywords: voter participation, short term protection, anti-elite rhetoric, populist entry
2017 - n° 609
Joan Esteban, Sabine Flamand, Massimo Morelli, and Dominic Rohner
Keywords: Secessions, Conflict, Group Sizes, Preference Similarities, Patience, Secessionist Conflict, Centrist Conflict
2017 - n° 608
Michel Serafinelli, Guido Tabellini
Keywords: innovation, agglomeration, political institutions, migration, gravity
2017 - n° 607
P. Battigalli, E. Catonini, G. Lanzani, and M. Marinacci
Keywords: Sequential games with feedback, smooth ambiguity, self-confirming equilibrium, rationalizable self-confirming equilibrium
2017 - n° 606
Simone Cerreia-Vioglio, Fulvio Ortu, Federico Severino, Claudio Tebaldi
2017 - n° 605
Gunes Gokmen, Massimiliano Gaetano Onorato, Tommaso Nannicini, Chris Papageorgiou
Keywords: Financial crises, structural reforms, institutional systems, IMF programs, government crises, public opinion
2017 - n° 603
Alessandra Cillo and Enrico De Giorgi
Keywords: editing, segregation, aggregation, repeated lotteries
2017 - n° 602
Pierpaolo Battigalli, Gabriele Beneduci, Pietro Tebaldi
Keywords: Epistemic game theory, simple infinite dynamic game, strong belief, strong rationalizability
2017 - n° 601
Alberto Alesina, Guido Tabellini, and Francesco Trebbi
2017 - n° 600
Fabiano Schivardi, Enrico Sette, Guido Tabellini
Keywords: Bank capitalization, zombie lending, capital misallocation
2017 - n° 599
Salvatore Nunnari Jan Zapal
Keywords: Focus; Attention; Salience; Political Polarization; Probabilistic Voting Model; Electoral Competition; Behavioral Political Economy; Income Inequality; Redistribution
2017 - n° 598
Giampaolo Lecce and Laura Ogliari
Keywords: Institution s, Institutional Transplants, Culture, Economic Growth
2017 - n° 597
Claudia Foroni Pierre Guérin Massimiliano Marcellino
Keywords: Stock Returns, Oil Market Shocks, Time-varying Parameter VAR
2017 - n° 596
Pierpaolo Battigalli, Carlo Chiarella, Stefano Gatti, Tommaso Orlando
Keywords: Asymmetric information, mergers and acquisitions, method of payment, bid premium
2017 - n° 595
Marios Panayides, Barbara Rindi, Ingrid M. Werner
Keywords: Trading Fees, Maker-Taker Pricing, Intermarket Competition, Limit Order Book
2017 - n° 594
Guido Alfani and Federico Tadei
Keywords: Africa, Inequality, Income Distribution, Development, Extractive Institutions
2016 - n° 593
S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, and A. Rustichini
2016 - n° 592
Emanuele Borgonovo, Veronica Cappelli, Fabio Maccheroni, Massimo Marinacci
2016 - n° 591
Pierre Guerin, Danilo Leiva-Leon, Massimiliano Marcellino
Keywords: Factor model, Markov-switching, Forecasting
2016 - n° 590
Alexis Grigorieff, Christopher Roth, Diego Ubfal
Keywords: Biased Beliefs, Survey Experiment, Immigration, Policy Preferences, Persistence
2016 - n° 589
S. Cerreia-Vioglio, A. Giarlotta, S. Greco, F. Maccheroni, M. Marinacci