if this message does not display correctly, click here | Table of Contents Paola Bertoli, University of Economics, Prague, Charles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute)
Veronica Grembi, Copenhagen Business School Cesi Berardino, University of Rome, Tor Vergata - Tor Vergata Economics University Foundation
Walter Ferrarese, University of Rome, Tor Vergata - Department of Economics, Law and Institutions Marianna Brunetti, University of Rome Tor Vergata, CEFIN
Costanza Torricelli, University of Modena and Reggio Emilia - Department of Economics, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP) | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "The Life Saving Effects of Hospital Proximity" 
CEIS Working Paper No. 349 PAOLA BERTOLI, University of Economics, Prague, Charles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute)
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VERONICA GREMBI, Copenhagen Business School
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We assess the lifesaving effect of hospital proximity using data on fatality rates of road-traffic accidents. While most of the literature on this topic is based on changes in distance to the nearest hospital triggered by hospital closures and use OLS estimates, our identification comes from the exogenous variation in the proximity to cities that are allowed by law to have a hospital based on their population size. Our instrumental variable results, based on Italian municipalities data from 2000 to 2012, show that an increase by a standard deviation of distance to the nearest hospital (5 km) increases the fatality rate by 13.84% on the sample average. This is equal to a 0.92 additional death per every 100 accidents. We show that OLS estimates provide a downward biased measure of the real effect of hospital proximity because they do not fully solve spatial sorting problems. Proximity matters more when the road safety is low; the emergency service is not properly organized, and the nearest hospital has lower quality standards. "Insider's Dilemma: A General Solution in a Repeated Game"
CEIS Working Paper No. 350 CESI BERARDINO, University of Rome, Tor Vergata - Tor Vergata Economics University Foundation
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WALTER FERRARESE, University of Rome, Tor Vergata - Department of Economics, Law and Institutions
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We show that in an infinitely repeated Cournot game when firms adopt stick and carrot strategies exogenous horizontal mergers are profitable regardless the size of the merged entity. We characterize an equilibrium in which the new entity maximizes its discounted intertemporal profit under the constraint that each outsider produces just enough to be better off after the merger. Once the merger has occurred each insider gains more than each outsider, therefore the insider's dilemma is completely solved. "Second Homes: Households' Life Dream or (Wrong) Investment?"
CEIS Working Paper No. 351 MARIANNA BRUNETTI, University of Rome Tor Vergata, CEFIN
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COSTANZA TORRICELLI, University of Modena and Reggio Emilia - Department of Economics, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP)
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While purchasing the primary home is mainly motivated by essential consumption needs, a second house has generally been considered a good investment. However, second homes may result in disparate final uses, including unprofitable ones. We contribute to the scant literature on second houses by empirically investigating the cases of unrented second homes, which represent the most notable unprofitable use. We use the 2002-2012 Bank of Italy Survey on Household Income and Wealth which also provides information on real estates actual use. Our results highlight: a gender gap, whereby the unprofitable use is more frequent among male; no association with household’s economic characteristics; and, a strong association with the real estate features, with inherited dwellings more likely to be unprofitably used. Besides casting some doubts on the goodness of second homes as an investment, our results have important policy implications on the housing and rental markets, calling for policy or regulatory interventions. | | ^top
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