No abstract

Resilience is a concept referring to the manner in which systems react to, and recover from, shocks. According to several recent analyses, 'resilience' can explain different regional economic performances. However, this study indicates that this explanation is quite unconvincing when applied to the Italian regions in the very long run (1890-2009). Only few shocks emerge to have specific impact effects differing across regions, while the recovery experience is ever spatially homogeneous. Hence, it is difficult to discern genuine differences in regional resilience. This evidence can be interpreted as a reason why the regional differences in Italy are huge and persistent.

We investigate dynamic R&D for process innovation in a duopoly where firms may either undertake independent ventures or form a cartel for cost-reducing R&D investments. By comparing the profit and welfare perfomances of the two settings in steady state, we show that private and social incentives towards R&D cooperation coincide for all admissible levels of the technological spillovers characterising innovative activity. This results stems from smoothing the investment reffort over the time horizon of the game.J.E.L. Classification: C73, D43, D92, L13, O31

No abstract

We investigate a dynamic oligopoly game with price adjustments. We show that the subgame perfect equilibria are characterised by larger output and lower price levels then the open-loop solution. The individual (and industry) output at the closed-loop equilibrium is larger than its counterpart at the feedback equilibrium. Therefore, …rms prefer the open-loop equilibrium to the feedback equilibrium, and the latter to the closed-loop equilibrium. The opposite applies to consumers.JEL Classi…cation: D43, D92, L13