Judicial system inefficiency & demand for non-life insurance - 2010
[ 363 kb ]
Civil law inefficiency is a potential limiting factor both for economic development
at large and for that of insurance. We contend that the excessive length of civil
trials, reducing the present value of the claim in case of litigation, is an important
obstacle to the development of the non-life market. We test this hypothesis on
data from Italy, where the average trial lasts very long but there is also a big
geographical variance. The data support our hypothesis.
Does social capital reduce moral hazard? - 2007
[ 1.8 Mb ]
We study the effect of moral hazard involved in non market contracts on the demand
for marketed contracts. We provide a rigorous definition of Social Network and
Social Capital by means of an equilibrium concept typical of the Network literature.
Information costs and attitudes towards risk allocation - 2005
[ 540 kb ]
Portfolios of Italian families are rather incomplete, averaging just two stocks
per family over the Nineties. This lack of diversification may be due to different
reasons: liquidity constraints, transaction or information costs; or individual
preferences. In the paper the reasons for incompleteness are investigated on the
basis of an asset allocation model. Only the italian version of this work is available.
