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8011662 -
LAW AND ECONOMICS
(obiettivi)
This course will be composed of two complementary parts. The first will provide a broad overview of the scholarly field known as "law and economics", with focus on how legal rules and institutions can correct market failures. We will discuss most of the traditional themes of this field, including, among others, the economic function of contracts, remedies for breach of contract and the Coase theorem; liability rules and regulation; economic motives to commit crimes and optimal deterrence for individuals, firms and for different forms of crime; litigation incentives and choice and interaction between private action and public law enforcement.
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IOSSA ELISABETTA
( programma)
The course focuses on three main topics: the law and economics of antitrust policy; the law and economics of procurement of public services and in particular Public Private Partnerships and the law and economics of corruption.
All the topics will be studied from both a theoretical perspective and an applied one. Microeconomic theory models will be used to explain incentives of firms and politicians. Case studies will allow to understand real world applications.
 Albano, GL. Calzolari, G. Dini, F., Iossa, E, Spagnolo G. (2006) “Procurement Contracting Strategies”. Handbook of Procurement, Capitolo 4, N. Dimitri, G. Piga, and G. Spagnolo, eds., Cambridge University Press. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=908220
Bailey, E. M., G. K. Leonard, G. S. Olley, and L. Wu, Merger Screens: Market Share-Based Approaches Versus “Upward Pricing Pressure”, The Antitrust Source, February 2010,
Bennett, J. Iossa, E. (2006) “Building and Managing Facilities for Public Services”. The Journal of Public Economics, vol. 90 (10-11), pp. 2143-2160.
Buccirossi P. and G. Spagnolo, Optimal Fines in the Era of Whistleblowers. Should Price Fixers still Go to Prison?, V. Goshal and J. Stennek (Eds.) The Political Economy of Antitrust, Amsterdam: Elsevier, 2007.
Burguet, Roberto, Jose G. Montalvoz, Juan-José Ganuza (2016), The microeconomics of corruption. Available in the course material.
Iossa E., Martimort, D. (2015)_ “The Simple Micro-economics of Public Private Partnerships”. Journal of Public Economic Theory. 17 1: Pages 4–48.
Lear, The cost of inappropriate interventions/non interventions under Article 82, A report prepared for the Office of Fair Trading, 2006, only chapter 2, available at http://www.learlab.com/publication/the-cost-of-inappropriate-interventionsnon-interventions-under-article-82/
Motta M., Competition Policy. Theory and Practice, 2004 Cambridge, Cambridge Univ. Press.
Piga, G. (2011) “A fighting chance against corruption in public Procurement”, in International Handbook on the Economics of Corruption, edited by Rose-Ackermann e T Soreide.
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BUCCIROSSI PAOLO
( programma)
The course focuses on three main topics: the law and economics of antitrust policy; the law and economics of procurement of public services and in particular Public Private Partnerships and the law and economics of corruption.
All the topics will be studied from both a theoretical perspective and an applied one. Microeconomic theory models will be used to explain incentives of firms and politicians. Case studies will allow to understand real world applications.
OPPORTUNITIES
Antitrust law (Buccirossi)
o Introduction and objectives of law enforcement agencies
o Anticompetitive agreements
Cartel
Other horizontal agreements
Vertical agreement
o Abuse of dominance
Exploitative abuses
Exclusionary abuses
o The relationship between market power and efficiency
Market power and allocative efficiency
Market power and productive efficiency
Market power and dynamic efficiency
o Theories of harm in antitrust cases
Softening competition (unilateral effects)
Collusion
Foreclosure
o Sanction policy, leniency programs and action for damages
Reading
Motta (2004)
• Ch. 1, pp. 17-38;
• Ch. 2, pp. 39-58 – but not sec. 2.3.5
• Ch. 4, pp. 137-166
• Ch. 6, sec. 6.2.5.1 and pp. 362-377
Bailey et al. (2010)
Lear (2006), only chapter 2
Buccirossi and Spagnolo (2007)
Website to be consulted
AGCM (www.agcm.it)
DG Competition (http://ec.europa.eu/competition/index_en.html)
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6
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IUS/05
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36
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Attività formative caratterizzanti
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ENG |
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8011566 -
PUBLIC SECTOR ECONOMICS AND MANAGEMENT
(obiettivi)
The program of the course is focused on the relationship / interaction between the economic system and the environment (intended both as a supplier of raw materials and services, and as a "sink" for air pollution, water, noise and solid waste disposal). Environmental issues are treated according to the perspective of the “positive analysis” - a description of the impacts of economic activity on the environment – and of the “normative analysis” – with particular attention to the analysis of efficiency, equity and sustainability.
The course is divided into 5 thematic areas developed at an intermediate-advanced level:
• The source of environmental problems: property rights and externalities
• Dynamic efficiency and sustainable development
• Efficient allocation of renewable resources
• Energy and environment
• Types of pollution, environmental targets and policy responses
In more detail, the topics covered are:
The human – environment relationship.
The origin of externalities: definition and economic analysis.
The tragedy of the commons.
Private and public solutions.
The concepts of static and dynamic efficiency.
The optimal allocation of exhaustible resources.
The problem of intergenerational equity.
Sustainable development: weak and strong sustainability.
Energy: from depletables to renewables .
The use of fossil fuels: the problems of oil and natural gas.
The transition fuels: coal and nuclear power.
Efficiency and renewable resources.
The scarcity of water resources.
Air pollution.
The local pollutants: targets and environmental policies.
The global pollutants: ozone depletion and climate change.
Solid waste and recycling.
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DE FRAJA GIOVANNI
( programma)
The program of the course is divided into 9 main topics:
• Introduction; the role of the state
• Simple tax Models – Optimal commodity taxation.
• The revelation principle
• Optimal income taxation.
• The theory of public procurement.
• Income transfers for poverty alleviation.
• Goods provided by the State. Public goods
• Redistribution through provision. The case of health care.
• Redistribution through provision. The optimal education Policy
One or both of the last two arguments could be replaced by specific topics chosen by the students for their presentations.
Introduction; the role of the state
There is no specific reference. The introductory chapters of many textbooks are in general good enough to cover this aprt of the program (Gruber, Myles-Hindricks, Myles, Rosen e Gayer). More detailed information for the United Kingdom are available in Barr "The Economics of Welfare State".
Very specific details about the UK Tax system are available is the excellent “Mirrlees Review” (http://www.ifs.org.uk/mirrleesReview). This is a very long and detailed document, and the conclusion and recommendations chapter is a good place to start.
Chapter 1 in Salanie, B. (2002), The Economics of Taxation, MIT Press, contains the theoretical introduction to taxation.
Simple tax Models – Optimal commodity taxation.
In Chapter 2 Salanie, B. (2002), The Economics of Taxation, MIT Press, there are several simple model of taxation in increasingly less simple set-ups). Commodity (indirect) taxation in Chapter 3.
The model are highly simplified (but with all the original message intact) versions of the original difficult contribution, Diamond and Mirrlees (AER 1971.
The revelation principle
This lecture introduces the revelation principle. It is hard to find a simple discussion of this profound result. Mas-Colell, Whinston and Greene (Ch 23) have a very rigorous treatment. Ditto for Kreps (Ch 18). The Game theory book by Fudenberg and Tirole treats the subject from p 255.
Optimal income taxation.
Chapter 4 in Salanie' is a good starting point. The seminal paper is Mirrlees (REStuds 1971).
The theory of public procurement.
The procurement model is from Laffont, Jean-Jacques and Jean Tirole, [1986] “Using cost observation to regulate firms”, Journal of Political Economy, 94, pp. 614-641, as presented in their book, Laffont, Jean-Jacques and Jean Tirole, [1993] A Theory of Incentives in Procurement and Regulation, The MIT Press, (Ch 1 & 2).
Income transfers for poverty alleviation.
This will be a presentation of Timothy Besley and Stephen Coate, “The Design of Income Maintenance Programmes”, Review of Economic Studies, 1995, 62: 187-221.
And Chapter 9 in Salanie also addresses the topic.
Goods provided by the State. Public goods
Any textbook will have relevant chapters (Gruber Ch 7; Hindricks and Myles Ch 5; Rosen and Gayer, Ch 4; Atkinson and Stiglitz, Ch 16 (the notation used here is from this book); More advanced, Laffont (Fundamentals of Public Economics, Ch 2).
Redistribution through provision. The case of health care.
Arrow’s contribution, (Arrow, Kenneth J., [1971], "A Utilitarian Approach to the Concept of Equality in Public Expenditures", Quarterly Journal of Economics, 38 pp. 175-208) sets the general framework. The other papers presented in this part of the course are: Besley, Timothy, and Stephen Coate, [1991], "Public Provision of Public Goods and the Redistribution of Income", American Economic Review, 81 pp. 979-84. Blackorby, Charles, and David Donaldson, [1988], "Cash Versus Kind, Self-selection, and Efficient Transfers", American Economic Review, 78 pp. 691-700.
Redistribution through provision. The optimal Education Policy
Continuing on the above theme for the provision of education, I will deal in detail with De Fraja, Gianni, "The Design of Optimal Education Policies", The Review of Economic Studies, 69, 2002, pp 437-466, and, time permitting, its sister paper De Fraja, Gianni, [2005] “Reverse Discrimination and Efficiency in Education”, International Economic Review, 46, pp. 1009-1031, and a more specific application, De Fraja, Gianni, and Paola Valbonesi, [2012] “The Design of the University System”, Journal of Public Economics, 96, pp. 317-330
Course Web Page
The material for this course (syllabus, notes, announcements, materials) will be posted online. It is essential to consult this link, as all information regarding this course will be available there.
Exercises
Exercises will be assigned in advance and analysed during the lessons in the classroom with the active participation of students, whose participation will be evaluates for the result of the final examination. Some examples of the right answers will be provided on the course webpage, after each lesson.
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6
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SECS-P/07
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36
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Attività formative caratterizzanti
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ENG |
