In post-Unification Italy the cyclical movements of the economy largely reflected those in the production of durable goods. The engineering industry has been seen as one that transformed metal into machines: its metal consumption suggests that investment in machinery followed the Kuznets-cycle...

In Italy two censuses were taken in 1911: the usual demographic census, that contains labor-force data, and the first industrial census, that contains employment data. The two yield aggregate figures that are very far apart. The literature directly concerned with estimating industrial employment...

This paper presents the second-generation estimates for the Italian engineering industry in 1911, a year documented both by the customary demographic census, and the first industrial census. The first part of this paper uses the census data to estimate the industry’s value added, sector...

In the literature the (Italian) engineering industry is seen as one that transformed metal into machines; its time path is inferred from that of its consumption of metal. Newly recovered evidence indicates that far more metal was turned into (traditional) hardware than into (modern) machines....

This paper proposes an intuitive definition of status quo that is model-free and given in terms of observable choices only. We do not rationalize status quo-dependent preferences, to the contrary, we show that models of decision under ambiguity already predict behavioral phenomena ascribed to...

This paper analyzes preferences in the presence of ambiguity that are rational in the sense of satisfying the classical ordering condition as well as monotonicity. Under technical conditions that are natural in an Anscombe-Aumann environment, we show that even for such general preference model...

This paper considers local and global multiple-prior representations of ambiguity for preferences that are (i) monotonic, (ii) Bernoullian, i.e. admit an affine utility representation when restricted to constant acts, and (iii) locally Lipschitz continuous. We do not require either Certainty...

This paper provides a multiple-priors representation of ambiguous beliefs à la Ghirardato, Maccheroni, and Marinacci (2004) and Nehring (2002) for any preference that is (i) monotonic, (ii) Bernoullian, i.e. admits an affine utility representation when restricted to constant acts, and (iii)...

This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in Klibanoff, Marinacci, and Mukerji (2005). A key feature of the model is that it achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective beliefs,...

The paper considers an agent who must choose an action today under uncertainty about the consequence of any chosen action but without having in mind a complete list of all the contingencies that could influence outcomes. She conceives of some relevant (subjective) contingencies but she is aware...