A Multilevel Model with Time Series Components for the Analysis of Tribal Art Prices

In the present work we perform an econometric analysis of the Tribal art market. To this aim, we use a unique and original database that includes information on Tribal art market auctions worldwide from 1998 to 2011. In Literature, art prices are modelled through the hedonic regression model, a classic fixed-effect model. The main drawback of the hedonic approach is the large number of parameters, since, in general, art data include many categorical variables. In this work, we propose a multilevel model for the analysis of Tribal art prices that takes into account the influence of time on artwork prices. In fact, it is natural to assume that time exerts an influence over the price dynamics in various ways. Nevertheless, since the set of objects change at every auction date, we do not have repeated measurements of the same items over time. Hence, the dataset does not constitute a proper panel; rather, it has a two-level structure in that items, level-1 units, are grouped in time points, level-2 units. The main theoretical contribution is the extension of classical multilevel models to cope with the case described above. In particular, we introduce a model with time dependent random effects at the second level. We propose a novel specification of the model, derive the maximum likelihood estimators and implement them through the E-M algorithm. We test the finite sample properties of the estimators and the validity of the own-written R-code by means of a simulation study. Finally, we show that the new model improves considerably the fit of the Tribal art data with respect to both the hedonic regression model and the classic multilevel model.

Politiche Antitrust e crescita economica

Negli ultimi anni le istituzioni e la regolamentazione hanno svolto un ruolo sempre più importante nell’analisi della crescita economica. Tuttavia, non è facile interpretare le istituzioni e gli effetti dei regolamenti sulla crescita attraverso indicatori che tendono a “misurare” le istituzioni. Lo scopo di questa ricerca è analizzare la relazione di lungo periodo tra la crescita economica e la regolamentazione e il ruolo della regolamentazione antitrust sulla crescita economica. La stima econometrica dei modelli di crescita con la concorrenza e gli indicatori di potere di mercato si base su un dataset appositamente costruito che copre 211 Paesi, su un arco temporale massimo di 50 anni (da 1960 a 2009). In particolare, cerchiamo di identificare un quadro analitico volto a integrare l’analisi istituzionale ed economica al fine di valutare il ruolo della regolamentazione e, più in generale, il ruolo delle istituzioni nella crescita economica. Dopo una revisione della letteratura teorica ed empirica sulla crescita e le istituzioni, vi presentiamo l’analisi dell'impatto normativo (RIA) in materia di concorrenza, e analizziamo le principali misure di regolamentazione, la governance e le misure antitrust. Per rispondere alla nostra domanda di ricerca si stimano modelli di crescita prendendo in considerazione tre diverse misure di regolamentazione: la Regulation Impact (RI), la Governance (GOV), e la libertà economica (LIB). Nel modello a effetti fissi, RI, gli effetti della legislazione antitrust sulla crescita economica sono significativi e positivi, e gli effetti di durata antitrust sono significativi, ma negativi. Nel pannel dinamico, GOV, gli effetti dell’indicatore di governance sulla crescita sono notevoli, ma negativo. Nel pannel dinamico, LIB, gli effetti della LIB sono significativi e negativi.

Use of bioassays and biomarkers in Daphnia magna to assess the effect of pharmaceutical residuals in freshwater ecosystems

Widespread occurrence of pharmaceuticals residues has been reported in aquatic ecosystems. However, their toxic effects on aquatic biota remain unclear. Generally, the acute toxicity has been assessed in laboratory experiments, while chronic toxicity studies have rarely been performed. Of importance appears also the assessment of mixture effects, since pharmaceuticals never occur in waters alone. The aim of the present work is to evaluate acute and chronic toxic response in the crustacean Daphnia magna exposed to single pharmaceuticals and mixtures. We tested fluoxetine, a SSRI widely prescribed as antidepressant, and propranolol, a non selective β-adrenergic receptor-blocking agent used to treat hypertension. Acute immobilization and chronic reproduction tests were performed according to OECD guidelines 202 and 211, respectively. Single chemicals were first tested separately. Toxicity of binary mixtures was then assessed using a fixed ratio experimental design with concentrations based on Toxic Units. The conceptual model of Concentration Addition was adopted in this study, as we assumed that the mixture effect mirrors the sum of the single substances for compounds having similar mode of action. The MixTox statistical method was applied to analyze the experimental results. Results showed a significant deviation from CA model that indicated antagonism between chemicals in both the acute and the chronic mixture tests. The study was integrated assessing the effects of fluoxetine on a battery of biomarkers. We wanted to evaluate the organism biological vulnerability caused by low concentrations of pharmaceutical occurring in the aquatic environment. We assessed the acetylcholinesterase and glutathione s-transferase enzymatic activities and the malondialdehyde production. No treatment induced significant alteration of biomarkers with respect to the control. Biological assays and the MixTox model application proved to be useful tools for pharmaceutical risk assessment. Although promising, the application of biomarkers in Daphnia magna needs further elucidation.