Papers by Caterina Cruciani
The FEEM Sustainability Index (FEEM SI) is the first aggregate index able to provide future proje... more The FEEM Sustainability Index (FEEM SI) is the first aggregate index able to provide future projections of sustainability across countries and over time. The methodology used for scenarios analysis, the normalisation procedure and the aggregation framework gives the FEEM SI a distinctive feature within the sustainable development debate.
SSRN Electronic Journal, 2015
This Working Paper is published under the auspices of the Department of Management at Università ... more This Working Paper is published under the auspices of the Department of Management at Università Ca' Foscari Venezia. Opinions expressed herein are those of the authors and not those of the Department or the University. The Working Paper series is designed to divulge preliminary or incomplete work, circulated to favour discussion and comments. Citation of this paper should consider its provisional nature.
SSRN Electronic Journal, 2012
This Working Paper is published ! under the auspices of the Department of Management at Universit... more This Working Paper is published ! under the auspices of the Department of Management at Università Ca' Foscari Venezia. Opinions expressed herein are those of the authors and not those of the Department or the University. The Working Paper series is designed to divulge preliminary or incomplete work, circulated to favour discussion and comments. Citation of this paper should consider its provisional nature.
ftsnet.it
... 2 - Fondazione Eni Enrico Mattei, Centro Euro-Mediterraneo per i Cambiamenti Climatici Con il... more ... 2 - Fondazione Eni Enrico Mattei, Centro Euro-Mediterraneo per i Cambiamenti Climatici Con il contributo di Francesco Bosello, Caterina Cruciani, Margaretha Breil, Gretel Gambarelli, Silvia Silvestri, Lucia Vergano e Georg Umgiesser Prima versione: Agosto 2007. ...
Research Papers in Economics, Sep 1, 2018
This Working Paper is published under the auspices of the Department of Management at Università ... more This Working Paper is published under the auspices of the Department of Management at Università Ca' Foscari Venezia. Opinions expressed herein are those of the authors and not those of the Department or the University. The Working Paper series is designed to divulge preliminary or incomplete work, circulated to favour discussion and comments. Citation of this paper should consider its provisional nature.
The recent economic crisis still lingering in Europe has deeply affected the way individuals look... more The recent economic crisis still lingering in Europe has deeply affected the way individuals look at the investment market. Understanding the trust processes underlying the decision to invest with financial intermediaries is of particular importance both at managerial (product development and advertisement) and at normative level (how intermediaries are regulated). This paper investigates through an online experiment whether discrepancies in the financial literacy of investors and brokers can be used to explain the decision to trust - thus, to invest in the financial market. The results show that trust is affected by the information disclosure in somewhat unexpected ways.
OBJECTIVE: The aim of this study was to evaluate the long term results of double plate appliance ... more OBJECTIVE: The aim of this study was to evaluate the long term results of double plate appliance and facemask combination (DPA-FM) in treating Class III malocclusions when growth potential of the patients was close to cease or ceased. MATERIALS AND METHOD: The material consisted of the pretreatment (T1), posttreatment (T2), and long term (T3) lateral cephalometric and the hand-wrist radiographs of 13 patients (5 females, 8 males; mean chronological age: 11.1±1.40 years) with skeletal and dental Class III malocclusion treated with DPA-FM combination. The mean DPA-FM treatment time was 10.8±1.88 months. The hand-wrist growth and developmental stages were MP3u or Ru at T3. The mean follow-up period was 5.0±1.98 years. Friedman's Two-Way ANOVA and Wilcoxon signed-rank tests were used to evaluate the treatment (T2-T1), followup (T3-T2) and overall (T3-T1) results. RESULTS: With the DPA-FM therapy, SNA and ANB angles increased (p<0.001); however, no significant differences were found in these parameters during T3-T2 period [p=0.655 (SNA), p=0.805 (ANB)]. Significant increases were found in N┴FH-A distance during the treatment (p<0.01) and follow-up (p<0.05) periods. Molar relation showed significant increases with DPA-FM in both the treatment and overall period (p<0.001). Overjet increased significantly during the treatment (p<0.001), followup (p<0.05), and overall (p<0.001) periods. Significant protrusion of upper incisors (U1/NA) was observed during the treatment, follow-up, and overall periods (p<0.05). U6/ PP and L6/MP angles did not change during the DPA-FM treatment; however, these parameters decreased significantly during the follow-up and overall periods (p<0.05). CONCLUSION: In the treatment of Class III malocclusion, the DPA-FM appliance was effective. The skeletal and dental sagittal changes achieved by orthopedic treatment were maintained in the long term.
Journal of Economic Interaction and Coordination, 2015
Understanding what motivates and fosters collective actions has major implications in the governa... more Understanding what motivates and fosters collective actions has major implications in the governance and management of organizations, in the regulation and design of public policies, and has long attracted the interests of scholars and practitioners in business and economics. This paper deals with how groups of agents emerge in a dynamic contest characterized by lack of formal structure and uncertainty regarding the possible individual outcomes, focusing on the features of the cooperators and on the dynamics emerging among them. Through the development of a stylized agent-based model we start by showing how similarity in values can be a successful driver for cooperation but are also able to highlight the limits of such process, by looking at how and how much agents cooperate with similar others. A second-version of the model, where memory of past interactions has a role, introduces further dynamics and is able to create successful and relatively stable groups.
Ecological Indicators, 2014
This paper presents an application of a multi-attribute aggregation methodology to the constructi... more This paper presents an application of a multi-attribute aggregation methodology to the construction of a sustainability index. Sustainability is a multi-faceted issue, in which synergies or conflicts may arise among the different components, thus making it a complex concept to which multi attribute methods can be applied. This paper addresses the development of the FEEM Sustainability Index (FEEM SI), a composite index including 19 different indicators grouped in the three classical pillars of sustainabilityeconomic, social and environmental. We present the relevance of multiattribute aggregation methodologies when dealing with such complex concepts and provide an aggregation methodology used for this case study, the Choquet-integral aggregation. In particular, since this methodology requires the assignment of weights on indicators and their coalitions, an adhoc questionnaire is implemented to assess the importance of sustainability indicators through expert elicitation. After computing consensus weights for the Choquet-integral aggregation procedure the overall sustainability index, the FEEM SI is calculated. This paper also conducts robustness analysis and discusses the main implications of the aggregation methodology used.
oecd.org
Sustainability has been one of the major concerns of modern societies, which have long been inter... more Sustainability has been one of the major concerns of modern societies, which have long been interested in understanding and governing the multi-faceted issue of development. A comprehensive assessment of sustainability is crucial to different categories of stakeholders, for it allows measuring progress, identifying areas to be addressed and evaluating the outcome of implemented policies. There is a wide literature on sustainability indices and indicators, used as means to assess sustainability in a quantitative and concise way. We have constructed a new sustainability index, the FEEM Sustainability Index (FEEM SI), which introduces a novel approach towards the assessment of sustainability. The novelty of our work is twofold. First of all, it addresses the problem of aggregation of sustainability indicators by implementing an aggregation methodology that focuses specifically on the interrelation between indicators. In fact weights are attributed to single indicators as well as to all possible combinations of indicators belonging to the same node. This non-additive aggregation methodology is particularly wellsuited to deal with multi-attribute issues like sustainability. Secondly, the FEEM SI is built within a dynamic computable general equilibrium model, which allows projecting different scenarios in the future. The model output can then be used to assess sustainability according to the different characteristics of the scenarios. The model is based on a database relative to 2001, and is then projected up to 2020. A database depicting the state of the different regional economies is produced for each year and used to build the set of indicators that compose the FEEM SI. Thanks to this methodology, it is possible to assess how different policies would affect sustainability in the future.
Lecture Notes in Economics and Mathematical Systems, 2012
SSRN Electronic Journal, 2017
Foreword by the Consob Chairman Financial choices are among the most important decisions that we ... more Foreword by the Consob Chairman Financial choices are among the most important decisions that we make over our lives. Still, the vast majority of Italian citizens are not knowledgeable enough to make correct choices or even to seek for a professional help. This is especially worrying in the current landscape, in which individuals are confronted with increasingly complex financial products, uncertain economic environment and declining coverage of social security and welfare schemes. Empowering citizens in their economic decision making process is therefore of paramount importance. To this respect, financial education plays a crucial role as it may strengthen the effectiveness of traditional regulatory and supervisory tools. Consob has long acknowledged the potential contribution of financial education to investor protection and is now actively engaged in several initiatives, undertaken also in cooperation with consumers' associations and other Authorities. Educational programmes are grounded in the insights from supervision activity and economic research, benefiting from an evidence based approach. They address both general public and targeted audiences, also with the aim of enhancing understanding of the economic context, awareness of one's own rights and responsibilities as well as preventing the risk of frauds and mis-selling. Consob is also very committed to contribute to the forthcoming National Strategy for Financial Education, as a member of the recently established Italian National Committee, chaired by distinguished Professor Annamaria Lusardi. The Committee will make the most of the best domestic and international practices, and will grant the coordination among the relevant stakeholders needed to widen the scope of educational initiatives and to increase their effectiveness. Crosscountry evidence shows that designing and delivering effective financial education programmes requires a careful definition of contents, targets, channels and assessment tools. As recalled by the OECD, «(…) one of the main challenges facing public authorities implementing national strategies is to find ways of changing financial attitudes and behaviours of the population».
This paper focuses on a relatively new form of corporate debt financing available to Italian SMEs... more This paper focuses on a relatively new form of corporate debt financing available to Italian SMEs called “minibonds”. Minibonds may be described as fixed-income securities with a medium–long term expiration date, issued by listed or non-listed SMEs aimed at supporting growth projects, future developments or refinancing operations. This paper focuses on the North-East area of Italy and looks at the difference between listed and non-listed issues of minibonds. This paper explores whether this choice is structurally determined and how recent normative developments may affect it and the overall demand for minibonds by investors. Moreover, we explore the literature trying to identify criteria for the determination of potential emitters and show that existing criteria likely underestimate the true potential supply and are largely ignored by firms.
This chapter suggests that the heuristic behaviour that may lead to biases in financial decision-... more This chapter suggests that the heuristic behaviour that may lead to biases in financial decision-making is not necessarily due to irrationality, but has sound evolutionary roots developed in a time where investments and yields were not a concern, but survival was.
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Papers by Caterina Cruciani