Working Papers DE l’annee
Georges Casamatta (18/05/2020), Optimal bequests taxation in the steady state
We consider an infinite-horizon economy populated by two types of individuals, some individuals being more productive than others. Individuals live one period and are altruistic toward their children. Assuming that the allocation received by a given individual depends only on his type and the one of his parent, we first determine the second-best steady state allocation and then study the optimal bequest and labor income tax functions, that are assumed to be separable. We first show that the second-best is not implementable with such tax schedules. We then demonstrate that it may be desirable to tax large bequests (and to subsidize low bequests), provided that individuals are sufficiently altruistic and the less productive individuals are sufficiently numerous. The taxation of large bequests is however not always part of the optimal solution. A numerical example suggests that no taxation of bequests is needed under moderate altruism, while large bequests should be subsidized when individuals are poorly altruistic.
Keywords: bequests, taxation, steady state.
Working Paper TerRA n°16
Georges Casamatta (04/05/2020), Optimal income taxation with tax avoidance
We determine the optimal income tax schedule when individuals have the possibility of avoiding paying taxes. Considering a convex concealment cost function, we find that a subset of individuals, located in the interior of the income distribution, should be allowed to avoid taxes, provided that the marginal cost of avoiding the first euro is sufficiently small. This contrasts with the results of Grochulski (2007) who shows that, with a subadditive cost function, all individuals should declare their true income. We also provide a characterization of the optimal income tax curve.
Keywords: fiscal avoidance, optimal income tax.
Working Paper TerRA n15
Yuheng Ling, Claudio Detotto, Dominique Prunetti (03/02/2020), Spatio-Temporal Modeling of second homes dynamics in Corsica
Second home development is an important issue to a housing market and local land use. Understanding second home dynamics at the small area scale will help pol- icymakers to conduct effective interventions to meet the concern of local inhabitants. Conventional approaches do not consider second homes varied across space and over time. Hence, spatial models, such as the Besag, York and Mollie (BYM) model, are useful in terms of offering a feasible way to model both covariates and spatial, temporal dependence. This tool is then applied to analyse the second home ratio at a county level in Corsica, France, over the period 2007-2016. We intend to investigate the impact of spatially referenced covariates and the spatio-temporal dependencies of the second home ratio in each Corsican county. Binomial regression models with spatial and tem- poral random effects are implemented via Integrated Nested Laplace Approximations pertaining to a Bayesian paradigm. Results show that the model with spatial, temporal random components and a spatiotemporal interaction term produces the most realistic estimates and the best forecast. Then, physical landscape counts, coastal counties, and mountainous counties are positively associated with second home rates, while cultural landscape counts, number of households and interest rates are negatively associated with the second home rates. We also identify the “hot spot” and “cold spot” of the sec- ond homes. While the temporally structured component reveals that there was merely a gradual increase on the second home ratio over the past 10 years.
Keywords: Bayesian hierarchical modelling, Besag–York–Mollie model, Corsican sec- ond home ratio, Integrated Nested Laplace Approximations, spatio-temporal dynamics
Working Paper TerRA n°14
Yuheng LING (09/04/2019), Time, space and hedonic prediction accuracy evidence from the Corsican apartment market.
In this study, we propose a hedonic housing model to address spa- tial and temporal latent structures simultaneously. With the development of spatial econometrics and spatial statistics, economists can now better assess the impact of spatial correlation on house prices. How- ever, the simultaneous handling of spatial and temporal correlation is still under development. Since spatial econometric models are limited to account for two kinds of cor- relation simultaneously, we propose using a hierarchical spatiotemporal model from spatial statistics. Based on a Bayesian framework and a stochastic par- tial differential equation (SPDE) approach, the estimation is carried out via INLA. We then perform an empirical study on apartment transaction prices in Corsica (France) using the proposed model. The empirical results demonstrate that the prediction performance of the hierarchical spatiotemporal model is the best among all candidate models. Moreover, the hedonic housing estimates are affected by spatial effects and temporal effects. Ignoring these effects could result in serious forecasting issues.
Keywords : Hierarchical spatiotemporal model · Hedonic price model · INLA-SPDE · Apartment market
Working Paper TerRA n°13
Laura CIUCCI & Marie-Antoinette MAUPERTUIS (28/01/2019), Les activités de transfert de technologie des universités permettent-elles de réduire le gap technologique entre sphères académique et non-académique ? Une étude du cas italien.
Ce travail étudie dans quelle mesure les universités peuvent affecter l’écosystème local d’innovation. Nous nous focalisons sur le rôle que les activités de transfert de technologie (TT) et les Bureaux de Transfert de Technologie (TTO) peuvent jouer dans le rapprochement de la recherche académique et non-académique, à travers l’augmentation de la proximité technologique entre brevets académiques et non-académiques à l’échelle locale. Cette proximité? est mesurée par le degré de similarité des portefeuilles de brevets (Jaffe, 1986). Pour ce faire, des données relatives aux brevets académiques et non-académiques sont utilisées pour un panel constitué des provinces italiennes (NUTS3) sur la période 1998-2009. Basés sur des estimations de modèles fractionnaires, les résultats indiquent un effet positif et significatif des activités de TT sur la probabilité? de déposer des brevets dans les mêmes domaines technologiques. De plus, il semblerait que la mise en place de TTO n’ait pour l’heure aucun effet sur la proximité? technologique Université-Industrie.
Keywords : Technological Proximity, Technology Transfer, TTO, Frac- tional response model, Patent.
Working Paper TerRA n°12
Steven B. CAUDILL, Claudio DETOTTO & Dominique PRUNETTI (25/01/2019), Bargaing power in apartment sales in Corsica : A latent class approach.
This paper adds to the literature by extending the bargaining model of Harding, Rosenthal, and Sirmans (2003) to a latent class framework. We examine data on apartment sales in Corsica over the period 2006 to 2016. Our results indicate that the Corsican housing market has two distinct segments and that bargaining power of buyers and sellers is not the same in these two segments. In particular, we find that the French mainlanders have more bargaining power when selling in one market segment but they experience a decrease in bargaining power when buying in the other segment. Corsican buyers exhibit significant bargaining power in both sub-markets but local sellers exhibit significant bargaining power in just one segment of the market. Auxiliary regressions indicate that the apartments associated with the first segment are more spacious, less likely to be new, more likely to have a garden, and typically have longer travel times to any of the local amenities like doctors, pharmacies and the downtown area. From this we conclude that apartments in one segment are more likely to be rural and at a greater distance from the coast compared to the other segment.
Keywords : Latent class, hedonic regression, bargaining power
Working Paper TerRA n°11
Working Papers des années précédentes
Maria Giovanna BRANDANO, Claudio DETOTTO & Marco VANNINI (15/05/2018), In vino feracitas ! Efficiency of wineries in and out of Sardinia’s wine routes.
Working Paper TerRA n°10
Claudio DETOTTO, Laura SERRA & Marco VANNINI (12/09/2017), Did the establishment of specialised courts affect the frequency of business bankruptcy petitions in Spain ?
Keywords : bankruptcy, commercial courts, endogenous treatment effects, Spain.
Working Paper TerRA n°09
Claudio DETOTTO & Bryan C. MCCANNON (12/09/2017), Consolidation of Prosecutor Offices.
Keywords : crime, Data Envelopment Analysis, district attorney, ef- ficiency, jurisdiction, Propensity Score Matching, prosecution
Working Paper TerRA n°08
Anna BUSSU, Claudio DETOTTO & Laura SERRA (12/09/2017), Does slow and steady win the race ? An Italian case.
Keywords : probit; regular careers; commuter students; residential students; undergraduate.
Working Paper TerRA n°07
Olivier BEAUMAIS & Sauveur GIANNONI (08/06/2017), Insiders vs outsiders in the hotel sector : is it worth entering an official classification system ?
Working Paper TerRA n°06
Sauveur GIANNONI, Olivier BEAUMAIS & Caroline TAFANI (09/05/2017), Foreign buyers, price dispersion and local buyers eviction in bargaining markets.
Working Paper TerRA n°05
Claudio DETOTTO, Marta MELEDDU, Marco VANNINI (09/05/2017), Cultural identity and willingness to protect and preserve art.
Keywords : Cultural heritage; Discrete Choice Experiment; Identity; Mixed Logit.
Working Paper TerRA n°04
Sauveur GIANNONI, Juan M. HERNANDEZ & Jorge PEREZ-RODRIGUEZ (13/04/2017), Market-segment targeting and long-term growth in a tourism-based economy.
Keywords : tourism-led growth, learning-by-doing, market-segment, re- juvenation.
Working Paper TerRA n°03
Claudio DETOTTO, Sauveur GIANNONI & Claire GOAVEC (22/03/2017), Does good governance attract tourists ?
Keywords : GMM, Governance, Panel data, Tourism, WGI
Working Paper TerRA n°02
Olivier BEAUMAIS & Dominique PRUNETTI (12/01/2017), Time for Waste, Waste of Time ? Assessing Heterogeneous Values of Time Spent Recycling Using a Latent-Class Rank-Ordered Logit Approach.
Working Paper TerRA n°01