Pati-Salam Axion

I discuss the implementation of the Peccei-Quinn mechanism in a minimal realization of the Pati-Salam partial unification scheme. The axion mass is shown to be related to the Pati-Salam breaking scale and it is predicted via a two-loop renormalization group analysis to be in the window $m_a \in [10^{-11}, \, 3 \times 10^{-7}]$ eV, as a function of a sliding Left-Right symmetry breaking scale. This parameter space will be fully covered by the late phases of the axion Dark Matter experiments ABRACADABRA and CASPEr-Electric. A Left-Right symmetry breaking scenario as low as 20 TeV is obtained for a Pati-Salam breaking of the order of the reduced Planck mass.Comment: 33 pages, 3 figures. Minor corrections. Matches version to appear in JHE

Flavour Violating Axions

I review the physics case for flavour violating axions. In particular, I argue that relaxing the assumption of the universality of the Peccei-Quinn current opens up new pathways, including: the relaxation of the Supernova bound on the axion mass, a possible connection with the Standard Model flavour puzzle and the experimental opportunity of discovering the axion via flavoured axion searches.Comment: 9 pages, 2 figures. Talk given at the Workshop `Flavour changing and conserving processes' 29-31 August 2019 (Capri Island, Italy). v2: references adde

A lending scheme for a system of interconnected banks with probabilistic constraints of failure

We derive a closed form solution for an optimal control problem related to an interbank lending schemes subject to terminal probability constraints on the failure of banks which are interconnected through a financial network. The derived solution applies to a real banks network by obtaining a general solution when the aforementioned probability constraints are assumed for all the banks. We also present a direct method to compute the systemic relevance parameter for each bank within the network

Profit Sharing under the Threat of Nationalization

A multinational corporation engages in foreign direct investment for the extraction of a natural resource in a developing country. The corporation bears the initial investment and earns as a return a share of the profits. The host country provides access and guarantees conditions of operation. Since the investment is totally sunk, the corporation must account in its plan not only for uncertainty in market conditions but also for the threat of nationalization. In a real options framework, where the government holds an American call option on nationalization, we show under which conditions a Nash bargaining leads to a profit distribution maximizing the joint venture surplus. We find that the threat of nationalization does not affect the investment threshold but only the Nash bargaining solution set. Finally, we show that the optimal sharing rule results from the way the two parties may differently trade of rents with option values.Real Options, Nash Bargaining, Expropriation, Natural Resources, Foreign Direct Investment, International Relations/Trade, Resource /Energy Economics and Policy, C7, D8, K3, F2, O1,

Optimal Conservation Policy under Imperfect Intergenerational Altruism

In this paper we study the optimal forest conservation policy by a hyperbolically discounting society. Society comprises a series of non-overlapping imperfectly altruistic generations each represented by its own government. Under uncertainty about future pay-offs we determine, as solution of an intergenerational dynamic game, the optimal timing of irreversible harvest. Earlier harvest occurs and the option value attached to the forest clearing decision is eroded under both the assumptions of naïve and sophisticated belief about future time-preferences. This results in a bias toward the current generation gratification which affects the intergenerational allocation of benefits and costs from harvesting and conserving a natural forest.Imperfect altruism, Real Options, Hyperbolic Discounting, Time Inconsistency, Natural Resources Management, Resource /Energy Economics and Policy, D81, C70, Q23, Q58,

Is the team leading surgeon criminally liable for his collaborators’ errors? judges confirm responsibility and condemn an otorhinolaryngologist

In current healthcare, delivery of medical and surgical treatment takes place in a multidisciplinary manner. This raises the problem of distinguishing the conditions under which the person who has properly carried out his duties, respecting the related leges artis, can be held responsible for damages materially caused by another member of the medical team. Jurisprudence has developed the so-called “principle of trust” for which every member of the team can rely on the fact that other members are acting in compliance with the leges artis of their specialisation. The Supreme Court has limited the application of this principle. The authors examine the jurisprudence on responsibility of the team in otolaryngology and conclude that individual liability should be limited to the specific expertise of the individual specialist

Medical use of cannabis: italian and european legislation

This review illustrates some brief considerations of the medical use of cannabis recently issued in Italy. History and uses of cannabis throughout centuries and different countries are illustrated together with a description of botany and active phytocannabinoids. Then, medical use of cannabis anti-pain treatment for patients resistant to conventional therapies is described in case of chronic neuropathic pain, spasticity, for anticinetosic and antiemetic effect in nausea and vomiting caused by chemotherapy, for appetite stimulating effect in cachexia, anorexia, loss of appetite in cancer patients or patients with AIDS and in anorexia nervosa, hypotensive effect in glaucoma resistant to conventional therapies and for reduction of involuntary body and facial movements in Gilles de la Tourette syndrome. Italian most recent legislation on medical cannabis is detailed with some law proposals, also showing the inconsistent legislation within European Union. Some final considerations of future studies are also reported