Intrinsic expansions for averaged diffusion processes

We show that the rate of convergence of asymptotic expansions for solutions of SDEs is generally higher in the case of degenerate (or partial) diffusion compared to the elliptic case, i.e. it is higher when the Brownian motion directly acts only on some components of the diffusion. In the scalar case, this phenomenon was already observed in (Gobet and Miri 2014) using Malliavin calculus techniques. In this paper, we provide a general and detailed analysis by employing the recent study of intrinsic functional spaces related to hypoelliptic Kolmogorov operators in (Pagliarani et al. 2016). Relevant applications to finance are discussed, in particular in the study of path-dependent derivatives (e.g. Asian options) and in models incorporating dependence on past information

Should I make or should I buy? Innovation strategies and governance structures in the Italian food sector

This paper analyses the “make or buy” decision of food firms applied to innovation strategy using 389 Italian food firms data from the Unicredit 2007 database. We develop a set of hypothesis from three theoretical perspectives such as transaction cost economics, strategic management and resource-based view. Our paper aims at highlight whether or not different firm’s features can be linked to the decision to make or buy. We found out that these two decisions are positively interlinked. Moreover we also found out that it is difficult to indicate a clear-cut behaviour for the Italian food firms if we refer to making or buying decisions. We discuss these results and use them to bring some interesting outcomes to discuss managerial implications and/or policy interventions in this highly strategic domain

Value creation strategies in credence food productions. The case of organic farming in Italy

In this paper we analyse different strategies used by Italian organic farmers to create value from credence food production. More specifically, we consider the following strategies: participation in policy support programmes (i.e. rural development measures and agro-environmental schemes), direct marketing (i.e. short-chains, on-farm businesses, agro-tourism), on-farm processing and being a member of a marketing and/or processing cooperative. We use data from the 2006 Italian FADN (Farm Accountancy Data Network) related to 981 organic farmers. To estimate the factors affecting farmers’ strategies and to evaluate them simultaneously we implement a multivariate probit model (MVP). The results could be helpful to implement guidelines for public and private intervention in the next CAP programming period. Allowing for differences in farmers’ goals and their impact on the choice of farming method and strategies is important in a modern competitive scenario

Community Supported Agriculture in the urban fringe: empirical evidence for project potentiality in the metropolitan area of Naples (Italy)

Urbanisation of city-side areas effects on farm land use and organisation are analysed in this study with the objective of seeking the most effective way to implement a Community Supported Agriculture (CSA) scheme. Specifically, we used a theoretical framework to describe and assess the relationships between urbanisation and changes in farm-styles in the city belt. Our analysis is based on a case study in the protected area of the Campi Flegrei Regional Park situated in the north-western part of the Neapolitan metropolitan area, which is a peri-urban rural area with severe environmental management problems. Our results from the empirical analysis allowed us to distinguish the farms of the area into three behavioural-social groups on the basis of specific features, in order to identify the best suited type of farm for the strategic implementation of the CSA. A market scenario was predicted for each of them without any intervention

Factors Affecting Participation of Italian Farmers in Rural Development Policy

In this paper a (micro)econometric approach is developed by considering the farmer likelihood to participate in different policy programs as linked to the objective of farmer to maximize their welfare. In this way we model farmers participation in policy support scheme by using a new institutional economics approach and conceptualizing the decision to entry as a contractual choice between two rural development types of policy. Different discrete choice modelling approaches are used to analyze the complementarity/ substitutability of different policy programs such as environmental-related measures and farm investment supports policy schemes and the main driving factors behind them. We use an extensive cross-sectional database related to the Italian FADN 2006. Results indicate that social capital and institutional factors should be taken much more into account in order to understand farmers likelihood to entry in policy support schemes. Location and farm(er) socio-economic features are also relevant factors. Moreover complementarity has been found between different policy schemes

Cross-Sector Partnerships and the Co-creation of Dynamic Capabilities for Stakeholder Orientation

This is the final version of the article. Available from Springer Verlag via the DOI in this record.This paper explores the relationship between business experience in cross-sector partnerships (CSPs) and the co-creation of what we refer to as ‘dynamic capabilities for stakeholder orientation,’ consisting of the four dimensions of (1) sensing, (2) interacting with, (3) learning from and (4) changing based on stakeholders. We argue that the co-creation of dynamic capabilities for stakeholder orientation is crucial for CSPs to create societal impact, as stakeholder-oriented organizations are more suited to deal with “wicked problems,” i.e., problems that are large, messy, and complex (Rittel and Webber, Policy Sciences 4:155–169, 1973; Waddock, Paper presented at the 3rd international symposium on cross sector social interactions, 2012). By means of a grounded theory approach of inductive research, we collected and interpreted data on four global agri-food companies which have heterogeneous experience in participating in CSPs. The results of this paper highlight that only companies’ capability of interacting with stakeholders continually increases, while their capabilities of sensing, learning from, and changing based on stakeholders first increase and then decrease as companies gain more experience in CSP participation. To a large extent, this can be attributed to the development of corporate strategies on sustainability after a few years of CSP participation, which entails a shift from a reactive to a proactive attitude towards sustainability issues and which may decrease the need or motivation for stakeholder orientation. These findings open up important issues for discussion and for future research on the impact of CSPs in a context of wicked problems

Measuring Organic Molecular Emission in Disks with Low Resolution Spitzer Spectroscopy

We explore the extent to which Spitzer IRS spectra taken at low spectral resolution can be used in quantitative studies of organic molecular emission from disks surrounding low mass young stars. We use Spitzer IRS spectra taken in both the high and low resolution modules for the same sources to investigate whether it is possible to define line indices that can measure trends in the strength of the molecular features in low resolution data. We find that trends in HCN emission strength seen in the high resolution data can be recovered in low resolution data. In examining the factors that influence the HCN emission strength, we find that the low resolution HCN flux is modestly correlated with stellar accretion rate and X-ray luminosity. Correlations of this kind are perhaps expected based on recent observational and theoretical studies of inner disk atmospheres. Our results demonstrate the potential of using the large number of low resolution disk spectra that reside in the Spitzer archive to study the factors that influence the strength of molecular emission from disks. Such studies would complement results for the much smaller number of circumstellar disks that have been observed at high resolution with IRS