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Paolo Di Caro

This chapter analyses the resilience of local labour markets in Italy by providing evidence on the resistance and the recoverability of the Italian provinces over the years 2004–2015. The relationships between economic resilience and local development are studied to understand the competitiveness and growth patterns of particular areas in an evolutionary perspective. Three main results derive from the empirical analysis. Local economic resilience presents place-specific patterns, with the provinces located in the Centre-North of the country registering higher resilience than those located in the South. The Great Recession contributed to amplifying differences in local resilience, particularly with respect to female occupations. The quality of local institutions plays a relevant role for explaining the asymmetric distribution of resilience on a territorial level. The summary of the findings and policy implications are conclusively discussed.

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Paolo di Caro

This chapter contributes to the study of resilience, by providing a discussion on some of the main methodological issues in this research area. To throw further light on the resilience debate, the work develops a meta-analysis of five resilience studies investigating local labour markets for the Italian case. The combination of these studies allows for consideration of different aspects of particular importance for the evaluation of resilience: unit of analysis, time coverage, measurement issues, and determinants. A specific discussion is also provided on the connections between the concept of resilience and related definitions, such as competitiveness and local development in the regional science literature. Three main research bottom lines are derived, with particular interest for the role of agency-based explaining factors. The chapter concludes with a summary of the work and addresses its policy implications.

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Paolo Di Caro and Isidoro Mazza

Art quality is an elusive concept in the contemporary art market. It is difficult to find consensus even among artists. Even more difficult is to define the link between quality and price. In this context of high uncertainty, empirical observation suggests that galleries have a significant impact on the career of artists. This chapter aims at providing some useful tools for understanding and interpreting the prominent role of art galleries in today’s art markets by illustrating the reasons why the market needs intermediaries and gatekeepers such as the commercial galleries.

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Paolo Di Caro, Luigi Di Gaetano and Isidoro Mazza

Intermediation is common in many markets. Intermediaries help to solve different problems that may hinder the matching between demand and supply. In the art market, galleries constitute intermediaries between collectors (buyers) and artists (sellers). Galleries perform many functions. They contribute to the success of artists, for example, by increasing the visibility of the artists (especially those at the beginning of their career) through gallery shows, and by promoting and financing institutional shows. Galleries also help the buyers to select artists by providing information, reducing searching and transaction costs. Moreover, building on their reputation they reduce uncertainty about the future of the artists they represent. These functions improve the efficiency in the art market, where network externalities are evident. Their presence substantially enhances the relevance of galleries for the performance of the art market.

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Roberto Cellini, Paolo Di Caro and Gianpiero Torrisi

The concept of resilience has attracted increasing interest in regional economics. In the flourishing literature, however, results are mixed, even when referring to the same case study. This mixed evidence stems also from different operationalization of the multifaceted resilience concept; the main difference being between studies using gross domestic product (GDP) series and those measuring regional economic performance in terms of fluctuations in employment levels. It is important, therefore, to address what kind of relationship – if any – exists between the two measures. To this end, the chapter analyses and compares results concerning regional resilience in Italy over the last 40 years, focusing on the differences deriving from the choice between the two aforementioned measures. The analysis reveals that the information contained in the different series are not alternative and overlapping but complementary.