CESARE BISONI Department of Economics, University of Modena and Reggio Emilia ANDREA FERRARI Department of Economics, University of Modena and Reggio Emilia RICCARDO FERRETTI Department of Communication and Economics, University of Modena and Reggio Emilia ALESSANDRO GIOVANNI GRASSO Faculty of Economics, University of Macerata ANDREA LANDI Department of Economics, University of Modena and Reggio Emilia MARZIA TORRESETTI Research and Publishing Division of Prometeia Spa PAOLA VEZZANI Department of Communication and Economics, University of Modena and Reggio Emilia VALERIA VENTURELLI Department of Economics, University of Modena and Reggio Emilia