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Lucia Baldi
Department of Environmental Science and Policy, University of Milan, Via G. Celoria 2, 20133 Milan, Italy

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Journal article
Published: 07 January 2021 in Food Quality and Preference
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Several research efforts have tried to explain the forces driving food-related decisions. In this article, we explore how individual attitude toward the environment could be a potential determinant of green behavior. This research offers an original methodological framework never adopted in the food consumption domain that is based on the contribution of Campbell Paradigm and the related advancements on attitude measures proposed by the environmental psychology literature. We also contribute to the literature by envisaging a two-dimensional environmental attitude, that distinguishes between attitude toward environmental protection and toward nature appreciation. The ultimate target is to explain consumer purchasing intentions, represented by Willingness to Pay, toward a hypothetical tomato with improved resource use efficiency taking into account consumer psycho-attitudinal propensity towards environmental issues. The analysis is conducted in Italy and in the UK, two countries characterized by different perceptions about tomato as a consumption good and about water related issues. Findings indicate that the two dimensions of consumer attitude affect differently the spending propensity for a sustainable tomato and these differences are also country-specific. The analysis suggests that policies aimed at promoting sustainable food products should also target the consumer type (naturalist or environmentalist) that is more sensible to environmental sustainability.

ACS Style

Lucia Baldi; Maria Teresa Trentinaglia; Teresina Mancuso; Massimo Peri. Attitude toward environmental protection and toward nature: How do they shape consumer behaviour for a sustainable tomato? Food Quality and Preference 2021, 90, 104175 .

AMA Style

Lucia Baldi, Maria Teresa Trentinaglia, Teresina Mancuso, Massimo Peri. Attitude toward environmental protection and toward nature: How do they shape consumer behaviour for a sustainable tomato? Food Quality and Preference. 2021; 90 ():104175.

Chicago/Turabian Style

Lucia Baldi; Maria Teresa Trentinaglia; Teresina Mancuso; Massimo Peri. 2021. "Attitude toward environmental protection and toward nature: How do they shape consumer behaviour for a sustainable tomato?" Food Quality and Preference 90, no. : 104175.

Journal article
Published: 28 December 2020 in Sustainability
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Climate change is threatening worldwide crop yields and varieties, and the desertification of Southern Europe and Mediterranean areas is endangering the cultivation of tomato, not only one of the most important cultivated crops, but also one of the main pillars of the global food industry. To minimize its environmental impact, current research efforts in Europe are selecting resilient tomato genotypes with reduced use of water and fertilizers. Still, its commercial acceptance depends on consumers’ reaction in terms of interests, attitudes, and willingness to buy and pay for this hypothetical resilient tomato. In our setting, a behavioural gap exists whenever despite an interest for the product, and regardless of a positive attitude towards it, consumers are not willing to pay a premium price for this tomato. This paper focuses on Italians, among the largest tomato consumers across the world, and for whom origin emerges as a relevant consumption driver. We carried out a web-survey, totalling 932 responses. We ran three different ordinal regressions, one for each level of involvement in the purchasing process, identifying the factors affecting consumers’ interest, attitude, and behaviour towards this hypothetical tomato. We prove the existence of a behavioural gap for Italian tomato consumers and observe that this gap widens as consumers’ preferences for origin increase. Hence, policies developing environmentally sustainable products should not forget how consumer preferences for non-strictly environmental attributes might ultimately affect their propensity to buy and pay.

ACS Style

Maria Trentinaglia De Daverio; Teresina Mancuso; Massimo Peri; Lucia Baldi. How Does Consumers’ Care for Origin Shape Their Behavioural Gap for Environmentally Friendly Products? Sustainability 2020, 13, 190 .

AMA Style

Maria Trentinaglia De Daverio, Teresina Mancuso, Massimo Peri, Lucia Baldi. How Does Consumers’ Care for Origin Shape Their Behavioural Gap for Environmentally Friendly Products? Sustainability. 2020; 13 (1):190.

Chicago/Turabian Style

Maria Trentinaglia De Daverio; Teresina Mancuso; Massimo Peri; Lucia Baldi. 2020. "How Does Consumers’ Care for Origin Shape Their Behavioural Gap for Environmentally Friendly Products?" Sustainability 13, no. 1: 190.

Journal article
Published: 15 February 2019 in Agriculture
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In this paper we analyse vertical price transmission in two typical Italian wheat chains, the pasta and bread chains, that were particularly affected by strong market fluctuations during the last years. After having split the chains into two sides, upstream (farm–wholesale) and downstream (wholesale–retail), we apply a cointegration methodology allowing for the presence of potentially unknown structural breaks. Then, for the different subperiods detected by the break dates, we investigate the evolving price transmission elasticities finding evidence of asymmetric price transmission. In the pasta chain, farmers seem to be price-takers, while in the bread chain price transmission is related to market structure and to the coexistence of small and large retailers.

ACS Style

Elena Claire Ricci; Massimo Peri; Lucia Baldi. The Effects of Agricultural Price Instability on Vertical Price Transmission: A Study of the Wheat Chain in Italy. Agriculture 2019, 9, 36 .

AMA Style

Elena Claire Ricci, Massimo Peri, Lucia Baldi. The Effects of Agricultural Price Instability on Vertical Price Transmission: A Study of the Wheat Chain in Italy. Agriculture. 2019; 9 (2):36.

Chicago/Turabian Style

Elena Claire Ricci; Massimo Peri; Lucia Baldi. 2019. "The Effects of Agricultural Price Instability on Vertical Price Transmission: A Study of the Wheat Chain in Italy." Agriculture 9, no. 2: 36.

Journal article
Published: 01 July 2018 in Water Resources and Economics
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Water issues are receiving increasing attention from policy-makers and international organizations due to water scarcity and global rising demand. Given that the demand for water is mainly driven by agriculture and energy, we use a multifactor market model to analyze the impact of agriculture and energy price trends on the price of listed companies operating in the water industry. Evidence highlights a sensitivity of water stocks returns to agriculture and energy price changes. Additionally, when using state space model to estimate dynamic beta coefficients, factor sensitivities show a time-varying behavior, especially during the 2008 economic and financial crisis.

ACS Style

Daniela Vandone; Massimo Peri; Lucia Baldi; Alessandra Tanda. The impact of energy and agriculture prices on the stock performance of the water industry. Water Resources and Economics 2018, 23, 14 -27.

AMA Style

Daniela Vandone, Massimo Peri, Lucia Baldi, Alessandra Tanda. The impact of energy and agriculture prices on the stock performance of the water industry. Water Resources and Economics. 2018; 23 ():14-27.

Chicago/Turabian Style

Daniela Vandone; Massimo Peri; Lucia Baldi; Alessandra Tanda. 2018. "The impact of energy and agriculture prices on the stock performance of the water industry." Water Resources and Economics 23, no. : 14-27.

Journal article
Published: 20 June 2017 in Sustainability
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Water, energy, and food and are strongly interconnected, and the sustainability of the whole world depends on this link. The aim of this article is to analyze the volatility spillovers between indexes representing the financial component of this nexus. We use a multivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model with daily data in which the water variable is proxy by equity index that represents the performance of the industry involved in water business both at the global and local levels. For the food and energy sectors, we use two sub-indexes of the S&P Goldman Sachs (GS)-Commodity Index. Our results highlight the existence of a financial nexus between water, energy, and food that was particularly exacerbated during 2008 crisis. Evidence therefore suggests the need to better investigate the policy options that can be used to reduce price volatility in a framework of the rising relevance of sustainability issues.

ACS Style

Massimo Peri; Daniela Vandone; Lucia Baldi. Volatility Spillover between Water, Energy and Food. Sustainability 2017, 9, 1071 .

AMA Style

Massimo Peri, Daniela Vandone, Lucia Baldi. Volatility Spillover between Water, Energy and Food. Sustainability. 2017; 9 (6):1071.

Chicago/Turabian Style

Massimo Peri; Daniela Vandone; Lucia Baldi. 2017. "Volatility Spillover between Water, Energy and Food." Sustainability 9, no. 6: 1071.

Original articles
Published: 01 March 2017 in Journal of Food Products Marketing
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During the past decades, various technological applications relating to an extension of the shelf life of food products have been introduced. The adoption of such technologies in the fresh-cut salad sector is a key issue for the sustainable management of the supply chain. The aim of the study is to analyse consumers’ attitude towards fresh-cut salad with an extended shelf life date. The analysis was based on face-to-face interviews with 351 consumers living in Lombardy, one of the Italian provinces where the consumption of fresh-cut salad is high and characterized by good margins of development. Principal component factor analysis with varimax rotation was used as preliminary data preparation for market segmentation. Cluster analysis revealed the presence of three different consumers groups. Only the cluster of ‘favorable’ shows a positive attitude towards the extended shelf life date. Consumers grouped in the cluster of ‘skeptical’ associate such innovation to a low level of product freshness. The cluster of ‘mistrust’ reveals the presence of consumers with safety concerns towards the prolongation of the shelf life date. Such consumers do not reveal a high level of trust in processing firms and their related brands.

ACS Style

Stefanella Stranieri; Lucia Baldi. Shelf Life Date Extension of Fresh-Cut Salad: A Consumer Perspective. Journal of Food Products Marketing 2017, 23, 939 -954.

AMA Style

Stefanella Stranieri, Lucia Baldi. Shelf Life Date Extension of Fresh-Cut Salad: A Consumer Perspective. Journal of Food Products Marketing. 2017; 23 (8):939-954.

Chicago/Turabian Style

Stefanella Stranieri; Lucia Baldi. 2017. "Shelf Life Date Extension of Fresh-Cut Salad: A Consumer Perspective." Journal of Food Products Marketing 23, no. 8: 939-954.

Journal article
Published: 01 September 2016 in Research in International Business and Finance
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Our paper focuses on commodity financialization and the gradual integration between commodity and financial markets, investigating to what extent shocks in stock markets impact commodity price volatility, and the persistency of the phenomenon. To this end, we estimate Volatility Impulse Response Function from stock markets to agricultural commodity markets over a symmetric window before and after two of the most important bubble bursts since the new millennium, the 2000 dot.com bubble and the 2008 financial crises. Results highlight that volatility spillover increased significantly after the 2008 financial crises, signalling a rising interconnection between financial and agricultural commodity markets.

ACS Style

Lucia Baldi; Massimo Peri; Daniela Vandone. Stock markets’ bubbles burst and volatility spillovers in agricultural commodity markets. Research in International Business and Finance 2016, 38, 277 -285.

AMA Style

Lucia Baldi, Massimo Peri, Daniela Vandone. Stock markets’ bubbles burst and volatility spillovers in agricultural commodity markets. Research in International Business and Finance. 2016; 38 ():277-285.

Chicago/Turabian Style

Lucia Baldi; Massimo Peri; Daniela Vandone. 2016. "Stock markets’ bubbles burst and volatility spillovers in agricultural commodity markets." Research in International Business and Finance 38, no. : 277-285.

Journal article
Published: 01 September 2014 in International Review of Economics & Finance
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ACS Style

Massimo Peri; Daniela Vandone; Lucia Baldi. Internet, noise trading and commodity futures prices. International Review of Economics & Finance 2014, 33, 82 -89.

AMA Style

Massimo Peri, Daniela Vandone, Lucia Baldi. Internet, noise trading and commodity futures prices. International Review of Economics & Finance. 2014; 33 ():82-89.

Chicago/Turabian Style

Massimo Peri; Daniela Vandone; Lucia Baldi. 2014. "Internet, noise trading and commodity futures prices." International Review of Economics & Finance 33, no. : 82-89.

Journal article
Published: 01 March 2014 in Energy Policy
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ACS Style

Lucia Baldi; Massimo Peri; Daniela Vandone. Clean energy industries and rare earth materials: Economic and financial issues. Energy Policy 2014, 66, 53 -61.

AMA Style

Lucia Baldi, Massimo Peri, Daniela Vandone. Clean energy industries and rare earth materials: Economic and financial issues. Energy Policy. 2014; 66 ():53-61.

Chicago/Turabian Style

Lucia Baldi; Massimo Peri; Daniela Vandone. 2014. "Clean energy industries and rare earth materials: Economic and financial issues." Energy Policy 66, no. : 53-61.

Preprint
Published: 01 January 2014
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Water, food and energy (WFE) are strongly interconnected: each depends on the other for a lot of concerns, spanning from guaranteeing access to services, to environmental, social and ethical impact issues, to price relations. Using daily data spanning from November 2001 to May 2013 we empirically analyze the volatility spillovers and the dynamic conditional correlation between the WFE prices using a multivariate GARCH method. We then apply a multifactor market model based on the theory of Capital Asset Pricing Model (CAPM) with the aim to analyze the impact of agriculture and energy price trends on the share price value of exchange-listed companies that derive a substantial portion of their revenues from the potable and wastewater industry. Results highlight the existences of a financial nexus between WFE that is particular exacerbate during finance turbulence. Understanding price dynamics is relevant both to water, agriculture and energy policy makers and to investors, since it influences information dissemination, price discovery, efficient allocation of resources, hedging and portfolio optimization.

ACS Style

Massimo Peri; Daniela Vandone; Lucia Baldi. Water, Food, Energy: Searching for the Economic Nexus. 2014, 1 .

AMA Style

Massimo Peri, Daniela Vandone, Lucia Baldi. Water, Food, Energy: Searching for the Economic Nexus. . 2014; ():1.

Chicago/Turabian Style

Massimo Peri; Daniela Vandone; Lucia Baldi. 2014. "Water, Food, Energy: Searching for the Economic Nexus." , no. : 1.

Features
Published: 01 April 2013 in Quantitative Finance
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ACS Style

Lucia Baldi; Massimo Peri; Daniela Vandone. Investing in the wine market: a country-level threshold cointegration approach. Quantitative Finance 2013, 13, 493 -503.

AMA Style

Lucia Baldi, Massimo Peri, Daniela Vandone. Investing in the wine market: a country-level threshold cointegration approach. Quantitative Finance. 2013; 13 (4):493-503.

Chicago/Turabian Style

Lucia Baldi; Massimo Peri; Daniela Vandone. 2013. "Investing in the wine market: a country-level threshold cointegration approach." Quantitative Finance 13, no. 4: 493-503.

Original articles
Published: 01 March 2013 in Applied Economics Letters
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This article investigates the long-run relationship between spot and futures prices for corn and soybean. We apply cointegration methodology, allowing for the presence of potentially unknown structural breaks and then study the causality relationships between spot and futures prices within each specific subperiod identified with the aim of analysing the price discovery. Empirical estimates highlight (i) multiple breaks exist in the cointegrating relationship between prices and (ii) subperiods consequently identified express different dynamics in the causal relationship between spot and futures prices and support the idea that fundamentals are important in explaining the 2007/08 food price increase.

ACS Style

Massimo Peri; Lucia Baldi; Daniela Vandone. Price discovery in commodity markets. Applied Economics Letters 2013, 20, 397 -403.

AMA Style

Massimo Peri, Lucia Baldi, Daniela Vandone. Price discovery in commodity markets. Applied Economics Letters. 2013; 20 (4):397-403.

Chicago/Turabian Style

Massimo Peri; Lucia Baldi; Daniela Vandone. 2013. "Price discovery in commodity markets." Applied Economics Letters 20, no. 4: 397-403.

Journal article
Published: 31 January 2013 in Resource and Energy Economics
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The growing expansion of biofuel production in the European Union is a direct consequence of the political framework specifically implemented to reduce the impact of oil price rises and to achieve fuel security and environmental goals. These policies have activated a new relationship between fossil fuel and vegetable oil prices. Combining a multiple structural change approach with rolling cointegration, the article identifies four structural breaks in the relationships between the price of mineral and vegetable oils. Results show that policy instruments are responsible for these structural changes in the long-run relationships between prices. The analysis also shows that from the implementation of the directive 2003/30/EC the price dynamic of rapeseed oil has shifted from its own market to the diesel market, making it subject to interactions with the more complex reality of mineral oil.

ACS Style

Massimo Peri; Lucia Baldi. The effect of biofuel policies on feedstock market: Empirical evidence for rapeseed oil prices in EU. Resource and Energy Economics 2013, 35, 18 -37.

AMA Style

Massimo Peri, Lucia Baldi. The effect of biofuel policies on feedstock market: Empirical evidence for rapeseed oil prices in EU. Resource and Energy Economics. 2013; 35 (1):18-37.

Chicago/Turabian Style

Massimo Peri; Lucia Baldi. 2013. "The effect of biofuel policies on feedstock market: Empirical evidence for rapeseed oil prices in EU." Resource and Energy Economics 35, no. 1: 18-37.

Preprint
Published: 01 January 2013
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In the last few years Rare Earth Materials (REMs) prices have experienced a strong increase, due to geopolitical policies and sustainability issues. Provided that these materials at risk of supply disruptions are largely employed in the development of new technologies - such as clean energy industries - financial markets may already have included these concerns into clean energy companies evaluation. We use a multifactor market model for the period January 2006-September 2012 to analyse the impact of REMs price changes – specifically Dysprosium and Neodymium - to six clean energy indexes (NYSE-BNEF) tracking the world’s most active quoted companies in the clean energy sector. Results show that during period of price increase there is a negative relation between REMs price changes and the stock market performance of clean energy indexes, specifically wind. The European clean energy index is also negatively affected and this may be relevant to policy makers considering that Europe is putting in place some relevant policy actions to support the development of the clean energy industry.

ACS Style

Lucia Baldi; Massimo Peri; Daniela Vandone. Clean Energy Industries and Rare Earth Materials: Economic and Financial Issues. 2013, 1 .

AMA Style

Lucia Baldi, Massimo Peri, Daniela Vandone. Clean Energy Industries and Rare Earth Materials: Economic and Financial Issues. . 2013; ():1.

Chicago/Turabian Style

Lucia Baldi; Massimo Peri; Daniela Vandone. 2013. "Clean Energy Industries and Rare Earth Materials: Economic and Financial Issues." , no. : 1.

Preprint
Published: 01 January 2012
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We study the effect of an increased noise trading caused by easier access to information on agricultural futures prices. The theoretical framework is the Mixture Distribution Hypothesis (MDH), that posits a joint dependence of return volatility and information. We use two different proxies for the observed component of information flows, which allows to separate the effect of supply and demand of information. We analyse the effect of information demand using the Internet Search Volume from Google Insight. Empirical results support the MDH and highlight that the search of information on internet by noise traders can amplify volatility.

ACS Style

Massimo Peri; Daniela Vandone; Lucia Baldi. Internet, noise trading and commodity prices. 2012, 1 .

AMA Style

Massimo Peri, Daniela Vandone, Lucia Baldi. Internet, noise trading and commodity prices. . 2012; ():1.

Chicago/Turabian Style

Massimo Peri; Daniela Vandone; Lucia Baldi. 2012. "Internet, noise trading and commodity prices." , no. : 1.

Preprint
Published: 01 January 2012
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This paper investigates the effect of information flow on corn futures price variability for the period January 2004 -July 2011. The theoretical framework is the Mixture Distribution Hypothesis, that posits a joint dependence of return volatility and information. The main contribution of this article is that we use two different proxy for the observed component of information flow that allow to separate the effect of supply (News) and demand (Internet Search Volume) of information. Empirical estimates highlight that: i) results support the MDH since observed volatility persistence appears to be related to the information flow; ii) variation in information demand has a significant effect on volatility of futures corn returns even controlling for variation in information supply and such result can be interpreted in light of behavioural finance.

ACS Style

Massimo Peri; Daniela Vandone; Lucia Baldi. Information Demand and Agriculture Commodity Prices. 2012, 1 .

AMA Style

Massimo Peri, Daniela Vandone, Lucia Baldi. Information Demand and Agriculture Commodity Prices. . 2012; ():1.

Chicago/Turabian Style

Massimo Peri; Daniela Vandone; Lucia Baldi. 2012. "Information Demand and Agriculture Commodity Prices." , no. : 1.

Original articles
Published: 28 February 2011 in Applied Economics Letters
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The growing expansion of European Union Emission Trading futures market and the parallel increase in the tendency of using such products also as financial instruments in the capital market outline the interest in the analysis of European Union Allowances (EUA) futures prices drivers. We applied recent developments in the threshold cointegration approach to investigate the presence of asymmetric dynamic adjusting processes between CO2 futures and spot Brent prices. We found evidence of the existences of long-run nonlinear relationships, with Brent prices driving EUA futures prices to a long-run equilibrium up to a point where the gap between the two prices exceeds a critical threshold. Hence, EUA futures market currently do not act only as a tool for compliance within the environmental regulation (i.e. to contain CO2 emissions), but has become a financial instrument to support firms' profit-maximizing behaviour.

ACS Style

Massimo Peri; Lucia Baldi. Nonlinear price dynamics between CO2futures and Brent. Applied Economics Letters 2011, 18, 1207 -1211.

AMA Style

Massimo Peri, Lucia Baldi. Nonlinear price dynamics between CO2futures and Brent. Applied Economics Letters. 2011; 18 (13):1207-1211.

Chicago/Turabian Style

Massimo Peri; Lucia Baldi. 2011. "Nonlinear price dynamics between CO2futures and Brent." Applied Economics Letters 18, no. 13: 1207-1211.