This paper provides the first empirical attempt of linking firms’ profits and investment in R&D revisiting Knight’s (Risk, uncertainty and profit, Hart, Schaffner & Marx, Boston, 1921) distinction between uncertainty and risk. Along with the risky profit-maximising scenario, identifying a second, off-setting, unpredictable bias that leads to heterogeneous returns to R&D investments is crucial to fully understand the drivers of corporate profits. Consistently with the Knightian theory that relates risk to profitability, we model the impact of risk and uncertainty on profits and provide a first empirical attempt to model the effect of ambiguity, a particular type of uncertainty, on R&D returns.

Liquefaction assessment has primarily been performed using in situ penetration testing, but this practice has become problematic for gravelly soils. For example, standard penetration test (SPT)- or cone penetration test (CPT)-based correlations can become unreliable owing to interference with large gravel particles, while the Becker Penetration Test, commonly used for gravelly soil, can be relatively expensive and requires conversion to an equivalent sand blow count. As an alternative, probabilistic liquefaction-triggering curves have been developed based on shear-wave velocity ($V_s$ ) using gravel sites in the $M_{w}7.9$ Wenchuan earthquake. These curves have significant uncertainty because of the small data set. In this study, new probabilistic triggering curves for gravel liquefaction have been developed based on a $V_s$ data set. The data set consists of 174 data points (96 liquefaction and 78 no liquefaction) obtained from 17 earthquakes in seven countries within different geological environments. The larger data set better constrained the curves and reduced the range between the 15% and 85% probability of liquefaction curves, indicating less uncertainty. These triggering curves for gravel are shifted to the right relative to comparable curves for sand, indicating that higher $V_s$ values are necessary to preclude liquefaction. To account for the influence of the different earthquake magnitudes on liquefaction, a magnitude scaling factor (MSF) was developed specifically for gravel. This curve falls within the range of other MSF curves for sands based on $V_s$ .

Recent empirical studies have investigated the territorial impact of Europe’s research policies, in particular the contribution of the European Framework Programmes to the integration of a European Research Area. This paper deepens the analysis on the integration and participation of peripheral regions, by focusing on the differences in intensity and determinants of inter-regional collaborations across three groups of collaborations. We consider collaborations among more developed regions, between more and less developed regions, and among less developed regions. Building on the recent spatial interaction literature, this paper investigates the effects of physical, institutional, social and technological proximity on the intensity of inter-regional research collaboration across heterogenous European regions. We find that the impact of disparities in human capital and technological proximity on regional R&D cooperation is relevant and differs across subgroups of collaborations. Moreover, despite the efforts of integrating marginal actors, peripheral regions have lower rates of collaborations.

This paper presents a comprehensive geological and geotechnical study of the whole area affected by liquefaction following the 2012 Emilia earthquakes, including all the available information from the field reconnaissance surveys, in situ tests, and laboratory analyses. The compilation was performed at 120 liquefied sites to verify and validate the reliability of liquefaction charts in alluvial sediments, and to assess liquefaction induced by the 2012 seismic sequence in the Emilia plain. The results reveal a wide range of grain sizes (from clean sands to sandy silts) and compositional characteristics (quartz-rich to litharenitic) in the 2012 ejecta, and show a strong relationship between the liquefaction and stratigraphic architecture of the subsurface. The availability of in situ tests at the liquefied sites makes it possible to verify and validate the reliability of the liquefaction charts in alluvial sediments with respect to the real observations. For the analyzed Emilia case studies, the use of non-liquefiable crust provides better estimations of the liquefaction manifestations when coupled with the thickness of the liquefiable layer rather than with the liquefaction potential index. Altogether, this work makes available to the international scientific community a consistent liquefaction database for in-depth earthquake studies.

We applied a joint survey approach integrating time domain electromagnetic soundings and single‐station ambient vibration surveys in the Middle Aterno Valley (MAV), an intermontane basin in central Italy and the locus of the 2009 L'Aquila earthquake. By imaging the buried interface between the infilling deposits and the top of the pre‐Quaternary bedrock, we reveal the 3‐D basin geometry and gain insights into the long‐term basin evolution. We reconstruct a complex subsurface architecture, characterized by three main depocenters separated by thresholds. Basin infill thickness varies from ~200–300 m in the north to more than 450 m to the southeast. Our subsurface model indicates a strong structural control on the architecture of the basin and highlights that the MAV experienced considerable modifications in its configuration over time. The buried shape of the MAV suggests a recent and still ongoing predominant tectonic control by the NW‐SE trending Paganica‐San Demetrio Fault System (PSDFS), which crosscuts older ~ENE and NNE trending extensional faults. Furthermore, we postulate that the present‐day arrangement of the PSDFS is the result of the linkage of two previously isolated fault segments. We provide constraints on the location of the southeastern boundary of the PSDFS, defining an overall ~19 km long fault system characterized by a considerable seismogenetic potential and a maximum expected magnitude larger thanM 6.5. This study emphasizes the benefit of combining two easily deployable geophysical methods for reconstructing the 3‐D geometry of a tectonically controlled basin. Our joint approach provided us with a consistent match between these two independent estimations of the basin substratum depth within 15%.