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Philippe De Donder, and Eugenio Peluso
vol. 174, n. 3, 2018, pp. 301–313
We show that a transfer received by a minority of the population may be sustained by majority voting, however small the minority targeted may be, when the attribution of the transfer is seen as stochastic by voters. We build a simple model wherein voters differ in income and vote over a...
Victor Gay, Daniel Hicks, Estefania Santacreu-Vasut, and Amir Shoham
vol. 16, n. 4, 2018, pp. 879–909
Despite broad progress in closing many dimensions of the gender gap around the globe, recent research has shown that traditional gender roles can still exert a large influence on female labor force participation, even in developed economies. This paper empirically analyzes the role of culture in...
Marcel Boyer
n. XXXIII, 2018, pp. 49–80
Malgré les développements et enseignements récents et actuels, des erreurs analytiques perdurent en évaluation de projets. Cinq méprises (ou absences de meilleures pratiques) omniprésentes résultent de ces erreurs : 1. l’utilisation du coût moyen pondéré du capital CMPC de l’entreprise pour évaluer...
Bert Willems, and Gijsbert Zwart
vol. 49, n. 1, Spring 2018, pp. 23–42
We model the regulation of irreversible capacity expansion by a firm with private information about capacity costs, where investments are financed from the firm’s cash flows and demand is stochastic. The optimal mechanism is implemented by a revenue tax that increases with the price cap. If the...
Claire Borsenberger, Lisa Chever, Helmuth Cremer, Denis Joram, and Jean-Marie Lozachmeur
Timothy J. Brennan, Victor Glass, and Pier Luigi Parcu (eds.), 2018
Marcel Boyer, and Anne Catherine Faye
Alain Marciano, and Giovanni Battista Ramello (eds.), 2018
Catherine Cazals, Thierry Magnac, and Soterios Soteri
Letter volumes in countries with advanced broadband networks have been in decline since the early to mid-2000s while, more recently, parcel volumes have started to grow quite rapidly. The main drivers of these trends, namely the substitution of physical letters with electronic modes of...
Jérôme Bolte, Shoham Sabach, Marc Teboulle, and Y. Vaisbourd
vol. 28, n. 3, 2018, pp. 2131–2151
We focus on nonconvex and nonsmooth minimization problems with a composite objective, where the differentiable part of the objective is freed from the usual and restrictive global Lipschitz gradient continuity assumption. This longstanding smoothness restriction is pervasive in first order methods...
Milo Bianchi
vol. 73, n. 2, 2018, pp. 831–859
We match administrative panel data on portfolio choices with survey measures of financial literacy. When we control for portfolio risk, the most literate households experience 0.4% higher annual returns than the least literate households. Distinct portfolio dynamics are the key determinant of this...
Chiara Margaria, and Alex Smolin
vol. 110, 2018, pp. 330–339
We study dynamic games in which senders with state-independent payoffs communicate to a single receiver. Senders’ private information evolves according to an aperiodic and irreducible Markov chain. We prove an analog of a folk theorem—that any feasible and individually rational payoff can be...
