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Jacques Eric Bergez, Marion Robert, and Alban Thomas
vol. 265, n. 3, March 2018, pp. 1033–1045
Agricultural sustainability under climate change is a major challenge in semi-arid countries, mainly because of over-exploited water resources. This article explores short- and long-term consequences of farmers’ adaptation decisions on groundwater resource use, under several climate change...
Abdelaati Daouia, Stéphane Girard, and Gilles Stupfler
vol. 80, n. Série B, March 2018, pp. 263–292
We use tail expectiles to estimate alternative measures to the Value at Risk (VaR), Expected Shortfall (ES) and Marginal Expected Shortfall (MES), three instruments of risk protection of utmost importance in actuarial science and statistical finance. The concept of expectiles is a least squares...
Fabien Gensbittel, Stefano Lovo, Jérôme Renault, and Tristan Tomala
vol. 108, March 2018, pp. 504–522
In a zero-sum asynchronous revision game, players can revise their actions only at exogenous random times. Players’ revision times follow Poisson processes, independent across players. Payoffs are obtained only at the deadline by implementing the last prepared actions in the ‘component game’. The...
Christophe Bernard, Marie-Françoise Calmette, Maureen Kilkenny, Catherine Loustalan, and Isabelle Pechoux
vol. 69, n. 2, March 2018
We show how a large country’s entrance on world markets can lead to lower and less quality diversity available to consumers rather than more. In our model, autarky quality is directly proportional to the willingness to pay for quality and home market size, and inversely proportional to the cost of...
Johannes Hörner, Stefano Lovo, and Tristan Tomala
vol. 127, n. 2, February 2018, pp. 342–365
We analyze security price formation in a dynamic setting in which long-lived dealers repeatedly compete for trading with potentially informed retail traders. For a class of market microstructure models, we characterize equilibria in which dealers’ dynamic pricing strategies are optimal no matter...
Stefan Hoderlein, and Anne Vanhems
vol. 33, n. 1, February 2018, pp. 52–72
This paper proposes a framework to model welfare effects that are associated with a price change in a population of heterogeneous consumers. The framework is similar to that of Hausman and Newey (Econometrica, 1995, 63, 1445–1476), but allows for more general forms of heterogeneity. Individual...
Marc Ivaldi, and Jérôme Pouyet
vol. 62, February 2018, pp. 21–30
Based on the modern theory of regulation, the analysis aims to characterize the effective economic regulation of the French railway industry. The methodology consists in econometrically testing various scenarios of regulation and determining which of these best fits the data. Using aggregate data...
Renato Gomes, Jean-Marie Lozachmeur, and Alessandro Pavan
vol. 85, n. 1, January 2018, pp. 511–557
We develop a framework to study optimal sector-specific taxation, where each agent chooses an occupation by comparing her skill differential with the tax burden differential across sectors. Because skills are not perfectly transferable, the Diamond-Mirrlees theorem (according to which the second-...
Dana Galizia, Franck Portier, and Paul Beaudry
vol. 85, n. 1, January 2018, pp. 119–156
Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment....
Ola Andersson, Cédric Argenton, and Jörgen W. Weibull
vol. 91, January 2018, pp. 1–5
