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Joao Correia da silva, and Faria Gonçalo
vol. 22, n. 7, May 2016, pp. 601–626
Literature on dynamic portfolio choice has been finding that volatility risk has low impact on portfolio choice. For example, using long-run US data, Chacko and Viceira [2005. “Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets.” The Review of Financial...
Michel Le Breton, Dominique Lepelley, and Hatem Smaoui
vol. 64, May 2016, pp. 11–22
The main purpose of this paper is to estimate the probability of casting a decisive vote under the majority rule for a class of random electorate models encompassing the celebrated Impartial Culture (IC) and Impartial Anonymous Culture (IAC) models. The emphasis is on the impact of correlation...
Joao Correia da silva, Joana Pinho, and Hélder Vasconcelos
vol. 118, n. 1, May 2016, pp. 1–34
This paper studies the sustainability of collusion in markets where growth is not restricted to occur at a constant rate and may trigger future entry. Entry typically occurs later along the punishment path than along the collusive path (since profits are lower in the former case), and may not even...
Roland Bénabou, and Jean Tirole
vol. 124, n. 2, April 2016, pp. 305–370
To analyze the impact of labor market competition on the structure of compensation, we embed multitasking and screening within a Hotelling framework. Competition for talent leads to an escalation of performance pay, shifting effort away from long-term investments, risk management, and cooperation....
Roberta Dessi, and Salvatore Piccolo
vol. 83, April 2016, pp. 90–110
We develop a theory of the emergence of merchant guilds as an efficient mechanism to foster cooperation between merchants and rulers, building on the complementarity between merchant guilds’ ability to enforce monopoly over trade and their social capital. Unlike existing models, we focus on local...
Philippe De Donder, and John E. Roemer
vol. 18, “1”, April 2016, pp. 85–96
We study how rich shareholders use their political influence to deregulate firms that they own, thus skewing the income distribution towards themselves. Individuals differ in productivity and choose how much labor to supply. High productivity individuals also own shares in the productive sector and...
Anna D’Annunzio, and Pierfrancesco Reverberi
vol. 40, n. 4, April 2016, pp. 353–367
C. Liquete, N. Cid, Denis Lanzanova, Bruna Grizzetti, and Arnaud Reynaud
vol. 63, April 2016, pp. 249–257
The relationship between biodiversity and each ecosystem service or bundle of ecosystem services (e.g. win−win, win−lose or win−neutral) is an active field of research that requires structured and consistent information. The application of that research for conservation and decision-making can be...
Christian Gollier
vol. 30, April 2016
Stéphane Bonhomme, Koen Jochmans, and Jean-Marc Robin
April 2016, pp. 540–563
