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Michele Fabi (Universitat Autonoma de Barcelona)
TSE & IAST, September 25, 2019, 12:30–14:00, Building S, room MS 003
This paper develops a dynamic game with endogenous inspection costs to explain empirically salient bidding profiles in crowdfunding and to characterize how success rates vary with design parameters. In the baseline, bidders arrive at a constant rate and face an inspection cost to learn if they like...
Philippe Aghion (Collège de France)
TSE, September 24, 2019, 17:00–18:30, room MF323
Growth has fallen in the U.S., while firm concentration and profits have risen. Meanwhile, labor’s share of national income is down, mostly due to the rising market share of low labor share firms. We propose a theory for these trends in which the driving force is falling firm-level costs of...
Patrice Bertail
TSE, September 24, 2019, 15:30–16:50, room MS 001
The concept of Rademacher complexity for independent sequences of random variables is extended to Markov chains. The proposed notion of \regenerative block Rademacher complexity" (of a class of functions) follows from renewal theory and allows to control the expected values of suprema (over the...
Kjetil Storesletten (University of Oslo)
TSE, September 24, 2019, 14:00–15:30, room MF323
We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases in...
Adrien Vigier (BI Norwegian Business School)
Toulouse: TSE, September 24, 2019, 11:00–12:30, room MS001
We study information acquisition in dealer markets. We rst identify a one-sided strategic complementarity in information acquisition: the more informed traders are, the larger market makers' gain from becoming informed. We then derive the equilib- rium pattern of information acquisition and examine...
Mark Roberts (The Pennsylvania State University)
TSE, September 23, 2019, 14:00–15:30, room MS 001
In this article we study differences in the returns to R&D investment between firms that sell in international markets and firms that only sell in the domestic market. We use German firm-level data from the high-tech manufacturing sector to estimate a dynamic structural model of a firms...
Stefano Rossi
Toulouse, September 23, 2019, 12:30–14:00, room MS001
Credit Cycles, Expectations, andCorporate Investment We study the real eects of credit market sentiment on corporate investment and nancing for a comprehensive panel of U.S. public and private rms over 1963-2016. In the short term, we nd that high credit market sentiment in year t correlates with...
Miquel Oliu-Barton (CEREMADE - Université Paris Dauphine)
Toulouse: TSE, September 19, 2019, 11:00–11:15, room MS003
The value of a two-player zero-sum game represents what playing the game is worth to the players. The problems of existence and characterisation of the value are at the core of game theory. To illustrate the difference between the two problems, consider the game of chess. Since Zermelo (1913), we...
Yiman Sun (Toulouse School of Economics)
Toulouse: TSE, September 17, 2019, 11:00–12:30, room MF323
We model censorship as a dynamic game between an agent and an evaluator. Two types of public news are informative about the agent’s ability – a conclusive good news process and a bad news process. However, the agent can hide bad news from the evaluator, at some cost, and will do so if and only if...
Banque Centrale du Luxembourg, September 17, 2019
