advanced search

Jean-François Bonnefon, and Stefania De Vito

vol. 21, n. 5, October 2014, pp. 1331–1338

Julius Bonart, Jean-Philippe Bouchaud, Augustin Landier, and David Thesmar

vol. 2014, October 2014

We study a dynamical model of interconnected firms which allows for certain market imperfections and frictions, restricted here to be myopic price forecasts and slow adjustment of production. Whereas the standard rational equilibrium is still formally a stationary solution of the dynamics, we show...

Christian Gollier, and James K. Hammitt

vol. 6, October 2014, pp. 273–295

The choice of the rate at which one should discount the long-term benefits of mitigating climate change is highly controversial. Both the level and the slope of the term structure of discount rates have been discussed intensively in relation to the determination of the social cost of carbon....

Sean Bottomley

vol. 54, October 2014, pp. 48–63

There are two competing accounts for explaining Britain's technological transformation during the Industrial Revolution. One sees it as the inevitable outcome of a largely exogenous increase in the supply of new ideas and ways of thinking. The other sees it as a demand side response to economic...

Antonio Acconcia, Giovanni Immordino, Salvatore Piccolo, and Patrick Rey

vol. 116, n. 4, October 2014, pp. 1116–1159

We develop an agency model of organized crime accounting for the main trade-offs involved by the introduction of an accomplice-witness program. We characterize the optimal policy and identify its main determinants in a framework where public officials can be dishonest. Our predictions are tested by...

Koen Jochmans

October 2014, pp. 373–382

Thomas-Olivier Léautier

vol. 35, n. 4, October 2014, pp. 135–158

The advent of "smart meters" will make possible Real Time Pricing of electricity: customers will face and react to wholesale spot prices, thus consumption of electric power will be aligned with its opportunity cost. This article determines the marginal value of a fraction of demand (or a consumer)...

Alexander Guembel, and Lucy White

vol. 23, n. 4, October 2014, pp. 541–569

We demonstrate an inherent conflict between ex ante efficient monitoring and liquidation decisions by outside claimholders. We show it can be useful to commit to inefficient liquidation when monitors fail to produce information: this provides stronger incentives to monitor. The implication for firm...

Jacques Delpla

October 30, 2014

October 29, 2014