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April 15, 2014
Erdinc Akyildirim, Ethem Guney, Jean-Charles Rochet, and Mete Soner
vol. 51, March 2014, pp. 93–101
Several recent papers have studied the impact of macroeconomic shocks on the financial policies of firms. However, they only consider the case where these macroeconomic shocks affect the profitability of firms but not the financial markets conditions. We study the polar case where the profitability...
Andrei Hagiu, and Bruno Jullien
vol. 33, March 2014, pp. 48–60
Platforms use search diversion in order to trade off total consumer traffic for higher revenues derived by exposing consumers to unsolicited products (e.g. advertising). We show that competition between platforms leads to lower equilibrium levels of search diversion relative to a monopoly platform...
Bruno Jullien, and In-Uck Park
vol. 81, n. 4, March 2014, pp. 1543–1574
We show that sellers may earn reputation for their “ability” to deliver high quality goods on average by honestly announcing the realised quality of items for sale every period. As the expected revenue stream from continuing with honest communication increases with their ability, high ability...
Pierre Dubois, Rachel Griffith, and Aviv Nevo
vol. 104, n. 3, March 2014, pp. 832–867
Food purchases differ substantially across countries. We use detailed household level data from the US, France and the UK to (i) document these differences; (ii) esti- mate a demand system for food and nutrients, and (iii) simulate counterfactual choices if households faced prices and nutritional...
Pierre Dubois, Jean-Charles Rochet, and Jean-Marc Schlenker
vol. 98, n. 3, March 2014, pp. 1669–1701
Using an exhaustive database on academic publications in mathematics all over the world, we study the patterns of productivity by mathematicians over the period 1984–2006. We uncover some surprising facts, such as the weakness of age related decline in productivity and the relative symmetry of...
Bruno Biais, Christophe Bisière, and Sébastien Pouget
vol. 60, n. 3, March 2014
We experimentally analyze how to design preopening mechanisms facilitating coordination on high equilibrium liquidity and gains from trade. We allow a call auction to be preceded by a preopening or not, preopening orders to be binding or not, and the opening time to be deterministic or random. When...
Stéphane Villeneuve, and Xavier Warin
vol. 8, n. 2, March 2014, pp. 193–227
In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow stream....
Jean-Pierre Amigues, Gilles Lafforgue, and Michel Moreaux
vol. 57, n. 3, March 2014, pp. 345–366
Gilles Allaire, Eric Cahuzac, Thomas Pomeon, and Michel Simioni
vol. 339-340, March 2014, pp. 9–31
