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Hans Gersbach, Jean-Charles Rochet, and Martin Scheffel
vol. 27, n. 4, July 2023, p. 1423–1469
We integrate bank and bond financing into a two-sector neoclassical growth model and identify an automatic stabilization effect due to endogenous bank leverage adjustment. We show that although bank leverage amplifies shocks, the increase of leverage due to a decline in bank equity partially...
Daniel L. Chen
vol. 156, n. 104483, July 2023
What is the effect of religious beliefs on economic choices? And in light of this effect, what is the cost of free speech? After Danish newspapers published anti-Muhammad cartoons, the religious status of trade with Denmark changed exogenously in Muslim countries. Exports from Denmark to Muslim...
Benjamin Ouvrard, Raphaele Préget, Arnaud Reynaud, and L. Tuffery
vol. 50, n. 3, July 2023, p. 1178–1226
We use a discrete choice experiment with treatments to test if voluntary adoption of smart water meters by French farmers can be fostered by (i) a collective conditional subsidy offered to farmers who adopt a smart meter only if the rate of adoption in their geographic area is sufficiently high and...
Thibault Laurent, Christine Thomas-Agnan, and Anne Ruiz-Gazen
vol. 4, n. 5, July 2023
Spatial autoregressive models have been adapted to model data with both a geographic and a compositional nature. Interpretation of parameters in such a model is intricate. Indeed, when the model involves a spatial lag of the dependent variable, this interpretation must focus on the so-called...
Doh-Shin Jeon, and Domenico Menicucci
July 2023
We study how data portability affects consumer surplus and firms’ profits in a two-period model with a switching cost where two firms compete under a non-negative pricing constraint. The firms can circumvent the constraint by tying another complementary free service (called ”freebies”) with the...
Shangrong Chen, and Estelle Malavolti
vol. 110, n. 102340, July 2023
This paper proposes a formal model to assess the introduction of hydrogen technology in the air transport sector when the initial market is uncovered, a situation relevant to the current COVID-19 crisis. The “flight shame” movement causes some passengers to leave the market while allowing for some...
Maria Kleshnina, Christian Hilbe, Stepan Simsa, Krishnendu Chatterjee, and Martin A. Nowak
vol. 14, n. 4153, July 2023
Many human interactions feature the characteristics of social dilemmas where individual actions have consequences for the group and the environment. The feedback between behavior and environment can be studied with the framework of stochastic games. In stochastic games, the state of the environment...
Daniel L. Chen, and Arnaud Philippe
vol. 211, July 2023, pp. 324–344
We document judicial leniency on defendant birthdays across 4.8 million decisions. Our results are consistent with reference-dependent social preferences. First, French sentences are 1% fewer and around 5% shorter. Second, U.S. federal judges also round down sentences except when rounding up makes...
Marion Hoffman, and Timothée Chabot
vol. 74, July 2023, pp. 259–274
Socioeconomic homophily in friendship networks is the result of several co-occurring processes, which are extremely challenging to disentangle. We propose to study the particular context of a three-week summer camp in France that gathered teenagers from varied socioeconomic backgrounds. We argue...
Ingela Alger, and Jörgen W. Weibull
vol. 140, July 2023, pp. 585–587
Theorem 1 in Alger and Weibull (2016, Games and Economic Behavior) consists of two statements. The first establishes that Homo moralis with the right degree of morality is evolutionarily stable. The second statement is a claim about sufficient conditions for other goal functions to be...
