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Martin Weidner (University College London)
Toulouse: TSE, November 27, 2012, 15:30–17:00, room MS 001
In this paper we study the Gaussian quasi maximum likelihood estimator (QMLE) in a linear panel regression model with interactive fixed effects for asymptotics where both the number of time periods and the number of cross-sectional units go to infinity. Under appropriate assumptions we show that...
Yuliy Sannikov (University of Princeton)
Toulouse: TSE, November 27, 2012, 11:00–12:30, room MS 001
This paper considers dynamic moral hazard settings, in which the agent's actions have consequences over a long horizon. The agent's limited liability constraints makes it dicult to tie the agent's compensation to long-run outcomes. To maintain incen- tives, the optimal contract delays the agent's...
Charles Calomiris
November 27, 2012, BDF, Paris
Fernando Alvarez (University of Chicago)
Toulouse: TSE, November 26, 2012, 17:00–18:30, room MS001
We model the decisions of a multi-product firm that faces a fixed “menu” cost: once it is paid, the firm can adjust the price of all its products. We characterize analytically the steady state firm’s decisions in terms of the structural parameters: the variability of the flexible prices, the...
José Luis Moraga-Gonzalez (University of Amsterdam)
TSE, November 26, 2012, 14:00–15:30, room MF 323
This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiated products and consumers search for satisfactory deals. In the pre-merger symmetric equilibrium, the probability that a firm is the next one to be visited by a consumer is equal across firms not...
Emiliano Pagnotta
TSE, November 26, 2012, 12:30–14:00, room MF 323
Speed and fragmentation have reshaped global securities markets: Large-cap U.S. stocks can now be traded in almost 50 venues, and execution times are measured in milliseconds. We analyze these evolutions in a model where exchanges invest in trading speed and compete for investors who choose where...
Emmanuelle Lavaine
Toulouse: TSE, November 26, 2012, 11:00–12:30, room MS 001
This paper examines the external effect of energy production on newborn health using a recent strike affecting oil refineries in France, in October 2010, as a natural experiment. First, we show that the temporary reduction in refining lead to a significant reduction in sulfur dioxide (SO2)...
Jean Michel Marin (Université Montpellier 2)
Toulouse: TSE, November 23, 2012, 13:45–15:00, room MF 323
Approximate Bayesian computation (ABC), also known as likelihood-free methods, have become a standard tool for the analysis of complex models, primarily in population genetics. The development of new ABC methodology is undergoing a rapid increase in the past years, as shown by multiple publications...
Sergey Gavrilets (University of Tennessee)
Toulouse: IAST, November 23, 2012, 11:00–12:00, room MF323
Humans exhibit strong egalitarian syndrome, i.e. the complex of cognitive perspectives, ethical principles, social norms, and individual and collective attitudes promoting equality. The universality of egalitarianism in hunter-gatherers suggests that it is an ancient, evolved human pattern. The...
Galina Zudenkova (University of Mannheim)
Toulouse: TSE, November 23, 2012, 11:00–12:30, room MS 003
This paper provides a rationale for intra-party democracy within a political agency model with moral hazard. The focus is on the party's internal procedures for policy de- termination. I show that democratizing those procedures benefits the party leadership, which seeks to maximize joint reelection...
