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Adam Harris (University College London)
Toulouse: IAST, November 17, 2011, 15:30–17:00, room MF323
A robust finding in social psychology is that people judge negative events as less likely to happen to themselves than to the average person, a behavior interpreted as showing that people are “unrealistically optimistic” in their judgments of risk concerning future life events. However, I...
Paula Margaretic (Toulouse School of Economics)
Toulouse: TSE, November 17, 2011, 12:45–14:00, room MF 323
We introduce correlation between states of the economy in two regions. Each region is populated by a single bank, which receives agents’ deposits and invests them in a risky productive technology. The productive technology allows the risky asset to offer a higher return if held until maturity. The...
Maitreesh Ghatak (London School of Economics)
Toulouse: TSE, November 17, 2011, 11:00–12:30, room MF 323
This paper contrasts the behavior of lenders with market power with competitive lenders in an environment where borrowers are collateral-poor but lenders can use implicit or explicit joint liability, leveraging the social capital that borrowers might have among themselves. We show that joint...
Robert Miller (Tepper School of Business at Carnegie Mellon)
Toulouse: TSE, November 15, 2011, 15:30–17:00, room Amphi S
This paper develops an equilibrium model of the executive labor market, analyzes identification issues, and estimates it with a matched panel of firms and executives to quantify the roles of moral hazard, human capital, career concerns, and bargaining between executives and employers. We find that...
Christine Thomas-Agnan (Toulouse School of Economics - GREMAQ)
Toulouse: TSE, November 15, 2011, 14:00–15:30, room MF323
In a first part, we review the literature about classical hedonic pricing models for real estate. Dubin (1988) introduced spatial autocorrelation in the real estate literature. Indeed house values depend on distance to various amenities so that neighboring houses should be affected similarly by...
Luis Araujo
November 15, 2011
John Leahy (New York University)
Toulouse: TSE, November 14, 2011, 17:00–18:30, room Amphi S
Patrick Bolton (Columbia and IAST)
TSE, November 14, 2011, 12:30–13:45, room MF 323
Derivative contracts, swaps, and repos enjoy "super-senior" status in bankruptcy: they are exempt from the automatic stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance model to assess the effect of this exemption on firms' cost...
Fanny Henriet
Toulouse: TSE, November 14, 2011, 11:00–12:30, room Amphi S
We study the optimal extraction of a polluting non-renewable resource within the following framework: environmental regulation is imposed in the form of a ceiling on the stock of pollution and a clean unlimited backstop technology can be developed by research and development. More specifically, the...
Jiangli Dou (Toulouse School of Economics)
Toulouse: TSE, November 10, 2011, 12:45–14:00, room MF 323
This paper analyzes the competition between two horizontally differentiated firms (platforms) whose products have partially overlapping functionalities. If firms make their products compatible with each other, consumers can consume both products and derive utility from the non-overlapping...
