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Bernado Guimaraes (London School of Economics)
Toulouse: TSE, May 25, 2009, 17:00–18:30, room MF 323
This paper analyses a small open economy that wants to borrow from abroad, cannot commit to repay debt but faces costs if it decides to default. I study the optimal debt contract in this world in order to quantify the impact of shocks on the incentive compatible level of debt. Debt relief generated...
Johan Hombert
TSE, May 25, 2009, 12:30–14:00, room MF 323
I study the welfare properties of competitive equilibria in an economy with financial frictions. In the model, entrepreneurs raise funds to set up a firm, then they exert effort, and finally they trade assets. Private financial contracts do not internalize their impact on asset prices. On the one...
Chrysovalantou Milliou (Athens University of Economics and Business)
Toulouse: TSE, May 25, 2009, 11:00–12:00, room MF 323
We study horizontal mergers in upstream markets and their potential efficiency gains. We explore the incentives for such mergers, their impact on R&D investments, as well as the interaction in terms of welfare between their potentially efficiency-enhancing effects and their anti-competitive...
Thomas Tregouet (Ecole Polytechnique)
Toulouse: TSE, May 20, 2009, 11:00–12:30, room MC 201
We analyze the trade-off between monopoly and competition in matching markets where one side is exempted from payment. The socially efficient outcome is characterized by an optimal quality provision and an efficient market coverage: matched agents are matched assortatively and all agents find a...
Maristella Botticini (Collegio Carlo Alberto,University of Torino and Boston University)
Toulouse: TSE, May 18, 2009, 17:00–18:30, room MC 203
From the end of the second century CE, Judaism enforced a religious norm requiring fathers to educate their sons. We present evidence supporting our thesis that this change had a major influence on Jewish economic and demographic history. First, the high individual and community cost of educating...
Adriano Rampini
IDEI, May 18, 2009, 12:30–14:00, room MC 201
This paper develops a dynamic model of the capital structure based on the need to collateralize loans with tangible assets. The model provides a unified theory of optimal firm financing in terms of the optimal capital structure, investment, leasing, and risk management policy. Tangible assets are a...
Toulouse, France, May 18–19, 2009
The workshop "Spring of Incentives", sponsored by ANR and organized by the TSE research group "Incentives in Public Decision-Making", will take place on May 18-19. It will provide an overview of recent topics in the field of Incentives Theory: dynamic contracting, collusion, common agency,...
Anna Okatenko
Toulouse: TSE, May 15, 2009, 14:00–15:30, room MF 323
This paper estimates the impact of the reason for layoff (economic or personal) on the length of the subsequent unemployment spell, exploiting the French Labour Force Survey. In order to control for an eventual endogeneity of the reason for layoff, a joint model of the type of layoff and...
Manufacture des Tabacs, Toulouse, France, May 15–16, 2009
Luigi Guiso (European University Institute and EIEF)
Toulouse: TSE, May 14, 2009, 14:30–16:00, room MF 323
A vast literature has investigated the relationship between trust and aggregate economic performance. We investigate the relationship between individual trust and individual economic performance. We find that individual income is hump shaped in a continuous measure of trust beliefs. We show that...
