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Milo Bianchi et Philippe Jehiel
n° 25-1668, septembre 2025
We analyze bubbles and crashes in a model in which some investors are partially sophisticated. While the expectations of such investors are endogenously determined in equilibrium, these are based on a coarse understanding of the market dynamics. We highlight how such investors may endogenously...
Tiziana Assenza, Alberto Cardaci et D. Delli Gatti
vol. 20, n° 4, septembre 2025
Existing evidence suggests that individuals often misperceive the value of their wealth. We examine the existence, direction, and magnitude of these misperceptions through a laboratory experiment. Our findings indicate that variations in the leverage ratio (the ratio of liabilities to assets)...
Antonio Musolesi, Giada Andrea Prete et Michel Simioni
septembre 2025
This paper examines the contribution of infrastructure to aggregate productivity. We address some complex and relevant issues, namely functional form, nonstationary variables and cross-sectional dependence. We adopt the CCE framework and consider both parametric and nonparametric specifications,...
Pär Holmberg, Keith Ruddell et Bert Willems
n° 25-1669, septembre 2025
We characterize Nash equilibria in multi-product markets in which producers commit to vectors of supply functions contingent on all prices. The framework accommodates (dis)economies of scope in production, and goods may be substitutes or complements in demand. We show that equilibrium allocations...
David Bardey, Philippe De Donder et Vera Zaporozhets
septembre 2025, à paraître
This survey examines the economic literature on the incentives that shape both the use and the development of diagnostic tests, with a particular focus on companion (biomarker) tests central to precision medicine. Misdiagnosis, underdiagnosis, and overdiagnosis represent a substantial...
Iyad Rahwan, Azim Shariff et Jean-François Bonnefon
n° 25-1665, septembre 2025
Predicting the social and behavioral impact of future technologies, before they are achieved, would allow us to guide their development and regulation before these im-pacts get entrenched. Traditionally, this prediction has relied on qualitative, narrative methods. Here we describe a method which...
Mengchen Dong, Jean-François Bonnefon et Iyad Rahwan
n° 25-1664, septembre 2025
Nils Köbis, Zoe Rahwan, Raluca Rilla, Bramantyo Ibrahim Supriyatno, Clara Bersch, Tamer Ajaj, Jean-François Bonnefon et Iyad Rahwan
Although artificial intelligence enables productivity gains from delegating tasks to machines1, it may facilitate the delegation of unethical behaviour2. This risk is highly relevant amid the rapid rise of ‘agentic’ artificial intelligence systems3,4. Here we demonstrate this risk by having human...
n° 25-1663, septembre 2025
