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Christopher Clayton et Andreas Schaab
n° 23-1445, juin 2023
We study allocative efficiency and optimal regulation in inefficient economies with misalloca-tion and pecuniary externalities. We characterize the allocative value of a market based on its price, cross-sectional misallocation among participants, and pecuniary externalities. With both complete and...
Albert J. Menkveld, Anna Dreber, Fany Declerck et Sophie Moinas
n° 23-1451, juin 2023
In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is gener-ated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across...
Abdelaati Daouia, Gilles Stupfler et Antoine Usseglio-Carleve
n° 23-1444, juin 2023, révision novembre 2023
The expectile is a prime candidate for being a standard risk measure in actuarial and financial contexts, for its ability to recover information about probabilities and typical behavior of extreme values, as well as its excellent axiomatic properties. A series of recent papers has focused on...
Bertrand Achou, Philippe De Donder, Franca Glenzer, Minjoon Lee et Marie-Louise Leroux
n° 23-1442, juin 2023
Marginal utility of financial resources when needing long-term care, and the related incentives for precautionary savings and insurance, may vary significantly by whether one receives care at home or in a nursing home. In this paper, we develop strategic survey questions to estimate those...
Zhijun Chen et Patrick Rey
n° 23-1447, juin 2023, révision décembre 2025
We present a theory of conglomerate mergers and explore the effect of portfolio differentiation due to the heterogeneity of consumption synergy derived from product bundling. The differentiation of product portfolios reduces competition and leads to higher prices for stand- alone products in highly...
Olivier Armantier, Jérôme Foncel et Nicolas Treich
vol. 148, n° 3, juin 2023, p. 201–219
We study insurance and portfolio decisions, two opposite risk retention tradeoffs. Using household level data, we identify the first joint determinants (e.g. subjective expectations, risk attitude) and frictions (e.g. liquidity constraints, financial literacy) in the literature. We also find key...
Amirreza Ahmadzadeh et Behrang Kamali-Shahdadi
n° 23-1446, juin 2023
We study a matching model in which firms face budget constraints. If the pro-duction function only depends on a firm’s technology, a weak stable matching always exists; furthermore, when a strong stable matching does not exist, there is a nearby budget vector for firms such that a strong stable...
Henrik Andersson et Benjamin Ouvrard
vol. 104, n° 102013, juin 2023
Using a discrete choice experiment this study examines whether different types of priming may influence the respondents’ answers when choosing between different policies aimed at reducing the mortality risk due to ambient air pollution. We focus on two types of priming: (i) two versions of an oath...
Guillaume Deffuant, Marijn Keijzer et Sven Banisch
n° 23-154, juin 2023
Worry over polarization has grown alongside the digital information consump-tion revolution. Where most scientific work considered user-generated and user-disseminated (i.e., Web 2.0) content as the culprit, the potential of purely increased access to informa-tion (or Web 1.0) has been largely...
Edouard Pauwels
vol. 31, n° 3, juin 2023, p. 19
