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Claire Borsenberger, Helmuth Cremer, Denis Joram, Jean-Marie Lozachmeur et Estelle Malavolti
n° 23-1433, mai 2023
Because of population aging, dependency represents a major societal challenge. While some of the issues including insurance design and the provision of Long-Term-Care have recently been studied and debated, the potential role of prevention has been mostly neglected. To fill this gap the World...
Laurent Miclo
n° 23-1437, mai 2023
We introduce and analyse the almost sure convergence of a new stochastic algorithm for the global minimization of Morse functions on compact Riemannian manifolds. This di˙usion process is called fraudulent because it requires the knowledge of minimal value of the function. Its investigation is...
Koen Jochmans
n° 24-1502, mai 2023
We consider point estimation and inference based on modifications of the profile likelihood in models for dyadic interactions between n agents featuring agent-specific parameters. The maximum-likelihood estimator of such models has bias and standard deviation of order n-1 and so is asymptotically...
Jorge Peña, Aviad Heifetz et Georg Nöldeke
n° 23-152, avril 2023, révision octobre 2023
Cooperation usually becomes harder to sustain as groups become larger because incentives to shirk increase with the number of potential contributors to collective action. But is this always the case?Here we study a binary-action cooperative dilemma where a public good is provided as long as not...
Olivier Armantier, Jérôme Foncel et Nicolas Treich
n° 23-1425, avril 2023
We study insurance and portfolio decisions, two opposite risk retention tradeoffs. Using household level data, we identify the first joint determinants (e.g. subjective expecta-tions, risk attitude) and frictions (e.g. liquidity constraints, financial literacy) in the literature. We also find key...
Bruno Biais, Christophe Bisière, Matthieu Bouvard, Catherine Casamatta et Albert J. Menkveld
vol. 78, n° 2, avril 2023, p. 967–1014
We offer an overlapping generations equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasizes that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on...
Francesca Barigozzi, Helmuth Cremer et Emmanuel Thibault
n° 23-1426, avril 2023
We present a simple dynamic model based on on-the-job human capital accumu- lation affecting the dynamic of wage rates and labor earnings. We show how these dynamics are determined by the interplay between the supply and demand sides of the labor market. The model can generate and explain the...
Jean Tirole
vol. 7, n° 4, avril 2023, p. 171–177
Should agencies confine their role to their main duty or should they embrace new and desirable societal objectives? This article first discusses two emblematic examples of mission expansion: socially responsible competition authorities and green central banks. It then sheds light on the ongoing...
Jorge Peña et Georg Nöldeke
n° 23-153, avril 2023
The prisoners’ dilemma, the snowdrift game, and the stag hunt are simple two-player games that are often considered as prototypical examples of cooperative dilemmas across disciplines. However, surprisingly little consensus exists about the precise mathematical meaning of the words “cooperation”...
Georges Casamatta
vol. 138, n° 3, avril 2023, p. 195–219
We consider an infinite-horizon economy populated by two types of individuals, some individuals being more productive than others. Individuals live one period and are altruistic toward their children. Assuming that the allocation received by a given individual depends only on his type and the one...
