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Lukas Dargel et Christine Thomas-Agnan
n° 23-1409, février 2023
In the framework of spatial econometric interaction models for origin-destination flows, we develop an estimation method for the case when the list of origins may be distinct from the list of destinations, and when the origin-destination matrix may be sparse. The proposed model resembles a...
Silvia Rossetto, Nassima Selmane et Raffaele Staglianò
vol. 50, n° 1-2, février 2023, p. 377–410
This study analyzes the relationship between mid-sized blockholders and firm risk. We show that ownership structure matters for firm risk beyond the first largest blockholder. Firms with multiple blockholders take more risk than firms with just one blockholder, even when controlling for the stake...
Louise Guillouet et David Martimort
n° 23-1411, février 2023, révision février 2026
Invoked to guide actions under irreversibility, uncertainty and limited information, the Precautionary Principle states that decision-makers should act cautiously unless the consequences of acts are known. We consider a setting where the stock of past actions, passed a tipping point which remains...
Doh-Shin Jeon, Domenico Menicucci et Nikrooz Nasr
vol. 15, n° 1, février 2023, p. 30–73
We study mix-and-match compatibility choices of firms selling complementary products in a dynamic setting. Contrary to what happens in a static setting where symmetric firms choose compatibility (Matutes and Regibeau 1988), when switching costs are high and firms make price discrimination based on...
Sébastien Gadat et Fabien Panloup
vol. 156, février 2023, p. 312–348
Emmanuelle Auriol, Sara Biancini et Rodrigo Paillacar
vol. 162, n° 106072, février 2023
The paper proposes an empirical analysis of the determinants of the adoption of Intellectual Property Rights (IPR) and their impact on innovation in manufacturing. The analysis is conducted with panel data covering 112 countries. First we show that IPR protection is U-shaped with respect to a...
Sabine Noebel, Antoine Jacquet, Guillaume Isabel, Arnaud Pocheville, Paul Seabright et Etienne Danchin
vol. 98, n° 1, février 2023, p. 132–149
Although conformity as a major driver for human cultural evolution is a well-accepted and intensely studied phenomenon, its importance for non-human animal culture has been largely overlooked until recently. This limited for decades the possibility of studying the roots of human culture. Here, we...
Hans Gersbach, Jean-Charles Rochet et Ernst-Ludwig von Thadden
n° 23-1412, février 2023
This paper studies the impact of corporate political influence on fiscal policy. We in-troduce different interest groups, firms and households, into a simple growth model with incomplete markets and heterogeneous agents. Firms face non-insurable id-iosyncratic productivity shocks. They finance their...
Thi-Huong Trinh, Christine Thomas-Agnan et Michel Simioni
n° 23-1410, février 2023, révision décembre 2025
In econometrics, the impact of climate change on agricultural yield has often been modeled using linear functional regression, where crop yield, a scalar response, is regressed on the temperature distribution over a given time period, treated as an ordinary functional parameter, along with other...
Jean-Charles Rochet et Bruno Biais
n° 23-1413, février 2023
Taxing financial transactions is often advocated for Pigouvian reasons, when financial speculation is supposed to generate inefficiencies. We adopt instead a Mirrleesian approach, and study the optimal taxation of financial transactions when financial markets are efficient, but the tax system is...
