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Manh-Hung Nguyen, Chon Van Le et Scott Atkinson
vol. 24, n° 4, novembre 2022
The paper investigates the production inefficiency of the US electricity industry in the wake of restructuring and emission reduction regulations.
Matthieu Bouvard, Catherine Casamatta et Rui Xiong
n° 22-1386, novembre 2022
We show that by lending to merchants and monitoring them, an e-commerce platform can price-discriminate between merchants with high and low financial constraints: the platform offers credit priced below market rates and designed to select merchants with lower capital or collateral while...
Christian Gouriéroux, Alain Monfort et Jean-Paul Renne
vol. 144, n° 104502, novembre 2022
One of the objectives of the recent microprudential regulation is to separate the computation of required capital for short-run and long-run risks. This paper provides a coherent framework to define, compute, and update these components. The approach is developed in greater details in the context...
Péter Bayer, Joel Brown, Johan Dubbeldam et Mark Broom
vol. 551-552, n° 111237, novembre 2022
This paper develops and analyzes a Markov chain model for the treatment of cancer. Cancer therapy is modeled as the patient’s Markov Decision Problem, with the objective of maximizing the patient’s discounted expected quality of life years. Patients make decisions on the duration of therapy based...
Pierre Dubois, Paul-Henri Moisson et Jean Tirole
n° 22-1377, novembre 2022, révision décembre 2022
Faced with a scarcity of treatments for neglected diseases, experts and governmental organizations have lately proposed to build strong pull incentives around transferable vouchers. Inventors would be granted, and allowed to sell these vouchers to pharmas desiring to extend their exclusive IP...
Pierre Dubois et Gosia Majewska
n° 22-1380, octobre 2022, révision janvier 2026
In many industries, the market structure determines the level of both price competition and promotional activities. We study how price and advertising strategies change when firms merge in pharmaceutical markets in the US. We show that across all drug markets, although mergers do indeed increase...
Tuan Anh Luong, Manh-Hung Nguyen, N.T. Khuong Truong et Kien Le
n° 22-1373, octobre 2022
This paper investigates the extent to which exposure to climate volatility can in-fluence individual migration decisions in Vietnam, based on the historical rainfall data from 70 weather stations in Vietnam and the Vietnam Access to Resources House-hold Survey. Utilizing the exogenous variation in...
Jean-Paul Décamps, Fabien Gensbittel et Thomas Mariotti
n° 22-1374, octobre 2022, révision décembre 2025
We study a symmetric-information war of attrition in which the players' rewards depend on exogenous market conditions evolving as a homogeneous linear diffusion process. Using that a Markovian strategy can be represented by a stopping region along with an intensity measure of stopping, we fully...
Isis Durrmeyer et Nicolas Martinez
n° 22-1378, octobre 2022, révision décembre 2024
We develop a structural model to represent individual transportation decisions, the equilibrium road traffic levels, and speeds inside a city. The model is micro-founded and incorporates a high level of heterogeneity: individuals differ in access to transportation modes, values of travel time, and...
Patrick Rey, Yossi Spiegel et Konrad Stahl
n° 22-1375, octobre 2022, révision avril 2024
We study the feasibility and profitability of predation in a dynamic environment, using a parsimonious infinite-horizon, complete information setting in which an incumbent repeatedly faces potential entry. When a rival enters, the incumbent chooses whether to accommodate or predate it; the entrant...
