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Nicolas Treich
février 2022
As is customary in economics, the Dasgupta Review on the economics of biodiversity adopts an anthropocentric approach: that is, among the millions of species on Earth, the Review accords a moral value to only one species; ours. Building on the literature in ethics, I explain why it is morally...
Pham Hoang Uyen, Vo Thi Le Uyen, Pham Van Chung, Stéphane Cezera et Manh-Hung Nguyen
n° 22-1304, février 2022
Purpose of the paper: This study aims to consider the Covid impact on stock – price volatility of different industry groups in Vietnam by using the M-GARCH model.
Mounu Prem, Miguel E. Purroy et Juan F. Vargas
n° 22-132, février 2022
Anti-personnel landmines are one of the main causes of civilian victimization in conflict-affected areas and a significant obstacle for post-war reconstruction. Demining campaigns are therefore a promising policy instrument to promote long-term development. We argue that the economic and social...
Jean-Paul Décamps et Stéphane Villeneuve
n° 22-1301, février 2022
We study a dynamic model of a rm whose shareholders learn about its profitability, face costs of external nancing and costs of holding cash. The shareholders' problem involves a notoriously challenging singular stochastic control problem with a two-dimensional degenerate diffusion process. We solve...
Pablo Munoz et Mounu Prem
n° 22-131, février 2022
Governments face many constraints in attracting talented managers to the public sector, where high-powered incentives are often absent. In this paper, we study how a civil service reform in Chile changed the effectiveness of a vital group of public sector managers, school principals. We measure...
Rey Dang, Michel Simioni, Lubica Hikkerova et Jean-Michel Sahut
n° 181, février 2022
This study re-examines the relationship between women on corporate boards (WOCB) and corporate social performance (CSP) for a sample of companies from the Fortune 1000 ranking over the period 2004 to 2018 (ranked from 501 to 1000). To take into account the complex and non-linear relationship as...
Felipe Gonzalez, Luis R. Martinez, Pablo Muñoz et Mounu Prem
n° 22-134, février 2022
We provide new evidence on the causal eect of education on health. Our empirical strategy exploits the reduction in access to college experienced by individuals reaching college age shortly after the 1973 military coup in Chile, which led to a sharp downward kink in enrollment for the aected...
Farid Gasmi, Laura Recuero Virto et Denis Couvet
n° 22-1307, février 2022
This paper analyzes the determinants of economic growth in coastal economies with the purpose of highlighting the impact of human activity pressure on mangrove blue carbon (BC). We use a Bayesian Model Averaging-based estimation technique to fit alternative growth theories to 1960-2009 data on a BC...
Jérôme Bolte, Cyrille Combettes et Edouard Pauwels
n° 22-1311, février 2022
The Frank-Wolfe algorithm is a popular method for minimizing a smooth convex function f over a compact convex set C. While many convergence results have been derived in terms of function values, hardly nothing is known about the convergence behavior of the sequence of iterates (xt)t2N. Under the...
Jérôme Bolte, Tam Le et Edouard Pauwels
n° 22-1310, février 2022
Risk minimization for nonsmooth nonconvex problems naturally leads to firstorder sampling or, by an abuse of terminology, to stochastic subgradient descent. We establish the convergence of this method in the path-differentiable case, and describe more precise results under additional geometric...
