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Christopher Clayton et Andreas Schaab
vol. 137, n° 3, août 2022, p. 1681–1736
We study the scope for international cooperation in macroprudential policies. Multinational banks contribute to and are affected by fire sales in countries they operate in. National governments setting quantity regulations noncooperatively fail to achieve the globally efficient outcome,...
Andrea Attar, Thomas Mariotti et François Salanié
vol. 63, n° 3, août 2022, p. 981–1020
We study insurance markets in which privately informed consumers can purchase coverage from several firms whose pricing strategies are subject to an anti-dumping regulation. The resulting regulated game supports a single allocation in which each layer of coverage is fairly priced given the consumer...
Pierre Dubois, Rachel Griffith et Martin O'Connell
vol. 14, août 2022
The adoption of barcode scanning technology in the 1970's gave rise to a new form of data; scanner data. Soon afterwards researchers began using this new resource, and since then a large number of papers have exploited scanner data. The data provide detailed price, quantity and product...
Eric Arias, Horacio Larreguy, John Marshall et Pablo Querubin
vol. 20, n° 4, août 2022, p. 1433–1477
Effective policy-making requires that voters avoid electing malfeasant politicians. However, as our simple learning model emphasizing voters’ prior beliefs and updating highlights, informing voters of incumbent malfeasance may not entail sanctioning. Specifically, electoral punishment of incumbents...
Sébastien Gadat et Ioana Gavra
n° 228, août 2022, p. 1–54
This paper studies some asymptotic properties of adaptive algorithms widely used in optimization and machine learning, and among them Adagrad and Rmsprop, which are involved in most of the blackbox deep learning algorithms. Our setup is the non-convex landscape optimization point of view, we...
Helia Costa, Mauro Pisu et Vatsala Shreeti
n° 22-1351, août 2022
The use of digital financial services (DFS) in developing countries can be a tool for financial inclusion, curbing tax evasion, and facilitating the efficient delivery of public services. Using a unique event { an un-announced and large scale demonetization process that took place in 2016 in India...
Helmuth Cremer et Catherine Muller-Vibes
n° 2022-1353, août 2022
In the first part, we examine from a theoretical perspective how the cost of the mission of postal transport and delivery of newspapers should be defined and by which factors it is determined. In particular we show that a crucial ingredient in the determination of this cost is the variation in...
Laurent Miclo, Daniel Spiro et Jörgen W. Weibull
vol. 101, n° 102669, août 2022
How much and when should we limit economic and social activity to ensure that the health-care system is not overwhelmed during an epidemic? We study a setting where ICU resources are constrained and suppression is costly. Providing a fully analytical solution we show that the common wisdom of “...
Chiara Canta et Helmuth Cremer
n° 2022-1352, août 2022
We study the optimal long-term care policy when informal care can be provided by children in exchange for monetary transfers by their elderly parents. We consider a bargaining model with single-child families. Daughters have a lower labor market wage and a lower bargaining power within the family...
Manvir Singh et Zachary Garfield
vol. 6, n° 571, juillet 2022, p. 930–940
Researchers argue that third parties help sustain human cooperation, yet how they contribute remains unclear, especially in small-scale, politically decentralized societies. Studying justice among Mentawai horticulturalists in Indonesia, we examined evidence for punishment and mediation by third...
