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David Martimort, Jean-Christophe Poudou et Lionel Thomas
n° 25-1625, mars 2025
A buyer (the principal) procures a good or service from a risk-neutral seller (the agent). The seller, protected by limited liability, has private information on his marginal cost of production (adverse selection), and exerts a non-verifiable effort that increases surplus (moral hazard). Even when...
Alexandros Gelastopoulos et Gael Le Mens
n° 25-1624, mars 2025
The disjunction effect (DE) refers to an empirical violation of the Sure-Thing Principle (STP), which states that if a person is willing to take an action independently of the outcome of some event, then they must be willing to do so even when the outcome of the event is unknown. A standard...
Viktor Stojkoski et César Hidalgo
n° 24-1623, mars 2025
Efforts to apply economic complexity to identify diversification opportunities often rely on diagrams comparing the relatedness and complexity of products, technologies, or industries. Yet, the use of these diagrams, is not based on empirical or theoretical evidence supporting some notion of...
Aditya Goenka, Lin Liu, Manh-Hung Nguyen et Haokun Pang
n° 25-1622, mars 2025
We model the impact of rising temperatures on labor productivity, labor market dynamics, and income inequality. Using a heterogeneous agent continuous-time (HACT) model with directed search, we analyze how temperature-induced productivity fluctuations influence the labor market, income and wealth...
Veronika Czellar, René Garcia et François Le Grand
vol. 248, n° 105867, mars 2025
We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect...
Laurent Miclo
vol. 2363, mars 2025, p. 263–292sous la direction de Catherine Donati-Martin, Antoine Lejay et Alain Rouault, Springer Cham, vol. 2363, mars 2025, p. 263–292
Helmholtz decompositions break down any vector field into a sum of a gradient field and a divergence-free vector field. Such a result is extended to finite irreducible and reversible Markov processes, where vector fields correspond to anti-symmetric functions on the oriented edges of the underlying...
Pascal Bégout et Jésus Ildefonso Diaz
vol. 472, février 2025
Marina Kontalexi, Alexandros Gelastopoulos et Pantelis Analytis
février 2025
Theoretical work on sequential choice and large-scale experiments in online ranking and voting systems has demonstrated that social influence can have a drastic impact on social and technological systems. Yet, the effect of social influence on online rating systems remains understudied and the few...
Alexandros Gelastopoulos, Pantelis Analytis, Gael Le Mens et Arnout van de Rijt
People are influenced by the choices of others, a phenomenon observed across contexts in the social and behavioral sciences. Social influence can lock in an initial popularity advantage of an option over a higher quality alternative. Yet several experiments designed to enable social influence have...
Andrew Rhodes, Jidong Zhou et Junjie Zhou
n° 25-1621, février 2025
This paper provides a framework in which a multiproduct ecosystem competes with many single-product firms in both price and innovation. The ecosystem is able to use data collected on one product to improve the quality of its other products. We study the impact of data regulation which either...
