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Yinghua He et Thierry Magnac
vol. 132, n° 648, novembre 2022, p. 2918–2950
A matching market often requires recruiting agents, or ‘programmes’, to costly screen ‘applicants’, and congestion increases with the number of applicants to be screened. We investigate the role of application costs: higher costs reduce congestion by discouraging applicants from applying to certain...
Jean-Paul Décamps et Stéphane Villeneuve
vol. 205, n° 105522, octobre 2022, révision 10 juin 2026
We study a dynamic model of a firm 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...
David Martimort, Guillaume Pommey et Jérôme Pouyet
vol. 164, octobre 2022, p. 25–44
Modern airports provide commercial services to passengers in addition to aeronautical services to airlines. We analyze the optimal regulation design of the airport when the airport also invests in the quality of its infrastructure. The optimal regulation can be implemented with a price-cap and a...
Maria Giuseppina Bruna, Rey Dang, L'hocine Houanti, Jean-Michel Sahut et Michel Simioni
vol. 49, n° 103048, octobre 2022
Given the contrasting empirical results of the literature, the question of the influence of the presence of women on corporate boards of directors (WOCB) on the corporate social performance (CSP), we revisit this problem by developing a semi-parametric approach to capture the non-linear effects of...
Frédéric Cherbonnier et Christian Gollier
vol. 43, n° 4, octobre 2022
When evaluating public and private investment projects, those that contribute more to the collective risk should be more penalized through an upward adjustment of their discount rate. This paper shows how to estimate the risk-adjusted discount rate for different projects, with applications to the...
Bastien Cabarrou, Eve Leconte, Patrick Sfumato, Jean Marie Boher et Thomas Filleron
vol. 22, n° 278, octobre 2022
Given the inherent challenges of conducting randomized phase III trials in older cancer patients, single-arm phase II trials which assess the feasibility of a treatment that has already been shown to be effective in a younger population may provide a compelling alternative. Such an approach would...
Laurent Miclo
vol. 184, octobre 2022, p. 275–322
Consider finite state space irreducible and absorbing Markov processes. A general spectral criterion is provided for the absorbing time to be close to an exponential random variable, whatever the starting point. When exiting points are added to the state space, our criterion also insures that the...
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...
Ilaria Pretelli, Erik Ringen et Sheina Lew-Levy
vol. 8, n° 41, octobre 2022
Our species’ long childhood is hypothesized to have evolved as a period for learning complex foraging skills. Researchers studying the development of foraging proficiency have focused on assessing this hypothesis, yet studies present inconsistent conclusions regarding the connection between...
Giuliana Spadaro, Catherine Molho, Jan-Willem Van Prooijen, Angelo Romano, Cristina O. Mosso et Paul A.M. Van Lange
octobre 2022
Corruption is a pervasive phenomenon that affects the quality of institutions, undermines economic growth and exacerbates inequalities around the globe. Here we tested whether perceiving representatives of institutions as corrupt undermines trust and subsequent prosocial behaviour among strangers....
