Recherche avancée

Milo Bianchi, Zhengkai Liu et Gang Wang

n° 22-1382, avril 2022

We exploit account-level data from the Shanghai Stock Exchange to investigate how life-time experiences affect individual investors’ demand for ESG stocks. We show that ESG demand is shaped by economic and non-economic experiences, such as growing up in a region with more pro-social values, being...

Shyamalika Gopalan, Richard Berl, Justin Myrick, Zachary Garfield, Austin Reynolds, Barnabas Bafens, Gillian Belbin, Mira Mastoras, Cole Williams, Michelle Daya, Akmel Negash, Marcus Feldman, Barry Hewlett et Brenna Henn

vol. 32, n° 8, avril 2022, p. 1852–1860

The fate of hunting and gathering populations following the rise of agriculture and pastoralism remains a topic of debate in the study of human prehistory. Studies of ancient and modern genomes have found that autochthonous groups were largely replaced by expanding farmer populations with varying...

Léo Fitouchi et Manvir Singh

vol. 24, avril 2022, p. 252–257

Why do humans develop beliefs in supernatural entities that punish uncooperative behaviors? Leading hypotheses maintain that these beliefs are widespread because they facilitate cooperation, allowing their groups to outcompete others in intergroup competition. Focusing on within-group interactions...

Benjamin Ouvrard, Stefan Ambec, Arnaud Reynaud, Stéphane Cezera et Murudaiah Shivamurthy

vol. 59, avril 2022, p. 605–635

Natural resources such as water, for which the availability to users is random, are often shared according to predefined rules. What determines users’ choice of a sharing rule? To answer this question, we designed an experiment in which subjects: (1) vote on sharing rules; (2) choose the technology...

Emmanuelle Auriol, Guido Friebel et Alisa Weinberger

vol. 119, n° 16, avril 2022

Based on a dataset that we collected from the top research institutions in economics around the globe (including universities, business schools, and other organizations, such as central banks), we document the underrepresentation of women in economics. For the 238 universities and business schools...

Koen Jochmans et Ayden Higgins

n° 22-1328, avril 2022, révision décembre 2023

The maximum-likelihood estimator of nonlinear panel data models with fixed effects is asymptotically biased under rectangular-array asymptotics. The literature has devoted substantial effort to devising methods that correct for this bias as a means to salvage standard inferential procedures. The...

Jérôme Bolte, Tam Le, Edouard Pauwels et Antonio Silveti-Falls

n° 22-1314, mars 2022

In view of training increasingly complex learning architectures, we establish a nonsmooth implicit function theorem with an operational calculus. Our result applies to most practical problems (i.e., definable problems) provided that a nonsmooth form of the classical invertibility condition is...

Renato Gomes, Jean-Marie Lozachmeur et Lucas Maestri

n° 22-1326, mars 2022

We study oligopolistic competition by firms practicing second-degree price discrimination. In line with the literature on demand estimation, our theory allows for comovements between consumers’ taste for quality and propensity to switch brands. If low-type consumers are sufficiently less (more) brand...

Renato Gomes et Andrea Mantovani

n° 22-1325, mars 2022

Online intermediaries greatly expand consumer information, but also raise sellers’ marginal costs by charging high commissions. To prevent disintermediation, some platforms adopted price parity and anti-steering provisions, which restrict sellers’ ability to use alternative sales channels. Whether...

Marcel Boyer

vol. 48, n° 1, mars 2022, p. 1–10

In the assessment of the cost of public funds, there is a pervasive economic fallacy, which is frequently repeated by officials in both the private and public sectors as well as in academia: since the cost of borrowing is higher for a private sector firm than it is for a public sector firm, the...