Recherche avancée

François Salanié et Vera Zaporozhets

n° 21-1235, juillet 2021

We analyze the problem of allocating irrigation water among het- erogenous farmers when water supply is stochastic. If farmers are risk-neutral, a spot market for water is e¢ cient; while the oft-used uniform rationing system is ine¢ cient, both ex-ante and ex-post. In- deed, we show that it leads...

Christian Belzil, Julie Pernaudet et François Poinas

n° 21-1234, juillet 2021

Imagine the situation in which an econometrician can infer the distribution of welfare gains induced by the provision of higher education nancial aid using survey data obtained from a set of individuals, and can estimate the same distribution using a highly incentivized eld experiment in which the...

Sébastien Gadat, Lola Corre, Antoine Doury, Aurélien Ribes et Samuel Somot

n° 21-1233, juillet 2021

Providing reliable information on climate change at local scale remains a challenge of first importance for impact studies and policymakers. Here, we propose a novel hybrid downscaling method combining the strengths of both empirical statistical downscaling methods and Regional Climate Models (RCMs...

David Bardey et Luigi Siciliani

vol. 30, n° 2, juillet 2021, p. 472–500

We investigate the effect of competition in the nursing homes sector with a two-sided market approach. More precisely, we investigate the distributional implications across the three key actors involved (residents, nurses and nursing homes) that arise from the two-sidedness of the market. Within a...

Stefan Ambec et Jessica Coria

vol. 199, n° 104439, juillet 2021

We propose informational spillovers as a new rationale for the use of multiple policy instruments to mitigate a single externality. We investigate the design of a pollution standard when the firms’ abatement costs are unknown and emissions are taxed. A firm might abate pollution beyond what is...

Christian Gouriéroux, Alain Monfort, Sarah Mouabbi et Jean-Paul Renne

n° 21-1237, juillet 2021

We define a disastrous default as the default of a systemic entity, which has a negative effect on the economy and is contagious. Bringing macroeconomic structure to a no-arbitrage asset pricing framework, we exploit prices of disaster-exposed assets (credit and equity derivatives) to extract...

Bruno Jullien, Alessandro Pavan et Marc Rysman

n° 21-1238, juillet 2021

The chapter has 9 sections, covering the theory of two-sided markets and related empirical work. Section 1 introduces the reader to the literature. Section 2 covers the case of markets dominated by a single monopolistic rm. Section 3 discusses the theoretical literature on competition for the...

Tim Caro, Haji Hamad, Suleiman Rashid, Ulrike Kloiber, Victoria M. Morgan, Ossi Nokelainen, Barnabas Caro, Ilaria Pretelli, Neil Cumberlidge et Monique Borgerhoff Mulder

vol. 55, n° 4, juillet 2021, p. 556–563

The coconut crab Birgus latro, the largest terrestrial decapod, is under threat in most parts of its geographical range. Its life cycle involves two biomes (restricted terrestrial habitats near the coast, and salt water currents of the tropical Indian and Pacific Oceans). Its dependence on coastal...

Susan Perry, Alecia Carter, Marco Smolla, Erol Akçay, Sabine Noebel, Jacob Foster et Susan Healy

vol. 376, n° 1828, juillet 2021

Innovation—the combination of invention and social learning—can empower species to invade new niches via cultural adaptation. Social learning has typically been regarded as the fundamental driver for the emergence of traditions and thus culture. Consequently, invention has been relatively...

Xavier D'Haultfoeuille, Christophe Gaillac et Arnaud Maurel

vol. 12, n° 3, juillet 2021, p. 817–842

In this paper, we build a new test of rational expectations based on the marginal distributions of realizations and subjective beliefs. This test is widely applicable, including in the common situation where realizations and beliefs are observed in two dierent datasets that cannot be matched. We...