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Elisabetta Iossa, Patrick Rey et Michael Waterson
vol. 20, n° 2, avril 2022, p. 822–868
The paper studies competition for the market in a setting where incumbents (and, to a lesser extent, neighboring incumbents) benefit from a cost advantage. The paper first compares the outcome of staggered and synchronous tenders, before drawing the implications for market design. We find that the...
Koen Jochmans
vol. 212, n° 110318, mars 2022
This note looks at the properties of instrumental-variable estimators of models for non-negative outcomes in the presence of individual effects. We show that fixed-effect versions of the estimators of Mullahy (1997) and Windmeijer and Santos Silva (1997) are inconsistent under conventional...
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...
Nicolas Treich
mars 2022, révision 10 juin 2026
As is customary in economics, the Dasgupta Review on the economics of biodiversity adopts an anthropocentric approach: that is, among the millions of species on Earth, the Review accords a moral value to only one species; ours. Building on the literature in ethics, I explain why it is morally...
Klaus Nordhausen et Anne Ruiz-Gazen
vol. 188, n° 104844, mars 2022
Scatter matrices generalize the covariance matrix and are useful in many multivariate data analysis methods, including well-known principal component analysis (PCA), which is based on the diagonalization of the covariance matrix. The simultaneous diagonalization of two or more scatter matrices goes...
María Elvira Guerra-Cújar, Mounu Prem, Paul Rodríguez-Lesmes et Juan F. Vargas
n° 22-135, mars 2022
Violence affects households’ preferences, perceptions and constraints regarding fertility choices. What happens when violence ends? Using administrative data from Colombia, we find that the end of a long internal conflict differentially increased fertility by 2.6 percent in areas exposed to...
Robin Harding, Mounu Prem, Nelson A. Ruiz et David L. Vargas
n° 22-136, mars 2022
While existing work has demonstrated that campaign donations can buy access to benets such as favorable legislation and preferential contracting, we highlight another use of campaign contributions: buying reductions in regulatory enforcement. Specically, we argue that in return for campaign...
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...
Anne Ruiz-Gazen, Christine Thomas-Agnan, Thibault Laurent et Camille Mondon
n° 22-1320, mars 2022
Invariant Coordinate Selection (ICS) is a multivariate statistical method introduced by Tyler et al. (2009) and based on the simultaneous diagonalization of two scatter matrices. A model based approach of ICS, called Invariant Coordinate Analysis, has already been adapted for compositional data in...
James K. Hammitt, Jin-Tan Liu et Jin-Long Liu
n° 22-1319, mars 2022
The value of a change in mortality risk is conventionally described by the marginal rate of substitution between income and mortality risk—the value per statistical life (VSL). The income elasticity of VSL is important for estimating how the value of mortality risk varies with time (for evaluating...
