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Claude Crampes et Thomas-Olivier Léautier

n° 21-1205, avril 2021, révision janvier 2022

Pour encourager les opérations de rénovation des bâtiments et le remplacement de vieux équipements énergivores, certains gouvernements ont instauré un système de certificats blancs obligeant les gros producteurs et distributeurs de gaz naturel, électricité et fioul à apporter la preuve qu’ils ont...

Milo Bianchi, Rose-Anne Dana et Elyès Jouini

n° 21-1253, avril 2021

Consider a rm owned by shareholders with heterogeneous beliefs and run by a manager who chooses random production plans. Shareholders do not observe the chosen plan but only its realization. The nancial market consists of assets contingent on production realizations. A contract for the manager...

Claude Crampes et Michel Moreaux

n° 21-1200, avril 2021

En augmentant la taille des équipements de production, de stockage et de transport, les entrepreneurs, privés et publics, veulent tirer avantage d’un accroissement de volume (outputs) proportionnellement supérieur à l’accroissement de surface (inputs). Mais ce gain d’échelle est limité par la...

Andrea Attar, Thomas Mariotti et François Salanié

n° 21-1201, avril 2021, révision août 2022

This article surveys recent attempts at characterizing competitive allocations under adverse selection when each informed agent can privately trade with several uninformed parties: that is, trade is nonexclusive. We rst show that requiring market outcomes to be robust to entry selects a unique...

Francesca Barigozzi, Helmuth Cremer et Jean-Marie Lozachmeur

n° 21-1217, avril 2021, révision février 2023

We study the design of pension benets for male and female workers. Women live longer than men but have a lower wage. Individuals can be single or live in couples who pool their incomes. Social welfare is utilitarian but an increasing concave transforma- tion of individualslifetime utilities...

Emmanuelle Auriol

sous la direction de David V. Mc Queen, avril 2021, Oxford University Press

Regulating quality is challenging because in public utilities such as water and sanitation, quality is multidimensional, is not always objectively measurable, and can be hard to verify, both ex ante and ex post. It is therefore useful to review the main insights from the New Economics of Regulation...

Jorge Ale-Chilet, Cuicui Chen, Jing Li et Mathias Reynaert

n° 21-1204, avril 2021, révision octobre 2024

We study collusion among firms against imperfectly monitored environmental regulation. Firms increase variable profits by violating regulation and reduce expected noncompliance penalties by violating jointly. We consider a case of three German automakers colluding to reduce the effectiveness of...

Catherine Bobtcheff, Raphaël Lévy et Thomas Mariotti

n° 21-1202, avril 2021, révision février 2025

Firms receiving independent signals on a common-value risky project compete to be the first to invest. When firms are symmetric and competition is winner-take-all, rents are fully dissipated in equilibrium and the extent to which signals are publicly disclosed is irrelevant for welfare. When...

Mauricio González-Forero et Jorge Peña

vol. 288, n° 1949, avril 2021

Eusociality, where largely unreproductive offspring help their mothers reproduce, is a major form of social organization. An increasingly documented feature of eusociality is that mothers induce their offspring to help by means of hormones, pheromones or behavioural displays, with evidence often...

Catherine Bobtcheff et Thomas Mariotti

n° 21-1202, avril 2021, révision 10 février 2025

Firms receiving independent signals on a common-value risky project compete to be the first to invest. When firms are symmetric and competition is winner-take-all, rents are fully dissipated in equilibrium and the extent to which signals are publicly disclosed is irrelevant for welfare. When...