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Abdelaati Daouia, Irene Gijbels et Gilles Stupfler
n° 21-1176, janvier 2021
Regression extremiles define a least squares analogue of regression quantiles.They are determined by weighted expectations rather than tail probabilities. Of special interest is their intuitive meaning in terms of expected minima and maxima. Their use appears naturally in risk management where, in...
Marie Brière, Sébastien Pouget et Loredana Ureche-Rangau
n° 21-1178, janvier 2021
Les investisseurs institutionnels s’engagent-ils dans la question des externalités produites par les entreprises, telles que les émissions de gaz à effet de serre ? Nous étudions le vote dans les assemblées générales des actionnaires de deux investisseurs emblématiques : BlackRock, un gérant de...
Matthieu Bouvard et Adolfo de Motta
n° 21-1179, janvier 2021
This paper studies an economy where demand spillovers make firms’ production decisions strategic complements. Firms choose their operating leverage trading off higher fixed costs for lower variable costs. Operating leverage governs firms’ exposures to an aggregate labor productivity shock. In...
Céline Bonnet, Zohra Bouamra-Mechemache, Vincent Réquillart et Nicolas Treich
n° 21-1180, janvier 2021
Meat consumption has increased significantly in the last 50 years. This trend raises various health and environmental issues, as well as moral concerns regarding farm animal welfare. In this paper, we discuss the regulation of meat consumption in developed countries. Specifically, we discuss...
Milo Bianchi, Rose-Anne Dana et Elyès Jouini
n° 21-1181, janvier 2021
Consider a Örm owned by shareholders with heterogeneous beliefs and discount rates who delegate to a manager the choice of a production plan. The shareholders and the manager can trade contingent claims in a complete asset market. Shareholders cannot observe the chosen production plan and design a...
Aurore Archimbaud, Fériel Boulfani, Xavier Gendre, Klaus Nordhausen, Anne Ruiz-Gazen et Joni Virta
n° 21-1182, janvier 2021, révision mars 2022
Multivariate functional anomaly detection has received a large amount of attention recently. Accounting both the time dimension and the correlations between variables is challenging due to the existence of different types of outliers and the dimension of the data. Most of the existing methods focus...
Stéphane Villeneuve et Jessica Martin
n° 21-1183, janvier 2021, révision avril 2022
What type of delegation contract should be offered when facing a risk of the magnitude of the pandemic we are currently experiencing and how does the likelihood of an exogenous early termination of the relationship modify the terms of a full-commitment contract? We study these questions by...
Jérôme Bolte et Edouard Pauwels
n° 21-1184, janvier 2021
Automatic differentiation, as implemented today, does not have a simple mathematical model adapted to the needs of modern machine learning. In this work we articulate the relationships between differentiation of programs as implemented in practice and differentiation of nonsmooth functions. To this...
Alexandre Gaillard et Sumudu Kankanamge
n° 21-1187, janvier 2021
We evaluate the effects of unemployment insurance variations in a general equilibrium occupational choice model of entrepreneurship. We establish that the occupational flow from unemployment to entrepreneurship is remarkably sensitive to unemployment insurance generosity, corroborating our...
Florence Lespiau, Astrid Hopfensitz et Gwenaël Kaminski
vol. 82, n° 102335, janvier 2021
Birth order supposedly influences individuals’ cooperative attitudes: firstborns are more family-oriented and favor their kin, while laterborns are more likely to turn to non-kin. However little direct experimental evidence exists concerning costly resource sharing between full siblings. The...
