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Rida Laraki et Jérôme Renault
vol. 45, n° 4, juin 2020, p. 1237–1257
We consider 2-player zero-sum stochastic games where each player controls his own state variable living in a compact metric space. The terminology comes from gambling problems where the state of a player represents its wealth in a casino. Under standard assumptions (e.g. continuous running payoff...
David Martimort, Jérôme Pouyet et Carine Staropoli
vol. 29, n° 3, juin 2020, p. 605–634
Matthieu Bouvard et Samuel Lee
vol. 33, n° 6, juin 2020, p. 2468–2505
We study a model in which firms compete preemptively for trading opportunities and risk management introduces latency in trading. As the time pressure faced by firms is endogenous to risk management choices, strategic complementarities can trigger a “race to the bottom” where prioritizing trade...
Francesca De Petrillo et Alexandra Rosati
vol. 164, juin 2020, p. 193–204
Inference by exclusion, or the ability to select a correct course of action by systematically excluding other potential alternatives, is a form of logical inference that allows individuals to solve problems without complete information. Current comparative research shows that several bird, mammal...
Andrea Enache et Jean-Pierre Florens
vol. 36, n° 3, juin 2020, p. 386–409
The first novelty of this paper is that we show global identification of the private values distribution in a sealed-bid third-price auction model using a fully nonparametric methodology. The second novelty of the paper comes from the study of the identification and estimation of the model using a...
Antoine Fages, Andaine Seguin-Orlando, Mietje Germonpré et Ludovic Orlando
vol. 31, juin 2020
The domestication of the horse and the development of new equestrian technologies have had a far-reaching impact on human history. Disentangling the respective role that horse males and females played during this process is, however, difficult based on iconography and osteological data alone. In...
Michael Magill, Jean-Charles Rochet et Martine Quinzii
vol. 112, juin 2020, p. 113–128
A simple equilibrium model is presented which permits the joint study of optimal Central Bank prudential, monetary and balance sheet policies in the pre and post 2008 Crisis periods. It explains the new policies—the purchase of risky securities (QE), payment of interest on reserves (IR) and use of...
Koen Jochmans et Vincenzo Verardi
vol. 20, juin 2020, p. 468–480
Nozomu Muto, Yasuhiro Shirata et Takuro Yamashita
vol. 18, n° 3, juin 2020, p. 1284–1320
We study an auction that maximizes the expected social surplus under an upper-bound constraint on the seller’s expected revenue, which we call a revenue cap. Such a constrained-efficient auction may arise, for example, when (i) the auction designer is “pro-buyer”, that is, he maximizes the weighted...
Matthieu Bouvard et Raphaël Lévy
vol. 18, n° 3, juin 2020, p. 1444–1483
We study how a decision maker uses his reputation to simultaneously influence the actions of multiple receivers with heterogenous biases. The reputational payoff is single-peaked around a bliss reputation at which the incentives of the average receiver are perfectly aligned. We evidence two...
