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Christian Gollier
janvier 2021, révision avril 2022
Because of risk aversion, any sensible investment valuation system should value less projects that contribute more to the aggregate risk, i.e., that have a larger income- elasticity of net benefits. In theory, this is done by adjusting discount rates to consumption betas. But in reality, for...
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...
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...
Michel Le Breton, Alexander Shapoval et Shlomo Weber
vol. 92, janvier 2021, p. 41–46
In this paper we examine a game-theoretical generalization of the landscape theory introduced by Axelrod and Bennett (1993). In their two-bloc setting each player ranks the blocs on the basis of the sum of her individual evaluations of members of the group. We extend the Axelrod–Bennett setting by...
Tiziana Assenza, P. Heemeijer, C.H. Hommes et D. Massaro
vol. 17, janvier 2021, p. 170–186
The New Keynesian theory of inflation determination is tested in this paper by means of laboratory experiments. We find that the Taylor principle is a necessary condition to ensure convergence to the inflation target, but it is not sufficient. Using a behavioral model of expectation formation, we...
Andrea Attar, Eloisa Campioni, Thomas Mariotti et Gwenaël Piaser
vol. 125, janvier 2021, p. 79–93
We study competing-mechanism games under exclusive competition: principals first simultaneously post mechanisms, after which agents simultaneously choose to participate and communicate with at most one principal. In this setting, which is common to competing-auction and competitive-search...
Emmanuelle Auriol, Diego Delissaint, Maleke Fourati, Josepa Miquel-Florensa et Paul Seabright
vol. 29, n° 1, janvier 2021, p. 3–34
Are religious believers more prosocial than other people? In a trust game field experiment with 774 subjects in Haiti, we elicit willingness to pay to play in the presence of religious images, and argue that this can be interpreted as a measure of the strength of religiosity. More religious...
