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Paul Beaudry, Patrick Fève, Alain Guay et Franck Portier
vol. 34, octobre 2019, p. 221–243
In SVARs, identification of structural shocks can be subject to nonfundamentalness, as the econometrician may have an information set smaller than the economic agents’ one. How serious is that problem from a quantitative point of view? In this paper we propose a simple diagnostic for the...
Marie-Françoise Calmette et Philippe Bontems
octobre 2019
L’objet de cette étude est de donner un éclairage sur l’articulation entre infrastructures de transport et territoires. Basant notre analyse sur des modèles théoriques, nous identifions, dans une première partie, les principaux canaux par lesquels les infrastructures de transport transforment les...
Jérôme Bolte, Camille Castera, Edouard Pauwels et Cédric Févotte
n° 19-1043, octobre 2019
We devise a learning algorithm for possibly nonsmooth deep neural networks featuring inertia and Newtonian directional intelligence only by means of a backpropagation oracle. Our algorithm, called INDIAN, has an appealing mechanical interpretation, making the role of its two hyperparameters...
Jérôme Bolte et Edouard Pauwels
n° 19-1044, octobre 2019
Modern problems in AI or in numerical analysis require nonsmooth approaches with a exible calculus. We introduce generalized derivatives called conservative fields for which we develop a calculus and provide representation formulas. Functions having a conservative field are called path...
Milo Bianchi et Philippe Jehiel
n° 19-1042, octobre 2019
We study banks incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors valuations without affecting their average. Prices are determined by market clearing...
José-Raimundo Carvalho, Thierry Magnac et Qizhou Xiong
vol. 10, octobre 2019, p. 1233–1277
We use rich microeconomic data on performance and choices of students at college entry to analyze interactions between the selection mechanism, eliciting college preferences through exams, and the allocation mechanism. We set up a framework in which success probabilities and student preferences are...
Stéphane Straub
sous la direction de Mark Roberts, Frederico Gil Sander et Sailesh Tiwari, chapitre 6, octobre 2019
Chiara Canta et Helmuth Cremer
vol. 119, octobre 2019, p. 548–566
We study the design of long-term care (LTC) policies when children differ in their cost of providing informal care. Parents do not observe this cost, but they can commit to a “bequest rule” specifying a transfer (gift or bequest) conditional on the level of informal care. Care provided by high-cost...
Thierry Magnac et Sébastien Roux
n° 19-1041, octobre 2019, révision mars 2021
Using panel data from a single cohort of French male wage earners observed over a long span of 30 years starting at their entry in the labor market, we estimate parameters of a human capital investment model by random and fixed effect methods. Individual wage proles are described by their...
Xavier D'Haultfoeuille, Isis Durrmeyer et Philippe Février
vol. 86, n° 5, octobre 2019, p. 1973–1998
In markets where sellers are able to price discriminate, individuals pay different prices that may be unobserved by the econometrician. This paper considers the structural estimation of a demand and supply model à la Berry et al. (1995) with such price discrimination and limited information on...
