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Bernard Bercu, Manon Costa et Sébastien Gadat
n° 20-1142, septembre 2020
This paper is devoted to two dierent two-time-scale stochastic ap- proximation algorithms for superquantile estimation. We shall investigate the asymptotic behavior of a Robbins-Monro estimator and its convexied version. Our main contribution is to establish the almost sure convergence, the...
Jay Pil Choi et Doh-Shin Jeon
n° 20-1143, septembre 2020, révision février 2022
We investigate the relationship between market structure and platforms'incentives to adopt technological innovations in two-sided markets, where platforms may find it optimal to charge zero price on the consumer side and to extract surplus on the ad- vertising side. We consider innovations that a¤...
Haina Ding, Alexander Guembel et Alessio Ozanne
n° 20-1144, septembre 2020, révision octobre 2024
The Basel committee views market discipline as complementing banking supervision. This paper studies how supervisors should design stress tests when markets discipline banks via price signals their traded securities provide to bank creditors. We show that the optimal stress test is coarse and...
Nina Hestermann, Yves Le Yaouanq et Nicolas Treich
n° 20-1141, septembre 2020
Many individuals have empathetic feelings towards animals but frequently consume meat. We investigate this “meat paradox” using insights from the literature on motivated reasoning in moral dilemmata. We develop a model where individuals form self-serving beliefs about the suffering of animals...
Sébastien Gadat et Manon Costa
n° 20-1149, septembre 2020
In this work, we study a new recursive stochastic algorithm for the joint estimation of quantile and superquantile of an unknown distribution. The novelty of this algorithm is to use the Cesaro averaging of the quantile estimation inside the recursive approximation of the superquantile. We provide...
Matti Liski et François Salanié
n° 20-1148, septembre 2020, révision janvier 2026
We propose a simple and general model of experimentation in which reaching untried levels of a stock variable may, after a stochastic delay, lead to a catastrophe. Hence, at any point in time a catastrophe might well be under way, due to past experiments. We show how to measure this legacy of the...
Thibault Laurent et Elena Panova
n° 20-1147, septembre 2020, révision janvier 2025
This paper examines how the structure of communication networks influences learning and social welfare when participants have different prior opinions and face uncertainty about an external state. We analyze a game in which players form links to exchange opinions on the state and reduce their...
Jérôme Gonnot
n° 20-1145, septembre 2020
This paper documents the evolution of a range of political preferences among first-generation immigrants in Western Europe. The overall aim is to study to what extent and at what pace immigrants adapt to the political norms that prevail in their host countries. I use a cross-national research...
Daniel F. Garrett
n° 20-1140, septembre 2020
In the context of a canonical agency model, we study the payo implications of introducing optimally-structured incentives. We do so from the perspective of an analyst who does not know the agent's preferences for responding to incentives, but does knowthat the principal knows them. We provide, in...
Yassine Lefouili et Joana Pinho
vol. 72, n° 102656, septembre 2020
We study the price and welfare effects of collusion between two-sided platforms and show that they depend on whether collusion occurs on both sides or a single side of the market, and whether users single-home or multi-home. Our most striking result is that one-sided collusion leads to lower (resp...
