Recherche avancée

Bruno Biais, Christophe Bisière, Matthieu Bouvard et Catherine Casamatta

vol. 32, n° 5, mai 2019, p. 1662–1715

Blockchains are distributed ledgers, operated within peer-to-peer networks. We model the proof-of-work blockchain protocol as a stochastic game and analyze the equilibrium strategies of rational, strategic miners. Mining the longest chain is a Markov perfect equilibrium, without forking, in line...

Maxime Derex, Jean-François Bonnefon, Robert Boyd et Alex Mesoudi

vol. 3, mai 2019, p. 446–452

Bows and arrows, houses and kayaks are just a few examples of the highly optimized tools that humans have produced and used to colonize new environments1,2. Because there is much evidence that humans’ cognitive abilities are unparalleled3,4, many believe that such technologies resulted from our...

Daniel Kenna, Ilaria Pretelli, Ana Ramos Rodrigues, Hazel Cooley et Richard J. Gill

vol. 9, n° 10, mai 2019, p. 5637–5650

The emergence of agricultural land use change creates a number of challenges that insect pollinators, such as eusocial bees, must overcome. Resultant fragmentation and loss of suitable foraging habitats, combined with pesticide exposure, may increase demands on foraging, specifically the ability to...

Eric Gautier et Christophe Gaillac

n° 19-1013, mai 2019

Céline Bonnet et Zohra Bouamra-Mechemache

n° 19-1012, mai 2019

During the period 2006 to 2012, French competition authorities pressed charges against the country’s top 11 firms for engaging in a price-fixing cartel in the fresh dairy store brand segment. Using an empirical vertical bargaining model, this paper studies the effects of the "yogurt cartel" on the...

Alex Smolin et Gleb Romanyuk

vol. 11, n° 2, mai 2019, p. 250–276

Short-lived buyers arrive to a platform over time and randomly match with sellers. The sellers stay at the platform and sequentially decide whether to accept incoming requests. The platform designs what buyer information the sellers observe before deciding to form a match. We show full information...

Andrea Attar, Catherine Casamatta, Arnold Chassagnon et Jean-Paul Décamps

vol. 11, n° 2, mai 2019, p. 98–130

We study capital markets subject to moral hazard when investors cannot prevent side trading, thereby facing an externality if firms raise funds from multiple sources. We analyze whether investors’ ability to design financial covenants that may include exclusivity clauses mitigates this externality...

European Commission, Brussels, 6–7 mai 2019

Astrid Hopfensitz, Cesar Mantilla et Josepa Miquel-Florensa

vol. 72, n° 4, avril 2019, p. 1121–1153, 33 pages

We design and conduct a laboratory experiment with students and a field experiment with fishermen to test how catch uncertainty and reward schemes affect extraction in an open access fishery. We find that uncertainty in the relationship between effort and catch increases extraction effort and...

Jad Beyhum et Eric Gautier

n° 19-1008, avril 2019

This paper considers a nuclear norm penalized estimator for panel data models with interactive effects. The low-rank interactive effects can be an approximate model and the rank of the best approximation unknown and grow with sample size. The estimator is solution of a well-structured convex...