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Christian Gollier
n° 24, juin 2020, p. 1–31
I calibrate a Multi-Risk SIR model on the covid pandemic to analyze the impact of the age-specific confinement and PCR testing policies on incomes and mortality. Two polar strategies emerge as potentially optimal. The suppression policy would crush the curve by confining 90% of the population for 4...
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...
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 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...
Lauren Bader, J.M. Ward, H.B. Moran, Hillary Fouts et Julia Jaekel
vol. 7, n° 6, juin 2020, p. 1–19
Refugees often parent under extreme circumstances. Parenting practices have implications for child outcomes, and parenting in the context of refugee resettlement is likely to be dynamic as parents negotiate a new culture. This study examined African origin mothers’ infant care values and practices...
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...
Jane Conway, Michel-Pierre Coll, Helio Clemente Cuve, Sofia Koletsi, Nicholas Bronitt, Caroline Catmur et Geoffrey Bird
vol. 149, n° 6, juin 2020, p. 1032–1047
The human ability to make inferences about the minds of conspecifics is remarkable. The majority of work in this area focuses on mental state representation (‘theory of mind’), but has had limited success in explaining individual differences in this ability, and is characterized by the lack of a...
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...
Jérôme Bolte, Edouard Pauwels et Rodolfo Rios-Zertuche
n° 20-1110, juin 2020
We consider the long-term dynamics of the vanishing stepsize subgradient method in the case when the objective function is neither smooth nor convex. We assume that this function is locally Lipschitz and path differentiable, i.e., admits a chain rule. Our study departs from other works in the sense...
Laurent Miclo, Jörgen W. Weibull et Daniel Spiro
n° 20-1111, juin 2020
How much and when should we limit economic and social activity to ensure that the health-care system is not overwhelmed during an epidemic? We study a setting where ICU resources are constrained and suppression is costly. Providing a fully analytical solution we show that the common wisdom of “...
