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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...
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...
Sereeparp Anantavrasilp, Abe De Jong, Douglas V. DeJong et Ulrich Hege
n° 19-1045, octobre 2019
This paper focuses on dominant owners’ use of leverage to finance their blockholdings and its relationship to dividend policy. We postulate that blockholder leverage may impact payout policy, in particular when earnings are hit by a negative shock. We use panel data for France where blockholders...
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...
Stéphane Straub
sous la direction de Mark Roberts, Frederico Gil Sander et Sailesh Tiwari, chapitre 6, octobre 2019
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...
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...
Francesc Dilmé et Daniel F. Garrett
vol. 17, n° 5, octobre 2019, p. 1654–1686
Successes of law enforcement in apprehending offenders are often publicized events. Such events have been found to result in temporary reductions in of- fending, or “residual deterrence”. We provide a theory of residual deterrence which accounts for the incentives of both enforcement officials and...
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...
