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Wilfried Sand-Zantman et Anastasios Dosis
n° 19-1025, juillet 2019, révision septembre 2020
We study the effects of property rights over the use of data on market outcomes. To do so, we consider a model in which a monopolistic firm offers a service to a set of heterogeneous users. The use of the service generates valuable data, but data extraction entails a privacy cost for users. A trade...
Christophe Gaillac et Eric Gautier
n° 19-1026, juillet 2019
We consider a linear model where the coecients - intercept and slopes - are random and independent from regressors which support is a proper subset. When the slopes do not have heavy tails, the joint density of the random coecients is identied. Lower bounds on the supremum risk for the estimation...
Bruno Jullien et In-Uck Park
n° 19-1027, juillet 2019, révision avril 2020
We show that experience good sellers facing myopic buyers can solve the inherent moral hazard problem by communicating their observation of quality before trade, provided that communication is part of their public track record. Such cheap-talk communication, if trusted, allows market prices to...
T.H.A Nguyen, Christine Thomas-Agnan, Thibault Laurent et Anne Ruiz-Gazen
n° 19-1028, juillet 2019, révision avril 2020
In an election, the vote shares by party on a given subdivision of a territory form a vector with positive components adding up to 1 called a composition. Using a conventional multiple linear regression model to explain this vector by some factors is not adapted for at least two reasons: the...
Daniel F. Garrett et Francesc Dilmé
n° 19-1029, juillet 2019
Successes of law enforcement in apprehending offenders are often publicized events. Such events have been found to result in temporary reductions in offending, or “residual deterrence”. We provide a theory of residual deterrence which accounts for the incentives of both enforcement officials and...
Andrea Attar, Catherine Casamatta, Arnold Chassagnon et Jean-Paul Décamps
vol. 51, n° 4, juin 2019, p. 977–990
We study a capital market in which multiple lenders sequentially attempt at financing a single borrower under moral hazard. We show that restricting lenders to post take-it-or-leave-it offers involves a severe loss of generality: none of the equilibrium outcomes arising in this scenario survives if...
Laurent Miclo et Pierre Patie
vol. 2, juin 2019, p. 59–98
En donnant des exemples d’approximation de diffusions linéaires par des processus de vie et de mort, Feller [Fel50] a mis en évidence un lien entre les mondes discrets et continus. En identifiant une relation d’entrelacement entre les processus de carrés de Bessel et certains processus de vie et de...
Andrew Rhodes et Jidong Zhou
vol. 65, n° 6, juin 2019, p. 2607–2623
A puzzling feature of many retail markets is the coexistence of large multiproduct firms and smaller firms with narrow product ranges. This paper provides a possible explanation for this puzzle, by studying how consumer search frictions influence the structure of retail markets. In our model single...
Daniel L. Chen, Vardges Levonyan, S.Eric Reinhart et Glen Taksler
vol. 48, n° 2, juin 2019, p. 409–440
The interaction of disclosure laws and the targeted behavior is typically unknown since data on disclosed activity rarely exist in the absence of disclosure laws. We exploit data from legal settlements disclosing $316 million in pharmaceutical company payments to 316,622 physicians across the U.S....
Jean-François Bonnefon et Sylvie Borau
juin 2019, p. 45–63
Recent research suggests that women react to idealized female models in advertising as they would react to real-life sexual rivals. Across four studies, we investigate the negative consequences of this imaginary competition on consumers’ mate-guarding jealousy, indirect aggression, and drive for...
