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Ulrich Hege et Pierre Mella-Barral
n° 19-1016, juin 2019
Ce papier examine deux mécanismes mis en avant pour une renégociation efficace de la dette, lorsque les détenteurs d'obligations sont dispersés: offres d'échange de dette, promettant des droits de liquidation accrus à un nombre limité de créanciers (favorisé par la loi américaine), et clauses d'...
Andrea Attar, Thomas Mariotti et François Salanié
n° 19-1017, juin 2019, révision octobre 2019
We study resource allocation under private information when the planner cannot prevent bilateral side trading between consumers and firms. Adverse selection and side trading severely restrict feasible trades: each marginal quantity must be fairly priced given the consumer types who purchase it. The...
Lisa A. Robinson, William Raich et James K. Hammitt
n° 19-1018, juin 2019
The estimates used by U.S. Federal agencies and others to value reductions in fatality risks generally reflect adults’ willingness to trade income for changes in their own risks. Several studies have now been completed that address the value of risk reductions to children. We review these studies...
Meng-Wen Tsou, Jin-Tan Liu, James K. Hammitt, Chyi-Horng Lu et Szu-Yu Zoe Kao
n° 19-1019, juin 2019
We estimate the effect of prenatal exposure to radiation on infant health. By exploiting the 1983 Taiwanese radiation-contaminated buildings (RCBs) accident as a natural experiment, we compare birth outcomes between siblings and cousins exposed to different radiation levels. Given the 1983 accident...
James K. Hammitt, Fangli Geng, Xiaoqi Guo et Chris P. Nielsen
n° 19-1020, juin 2019
We estimate the marginal rate of substitution of income for reduction in current annual mortality risk (the “value per statistical life” or VSL) using stated-preference surveys administered to independent samples of the general population of Chengdu China in 2005 and 2016. We evaluate the quality...
Andrea Attar, Eloisa Campioni et Gwenaël Piaser
n° 19-1021, juin 2019
We study games in which principals simultaneously post mechanisms in the presence of several agents. We evaluate the role of principals’ communication in these settings. As in Myerson (1982), each principal may generate incomplete information among agents by sending them private signals. We show...
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...
Alejandrina Cristia, Emmanuel Dupoux, Michael Gurven et Jonathan Stieglitz
vol. 90, n° 3, mai 2019, p. 759–773
Nicolas Astier et Xavier Lambin
vol. 40, n° 3, mai 2019
This paper studies wholesale electricity markets where an exogenous price cap is enforced, compromising both short- and long-term incentives. To guarantee capacity adequacy, policy-makers may provide support for generation through a capacity remuneration mechanism (CRM) and/or encourage demand...
vol. 7, n° 1, mai 2019, p. 37–57
We construct a complete space of smooth strictly convex preferences defined over commodities and monetary transfers. Our model extends the classical one in that preferences are strictly monotone in monetary transfers, but need not be monotone in all commodities. We thereby provide a natural...
