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Helia Costa et Linda Veiga
n° 19-1023, juillet 2019
Investment in wind power has grown remarkably in the past decades in Portugal. Although economic development is an argument for investment incentive policies, little evidence exists as to their net impact on local-level unemployment. Using a panel of all 278 Portuguese mainland municipalities for...
Caio Almeida, Kim Ardison et René Garcia
n° 19-1024, juillet 2019
We propose a new class of performance measures for Hedge Fund (HF) returns based on a family of empirically identiable stochastic discount factors (SDFs). The SDF-based measures incorporate no-arbitrage pricing restrictions and naturally embed information about higher-order mixed moments between HF...
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...
Bruno Jullien et Alessandro Pavan
vol. 86, n° 4, juillet 2019, p. 1666–1703
We study platform markets in which the information about users' preferences is dispersed. First, we show how the dispersion of information introduces idiosyncratic uncertainty about participation decisions and how the latter shapes the elasticity of the demands and the equilibrium prices. We then...
Céline Nauges et Dale Whittington
vol. 5, n° 3, juillet 2019, p. 1850026
Social norms comparisons are tools that are being used more and more often by energy and water utilities all over the world in order to induce households to conserve resources. Such conservation programs are appealing to utilities since they are an easy-to-implement alternative to raising prices...
Ujjayant Chakravorty, Marie-Hélène Hubert et Beyza Ural Marchand
vol. 10, n° 3, juillet 2019, p. 1153–1193
More than 40% of US grain is used for energy due to the Renewable Fuels Mandate (RFS). There are no studies of the global distributional consequences of this purely domestic policy. Using micro-level survey data, we trace the effect of the RFS on world food prices and their impact on household...
