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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...
Martin Boyer, Philippe De Donder, Claude Fluet, Marie-Louise Leroux et Pierre-Carl Michaud
vol. 45, n° 2, juin 2019, p. 262–282
Claude Crampes et Jérôme Renault
vol. 81, juin 2019, p. 465–478
The development of non-dispatchable renewable sources of energy requires more flexible reliable thermal equipment to match residual demand. We analyze the advantages of delaying production decisions to benefit from more precise information on states of the world, at the expense of higher production...
Emmanuelle Auriol
vol. 61, n° 2, juin 2019
Pour les économistes, ce sont les institutions, les règles de droit et les contrats qui doivent inciter, voire contraindre, les individus à se comporter de manière responsable. Ils étudient les marchés et leur fonctionnement dans le but de trouver les règles qui permettent de se prémunir des...
James K. Hammitt, Fangli Geng, Xiaoqi Guo et Chris P. Nielsen
vol. 58, n° 2, juin 2019, p. 167–186
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...
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....
Stéphane Straub, Margaret Leighton et Priscila Souza
vol. 39, n° 1, juin 2019, p. 1–33
This paper evaluates the effect of relaxing promotion criteria in early primary school on grade delay in later years. Exploiting variation in primary school repetition policies across Brazilian municipalities, we find that social promotion in junior primary years reduces grade delay, and that some...
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...
Koen Jochmans et Tai Otsu
vol. 134, juin 2019, p. 227–242
