Recherche avancée

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

Anouch Missirian, Eyal G. Frank, Jess T. Gersony, Jason C.Y. Wong et Shahid Naeem

vol. 9, n° 12, juin 2019, p. 6949–6958

The influence of temperature on diversity and ecosystem functioning is well studied; the converse however, that is, how biodiversity influences temperature, much less so. We manipulated freshwater algal species diversity in microbial microcosms to uncover how diversity influenced primary production...

Céline Bonnet et Zohra Bouamra-Mechemache

n° 19-1012, mai 2019

During the period 2006 to 2012, French competition authorities pressed charges against the country’s top 11 firms for engaging in a price-fixing cartel in the fresh dairy store brand segment. Using an empirical vertical bargaining model, this paper studies the effects of the "yogurt cartel" on the...

Eric Gautier et Christophe Gaillac

n° 19-1013, mai 2019

Andrea Attar, Thomas Mariotti et François Salanié

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...

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...

Andrea Attar, Catherine Casamatta, Arnold Chassagnon et Jean-Paul Décamps

vol. 11, n° 2, mai 2019, p. 98–130

We study capital markets subject to moral hazard when investors cannot prevent side trading, thereby facing an externality if firms raise funds from multiple sources. We analyze whether investors’ ability to design financial covenants that may include exclusivity clauses mitigates this externality...

Jay Pil Choi, Doh-Shin Jeon et Byung-Cheol Kim

vol. 173, mai 2019, p. 113–124

We provide a theoretical model of privacy in which data collection requires consumers’ consent and consumers are fully aware of the consequences of such consent. Nonetheless, excessive collection of personal information arises in the monopoly market equilibrium which results in excessive loss of...