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Christian Gollier
n° 19-1003, avril 2019
Suppose that the conditional distributions of ˜x (resp. ˜y) can be ranked according to the m-th (resp. n-th) risk order. Increasing their statistical concordance increases the (m, n) degree riskiness of (˜x, ˜y), i.e., it reduces expected utility for all bivariate utility functions whose sign of...
Bertille Antoine et Pascal Lavergne
n° 19-1004, avril 2019, révision mai 2021
For a linear IV regression, we propose two new inference procedures on parameters of endogenous variables that are robust to any identification pattern, do not rely on a linear first-stage equation, and account for heteroskedasticity of unknown form. Building on Bierens (1982), we first propose an...
Francesca Barigozzi, Helmuth Cremer et Kerstin Roeder
n° 19-1005, avril 2019
This paper studies the design of child-care policies when redistribution matters. Traditional mothers provide some informal child care, whereas career mothers purchase full time formal care in the market. The sorting of women across career paths is endogenous and shaped by a social norm about...
Fabien Gensbittel, Jérôme Renault et Marcin Peski
n° 19-1006, avril 2019
Rainer Buckdahn, Jin Li, Marc Quincampoix et Jérôme Renault
n° 19-1007, avril 2019
Jad Beyhum et Eric Gautier
n° 19-1008, avril 2019
This paper considers a nuclear norm penalized estimator for panel data models with interactive effects. The low-rank interactive effects can be an approximate model and the rank of the best approximation unknown and grow with sample size. The estimator is solution of a well-structured convex...
Claire Borsenberger, Helmuth Cremer, Denis Joram, Jean-Marie Lozachmeur et Estelle Malavolti
n° 19-1010, avril 2019
We consider an e-commerce sector with two retailers (which may be marketplaces) and two delivery operators. Products are differentiated according to the retailer and the mode of delivery. The representation of product differentiation is inspired by the Anderson, De Palma and Thisse (2002) discrete...
Francesco Decarolis, Maris Goldmanis et Antonio Penta
n° 19-1011, avril 2019
The transition of the advertising market from traditional media to the internet has induced a proliferation of marketing agencies specialized in bidding in the auctions that are used to sell ad space on the web. We analyze how collusive bidding can emerge from bid delegation to a common marketing...
Tim Lee et Ananth Seshadri
vol. 127, n° 2, avril 2019, p. 855–921
We present a model in which human capital investments occur over the life-cycle and across generations, à la Becker and Tomes (1986), also featuring incomplete markets and government transfer programs. The human capital technology features multiple stages of investment during childhood, a college...
Milo Bianchi et Jean-Marc Tallon
vol. 65, n° 4, avril 2019, p. 1486–1501
We match administrative panel data on portfolio choices with survey data on preferences over ambiguity. We show that ambiguity averse investors bear more risk, due to a lack of diversification. In particular, they exhibit a form of home bias that leads to higher exposure to the domestic relative to...
