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Guillaume Cheikbossian et Philippe Mahenc
vol. 174, n° 4, décembre 2018, p. 595–628
We study the ability of several identical firms to collude in the presence of a more efficient firm, which does not take part in their collusive agreement. The cartel firms adopt stick-and-carrot strategies, while the efficient firm plays its one-period best-response function, regardless of the...
Michel Simioni, Christine Thomas-Agnan et Thi-Huong Trinh
vol. 110, 2018, p. 192–204
Assessing the nonlinearity of the calorie-income relationship is a crucial issue when evaluating policies aimed at fighting against malnutrition. A natural choice would be to adopt a fully nonparametric speci- fication of the relationship in order to let the data reveal its nonlinearity. But, we...
Andrew Rhodes et Chris Wilson
vol. 49, n° 2, Summer 2018, p. 348–369
There is widespread evidence that some firms use false advertising to overstate the value of their products. We consider a model in which a policy maker can punish such false claims. We characterize an equilibrium where false advertising actively influences rational buyers and analyze the effects...
Christian Belzil, Michael Bognanno et François Poinas
vol. 46, 2018, p. 73–106
This chapter estimates a dynamic reduced-form model of intra-firm promotions using an employer–employee panel of over 300 of the largest corporations in the United States in the period from 1981 to 1988. The estimation conditions on unobserved individual heterogeneity and allows for both an...
Xavier Irz, Pascal Leroy, Vincent Réquillart et Louis-Georges Soler
vol. 33, n° 4, 2018, p. 309–330
While the adverse climate and health impacts of the Western diet have been demonstrated, the place of fish/seafood in climate-friendly and healthy diets is unclear. We tackle that question with a model simulating how a rational consumer urged to consume more fish would modify his diet. Those...
Ulrich Hege, Stefano Lovo, Myron B. Slovin et Marie E. Sushka
vol. 53, décembre 2018, p. 21–37
We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in...
Jérôme Bolte, Shoham Sabach, Marc Teboulle et Y. Vaisbourd
vol. 28, n° 3, 2018, p. 2131–2151
We focus on nonconvex and nonsmooth minimization problems with a composite objective, where the differentiable part of the objective is freed from the usual and restrictive global Lipschitz gradient continuity assumption. This longstanding smoothness restriction is pervasive in first order methods...
Jérôme Bolte, Antoine Hochart et Edouard Pauwels
vol. 28, n° 2, 2018, p. 1867–1891
For an arbitrary finite family of semialgebraic/definable functions, we consider the corresponding inequality constraint set and we study qualification conditions for perturbations of this set. In particular we prove that all positive diagonal perturbations, save perhaps a finite number of them,...
Joanna Morais, Christine Thomas-Agnan et Michel Simioni
vol. 45, n° 9, 2018, p. 1670–1689
When the aim is to model market-shares as a function of explanatory variables, the marketing literature proposes some regression models which can be qualified as attraction models. They are generally derived from an aggregated version of the multinomial logit model widely used in econometrics for...
vol. 47, 2018, p. 1–25
Regression models have been developed for the case where the dependent variable is a vector of shares. Some of them, from the marketing literature, are easy to interpret but they are quite simple and can only be complexified at the expense of a very large number of parameters to estimate. Other...
