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Christian Gollier
n° 18-952, septembre 2018, révision mai 2024
Any global temperature target must be translated into an intertemporal carbon budget and its associated cost-efficient carbon price schedule. Under the Hotelling’s rule without uncertainty, the growth rate of this price should be equal to the interest rate. It is therefore a puzzle that many cost-...
Abdelaati Daouia, Stéphane Girard et Gilles Stupfler
n° 18-953, septembre 2018
Risk measures of a financial position are traditionally based on quantiles. Replacing quantiles with their least squares analogues, called expectiles, has recently received increasing attention. The novel expectile-based risk measures satisfy all coherence requirements. We revisit their extreme...
Patrick Fève, Alban Moura et Olivier Pierrard
n° 18-954, septembre 2018
We solve a version of the analytical Real Business Cycle (RBC) model with a predetermined rate of return on household saving. The solution differs from that of the benchmark RBC model along two dimensions: (i) Policy functions depend on the variance of the technology shock. (ii) There is a...
Ingela Alger et Jörgen W. Weibull
n° 18-955, septembre 2018
The literature on the evolution of preferences of individuals in strategic interactions is vast and diverse. We organize the discussion around the following question: Supposing that material outcomes drive evolutionary success, under what circumstances does evolution promote Homo oeconomicus,...
Philippe Alby, Emmanuelle Auriol et Pierre Nguimkeu
n° 18-956, septembre 2018
In the absence of a public safety net, wealthy Africans have the social obligation to share their re- sources with their needy relatives in the form of cash transfers and inefficient family hiring. We develop a model of entrepreneurial choice that accounts for this social redistributive constraint...
Olivier De Groote et Frank Verboven
n° 18-957, septembre 2018
We study a generous program to promote the adoption of solar photovoltaic (PV) systems through subsidies on future electricity production, rather than through upfront investment subsidies. We develop a tractable dynamic model of new technology adoption, also accounting for local market...
Olivier De Groote et Koen Declercq
n° 18-958, septembre 2018, révision juin 2020
We analyze the impact of choosing an elite school on high school graduation in an early tracking system in Flanders (Belgium). Elite schools offer only an academic track, while most other schools offer multiple tracks. On average, students experience a 3.3 percentage point increase in the...
David S. Bullock, Filippo Maria D'Arcangelo et Marion Desquilbet
n° 18-959, septembre 2018, révision août 2019
Weed control in the U.S. Midwest has become increasingly herbicide-centric due to the adoption of herbicide-tolerant (HT) crops in the 1990s. The scarcity of the use of integrated weed management (IWM) practices, including biological and mechanical controls, is concerning for two reasons. First,...
Andrea Enache et Jean-Pierre Florens
vol. 131, septembre 2018, p. 45–58
Regulation models are a special class of contract models that have received a lot of attention from economists in the last few decades. This continuous interest has been motivated by an increasing need in designing regulatory policies in a world where decentralization and delegation of public...
M’hand Fares, Saqlain Raza et Alban Thomas
vol. 53, n° 2, septembre 2018, p. 367–395
Many quality signals—both private and public—have been used to foster the development of food quality in the agro-food markets: mainly brands and common certified labels. Previous research has typically focused on either brand or certified label efficiency independently, while in many instances...
