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Abdelaati Daouia, Stéphane Girard et Gilles Stupfler
n° 18-944, août 2018
Expectiles define a least squares analogue of quantiles. They are determined by tail expectations rather than tail probabilities. For this reason and many other theoretical and practical merits, expectiles have recently received a lot of attention, especially in actuarial and financial risk...
Joao Correia da silva, Bruno Jullien, Yassine Lefouili et Joana Pinho
n° 18-946, août 2018
This paper discusses the literature on horizontal mergers between multi-sided platforms and argues that the Cournot model can provide useful insights into the welfare effects of such mergers. To illustrate those insights, we develop a simple model in which two-sided platforms offer a homogeneous...
Bruno Jullien, Yassine Lefouili et Michael Riordan
n° 18-947, août 2018, révision juin 2020
A website monetizes information it collects about its customers by charging third parties for targeted access to them. Allowing for third parties who are well-intentioned, a nuisance, or even malicious, the resulting consumer experiences might be good, bad, or neutral. As consumers learn from...
Ulrich Hege, Stefano Lovo, Myron B. Slovin et Marie E. Sushka
n° 18-948, août 2018
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...
Anna D’Annunzio, Bruno Jullien, Yassine Lefouili et Leonardo Madio
n° 18-949, août 2018, révision mars 2026
This paper examines how horizontal mergers affect firms’ incentives to invest in R&D leading to the development of new products. We characterize the impact of a merger to monopoly and a 3-to-2 merger on equilibrium innovation efforts and consumer surplus, absent efficiency gains and spillovers...
Elliott Ash, Daniel L. Chen, Raul Delgado, Eduardo Fierro et Shasha Lin
n° 18-977, août 2018
To build inputs for end-to-end machine learning estimates of the causal impacts of law, we consider the problem of automatically classifying cases by their policy impact. We propose and implement a semi-supervised multi-class learning model, with the training set being a hand-coded dataset of...
Laura Grigolon, Mathias Reynaert et Frank Verboven
vol. 10, n° 3, août 2018, p. 193–225
To what extent do car buyers undervalue future fuel costs, and what does this imply for tax policy? To address both questions, we show it is crucial to account for consumer mileage heterogeneity. We use product-level data for a panel of European countries and exploit fuel cost variation by engine....
Helmuth Cremer et Pierre Pestieau
vol. 19, n° 3, août 2018, p. 351–364
One of the pervasive problems with means-tested public long term care (LTC) programs is their inability to prevent individuals who could afford private long term services from taking advantage of public care. They often manage to elude the means-test net through "strategic impoverishment". We show...
Yinghua He, Antonio Miralles, Marek Pycia et Jianye Yan
vol. 10, n° 3, août 2018, p. 272–314
We propose a pseudo-market mechanism for no-monetary-transfer allocation of indivisible objects based on priorities such as those in school choice. Agents are given token money, face priority-specific prices, and buy utility-maximizing random assignments. The mechanism is asymptotically incentive...
Philippe Bontems et Estelle Gozlan
août 2018
