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Marc Ivaldi et Jérôme Pouyet
vol. 62, février 2018, p. 21–30
Based on the modern theory of regulation, the analysis aims to characterize the effective economic regulation of the French railway industry. The methodology consists in econometrically testing various scenarios of regulation and determining which of these best fits the data. Using aggregate data...
Claude Crampes et David Salant
n° 18-877, janvier 2018
The paper analyzes the determinants of optimal electric capacity and contrasts these with the requirements typically applied in a multi-regional model. We first analyze the relationship between usual reliability criteria such as the value of lost load and the targeted probability of failure, on the...
Joanna Morais, Christine Thomas-Agnan et Michel Simioni
n° 18-878, janvier 2018
This article presents a new approach to measure the impact of multi-channel advertising investments on brands’ market shares in the main segment of the French automobile market. We propose a multi-channel attraction model with adstock, in order to take into account the advertising carryover effect...
Stefan Lamp
n° 18-879, janvier 2018
This paper tests for the effect of weather on solar technology adoption, taking advantage of the fact that sunshine is a direct input factor for solar electricity production. I find that a one standard deviation increase in monthly sunshine hours above the long-term average leads to an approximate...
Thierry Foucault et Sophie Moinas
n° 18-881, janvier 2018
The speed of trading has considerably increased in recent years, due to progress in information technologies and automation of the trading process. This evolution raises many questions about the effects of trading speed. In this chapter we discuss the findings of the growing theoretical and...
Jieying Hong, Sophie Moinas et Sébastien Pouget
n° 18-882, janvier 2018
Does traders' experience reduce their propensity to participate in speculate bubbles? This paper studies this issue from a theoretical and an experimental viewpoint. We focus on a game in which bubbles, if they arise, are irrational, as in the Smith, Suchanek, and Williams (1988)'s set up. Our...
Pierre Dubois et Morten Saethre
n° 18-883, janvier 2018, révision mars 2020
Differences in regulated pharmaceutical prices within the European Economic Area create arbitrage opportunities that pharmacy retailers can access through parallel imports. For prescription drugs under patent, parallel trade affects the sharing of profits among an innovating pharmaceutical company...
Jean-Paul Décamps et Stéphane Villeneuve
n° 18-884, janvier 2018
We study a corporate finance dynamic contracting model in which the firm's growth rate fluctuates and is impacted by the unobservable effort exercised by the manager. We show that the principal's problem takes the form of a two-dimensional Markovian control problem. We prove regularity properties...
Hans Gersbach, Jean-Charles Rochet et Martin Scheffel
n° 18-885, janvier 2018
This paper integrates banks into a two-sector neoclassical growth model to account for the fact that a fraction of firms relies on banks to finance their investments. There are four major contributions to the literature: First, although banks’ leverage amplifies shocks, the endogenous response of...
H. Mete Soner, Max Reppen et Jean-Charles Rochet
n° 18-886, janvier 2018
We study an optimal dividend problem under a bankruptcy constraint. Firms face a trade-off between potential bankruptcy and extraction of profits. In contrast to previous works, general cash flow drifts, including Ornstein–Uhlenbeck and CIR processes, are considered. We provide rigorous proofs of...
