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Xue-Zhong He et Nicolas Treich
vol. 70, mai 2017, p. 105–114
In this paper, we examine the properties of prediction market prices when risk averse traders have heterogeneous beliefs in state probabilities. We show that the equilibrium state prices equal the mean beliefs of traders about that state if and only if the traders’ common utility function is...
Matthew Adler et Nicolas Treich
vol. 87, mai 2017, p. 94–102
We use a simple consumption model, the so-called cake eating model, to study the interaction of equity, time and risk in social decision making. Total consumption, the “cake,” is uncertain. The social planner allocates consumption between two agents (representing two generations), by assigning the...
Alessandro Bonatti et Johannes Hörner
vol. 169, mai 2017, p. 234–269
We analyze strategic experimentation in which information arrives through fully revealing, publicly observable “breakdowns.” When actions are hidden, there exists a unique symmetric equilibrium that involves randomization over stopping times. With two players, this is the unique equilibrium....
Didier Laussel, Michel Le Breton et Dimitrios Xefteris
vol. 46, n° 2, mai 2017, p. 357–381
This paper studies the effects of introducing centrifugal incentives in an otherwise standard Downsian model of electoral competition. First, we demonstrate that a symmetric equilibrium is guaranteed to exist when centrifugal incentives are induced by any kind of partial voter participation (such...
Matthew Adler, David Anthoff, Valentina Bosetti, Greg Garner, Klaus Keller et Nicolas Treich
mai 2017, p. 443–449
The social cost of carbon (SCC) is a key tool in climate policy. The SCC expresses in monetary terms the social impact of the emission of a ton of CO2 in a given year. The SCC is calculated using a ‘social welfare function’ (SWF): a method for assessing social welfare. The dominant SWF in climate...
Christophe Bisière
mai 2017
Bastien Cabarrou, Patrick Sfumato, Loïc Mourey, Eve Leconte, Laurent Balardy, Jean-Pierre Delord, Jean Marie Boher et Thomas Filleron
vol. 65, n° Supplément 2, mai 2017
H.H. Bauschke, Jérôme Bolte et Marc Teboulle
vol. 42, n° 2, mai 2017, p. 330–348
The proximal gradient and its variants is one of the most attractive first-order algorithm for minimizing the sum of two convex functions, with one being nonsmooth. However, it requires the differentiable part of the objective to have a Lipschitz continuous gradient, thus precluding its use in many...
Anouch Missirian et Wolfram Schlenker
vol. 107, n° 5, mai 2017, p. 436–440
We discuss an underutilized dataset to examine the causes of migration. The United Nations High Commissioner for Refugees publishes annual binational asylum applications and the resulting decisions. Asylum is granted to protect individuals from persecution. They are a small part of overall...
Astrid Hopfensitz
sous la direction de Morris Altman, Edward Elgar, chapitre 27, mai 2017, p. 479–489
