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Bruno Biais, Thomas Mariotti, Sophie Moinas et Sébastien Pouget
n° 17-798, avril 2017, révision mars 2026
We study asset pricing and risk sharing in experimental financial markets designed to test rational choice and competitive behavior in complete markets. We find that participants behave competitively but deviate from rationality: approximately 25% of their actions are first-order stochastically...
William Goetzmann, David Le Bris et Sébastien Pouget
n° 17-794, avril 2017
We study asset pricing over the longue durée using share prices and net dividends from the Bazacle company of Toulouse, the earliest documented shareholding corpo- ration. The data extend from the firm's foundation in 1372 to its nationalization in 1946. We find an average dividend yield of 5% per...
Yassine Lefouili, Leonardo Madio et Ying Lei Toh
n° 17-795, avril 2017, révision juillet 2023
We analyze how a privacy regulation taking the form of a cap on information disclosure affects quality-enhancing innovation incentives by a monopolist--who derives revenues solely from disclosing user data to third parties--and consumer surplus. If the share of privacy-concerned users is...
Bénédicte Alziary Chassat et Jacqueline Fleckinger
n° 17-797, avril 2017
We show how the solutions to a 2 X 2 linear system involving Schrödinger operators blow up as the parameter y tends to some critical value which is the principal eigenvalue of the system; here the potential is continuous positive with superquadratic growth and the square matrix of the system is...
Bénédicte Alziary Chassat et Peter Takac
n° 17-796, avril 2017
Andrea Attar, Thomas Mariotti et François Salanié
n° 17-799, avril 2017, révision octobre 2017
We construct a complete space of smooth strictly convex preference relations defined over physical commodities and monetary transfers. This construction extends the classic one by assuming that preferences are monotone in transfers, but not necessarily in all commodities. This provides a natural...
Elena Panova
vol. 19, n° 2, avril 2017, p. 312–330
Mohammad A. Alolayan, Jonhn S. Evans et James K. Hammitt
vol. 66, n° 4, avril 2017, p. 629–646
We report stated-preference estimates of the value per statistical life (VSL) for Kuwaiti citizens obtained using an innovative test to identify respondents whose survey responses are consistent with economic theory. The consistency test requires that an individual report strictly positive...
Patrick Fève et Jean-Guillaume Sahuc
vol. 32, n° 3, avril 2017, p. 704–718
This paper applies the DSGE-VAR methodology to assess the size of fiscal multipliers in the data and the relative contributions of two transmission mechanisms of government spending shocks, namely hand-to-mouth consumers and Edgeworth complementarity. Econometric experiments show that a DSGE model...
Estelle Koussoubé et Céline Nauges
vol. 44, n° 2, avril 2017, p. 183–210
The low level of modern inputs adoption by African farmers is considered to be a major impediment to food security and poverty reduction in Sub-Saharan Africa. The government of Burkina Faso, following the example of a number of other countries in the region, launched a subsidy program in 2008 to...
