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Adam B. Badawi et Daniel L. Chen
n° 16-683, juillet 2016
We collect data on the record of every action in over one thousand cases involving public companies from 2004 to 2011 in the Delaware Court of Chancery, which is the leading court for corporate law disputes in the United States. We use these data to estimate how markets respond to Delaware...
Daniel L. Chen
n° 16-684, juillet 2016
Some theories about the positive impact of markets on morality suggest that competition increases empathy, not between competitors, but between them and third parties. However, empathy may be a necessary evolutionary antecedent to guile, which is when someone knows what the other person wants and...
Chiara Canta, Helmuth Cremer et Firouz Gahvari
n° 16-685, juillet 2016
We study the role and design of private and public insurance programs when informal care is uncertain. Children's degree of altruism is represented by a parameter which is randomly distributed over some interval. The level of informal care on which dependent elderly can count is therefore random....
Matt Gentskow, Jesse Shapiro et Matt Taddy
juillet 2016
We study trends in the partisanship of Congressional speech from 1873 to 2009. We define partisanship to be the ease with which an observer could infer a congressperson’s party from a fixed amount of speech, and we estimate it using a structural choice model and methods from machine learning. The...
Jean Tirole
vol. 84, n° 4, juillet 2016, p. 1291–1343
In a number of interesting environments, dynamic screening involves positive selection: in contrast with Coasian dynamics, only the most motivated remain over time. The paper provides conditions under which the principal's commitment optimum is time consistent and uses this result to derive...
Helmuth Cremer et Philippe De Donder
vol. 118, juillet 2016, p. 594–615
Individuals, differing in productivity and life expectancy, vote over the size and type of a collective annuity. Its type is represented by the fraction of the contributive (Bismarckian) component (based on the worker’s past earnings) as opposed to the non- contributive (Beveridgean) part (based on...
Laurent Gobillon et Thierry Magnac
vol. 98, n° 3, juillet 2016, p. 535–551
In this paper, we investigate the use of interactive effect or linear factor models in regional policy evaluation. We contrast treatment effect estimates obtained using Bai (2009) with those obtained using difference in differences and synthetic controls (Abadie and coauthors). We show that...
Céline Nauges, Sarah Ann Wheeler et Alec Zuo
vol. 60, n° 3, juillet 2016, p. 442–458
Water trading in the Murray–Darling Basin of Australia has developed to the point where it is a common adaptation tool used by irrigators, making it an apt case study to elicit the marginal value of irrigation water and irrigators' risk preferences in two key industries with differing levels of...
Jean-Pierre Amigues, Gilles Lafforgue et Michel Moreaux
vol. 78, juillet 2016, p. 23–37
Using a standard Hotelling model of resource exploitation, we determine the optimal consumption paths of three energy resources: dirty coal, which is depletable and carbon-emitting; clean coal, which is also depletable but carbon-free thanks to an abatement technology (CCS: Carbon Capture and...
Xavier D'Haultfoeuille, Isis Durrmeyer et Philippe Février
vol. 47, juillet 2016, p. 186–229
We analyze the evolution of CO2 emissions of new vehicles sold in France between 2003 and 2008. We investigate in particular the effect of two policies introduced during that time: the energy label requirement, which went into effect in the end of 2005, and a feebate based on CO2 emissions of new...
