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Yuliy Sannikov (University of Princeton)
Toulouse : TSE, 27 novembre 2012, 11h00–12h30, salle MS 001
This paper considers dynamic moral hazard settings, in which the agent's actions have consequences over a long horizon. The agent's limited liability constraints makes it dicult to tie the agent's compensation to long-run outcomes. To maintain incen- tives, the optimal contract delays the agent's...
Charles Calomiris (Columbia University)
27 novembre 2012, BDF, Paris
Fernando Alvarez (University of Chicago)
Toulouse : TSE, 26 novembre 2012, 17h00–18h30, salle MS001
We model the decisions of a multi-product firm that faces a fixed “menu” cost: once it is paid, the firm can adjust the price of all its products. We characterize analytically the steady state firm’s decisions in terms of the structural parameters: the variability of the flexible prices, the...
José Luis Moraga-Gonzalez (University of Amsterdam)
TSE, 26 novembre 2012, 14h00–15h30, salle MF 323
This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiated products and consumers search for satisfactory deals. In the pre-merger symmetric equilibrium, the probability that a firm is the next one to be visited by a consumer is equal across firms not...
Emiliano Pagnotta (New York University Stern)
TSE, 26 novembre 2012, 12h30–14h00, salle MF 323
Speed and fragmentation have reshaped global securities markets: Large-cap U.S. stocks can now be traded in almost 50 venues, and execution times are measured in milliseconds. We analyze these evolutions in a model where exchanges invest in trading speed and compete for investors who choose where...
Emmanuelle Lavaine (Paris School of Economics)
Toulouse : TSE, 26 novembre 2012, 11h00–12h30, salle MS 001
This paper examines the external effect of energy production on newborn health using a recent strike affecting oil refineries in France, in October 2010, as a natural experiment. First, we show that the temporary reduction in refining lead to a significant reduction in sulfur dioxide (SO2)...
Jean Michel Marin (Université Montpellier 2)
Toulouse : TSE, 23 novembre 2012, 13h45–15h00, salle MF 323
Approximate Bayesian computation (ABC), also known as likelihood-free methods, have become a standard tool for the analysis of complex models, primarily in population genetics. The development of new ABC methodology is undergoing a rapid increase in the past years, as shown by multiple publications...
Sergey Gavrilets (University of Tennessee)
Toulouse : IAST, 23 novembre 2012, 11h00–12h00, salle MF323
Humans exhibit strong egalitarian syndrome, i.e. the complex of cognitive perspectives, ethical principles, social norms, and individual and collective attitudes promoting equality. The universality of egalitarianism in hunter-gatherers suggests that it is an ancient, evolved human pattern. The...
Galina Zudenkova (University of Mannheim)
Toulouse : TSE, 23 novembre 2012, 11h00–12h30, salle MS 003
This paper provides a rationale for intra-party democracy within a political agency model with moral hazard. The focus is on the party's internal procedures for policy de- termination. I show that democratizing those procedures benefits the party leadership, which seeks to maximize joint reelection...
Jörgen W. Weibull (Stockholm School of Economics & IAST)
Toulouse : IAST, 22 novembre 2012, 15h30–16h30, salle MS003
