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Roberta Dessi et Salvatore Piccolo
n° 15-581, mai 2015
We develop a theory of the emergence of merchant guilds as an efficient mechanism to foster cooperation between merchants and rulers, building on the complementarity between merchant guilds’ ability to enforce monopoly over trade and their social capital. Unlike existing models, we focus on local...
Philippe De Donder et Francisco Martinez-Mora
n° 15-582, mai 2015
We study the political determination of the proportion of students attending university when access to higher education is rationed by admission tests. Parents differ in income and in the ability of their unique child. They vote over the minimum ability level required to attend public universities...
Rodrigo Montes, Wilfried Sand-Zantman et Tommaso M. Valletti
n° 15-583, mai 2015, révision mai 2017
This paper investigates the effects of price discrimination on prices, profits and consumer surplus, when one or more competing firms can use consumers' private information to price discriminate and consumers can pay a privacy cost to avoid it. While a monopolist always benefits from higher privacy...
Ingela Alger
n° 15-586, mai 2015, révision octobre 2016
Giuseppe Marco Attanasi, Astrid Hopfensitz, Emiliano Lorini et Frédéric Moisan
n° 15-584, mai 2015
Marc Ivaldi, Senay Sokullu et Tuba Toru-Delibasi
n° 15-587, mai 2015
This paper analyzes the rationale of airport business models. First, it provides evidence that the airports should be considered as two sided markets because of significant network externalities between the airlines and the passengers. This result invalidates the traditional approach where the...
Van Huyen Do, Christine Thomas-Agnan et Anne Vanhems
mai 2015, p. 27–58
Bruno Biais, Thierry Foucault et Sophie Moinas
vol. 116, n° 2, mai 2015, p. 292–313
High-speed market connections improve investors' ability to search for attractive quotes in fragmented markets, raising gains from trade. They also enable fast traders to observe market information before slow traders, generating adverse selection, and thus negative externalities. When investing in...
Milo Bianchi et Philippe Jehiel
vol. 157, mai 2015, p. 842–878
We model a financial market in which companies engage in strategic financial reporting knowing that investors only pay attention to a randomly drawn sample from firms' reports and extrapolate from this sample. We investigate the extent to which stock prices differ from the fundamental values,...
Olivier Faugeras
vol. 137, mai 2015, p. 179–186
For a vector View the MathML source with a purely discrete multivariate distribution, we give simple short proofs of uniform a.s. convergence on their whole domain of two versions of genuine empirical copula functions, obtained either via probabilistic continuation, i.e. kernel smoothing, or via...
