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Benjamin Ouvrard, Arnaud Reynaud et Murudaiah Sivamurthy
2025, à paraître
Using an experimental setting inspired by the empirical social choice literature, we analyze how Indian farmers define fair water allocation. We investigate the choices of 240 Indian farmers who — as a neutral third-party — are asked to make water allocation decisions in situations that differ,...
Léo Fitouchi, Manvir Singh, Jean-Baptiste André et Nicolas Baumard
2025
Why do humans believe in moralizing gods? Leading accounts argue that these beliefs evolved because they help societies grow and promote group cooperation. Yet recent evidence suggests that beliefs in moralizing gods are not limited to large societies and might not have strong effects on...
Christian Gollier
Because of risk aversion, any sensible investment valuation system should value less projects that contribute more to the aggregate risk. In theory, this is done by adjusting discount rates to consumption betas. But in reality, most public institutions use a dis-count rate that is rather...
Ahmed Ezzeldin Mohamed
vol. 69, n° 4, 2025, p. 731–760
Autocratic elections are often marred with systematic intimidation and violence towards voters and candidates. When do authoritarian regimes resort to violent electoral strategies? I argue that electoral violence acts as a risk-management strategy in competitive authoritarian elections where: (a)...
Michele Bisceglia et Salvatore Piccolo
We study a two-period industry where firms are run by agents privately informed about their (persistent) costs, and principals can only use spot contracts. We characterize novel semi-separating equilibria where principals randomize in one or both periods. These equilibria have the following...
Mengchen Dong, Jane Conway, Jean-François Bonnefon, Azim Shariff et Iyad Rahwan
Farid Gasmi, Laura Recuero Virto et Denis Couvet
Zohra Bouamra-Mechemache, Olivier de Mouzon, Valérie Orozco, Lola Pedrini et Marine Spiteri
René Garcia, Veronika Czellar et François Le Grand
We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect...
Jean-Sébastien Fontaine, René Garcia et Sermin Gungor
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage...
