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Yinghua He, Sanxi Li et Jianye Yan
n° 15-559, mars 2015
We show that every (random) assignment/allocation without transfers can be considered as a market outcome with personalized prices and an equal income. One can thus evaluate an assignment by investigating the prices and the induced opportunity sets. When prices are proportional across agents, the...
Ingela Alger, Laurent Lehmann et Jörgen W. Weibull
n° 15-561, mars 2015
A long-standing question in biology and economics is whether individual organisms evolve to behave as if they were striving to maximize some goal function. We here formalize the \as if" question in a patch-structured population in which individuals obtain material payoffs from (perhaps very complex...
Pascal Lavergne
n° 15-562, mars 2015, révision mai 2020
We propose a new theoretical framework to assess the approximate validity of overidentifying moment restrictions. Their validity is evaluated by the divergence between the true probability measure and the closest measure that imposes the moment restrictions of interest. The divergence can be...
Jean-Paul Azam
n° 15-564, mars 2015
This paper uses a provocation model to explain why the initial Muslim coalitions against southern Christians broke up in Sudan and Chad. The need to cooperate was made obvious in Sudan when oil flew in a Chinese-built pipeline running through the Christian rebels’ homeland. Jihad was called off and...
Xavier Irz, Pascal Leroy, Vincent Réquillart et Louis-Georges Soler
n° 15-565, mars 2015, révision juin 2016
The paper develops a framework combining a model of rational behaviour under dietary constraints, an epidemiological model of diet-related mortality, and a life-cycle-analysis model of environmental impact, which permits the ex-ante assessment of dietary recommendations in multiple sustainability...
31 mars 2015
Scott R. Baker, Nicholas Bloom et Steven J. Davis
mars 2015
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage. Our index spikes near tight presidential elections, after both Gulf wars, the 9/11 attacks, and during government shutdowns and debt ceiling debates. Several pieces of evidence – including a human audit of 10,...
Pascal Bégout et Jesus Ildefonso Diaz
vol. 109, n° 1, mars 2015, p. 43–63
We prove some existence (and sometimes also uniqueness) of weak solutions to some station- ary equations associated to the complex Schrodinger operator under the presence of a singular nonlinear term. Among other new facts, with respect some previous results in the literature for such type of...
Robin Greenwood, Augustin Landier et David Thesmar
vol. 115, n° 3, mars 2015, p. 471–485
When a bank experiences an adverse shock to its equity capital, one way to return to target leverage is to sell assets. The price impact of the fire sale may impact other institutions with common exposures, resulting in contagion. We propose a simple framework that accounts for this effect. This...
James P. LeSage et Christine Thomas-Agnan
vol. 55, n° 2, mars 2015, p. 188–208
Spatial interaction or gravity models have been used to model flows that take many forms, for example population migration, commodity flows, traffic flows, all of which reflect movements between origin and destination regions. We focus on how to interpret estimates from spatial autoregressive...
