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Sergi Basco et Marti Mestieri
n° 14-531, octobre 2014, révision novembre 2014
We build a dynamic trade model to study how international unbundling of production and the emergence of global supply chains affect the world income distribution. We consider a world where countries only differ in their productivity. The level of productivity determines the number of varieties a...
Thomas-Olivier Léautier
vol. 35, n° 4, octobre 2014, p. 135–158
The advent of "smart meters" will make possible Real Time Pricing of electricity: customers will face and react to wholesale spot prices, thus consumption of electric power will be aligned with its opportunity cost. This article determines the marginal value of a fraction of demand (or a consumer)...
Alexander Guembel et Lucy White
vol. 23, n° 4, octobre 2014, p. 541–569
We demonstrate an inherent conflict between ex ante efficient monitoring and liquidation decisions by outside claimholders. We show it can be useful to commit to inefficient liquidation when monitors fail to produce information: this provides stronger incentives to monitor. The implication for firm...
Antonio Acconcia, Giovanni Immordino, Salvatore Piccolo et Patrick Rey
vol. 116, n° 4, octobre 2014, p. 1116–1159
We develop an agency model of organized crime accounting for the main trade-offs involved by the introduction of an accomplice-witness program. We characterize the optimal policy and identify its main determinants in a framework where public officials can be dishonest. Our predictions are tested by...
Julius Bonart, Jean-Philippe Bouchaud, Augustin Landier et David Thesmar
vol. 2014, octobre 2014
We study a dynamical model of interconnected firms which allows for certain market imperfections and frictions, restricted here to be myopic price forecasts and slow adjustment of production. Whereas the standard rational equilibrium is still formally a stationary solution of the dynamics, we show...
Jean-François Bonnefon et Stefania De Vito
vol. 21, n° 5, octobre 2014, p. 1331–1338
Christian Gollier et James K. Hammitt
vol. 6, octobre 2014, p. 273–295
The choice of the rate at which one should discount the long-term benefits of mitigating climate change is highly controversial. Both the level and the slope of the term structure of discount rates have been discussed intensively in relation to the determination of the social cost of carbon....
Sean Bottomley
vol. 54, octobre 2014, p. 48–63
There are two competing accounts for explaining Britain's technological transformation during the Industrial Revolution. One sees it as the inevitable outcome of a largely exogenous increase in the supply of new ideas and ways of thinking. The other sees it as a demand side response to economic...
Koen Jochmans
octobre 2014, p. 373–382
Jacques Delpla
30 octobre 2014
