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Doh-Shin Jeon et Yassine Lefouili
n° 850, 19 mai 2015
We study bilateral cross-licensing agreements among N (> 2) competing firms. We find that the fully cooperative royalty, i.e., the one that allows them to achieve the monopoly profit, can be sustained as the outcome of bilaterally efficient agreements, regardless of whether the agreements are...
7 mai 2015
Claude Crampes et Thomas-Olivier Léautier
5 mai 2015
Abdelaati Daouia, Stéphane Girard et Gilles Stupfler
n° 15-566, avril 2015, révision juillet 2017
We use tail expectiles to estimate alternative measures to the Value at Risk (VaR), Expected Shortfall (ES) and Marginal Expected Shortfall (MES), three instruments of risk protection of utmost importance in actuarial science and statistical finance. The concept of expectiles is a least squares...
Roberta Dessi et Aldo Rustichini
n° 15-567, avril 2015
A large literature in psychology, and more recently in economics, has argued that monetary rewards can reduce intrinsic motivation. We investigate whether the negative impact persists when intrinsic motivation is strong, and test this hypothesis experimentally focusing on the motivation to...
Jean-Paul Décamps et Stéphane Villeneuve
n° 15-570, avril 2015
We develop a bi-dimensional dynamic model of corporate cash management in which shareholders learn about a firm's profitability and weigh the costs and benefits of holding cash. We explicitly characterize the optimal payout policy. We explain how the evolution of the strength of shareholders'...
n° 849, avril 2015
Guido Friebel, Jibirila Leinyuy et Paul Seabright
vol. 68, avril 2015, p. 124–135
We show that in family or household firms, credit constraints can make business investment a direct competitor to educational investment. We test this theory on data collected in Cameroon. Households that are not restricted by credit constraints invest more in education when demand for the product...
Jean-François Bonnefon, Wim De Neys et Astrid Hopfensitz
vol. 47, avril 2015, p. 17–22
People can (to some extent) detect trustworthiness from the facial features of social partners, and populations which underperform at this task are at a greater risk of abuse. Here we focus on situations in which adolescents make a decision whether to trust an unknown adult. Adolescents aged 13-18...
Bret A. Beheim, Michael Gurven, Hillard Kaplan, Felicia C. Madimenos, Jonathan Stieglitz et Benjamin C. Trumble
vol. 156, n° 4, avril 2015, p. 637–648
Evolutionary theories of aging posit that greater reproductive effort causes somatic decline given a fundamental trade-off between investing energy in reproduction and repair. Few studies in high fertility human populations support this hypothesis, and problems of phenotypic correlation can obscure...
