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Frédéric Cherbonnier et Emmanuel Thibault
3 juillet 2014
Samuel Maistre, Pascal Lavergne et Valentin Patilea
n° 14-501, juin 2014
We address the issue of lack-of-fit testing for a parametric quantile regression. We propose a simple test that involves one-dimensional kernel smoothing, so that the rate at which it detects local alternatives is independent of the number of covariates. The test has asymptotically gaussian...
Christian Gollier
n° 14-499, juin 2014, révision octobre 2014
Weitzman (1998, 2001) proposed a simple “gamma discounting” method to characterize the term structure of discount rates today from the sole distribution of future spot interest rates. This rule which justifies using a smaller discount rate for longer maturities is now used for long-term policy...
Timothy Yeung
n° 14-503, juin 2014
This paper presents a cheap-talk one-sender-multiple-receiver model in which audiences freeride on each other in the context of global environmental protections. The sender observes the magnitude of damage of emission, and sends the same message simultaneously to all audiences, who then play a game...
Jean-Paul Azam (TSE) et Véronique Thelen (University of Rennes)
juin 2014
Ingela Alger et Jörgen W. Weibull
n° 14-504, juin 2014, révision juin 2015
We provide a generalized definition of evolutionary stability of heritable types in arbitrarily large symmetric interactions under random matching that may be assortative. We establish stability results when these types are strategies in games, and when they are preferences or moral values in games...
Christophe Bernard, Marie-Françoise Calmette, Maureen Kilkenny, Catherine Loustalan et Isabelle Pechoux
n° 14-505, juin 2014
We show how a large country’s entrance on world markets can lead to lower and less quality diversity available to consumers rather than more. In our model, autarky quality is directly proportional to the willingness to pay for quality and home market size, and inversely proportional to the cost of...
José-Raimundo Carvalho, Thierry Magnac et Qizhou Xiong
n° 14-506, juin 2014
We evaluate a simple allocation mechanism of students to majors at college entry that was commonly used in universities in Brazil in the 1990s and 2000s. Students first chose a single major and then took exams that select them in or out of the chosen major. The literature analyzing student...
Guillaume Plantin et Huyn Shin
n° 14-512, juin 2014
We offer a model of currency carry trades in which carry traders earn positive excess returns if they successfully coordinate on supply- ing excessive capital to a target economy. The interest-rate differential between their funding currency and the target currency is their coor- dination device....
Bruno Biais, Florian Heider et Marie Hoerova
n° 14-522, juin 2014
Derivatives activity, motivated by risk-sharing, can breed risk taking. Bad news about the risk of the asset underlying the derivative increases the expected liability of a protection seller and undermines her risk prevention incentives. This limits risk-sharing, and may create endogenous...
