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Christian Gollier
n° 718, mai 2012, révision janvier 2013
We examine the characteristics of the optimal insurance contract under linear transaction cost and an ambiguous distribution of losses. Under the standard expected utility model, we know from Arrow (1965) that it contains a straight deductible. In this paper, we assume that the policyholder is...
Catherine Bobtcheff et Thomas Mariotti
vol. 75, n° 1, mai 2012, p. 53–66
We consider a preemption game with two potential competitors who come into play at some random secret times. The presence of a competitor is revealed to a player only when the former moves, which terminates the game. We show that all perfect Bayesian equilibria give rise to the same distribution of...
José Féres et Arnaud Reynaud
Springer Netherlands, vol. 52, n° 1, mai 2012, p. 65–85
This study investigates the impact of formal and informal regulations on environmental and economic performance of Brazilian manufacturing firms. We adopt a dual approach where production technology is represented by a cost function, approximated by a translog form. Pollution is considered as a...
Emmanuelle Auriol et Jean-Luc Demonsant
vol. 42, mai 2012, p. 875–889
This paper examines determinants of schooling in traditional hierarchical societies with an established history of outmigration. In the village, a ruling caste controls local political and religious institutions. For children who do not belong to the ruling caste, migration is a strategy to...
Hippolyte D'Albis et Emmanuel Thibault
Elsevier, vol. 115, n° 2, mai 2012, p. 296–299
We consider a life-cycle model with bequest motives, and assume that the individual does not know his/her survival probability and has maxmin utility preferences;weshow that it is optimal not to annuitize but to purchase pure life insurance policies instead.
Christian Bontemps, Thierry Magnac et Eric Maurin
vol. 80, n° 3, mai 2012, p. 1129–1155
mai 2012
Christian Hellwig, Sebastian Kohls et Laura Veldkamp
vol. 102, n° 3, mai 2012, p. 35–40
Theories based on information costs or frictions have become increasing popular in macroeconomics and macro-finance. The literature has used various types of information choices, such as rational inattention, inattentiveness, information markets and costly precision. Using a unified framework, we...
Maria A. García-Valiñas, Alison Macintyre et Benno Torgler
vol. 21, n° 2, mai 2012, p. 209–231
This paper investigates the relationship between voluntary participation in environmental organisations and the justifiability of littering behaviour. Previous empirical work regarding determinants of littering and littering behaviour remains scarce, particularly in socio-economic analysis. We...
Paul Seabright
Princeton University Press, mai 2012
