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Diego Amaya, Geneviève Gauthier et Thomas-Olivier Léautier
n° 12-330, avril 2012
This paper develops a dynamic risk management model to determine a firm's optimal risk management strategy. The risk management strategy has two elements: first, until leverage is very high, the firm fully hedges its operating cash how exposure, due to the convexity in its cost of capital. When...
Christophe Bontemps, Zohra Bouamra-Mechemache et Michel Simioni
n° 12-335, avril 2012
EU regulation on quality food products (PDO labeling) is expected to sustain competitiveness within the agricultural sector. This paper examines the impact of this policy on the survival of cheese firms over the period 1990-2006 in France. We show that such a policy (Appellation d'Origine Controlee...
avril 2012
Michel Cavagnac et Guillaume Cheikbossian
n° 12-364, avril 2012
This paper analyzes the problem of international environmental cooperation as a coalition formation game. For this purpose, we develop a simple model with three countries of unequal size. Strate- gic interactions between those countries come from the imperfect competition among producers in global...
Roland Bénabou et Jean Tirole
n° 12-367, avril 2012, révision mars 2013
This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on...
Patrick Fève, Julien Matheron et Jean-Guillaume Sahuc
n° 707, avril 2012, révision juillet 2013
This paper is a quantitative investigation into the characteristics of the Laffer curve in a neoclassical growth model with incomplete markets and heterogeneous, liquidity-constrained agents. We show that the shape of the Laffer curves related to taxes on labor, capital and consumption dramatically...
Ingela Alger et Jörgen W. Weibull
vol. 299, avril 2012, p. 42–54
According to [Hamilton, 1964a] and [Hamilton, 1964b] rule, a costly action will be undertaken if its fitness cost to the actor falls short of the discounted benefit to the recipient, where the discount factor is Wright's index of relatedness between the two. We propose a generalization of this rule...
Nolwenn Roudaut et Anne Vanhems
vol. 37, n° 2, avril 2012, p. 155–169
José Féres, Arnaud Reynaud et Alban Thomas
Londres : Chapman and Hall, vol. 44, n° 11, avril 2012, p. 1417–1427
