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Takuro Yamashita
2011
Bruno Biais, Florian Heider et Marie Hoerova
We study the optimal design of clearing systems, focusing on counterparty risk insurance and prevention. We study whether decentralized clearing improves on no clearing, and whether centralized clearing generates further improvement. We analyze how counterparty risk should be allocated, whether...
Philippe De Donder et Pierre Pestieau
n° 719, décembre 2011, révision juin 2014
We study the political determination of the level of social long-term care insurance when voters also choose private insurance and saving amounts. Agents di§er in income, probability of becoming dependent and of receiving family help. Social insurance redistributes across income and risk levels,...
Julien Beccherle et Jean Tirole
vol. 95, décembre 2011, p. 1339–1348
The Kyoto and Copenhagen Protocols on climate change mitigation postponed the specification of binding commitments to a future negotiation. This paper analyzes the strategic implications of delayed negotiations. While, as is well-understood, the incentive to free ride leads to excessive emissions...
Marco Bonomo, René Garcia, Nour Meddahi et Roméo Tédongap
vol. 24, n° 1, 2011, p. 82–122
We propose an asset pricing model where preferences display generalized disappointment aversion (Routledge and Zin, 2009) and the endowment process involves long-run volatility risk. These preferences, which are embedded in the Epstein and Zin (1989) recursive utility framework, overweight...
Jean-Marc Blazy, Alain Carpentier et Alban Thomas
vol. 72, 2011, p. 140–150
This paper proposes an ex ante evaluation of the willingness to adopt agro-ecological innovations aimed at reducing pesticide use for banana production in the French West Indies. Four innovative systems, including intercropping, improved fallow and new pest-tolerant varieties, are proposed to a...
Marc Quincampoix et Jérôme Renault
vol. 49, n° 5, 2011, p. 2118–2132
We investigate the limit of the average value of an optimal control problem when the horizon converges to infinity. For this aim, we suppose suitable nonexpansive-like assumptions which does not imply that the limit is independent of the initial state, as is usually done in the literature.
James K. Hammitt, Jin-Tan Liu et W-J Tsai
vol. 49, n° 3, 2011, p. 425–449
This study uses a unique longitudinally-linked employer–employee dataset to estimate the magnitude of bias in estimating the value per statistical life (VSL) that arises from the conventional use of industry-average occupational risk. This unique dataset, covering workers in Taiwan over the period...
Paul Beaudry, Fabrice Collard et Franck Portier
vol. 58, n° 2, 2011, p. 84–97
A flexible price model of the business cycle is proposed, in which fluctuations are driven primarily by inefficient movements in investment around a stochastic trend. A boom in the model arises when investors rush to exploit new market opportunities even though the resulting investments simply...
Jérôme Renault et Tristan Tomala
vol. 1, n° 2, 2011, p. 319–350
Supergames are repeated games in which a fixed known finite one-shot game is repeated over and over. Information about the actions chosen at each stage is provided by a signalling technology. This papers studies the main properties which are valid over this whole class of games, it both surveys...
