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James K. Hammitt, Jin-Tan Liu et Meng-Wen Tsou
n° 11-273, décembre 2011
This paper examines the causal effect of parental schooling on children’s schooling using a large sample of adoptees from Taiwan. Using birth-parents’ education to help control for selective placement of children with adoptive parents, we find that adoptees raised with more highly educated parents...
Giuseppe Marco Attanasi, Aurora Garcia-Gallego, Nikolaos Georgantzis et Aldo Montesano
n° 11-274, décembre 2011
We apply an alternating proposals protocol with a confirmation stage as a way of solving a Prisoner’s Dilemma game. We interpret players’ proposals and (no) confirmation of outcomes of the game as a tacit communication device. The protocol leads to unprecedented high levels of cooperation in the...
Philippe De Donder et Pierre Pestieau
n° 11-305, 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,...
Christoph Rothe et Dominik Wied
2011
Enno Mammen, Christoph Rothe et Melanie Schienle
Takuro Yamashita
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...
n° 719, décembre 2011, révision juin 2014
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...
