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Henrik Andersson, James K. Hammitt, Gunnar Lindberg et Kristian Sundström
n° 11-271, octobre 2011
Stated preference (SP) surveys attempt to obtain monetary values for non-market goods that reflect individuals’ “true” preferences. Numerous empirical studies suggest that monetary values from SP studies are sensitive to survey design and so may not reflect respondents’ true preferences. This study...
Augustin Landier et Guillaume Plantin
n° 11-282, octobre 2011
We model the link between inequality, lack of political commitment, and ex-cessive risk taking. If politicians cannot commit to a long-term tax schedule, increasing returns to tax avoidance induce the middle class to take on non rewarded ?nancial risk despite risk aversion. Electoral pressure may...
Marie Lalanne et Paul Seabright
n° 11-259, octobre 2011
Roberta Dessi, Edoardo Gallo et Sanjeev Goyal
n° 12-362, octobre 2011, révision novembre 2012
We study individual ability to memorize and recall information about friendship networks using a combination of experiments and survey-based data. In the experi- ment subjects are shown a network, in which their location is exogenously assigned, and they are then asked questions about the network...
Bruno Biais, Thierry Foucault et Sophie Moinas
octobre 2011
Algorithms enable investors to locate trading opportunities, which raises gains from trade. Algorithmic traders can also process information on stock values before slow traders, which generates adverse selection. We model trading in this context and show that, for a given level of algorithmic...
Luis Garicano et Thomas Hubbard
Earnings inequality has increased substantially since the 1970s. How much does this reáect decreases in coordination costs caused by improvements in Information Technology that allow individuals to better exploit returns to skill? We provide evidence on this question using conÖdential Census data...
Chiara Canta et Pierre Dubois
n° 690, octobre 2011, révision janvier 2014
This paper studies spousal peer effects on the smoking behaviour and their implication for the health of children through passive smoking. Smoking decisions are modeled as equilibrium strategies of an incomplete information game within the couple. Using data from the French Health Survey 2002-2003...
Jean-Paul Décamps, Thomas Mariotti, Jean-Charles Rochet et Stéphane Villeneuve
vol. 66, n° 5, octobre 2011, p. 1501–1544
We develop a dynamic model of a firm facing agency costs of free cash flow and external financing costs, and derive an explicit solution for the firm’s optimal balance sheet dynamics. Financial frictions affect issuance and dividend policies, the value of cash holdings, and the dynamics of stock...
Racha Ramadan et Alban Thomas
vol. 36, n° 5, octobre 2011, p. 637–645
Stefan Ambec
n° 767, octobre 2011
