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Helmuth Cremer, Philippe De Donder, Paul Dudley et Frank Rodriguez
n° 10-148, 2 avril 2010
We build a model where a postal incumbent offering single piece, transactional and advertising mail competes with postal entrants and with a firm offering an alternative medium. We solve for the optimal prices under various competition assumptions. We calibrate the model and provide numerical...
Giuseppe Marco Attanasi, Luca Corazzini et Francesco Passarelli
n° 09-116, mars 2010, révision novembre 2010
Voting is a lottery in which an individual who is uncertain about how the others vote wins if she belongs to the majority or loses if she falls into the minority. The risk of losing can be reduced by increasing the majority threshold. This however has the negative effect of also lowering the chance...
Andrea Attar, Eloisa Campioni et Gwenaël Piaser
mars 2010
We consider multiple-principal multiple-agent games of incomplete information. In this context, we show that restricting principals to propose truth-telling direct mechanisms is problematic: the best reply of a single principal to a given array of offers proposed by his rivals cannot always be...
Andrea Attar, Eloisa Campioni, Gwenaël Piaser et Uday Rajan
In multiple-principal multiple-agent models of moral hazard, we provide sufficient conditions for the outcomes of pure-strategy equilibria in simple mechanisms to be preserved when principals can offer indirect communication schemes. The conditions include strong robustness in the simple mechanism...
Sophie Moinas
n° 10-147, mars 2010
This paper analyzes the rationale for the submission of hidden limit orders, and compares opaque and transparent limit order books. In my sequential model, the limit order trader may be informed with some probability. Both informed and large uninformed liquidity suppliers submit hidden orders in...
Elie Gray et André Grimaud
n° 10-161, mars 2010
This paper exploits the formalization of a circular product differentiation model of Salop (1979) to propose an endogenous growth quality ladder model in which the knowledge inherent in a given sector can spread variously across the sectors of the economy, ranging from local to global influence....
David Bardey, Chiara Canta et Jean-Marie Lozachmeur
n° 10-164, mars 2010
This paper analyzes the regulation of payment schemes for health care providers competing in both quality and product differentiation of their services. The regulator uses two instruments: a prospective payment per patient and a cost reimbursement rate. When the regulator can only use a prospective...
Serge Darolles, Jean-Pierre Florens et Guillaume Simon
n° 10-174, mars 2010
Most of hedge funds databases are now keeping history of dead funds in order to control biases in empirical analysis. It is then possible to use these data for the analysis of hedge funds lifetimes and survivorship. This paper proposes two nonparametric specifications of duration models. First, the...
Jean-Pierre Florens et Anna Simoni
n° 10-176, mars 2010
We propose a Quasi-Bayesian nonparametric approach to estimating the structural relationship ' among endogenous variables when instruments are available. We show that the posterior distribution of ' is inconsistent in the frequentist sense. We interpret this fact as the ill-posedness of the...
Giuseppe Marco Attanasi, Aurora Garcia-Gallego, Nikolaos Georgantzis et Aldo Montesano
n° 10-192, mars 2010
We propose a bargaining process with alternating proposals as a way of solving non-cooperative games, giving rise to Pareto efficient agreements which will, in general, differ from the Nash equilibrium of the constituent games.
