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Fabrice Collard, Frédéric Boissay, Jordi Galì et Cristina Manea
2026, à paraître
Pierre Dubois et Gökçe Gökkoca
Antimicrobial resistance (AMR) increases healthcare costs, hospital stays, and mortality. This study examines how AMR affects antibiotic prescribing for cystitis in France (2002–2019), using data from general practitioners. A decision model is developed to capture prescribing behavior with and...
Christian Gollier
Because of risk aversion, any sensible investment valuation system should value less projects that contribute more to the aggregate risk. In theory, this is done by adjusting discount rates to consumption betas. But in reality, most public institutions use a dis-count rate that is rather...
David Martimort et Jérôme Pouyet
Pay-TV firms compete both downstream to attract viewers and upstream to acquire broadcasting rights. Because profits inherited from downstream competition satisfy a Convexity Property, allocating rights to the dominant firm maximizes the industry profit. Such an exclusive allocation of rights...
Ayden Higgins et Koen Jochmans
We consider the problem of identifying the parameters of a time-homogeneous bivariate Markov chain when only one of the two variables is observable. We show that, subject to conditions that we spell out, the transition kernel and the distribution of the initial condition are uniquely recoverable (...
Marc Bourreau, Bruno Jullien et Yassine Lefouili
We study the impact of horizontal mergers on the incentives of merging firms to invest in incremental innovation. We provide a decomposition of this impact that clarifies the various forces at work and the differences between demand-enhancing and cost-reducing innovation. Moreover, we derive...
Andreas Alfons, Aurore Archimbaud, Klaus Nordhausen et Anne Ruiz-Gazen
2026, 27 pages, à paraître
For multivariate data, tandem clustering is a well-known technique aiming to improve cluster identification through initial dimension reduction. Nevertheless, the usual approach using principal component analysis (PCA) has been criticized for focusing solely on inertia so that the first components...
Daniel L. Chen, Jiafeng Chen et Gregory Lewis
We provide some simple theoretical results that justify incorporating machinelearning in a standard linear instrumental variable setting, prevalent in empiri-cal research in economics. Machine learning techniques, combined with sample-splitting, extract nonlinear variation in the instrument that...
Marcel Boyer et Maria Kouyoumijian
U of Toronto Press, 2026, 200 pages, à paraître
Yassine Lefouili et Leonardo Madio
vol. 105, n° 103269, avril 2026
In this paper, we review recent studies on the impact of mergers on investments. We begin by examining how mergers among competing incumbents inf luence firms’ incentives to develop new products and undertake cost-reducing or quality-enhancing investment. We then analyze how an incumbent’s...
