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Astrid Hopfensitz
n° 09-087, 30 septembre 2009
When investment is repeated, previous outcomes (winning/losing) as well as the current budget level (gain/loss domain) influence decisions. The first is related to the so-called "gamblers fallacy". The second to value function relative to some reference point. Both effects have been extensively...
Bruno Biais
25 septembre 2009
Guillaume Cheikbossian
n° 09-085, 24 septembre 2009
This paper analyzes the ability of group members to cooperate in rent-seeking activities in a context of between-group competition. For this purpose, we develop an infinitely repeated rent-seeking game between two groups of different size. We first investigate Nash reversion strategies to support...
Jean-Michel Bezat
18 septembre 2009
Augustin Landier et David Thesmar
16 septembre 2009
Violaine Le Gall
Paul Seabright
15 septembre 2009
Helmuth Cremer, Philippe De Donder et Pierre Pestieau
14 septembre 2009
Jean Tirole
n° 09-083, 12 septembre 2009, révision février 2010, 42 pages
The recent crisis was characterized by massive illiquidity. This paper reviews what we know and don't know about illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first explains why liquidity cannot easily be apprehended through a...
