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26 août 2009
Augustin Landier
14 août 2009
Christian Gollier
n° 09-068, juillet 2009
We investigate the comparative statics of "more ambiguity aversion" as defined by Klibanoff, Marinacci and Mukerji (2005) in the context of the static two-asset portfolio problem. It is not true in general that more ambiguity aversion reduces the demand for the uncertain asset. We exhibit some...
Roberta Dessi et Salvatore Piccolo
n° 09-059, juillet 2009, révision juin 2013
We develop a theory of the emergence of merchant guilds as an efficient mechanism to foster cooperation between merchants and rulers, building on the natural complementarity between merchants’ market trading and mutual monitoring. Unlike existing models, we focus on local merchant guilds, rather...
André Blais, Jean-François Laslier, Nicolas Sauger et Karine Van Der Straeten
n° 09-065, juillet 2009
We report on laboratory experiments on voting. In a setting where subjects have single-peaked preferences we find that the rational choice theory provides very good predictions of actual individual behavior in one-round and approval voting elections, but fares poorly in explaining vote choice under...
Bruno Jullien et In-Uck Park
n° 09-086, juillet 2009, révision 29 janvier 2014
We show that sellers may earn reputation for their \ability" to deliver high quality goods on average by honestly announcing the realised quality of items for sale every period. As the expected revenue stream from continuing with honest communication increases with their ability, high ability...
Jean-Pierre Florens et Erwann Sbaï
n° 10-166, juillet 2009
This paper studies identification for a broad class of empirical games in a general functional setting. Global identification results are known for some specific models, for instance in some standard auction models. We use functional formulations to obtain general criteria for local identification...
David Martimort, Jean-Christophe Poudou et Wilfried Sand-Zantman
n° 09-058, juillet 2009
