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Florence Guédas
1 juin 2009
Sylvain Bourjade, Patrick Rey et Paul Seabright
n° 09-041, mai 2009
We study the effect of encouraging private actions for breaches of competition law. We develop a model in which a plaintiff, who may have private information about whether a breach of law has been committed, decides whether to open a case against a defendant. If opened, the case may be settled out...
Sophie Moinas et Sébastien Pouget
n° 09-045, mai 2009
This paper proposes a theory of rational bubbles in an economy with finite trading opportunities. Bubbles arise because agents are never sure to be last in the market sequence. This theory is used to design an experimental setting in which bubbles can be made rational or irrational by varying one...
Frédérique Bec et Christian Gollier
n° 09-035, mai 2009
This paper explores empirically the link between stocks returns Value-at-Risk (VaR) and the state of financial markets cycle. The econometric analysis is based on a simple vector autoregression setup. Using quarterly data from 1970Q4 to 2008Q4 for France, Germany and the United-Kingdom, it turns...
Bruno Biais et Pierre-Olivier Weill
n° 09-037, mai 2009
We propose a dynamic competitive equilibrium model of limit order trading, based on the premise that investors cannot monitor markets continuously. We study how limit order markets absorb transient liquidity shocks, which occur when a significant fraction of investors lose their willingness and...
Christophe Bisière, Jean-Paul Décamps et Stefano Lovo
n° 09-036, mai 2009, révision mai 2012
We conduct a series of experiments that simulate trading in financial markets and which allows us to identify the different effects that subjects’ risk attitudes and belief updating rules have on the information content of the order flow. We find that there are very few risk-neutral subjects and...
Emmanuelle Auriol et Sara Biancini
n° 09-039, mai 2009
The paper studies the impact of market integration on investment incentives in non-competitive industries. It distinguishes between investment in transportation and production cost-reducing technologies. Each domestic firm is controlled by a national regulator in a common market made of two...
Stéphane Couture, Serge Garcia et Arnaud Reynaud
n° 09-044, mai 2009
In an international context of soaring oil prices and growing awareness of the need to combat global warming, wood would appear to be becoming increasingly competitive and desirable for our environment. France is the leading consumer of fuelwood in the EU, mainly for home consumption and for...
Jacques Agabriel, Michel Lherm, Claire Mosnier, Arnaud Reynaud et Alban Thomas
n° 09-046, mai 2009
This paper addresses the issue of agricultural production under both output level and output price risks, in a context of random climatic conditions affecting forage used in beef production. It contributes to the empirical literature by applying the framework proposed by Isik (2002) to derive...
Stéphane Cara, Gaël Goulevant, Florence Jacquet, Marie-Hélène Jeuffroy, Philippe Lucas, Françoise Montfort et Arnaud Reynaud
n° 09-043, mai 2009
This paper addresses the question of summer cover crop adoption by farmers in presence of a risk of yield loss due to take-all disease and climate variability. To analyse the public incentives needed to encourage farmers to adopt summer cover crops as a means of reducing N leaching, we combine...
