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Lucie Bottega, Dorothée Brécard et Philippe Delacote
vol. 235, n° 111513, février 2024
When information provided by ecolabels is inaccurate and consumers have ambiguous beliefs about the quality of green products, firms can use their advertising strategy in two ways: by informing consumers of the true quality of green goods in order to increase their belief accuracy, or by...
Stefan Ambec et Yuting Yang
vol. 76, n° 101422, février 2024
Trade reduces the effectiveness of climate policies such as carbon pricing when domestic products are replaced by more carbon-intensive imports. We investigate the impact of unilateral carbon pricing on electricity generation in a country open to trade through interconnection lines. We characterize...
Sebastian Thieme
n° 24-160, février 2024
Lobbying expenditures are widely used as a proxy variable for measuring lobbying ac-tivity. However, the validity of this approach has rarely been examined and existing justifications do not account for heterogeneity in lobbyist compensation formats. I address the question using unique lobbying...
Sean Kates et Sebastian Thieme
n° 24-159, février 2024
Why do candidates rely on fundraising event attendees to finance their campaigns? De-spite public concerns around this mode of donation, fundraising events have received little scholarly attention. We use a source of novel data – campaign finance disclosures in four U.S. states which indicate event-...
Nadia Burani et Andrea Mantovani
n° 24-1513, février 2024, révision juillet 2024
We consider a duopolistic market in which a green rm competes with a brown rival, and both rms o¤er vertically di¤erentiated products. Consumers are heterogeneous both in their willingness to pay for intrinsic quality and in their environmental concern. The latter is positively related to the green...
Stéphane Villeneuve, Bruno Biais, Hans Gersbach, Jean-Charles Rochet et Ernst-Ludwig von Thadden
n° 24-1511, février 2024
We analyze dynamic capital allocation and risk sharing between a principal and many agents, who privately observe their output. The state variables of the mechanism design problem are aggregate capital and the distribution of continuation utilities across agents. This gives rise to a Bellman...
Sylvain Chabé-Ferret, Philippe Le Coent, Caroline Lefebvre, Raphaele Préget, François Salanié, Julie Subervie et Sophie Thoyer
n° 24-1512, février 2024
Nudges are increasingly used to alter the behavior of economic agents as an alternative to monetary incentives. However, little is known as to whether nudges can backfire, that is, how and when they may generate effects opposite to those they intend to achieve. We provide the first field evidence...
Marc Arnaudon, Koléhè Coulibaly-Pasquier et Laurent Miclo
n° 24-1510, février 2024
This paper proves that the separation convergence toward the uniform distribution abruptly occurs at times around lnpnq{n for the (time-accelerated by 2) Brownian motion on the sphere with a high dimension n. The arguments are based on a new and elementary perturbative approach for estimating...
n° 24-1509, février 2024
Given an intertwining relation between two finite Markov chains, we investigate how it can be transformed by conditioning the primal Markov chain to stay in a proper subset. A natural assumption on the underlying link kernel is put forward. The three classical examples of discrete Pitman, top-to-...
Laurent Miclo
n° 24-1504, février 2024
Helmholtz decompositions break down any vector field into a sum of a gradient field and a divergence-free vector field. Such a result is extended to finite irreducible and reversible Markov processes, where vector fields cor-respond to anti-symmetric functions on the oriented edges of the...
