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Hans Gersbach, Jean-Charles Rochet et Martin Scheffel
vol. 27, n° 4, juillet 2023, p. 1423–1469
We integrate bank and bond financing into a two-sector neoclassical growth model and identify an automatic stabilization effect due to endogenous bank leverage adjustment. We show that although bank leverage amplifies shocks, the increase of leverage due to a decline in bank equity partially...
Daniel L. Chen
vol. 156, n° 104483, juillet 2023
What is the effect of religious beliefs on economic choices? And in light of this effect, what is the cost of free speech? After Danish newspapers published anti-Muhammad cartoons, the religious status of trade with Denmark changed exogenously in Muslim countries. Exports from Denmark to Muslim...
Benjamin Ouvrard, Raphaele Préget, Arnaud Reynaud et L. Tuffery
vol. 50, n° 3, juillet 2023, p. 1178–1226
We use a discrete choice experiment with treatments to test if voluntary adoption of smart water meters by French farmers can be fostered by (i) a collective conditional subsidy offered to farmers who adopt a smart meter only if the rate of adoption in their geographic area is sufficiently high and...
Thibault Laurent, Christine Thomas-Agnan et Anne Ruiz-Gazen
vol. 4, n° 5, juillet 2023
Spatial autoregressive models have been adapted to model data with both a geographic and a compositional nature. Interpretation of parameters in such a model is intricate. Indeed, when the model involves a spatial lag of the dependent variable, this interpretation must focus on the so-called...
Doh-Shin Jeon et Domenico Menicucci
juillet 2023
We study how data portability affects consumer surplus and firms’ profits in a two-period model with a switching cost where two firms compete under a non-negative pricing constraint. The firms can circumvent the constraint by tying another complementary free service (called ”freebies”) with the...
Pierre Dubois, Elissa Gentry et Tuba Tuncel
n° 23-1459, juillet 2023, révision juin 2025
Off-label use regulation has the potential to change pharmaceutical rms' behavior and|consequently|affect patient welfare. We investigate the impact of two changes in off-label regulation on pharmaceutical rms' behavior in seeking formal market- ing approval for supplementary uses. In 2012, a US...
Abdelaati Daouia, Gilles Stupfler et Antoine Usseglio-Carleve
n° 23-1458, juillet 2023
A substantial body of work in the last 15 years has shown that expectiles constitute an excellent candidate for becoming a standard tool in probabilistic and statistical modeling. Surprisingly, the question of how expectiles may be efficiently calculated has been left largely untouched. We fill...
Shangrong Chen et Estelle Malavolti
vol. 110, n° 102340, juillet 2023
This paper proposes a formal model to assess the introduction of hydrogen technology in the air transport sector when the initial market is uncovered, a situation relevant to the current COVID-19 crisis. The “flight shame” movement causes some passengers to leave the market while allowing for some...
Maria Kleshnina, Christian Hilbe, Stepan Simsa, Krishnendu Chatterjee et Martin A. Nowak
vol. 14, n° 4153, juillet 2023
Many human interactions feature the characteristics of social dilemmas where individual actions have consequences for the group and the environment. The feedback between behavior and environment can be studied with the framework of stochastic games. In stochastic games, the state of the environment...
Pierre Dubois et Gokce Gokkoca
n° 23-1457, juillet 2023, révision janvier 2025
Antimicrobial resistance (AMR) increases hospital stays, medical costs and mortality. Antibiotic consumption and resulting selective pressure on bacteria can create AMR. We study the role of AMR on changes in prescriptions of antibiotics in France for treating bladder inflammation (cystitis) using...
