Recherche avancée

Jorge Peña, Aviad Heifetz et Georg Nöldeke

n° 23-152, avril 2023, révision octobre 2023

Cooperation usually becomes harder to sustain as groups become larger because incentives to shirk increase with the number of potential contributors to collective action. But is this always the case?Here we study a binary-action cooperative dilemma where a public good is provided as long as not...

Bruno Biais, Christophe Bisière, Matthieu Bouvard, Catherine Casamatta et Albert J. Menkveld

vol. 78, n° 2, avril 2023, p. 967–1014

We offer an overlapping generations equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasizes that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on...

Georges Casamatta

vol. 138, n° 3, avril 2023, p. 195–219

We consider an infinite-horizon economy populated by two types of individuals, some individuals being more productive than others. Individuals live one period and are altruistic toward their children. Assuming that the allocation received by a given individual depends only on his type and the one...

Michele Bisceglia

vol. 71, n° 1, avril 2023, p. 1–46

Consider a three-tier industry with a monopolist supplying a manufacturer which sells its product to final consumers through two retailers. Contracts are linear and secret. Hence, upon receiving an out-of-equilibrium offer, each retailer must form a belief about the identity of the deviating...

Felix Dammann, Néofytos Rodosthenous et Stéphane Villeneuve

n° 23-1430, avril 2023

We introduce a non zero-sum game between a government and a legislative body to study the optimal level of debt. We succeed in characterising Nash equilibria in the class of Skorokhodreflection policies which implies that the legislator imposes a debt ceiling. In addition, we highlight the...

Anders Bondemark, Henrik Andersson et Karin Brundell-Freij

vol. 170, n° 103621, avril 2023

In this paper, we study how the distributional preferences of planners and the public diverge in the context of national infrastructure planning. To do so, we surveyed a sample of 323 planners working at the Swedish Transport Administration and 2,108 members of the Swedish public. The most striking...

Jeffrey A. Friedman

vol. 75, n° 2, avril 2023, p. 280–315

This article explains how leaders can use foreign policy issues to shape their personal images. It argues, in particular, that presidents and presidential candidates can use hawkish foreign policies to craft valuable impressions of leadership strength. This dynamic can give leaders incentives to...

Stefan Ambec et Yuting Yang

n° 23-1422, mars 2023, révision octobre 2023

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...

Michele Bisceglia, Salvatore Piccolo et Emanuele Tarantino

vol. 87, n° 102919, mars 2023

Two firms propose a merger to the antitrust authority. They are uninformed about the efficiencies generated by the merger, but can hire an expert to gather information on their behalf. The authority is also uninformed about the merger’s efficiencies, but can run a costly internal investigation to...

Abdelaati Daouia, Gilles Stupfler et Antoine Usseglio-Carleve

vol. 10, n° 3, mars 2023

Superspreading has been suggested to be a major driver of overall transmission in the case of SARS-CoV-2. It is therefore important to statistically investigate the tail features of superspreading events (SSEs) to better understand virus propagation and control. Our extreme value analysis of...