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This note analyzes the socially optimal allocation of liability when both consumers and the environment incur harm from the activity of a monopolistic firm. We show that the marginal welfare effect from a greater extent of loss shifting depends on the domain of harm (consumer vs. environment) and the relationship between the harm level and the level of output (proportional vs. non-proportional). Starting from the relevant benchmark of full compensation in both domains, reducing the firm’s liability for environmental harm is welfare-improving whereas reducing the firm’s liability for consumer harm is welfare-decreasing when harm increases more than proportionally with the quantity produced.

International audience; The debate on intellectual property that has been sparked by the COVID-19 pandemic tends to view vaccines and treatments as simple products whose manufacturing recipe needs only to be disseminated in order to make them available to all, especially to people in developing countries. When one takes into account the fact that the production of vaccines and treatments actually involves multiple technologies patented by several different entities, this debate is enriched: a third route can be identified, which is both more balanced than the options of simply maintaining or suspending patents on which the discussions are focused, without being reduced to a simple compromise between these two extremes. This article proposes a model to analyze the consequences of the implementation of a patent pool whose mission is to improve access to products on the final market. Its pricing policy is compared with two reference scenarios corresponding to the absence of a patent pool, on the one hand, and to the existence of a pool seeking to maximize the profit of innovators, on the other. The analysis highlights the positive role that a non-profit organization such as the Medicines Patent Pool can play in the global governance of the response to the pandemic.; Le débat sur la propriété intellectuelle qu’a suscité l’épidémie de COVID-19 tend à considérer vaccins et traitements comme de simples produits dont il suffirait de diffuser la recette de fabrication pour permettre leur accès à tous, et notamment aux populations des pays en développement. Quand on prend en compte le fait que la production des vaccins et traitements fait en réalité appel à de multiples technologies brevetées par plusieurs entités distinctes, ce débat s’enrichit : une troisième voie peut être identifiée, qui est à la fois plus équilibrée que les options du simple maintien ou au contraire de la suspension des brevets sur lesquelles se focalisent les discussions, sans pour autant se réduire à un simple compromis entre ces deux extrêmes. Cet article propose un modèle permettant d’analyser les conséquences de la mise en place d’un panier de brevets dont la mission est d’améliorer l’accès aux produits sur le marché final. Sa politique tarifaire est comparée avec deux scénarios de référence correspondant à l’absence de panier de brevets, d’une part, et à l’existence d’un panier cherchant à maximiser le profit des innovateurs, d’autre part. L’analyse permet de mettre en lumière le rôle positif que peut jouer une organisation à but non lucratif telle que le Medicines Patent Pool dans la gouvernance mondiale de la réponse à la pandémie.

This article explores Argentinean perceptions and attitudes towards the COVID-19 pandemic. The analysis is based on a telephone survey conducted with a representative sample of 1000 respondents. The analysis shows that Argentines have overwhelmingly approved the health and economic policies followed by their government, and, as a result, have adopted the recommended health behaviour. Among the many factors that have influenced Argentines' perceptions and attitudes, trust in institutions (president, governor, mayor) and, to a lesser extent, to the medical and scientific community emerges as a major determinant. Among the emotions, fear also proves to be a powerful driver of compliance with health regulations. Finally, the results underline the importance of social shock support measures, which help to reduce the costs associated with precautionary behaviour. These findings are robust to the inclusion of a wide set of socio-demographic control variables such as age, gender, education level, place of residence, and individuals’ economic status.; Cet article explore les perceptions et attitudes des argentins face à l’épidémie de COVID-19 à partir d’une enquête téléphonique menée auprès d’un échantillon représentatif de 1000 répondants. L’analyse montre que les argentins ont massivement approuvé la politique sanitaire et économique suivie par leur gouvernement, et, en conséquence, modifié leur comportement. Parmi les nombreux facteurs qui ont influencé les perceptions et attitudes des argentins, la confiance dans les institutions (président, gouverneur, maire) et, dans une moindre mesure, dans la communauté médicale et scientifique ressort comme un déterminant majeur de l’adhésion des argentins à l’ensemble de la politique menée ainsi que du respect des mesures de distanciation sociale et des gestes barrière. Parmi les émotions, la peur s’avère également un puissant moteur du respect des consignes sanitaires. Les résultats soulignent enfin l'importance des mesures d’accompagnement du choc social, qui permettent de réduire les coûts associés aux comportements de précaution. Ces conclusions sont robustes à l'inclusion d'un vaste ensemble de variables de contrôle sociodémographiques telles que l’âge, le genre, le niveau d’éducation, le lieu de résidence, et le statut économique des individus.

International audience

This paper seeks to answer two main questions: whether restaurants using a national brand to capture customers in fact use original national ingredients for producing food and, in cases where original ingredients are not used, what is the economic rationale behind this choice? Specifically, the study focuses on Japanese restaurants in three Southeast Asian countries, using a theoretical model and an empirical investigation based on interviews and survey data collected through field research. Considering restaurants, their suppliers, and their customers, we show how a dual asymmetric-information problem exists, between suppliers and restaurants and between restaurants and their customers. The results indicate that a first reason for buying non-original ingredients—important especially for cheaper restaurants—is a desire to reduce costs. That said, the use of non-original ingredients occurs among all types of Japanese restaurants in the three studied countries. It does not depend on the presence of a Japanese chef or owner, nor on the share of Japanese customers. By contrast it does significantly depend on the reliability of the wholesale channel, and the resultant difficulties that restaurants encounter when buying original ingredients.

International audience; This study aimed at assessing the role of travel information provision on behavioral changes in daily mobility in the metropolis of Montpellier in France. We focused on commuter behavior using data collected through an online survey on mobility behavior during the summer of 2015. We found that while 73% of commuters respondents use travel information sources, only 31% of them declared any mobility behavior change. This study explores the impact of specific factors such as socio-demographic variables (e.g., age and gender) and transportation habits (e.g., public transportation pass, travel time, and safety margin). As an operational measure of the prudent behavior, safety margin highlights the threshold effect of travel information provision on behavioral changes. Indeed, three commuter profiles can be distinguished according to their prudence levels: chronically non-prudent, reasonably prudent, and excessively prudent. Finally, the study highlights that travel information provision alone may not be enough to induce a shift in behavioral changes among commuters toward more environment-friendly modes of transportation.

International audience

International audience

In summary, the study on the positive law of Logistics Service Provider's (LSP) liability has achieved three essential objectives. Firstly, it has provided an account of the nature of the obligations of the LSP, which required a thorough analysis of contractual qualifications. Secondly, the study examined recent jurisprudence to shed light on the LSP's liability in light of new technologies and emphasized the importance of the duty to provide information imposed on the LSP. Lastly, practical considerations were addressed, particularly regarding the contractual clauses governing the LSP's liability and the inappropriate labeling of general terms and conditions of sale (CGV).This study has revealed the crucial significance of the LSP's liability, not only in the contractual sphere but also in the tort sphere. Indeed, enhanced liability contributes to the effectiveness of the system by deterring breaches. The landmark decision of July 10, 2019, by the Commercial Chamber of the Court of Cassation played a decisive role in clarifying the contours of the LSP's liability and emphasizing the duty to provide information.In practice, it is crucial to ensure the proper drafting of contractual clauses governing the LSP's liability. The use of the term "general terms and conditions of logistics services" (CGP) instead of "general terms and conditions of sale" (CGV) is a necessary rectification to reflect the specific nature of the logistics service contract.In conclusion, this study on the positive law of Logistics Service Provider's liability highlights the importance of understanding and applying the specific legal obligations incumbent upon these providers. It provides a solid foundation for a better understanding of the issues and practices related to LSP liability in the logistics field.; En résumé, l'étude portant sur la responsabilité du Prestataire de Services Logistiques (PSL) a permis de répondre à trois objectifs essentiels. Tout d'abord, elle a rendu compte de la nature des obligations du PSL, ce qui a nécessité une analyse approfondie des qualifications contractuelles. Ensuite, cette étude a examiné la jurisprudence récente pour éclairer la responsabilité du PSL à la lumière des nouvelles technologies et a souligné l'importance de l'obligation d'information qui pèse sur le PSL. Enfin, la pratique a été abordée, notamment en ce qui concerne les clauses contractuelles régissant la responsabilité du PSL et l'appellation inappropriée des conditions générales de vente (CGV).Il ressort de cette étude que la responsabilité du PSL revêt une importance capitale, non seulement dans la sphère contractuelle, mais également dans la sphère délictuelle. En effet, une responsabilité renforcée contribue à l'effectivité du dispositif en dissuadant les manquements. L'arrêt du 10 juillet 2019 de la Chambre commerciale de la Cour de cassation a joué un rôle décisif en clarifiant les contours de la responsabilité du PSL et en soulignant l'obligation d'information qui lui incombe.Dans la pratique, il est crucial de veiller à la rédaction adéquate des clauses contractuelles régissant la responsabilité du PSL. L'utilisation de l'appellation "conditions générales de prestations logistiques" (CGP) plutôt que "conditions générales de vente" (CGV) est une rectification nécessaire pour refléter la nature spécifique du contrat de prestations logistiques.En somme, cette étude sur le droit positif de la responsabilité du PSL met en évidence l'importance de comprendre et d'appliquer les obligations juridiques spécifiques qui incombent à ces prestataires. Elle offre une base solide pour une meilleure compréhension des enjeux et des pratiques liés à la responsabilité du PSL dans le domaine de la logistique.

In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side effects in terms of prices, quantities, and landlords’ strategic behavior. We develop a theoretical framework capturing the key features of first-generation rent control policies and Berlin-specific aspects. Using a rich pool of detailed rent advertisements, predictions are tested, and further empirical causal inference techniques are applied for comparing price trajectories of dwellings inside and outside the policy’s scope. Mechanically, advertised rents drop significantly upon the policy’s enactment. A substantial rent gap along Berlin’s administrative border emerges, and rapidly growing rents in Berlin’s (unregulated) adjacent municipalities are observed. Landlords started adopting a hedging strategy insuring themselves against the risk of contractually long-term fixed low rents following a potentially unconstitutional law. Whereas this hedge was beneficial for landlords, the risk was completely borne by tenants. Moreover, the number of available properties for rent dropped significantly, a share of which appears to be permanently lost for the rental sector. This hampers a successful housing search for first-time renters and people moving within the city. Overall, negative consequences for renters appear to outweigh positive ones. This paper was accepted by Victoria Ivashina, finance. Funding: This research benefits from funding by the FNR Luxembourg National Research Fund [CORE Grant 3886] (ASSESS) and the OeNB Anniversary Fund [Grant 18767] (LocHouse). M. Fongoni further thanks the Department of Economics at the University of Strathclyde for support and acknowledges funding from the French government under the “France 2030” investment plan managed by the French National Research Agency [Reference ANR-17-EURE-0020] and from the Excellence Initiative of Aix-Marseille University - A*MIDEX. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4775 .

I make use of the characteristics of more than 6000 rock bands to empirically analyze if and how the stability of their members helps them to get a higher level of success. Bands cover all genres of Rock music (from Country to Punk), and their performance is assessed by having a song ranked in Billboard 100. Analyzing how the turn-over of members of a band affects their performance, it appears that the total number of musicians that left the band (compared to the actual number of musicians) – used as an indicator of instability –positively impacts the probability of a success. This may reveal that more talented musicians tend to be recruited after the departure of founding members, or that new members bring fresh ideas. The latter interpretation is supported by another result, showing that solo artists have a higher probability of success than bands. Finally, I also show that bands that come back to the stage after a split do not perform better.

[Extrait] Cette publication s'inscrit dans le cadre des travaux du pôle de spécialité Villes et Mobilités de l'Université Lumière Lyon 2. Le pôle regroupe des enseignants-chercheurs de disciplines diverses autour de thèmes liés aux dynamiques urbaines et de mobilité et à leur gouvernance. Sont représentées dans le pôle des disciplines comme la géographie, l'économie, la gestion, le droit, l'urbanisme, l'aménagement, la sociologie, l'histoire, l'histoire de l'art et les langues. Cette variété témoigne de la diversité des approches des territoires et des mobilités à l'Université Lumière Lyon 2. À partir de ces entrées disciplinaires, les enseignants-chercheurs travaillent sur des thèmes comme la mobilité, le tourisme, les projets et les stratégies urbaines et territoriales, l'environnement, l'espace, le transport ou encore les modes de vie. Cet ouvrage rassemble des travaux des membres du pôle ayant trait directement à la métropole de Lyon et à ses évolutions. Il propose des textes de statuts différents : certains auteurs présentent les résultats de recherches récentes, tandis que d'autres proposent davantage un travail de synthèse de leurs travaux. Ainsi, cet ouvrage donne à voir les dynamiques multiples qui font de Lyon une métropole en mouvement, dans des temporalités et à des échelles différentes. La métropole représente en ce sens un cas d'étude intéressant pour beaucoup de chercheurs et pour toute personne intéressée par les dynamiques urbaines à l'œuvre à Lyon en particulier, et plus généralement dans les métropoles. Le fil rouge de l'ouvrage s'articule autour du mouvement. Il renvoie à l'idée de déplacement au sens strict et, au-delà, à l'évolution ou à la croissance, mais également à l'animation, à l'impulsion ou encore à l'élan. Dans cet esprit, l'ouvrage est structuré en trois grands thèmes. La première partie, « Produire la métropole », s'intéresse à l'évolution institutionnelle de la communauté urbaine à la métropole, aux politiques de déplacement et à la façon dont la métropole se structure pour accueillir les activités économiques. La deuxième partie, « Vivre la métropole », développe les enjeux autour de l'immobilier et de l'habitat, des relations de voisinage et de l'appropriation des quartiers. Une troisième partie, « Ouvrir la métropole », envisage le développement touristique et revient sur les liens entre la métropole et l'extérieur, à travers notamment les transports et l'immigration.

[Extrait] Les chapitres de cet ouvrage portent fortement sur les dimensions institutionnelles, sociales, économiques et physiques de la ville ... […] Les travaux présentés dans cet ouvrage sont autant de pistes pour alimenter la réflexion, mais d'autres existent et il est important de croiser les différentes approches. L'évolution des façons de produire, de vivre et d'ouvrir la ville constitue un champ de recherche divers et complexe, mais essentiel et d'actualité, qui se caractérise par l’interaction permanente entre la recherche et l'action. Par son dynamisme, la métropole lyonnaise est un terrain intéressant et pertinent pour aborder ce champ. Cela offre de belles perspectives de recherche pour les universitaires impliqués dans le pôle de spécialité Villes et Mobilités de l’Université Lumière Lyon 2, et au-delà.

International audience; In Europe, migration flows are often related to work reasons. For some countries with tight and/or aging labor markets and facing long-term hiring difficulties in specific sectors, recruiting foreign-born employees could be a promising solution in the coming years. However, improving the professional integration of these migrants remains a big challenge.To better understand the mechanisms of this integration, we focus on the career trajectories of foreign-born workers based on the European survey SHARE. Thanks to the retrospective SHARELIFE component of this survey, it is possible to reconstruct professional careers year by year. We reach several interesting conclusions using the sequence analysis methodology and descriptive indicators suited to studying individual trajectories.Our results confirm a greater complexity of migrant careers compared to natives. This complexity either takes the form of greater precarity (low-skilled or episodic employment) or results from more frequent upward transitions, especially for migrants from OECD countries. Thus, although migrant workers often experience overqualification for their first job, a form of catch-up seems possible. Finally, it should be noted that the careers of second-generation migrants (whose parents were both born abroad) no longer significantly differ from natives, which indicates successful long-term integration.; En Europe, d’importants mouvements migratoires sont liés à des raisons professionnelles. Certains pays, dont le marché du travail est tendu et/ou vieillissant, connaissent des difficultés de recrutement durables dans certains secteurs. L’embauche de collaborateurs nés à l’étranger peut alors constituer une solution prometteuse pour les années à venir. Encore faut-il que l’intégration professionnelle de ces migrants soit réussie : voilà le défi à relever.Pour mieux comprendre les mécanismes de cette intégration, nous nous intéressons aux trajectoires de carrière des travailleurs nés à l’étranger, sur la base de l’enquête européenne SHARE. Grâce au volet rétrospectif SHARELIFE, il est possible de reconstituer les carrières professionnelles année par année. En utilisant la méthodologie de l’analyse de séquences, ainsi que des indicateurs permettant la description de trajectoires individuelles, nous parvenons à plusieurs conclusions. Nos résultats confirment une plus grande complexité des carrières de migrants, comparativement aux natifs. Cette complexité se manifeste soit sous la forme d’une plus grande précarité (emploi peu qualifiés et/ou épisodiques), soit au travers de transitions ascendantes plus fréquentes, en particulier pour les travailleurs originaires de pays de l’OCDE. Bien qu’une surqualification des travailleurs migrants soit observable pour leur premier emploi, une forme de rattrapage semble donc possible. Enfin, on notera que les migrants de seconde génération (dont les deux parents sont nés à l’étranger) ne se distinguent plus significativement des natifs, ce qui témoigne d’une intégration réussie à plus long terme.

National audience

International audience; Le contexte mais aussi les problèmes structurels de la péninsule enrayent le plan de relance pour lequel Bruxelles a déjà gelé le versement de la prochaine tranche.

International audience; By relying on province-level data from Italy, this paper empirically studies the factors that correlate with the development of third sector organizations (TSOs) in the Italian territory. Moving beyond traditional explanations of TSOs development based on population heterogeneity theories, our analysis points to the role of public institutions as key driving factors of Italian TSOs development. It specifically suggests that public authorities may shape the development of TSOs through three different, albeit interconnected, institutional dimensions: (1) control of corruption—that is, design and implementation of policies and regulations to prevent corruption and strengthen trust in the relationships between public authorities and TSOs; (2) rule of law—that is, creation of stable legal frameworks to reduce the uncertainty faced by TSOs when collaborating with the public sector and to limit arbitrary decisions by politicians and bureaucrats; (3) government effectiveness—that is, improving governments’ credibility and administrative capacity to provide grants and funds to TSOs for social and public services delivery.

International audience; We utilize a natural experiment, an education reform increasing compulsory schooling from 5 to 8 years in Turkey, to obtain endogeneity-robust estimates of the effect of male education on the incidence of domestic violence against women. We find that husband's education lowers the probability of physical, emotional, and economic violence. Schooling lowers also the likelihood of having an arranged marriage and makes men less inclined to engage in various socially unacceptable behaviors. We show that these findings are very robust to alternative regression specifications and restricted sample estimation. Finally, we argue that assortative mating implies that the educational outcomes of the two spouses are correlated. Our findings are robust to accounting for the husbands' and wives' education jointly. Moreover, when we separate the two effects, we show that the favorable effect of education can be attributed causally to men's education rather than to the education of their wives.

Several representativeness issues affect the available data sources in studying populations' income distributions. High-income under-reporting and non-response issues have been evidenced to be particularly significant in the literature, due to their consequence in underestimating income growth and inequality. This paper bridges several past parametric modelling attempts to account for high-income data issues in making parametric inference on income distributions at the population level. A unified parametric framework integrating parametric income distribution models and popular data replacing and reweighting corrections is developped. To exploit this framework for empirical analysis, an Approximate Bayesian Computation approach is developped. This approach updates prior beliefs on the population income distribution and the high-income data issues pressumably affecting the available data by attempting to reproduce the observed income distribution under simulations from the parametric model. Applications on simulated and EU-SILC data illustrate the performance of the approach in studying population-level mean incomes and inequality from data potentially affected by these high-income issues.

This short report analyzes the definition of the salvage value of a component within an wider project investment analysis. The analysis shows that the classical definition is close but not exactly consistent from an economic point of view. For an exact economic consistency of the salvage value, we derive an alternate definition using a more complex formula. This formula is equivalent to the classical definition when the discount factor is zero up to second order factors.

International audience; This paper investigates the impact of financial innovations (mobile money) on financial inclusion. Using both parametric and nonparametric methods on panel data from 50 African countries over the period 2004–2020, we find that mobile money adoption positively affects financial inclusion. Indeed, the results from propensity score matching show that mobile money adoption promotes financial inclusion in a range of 12–14 %. These results stem from the match between the services offered to individuals and their needs. Our results remain robust to a battery of robustness checks, including alternative measures of financial inclusion, alternative sample, heterogeneity analysis, as well as alternative estimation method. Overall, this study contributes to the construction of a hitherto underdeveloped literature on the macroeconomic impact of mobile money in the context of digitalization of the financial system.

International audience; Coastal ecosystems provide a wide range of ecosystem services (ES) subject to strong human pressure and are included in conservation policies that aim to increase their resilience. Implementing resilience measures requires knowledge of the public perceptions of social-ecological systems so that commitment to environmental protectionmay be enhanced. Few studies address public percepion of the evolution of social-ecological systems and integrate the diversity of ES (regulating, provisioning and cultural). This article is based on a survey of 476 inhabitants and deals with their perceptions of past (50 years) and future (+15 years) ES. It focuses on the Thau lagoon (French Mediterranean) that offers many ES and where managers prioritize traditional uses such as shellfish farming and fishing. Respondents’ answers were compared with the results of scientists’ and experts’ evaluations to assess the level of public knowledge. The results indicate consistency in the qualitative and quantitative responses of local residents concerning the long-term evolution of ES and show them to have a fairly sound knowledge. However, there are some differences in trends with substantial variation for several ES probably related to judgement or anchoring biases. Furthermore, a majority of local residents had a mixed perception of local structuring ES. This innovative approach to the perceptions of ES momentum suggests that improved conservation policies must: (i) take into account the different communication and awareness requirements of people and (ii) integrate local knowledge through dialogue.

Countries with greater commodity export intensity have more concentrated markets for imported goods. Within countries over time, import market concentration is associated with higher domestic prices, suggesting that markups due to greater concentration outweigh any potential cost efficiency. Hydrocarbon fuel exporting economies especially have higher tariffs, tariff evasion, and non-tariff measures that concentrate markets. These results suggest a novel channel for the resource curse stemming from the monopolization of imports.

Si le passage à l’Anthropocène révèle la capacité de l’homme à transformer l’ensemble du système terrestre, les théories économiques ont de tout temps, minimisé ce changement d’époque géologique, préférant focaliser leur attention sur la dynamique du système capitaliste ou la sacro-sainte croissance économique. Si des limites à la croissance sont bien mentionnées, elles restent cantonnées à des contraintes socio-techniques (pénurie de main d'œuvre, coût élevé du capital, prix des matières premières, faiblesse des investissements, absence de prise de risques des entrepreneurs…). Tout laisse à penser que les sociétés, par essence économiques, se seraient libérées des limites biophysiques. L’Anthropocène montre au contraire que ces limites imposent un réencastrement de l’économie dans l’environnement et dans le social. La question du temps, souvent réduite au court terme et à des questions de statique ou de dynamique dans la théorie économique, impose de penser l’avenir, sans pour autant reposer sur une extrapolation du passé. Dès lors, les théories économiques doivent proposer un corpus d’hypothèses et de concepts susceptibles de forger de nouveaux paradigmes, plus à même de se représenter les futurs possibles

International audience; This paper introduces the class of quasi score-driven (QSD) models. This new class inherits and extends the basic ideas behind the development of score-driven (SD) models and addresses a number of unsolved issues in the score literature. In particular, the new class of models (i) generalizes many existing models, including SD models, (ii) disconnects the updating equation from the log-likelihood implied by the conditional density of the observations, (iii) allows testing of the assumptions behind SD models that link the updating equation of the conditional moment to the conditional density, (iv) allows QML estimation of SD models, (v) and allows explanatory variables to enter the updating equation. We establish the asymptotic properties of the QLE, QMLE and MLE of the proposed QSD model as well as the likelihood ratio and Lagrange multiplier test statistics. The finite sample properties are studied by means of an extensive Monte Carlo study. Finally, we show the empirical relevance of QSD models to estimate the conditional variance of 400 US stocks.

International audience; For an infinite horizon economy with complete contingent markets, bankruptcy risk and default penalties (given by linear loss in utils), Araujo and Sandroni (Econometrica 67(3): 663–672, 1999) and Araujo et al. (J Econ Theory 165:242–256, 2016) show that if agents’ posteriors of their average probabilistic beliefs do not converge in the long run, then a competitive equilibrium without bankruptcy does not exist. The first contribution of this paper is to show that even if all agents have homogenous beliefs, the existence of an equilibrium is guaranteed only under stringent conditions on default penalty rates. In order to discourage agents from making promises that they know in advance they will not be able to honor, default penalty rates must be large enough. Are the “real-life” default penalties sufficiently harsh? Since utility penalties are difficult to measure in practice, we propose to address this question by replacing the “reduced-form” linear loss in utils with pecuniary punishments in the line of Kehoe and Levine (Rev Econ Stud 60:865–888, 1993). We show that, independently of the severity of the pecuniary punishment, an equilibrium without bankruptcy never exists.

International audience; In this paper, we model a performance measure of water utilities, considering an undesirable output: the amount of water lost within the network during distribution. We improve three methodological approaches in traditional production technology modeling with an undesirable output. We first adapt the model to the specificities of water production and distribution network. We then extend the analysis to include the economic objectives of three different stakeholders - a regulator that seeks to preserve this natural resource, the operator who wants to maximize his profit, and the consumer who seeks maximum consumption - in the context of a developing country with unfulfilled water demand. Finally, using our model, we estimate the economic value of lost water by its shadow marginal cost, which enables us to evaluate the cost of loss on the water grid in each of the scenarios. We then propose an empirical application for water production in Côte d’Ivoire.

In this paper, we use the risk apportionment technique of Eeckhoudt, Rey and Schlesinger (2007) to study higher order risk preferences for others’ health as well as ex-ante and ex-post inequality preferences for social risky distributions, and their interaction. In an experiment on a sample of university students acting as impartial spectators, we observe risk aversion towards social health losses and a dislike of ex-ante inequality. In addition, evidence for ex-post inequality seeking is much weaker than evidence for ex-ante inequality aversion. Because ex-ante inequality aversion is unrelated to risk aversion, we conclude that simple forms of utilitarianism are not relevant for individual judgment of social risk over health. Last, our investigation of precautionary distribution, which would occur when one particular group in the society suffers from background health risk, shows substantial polarization of preferences.

International audience; This paper highlights the procyclical and unstable behaviour of mutual funds, characterized by a varying sensitivity on common asset pricing factors. It proposes a novel factor model that allows for regime changes associated with macroeconomic and financial state variables. Estimated on a panel covering 825 US equity mutual funds over a period of 30 years, it appears that the yield curve, the dividend yield, short term interest rates and the industrial production coincide with regimes switches in the Fama-French factors. Furthermore, the estimated regimes coincide with financial crises and economic downturns, thus confirming the procyclical behaviour of mutual funds' returns. These findings, coupled with the emerging systemic role of mutual funds, promote the consideration for a specific macroprudential regulatory framework targeted at the mutual fund industry.

International audience

International audience; We use an experimental asset market with eye-tracker measurements for a novel exploration of the cognitive validity of a classic heterogeneous trader taxonomy. Following a top-down approach, we assume that the patterns of attention and information acquisition are governed by one of the three trading strategies, either feedback, passive, or speculative. In line with our first hypothesis, speculators seek information about market expectations. Notwithstanding the two other hypotheses, feedback traders reveal patterns of attention and information acquisition that could ex ante be expected from passive traders, and vice versa.

International audience; The research aims to empirically investigate the banks' capital structure determinants by considering 386 listed and unlisted banks categorized into 74 IBs, 256 CBs, and 56 HBs from 20 countries for 2008-2016 based on corporate and regulatory approaches. The main findings are interesting. From a corporate approach, we find differences between IBs, CBs and HBs regarding the determinants of their capital structure which offer an empirical confirmation of the reduced information asymmetry in an Islamic finance context. From a regulatory approach, the findings show similarities regarding the negative impact of deposit insurance schemes on the regulatory capital for all types of banks. When focusing on IBs, we evidence that banks subject to Shari'ah-compliant deposit insurance schemes hold lower capital than those subject to conventional deposit insurance schemes.

Recent empirical analysis of income distributions are often limited by the exclusive availability of data in a grouped format. This data format is made particularly restrictive by a lack of information on the underlying grouping mechanism and sampling variability of the grouped-data statistics it contains. These restrictions often result in the unavailability of an analytical parametric likelihood function exploiting all information available in the grouped data. Building on recent methods for inference on parametric income distributions for this type of data, this paper explores a new Approximate Bayesian Computation (ABC) approach. ABC overcomes the restrictions posed by grouped data for Bayesian inference through a non-parametric approximation of the likelihood function exploiting simulated data from the income distribution model. Empirical applications of the proposed ABC method in both simulated and World Bank's PovCalNet data illustrate the performance and suitability of the method for the typical formats of grouped data on incomes.

DR LEO 2023-02, DR LEO - Working paper LEO - 2023-02

DR LEO 2023-03, DR LEO - Working paper LEO - 2023-03

International audience; A common practice in many auctions is to offer bidders an opportunity to improve their bids, known as a best and final offer stage. This improved bid can depend on new information either about the asset or about the competitors. This paper examines the effects of new information regarding competitors, seeking to determine what information the auctioneer should provide assuming the set of allowable bids is discrete. The rational strategy profile that maximizes the revenue of the auctioneer is the one where each bidder makes the highest possible bid that is lower than his valuation of the item. This strategy profile is an equilibrium for a large enough number of bidders, regardless of the information released. We compare the number of bidders needed for this profile to be an equilibrium under different information structures. We find that it becomes an equilibrium with fewer bidders when less additional information is made available to the bidders regarding the competition. It follows that when the number of bidders is a priori unknown, there are some advantages to the auctioneer not revealing information and conducting a one-stage auction instead.

International audience; We propose an inertial proximal point method for variational inclusion involving difference of two maximal monotone vector fields in Hadamard manifolds. We prove that if the sequence generated by the method is bounded, then every cluster point is a solution of the non-monotone variational inclusion. Some sufficient conditions for boundedness and full convergence of the sequence are presented. The efficiency of the method is verified by numerical experiments comparing its performance with classical versions of the method for monotone and non-monotone problems.

International audience; Using the TYDL causality test, this paper attempts (i) to investigate the existence of shift contagion among a large spectrum of financial markets during recent stress and stress-free periods and (ii) to propose a new approach of portfolio management based on the minimization of the causal intensity. During the COVID-19 crisis period, the shift contagion analysis not only reveal a tripling of the causal links between the markets studied, but also a change in the causal structure. Beyond the initial impact of the COVID-19 crisis on financial markets, policy interventions seem to have helped in reassuring market participants that the further spread of financial stress would be mitigated. However, the Russian-Ukrainian conflict, and the high degree of uncertainty it entailed, has again exacerbated the interdependencies between financial markets. In terms of portfolio analysis, our minimum-causalintensity approach records a lower (respectively higher) reward-to-volatility ratio than the Markowitz (1952 & 1959) minimum-variance traditional approach during the pre-COVID-19 (respectively prewar) period. On the other hand, both approaches, the one we propose in this paper and the minimum-variance approach, record negative reward-to-volatility ratios during crisis periods.

The article examines stock index price responses in Brazil, Chile and Mexico to those in the US, Spain and four European countries during three sub-periods surrounding the neoliberal reforms of the 1990s: 1988 to 1994, 1995 to 1998, and 1999 to 2004, using VAR modeling. It finds that equity markets became more interconnected as countries opened to international trade and capital flows, and that there was an increasing impact of Spain on Latin American equity markets. Stronger economic linkages (more trade and foreign direct investment) between Spain and these countries, specially in Brazil, seem to explain increased equity markets interconnectedness.

International audience; We study price personalization in a two period duopoly with horizontally differentiated products. In the second period, a firm has collected detailed information on its old customers, using it to engage in price personalization. Customers, when returning to buy, may choose to incur a cost in order to access the standard offer of their previous provider in addition to its personalized offer and the standard offer of its rival. The analysis confirms that firms’ second period profits are boosted when consumers are active in this sense (being equal to perfect price discrimination ones when initial market hares do not differ too much) but it reveals that this advantage is dissipated and possibly over-dissipated by the resulting fierce first-period competition for the market. Two-period aggregate profits are smaller with active customers provided the consumers are naive and/or the firms patient enough. Consumers’ access to both personalized and standard firms’ offers which benefit the oligopolists in mature markets may plausibly hurt them in emergent ones. The equilibrium is shown not to depend on the level of the cost as long as it is below some critical value.

International audience; In this article, we study the economic impact of international migration in Tunisia over the period 1970–2017. In line with data statistical properties, the estimation of vector autoregression (VAR) models shows that an exogenous change in the net migration rate has a positive and significant effect on national production per capita, whereas its effect on employment rate is not significant. The migration shock has a positive and significant effect on productivity and does not reduce the average employee compensation.; Dans cet article, nous analysons l’impact économique des migrations internationales en Tunisie sur la période 1970–2017. L’estimation de modèles vectoriels autorégressifs (VAR), en accord avec les propriétés statistiques des séries, montre qu’un choc exogène qui augmente le taux de solde migratoire a un effet positif et significatif sur la production nationale par habitant, tandis que les effets sur le taux d’emploi ne sont pas significatifs. Le choc migratoire a un effet positif et significatif sur la productivité, et ne réduit pas la rémunération moyenne des salariés.

Energy poverty is a new growing dimension of inequality in both developed and developing economies. Here, we develop an empirical model to examine the linkage between fuel poverty, income, and high housing costs in developing countries. Our analysis focuses on Egypt, a country that has undergone rapid development and significant energy reforms in recent years. Employing a probit and ordered multinomial framework to data from the Egyptian HIECS Survey, a nationally representative sample of both households and dwellings, we estimate the fuel, income, and housing cost-induced poverty extent and their key determinants. Our results show that households with low income, high energy, and high housing expenses represent approximately 16.4% of the total population, and 7.44% have low income, high energy, and low housing expenses. Our findings on critical factors driving LIHC poverty types (e.g., house type and family size) have some important policy implications for understanding the fuel poverty phenomenon and inequality reduction in Egypt, not only for the LIHC definition but also for any indicator of (fuel) poverty involving the posthousing (energy cost) concept. 175

International audience; In France, the horsemeat market has been declining for about 50 years and has become a specialized market. Our study aims to understand this decline with regard to the drivers and practices of consumers and non-consumers of this meat, in order to estimate the potential for this market development. To study horsemeat consumption, we analyze two sets of data: two large-scale surveys carried out on the French general population, and one ad-hoc survey focusing more specifically on the representations of horses and horsemeat. Our results underline the potential for increasing horsemeat consumption from a sustainability perspective. The question of moral acceptance remains a determining factor in the consumption of this meat. Once this factor is taken into account, horsemeat appears relevant in the diversification of animal protein consumption because of its particular nutritional and environmental properties and similar culinary use to that of other red meats. Horsemeat can thus lay claim to becoming a sustainable alternative to beef consumption.