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Année 2012

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Working papers - documents de travail du CREM}}

 

 Année 2012 <a id="Année 2012"></a>

  • 2012-42 - Thomas Cadet, Sophie Larribeau, Thierry Pénard
    « Network effects, Customer Satisfaction and Recommendation on the Mobile Phone Market »
  • 2012-41 - Karine Picot-Coupey
    « Pop-up stores as a foreign operation mode for retailers »
  • 2012-40 - Sophie Lecostey
    « Permanent uncertainty, employment protection, and firms’ location »
  • 2012-39 - Cécile Bazart, Aurélie Bonein
    « Reciprocal Relationships in Tax Compliance Decisions »
  • 2012-38 - David Masclet, Emmanuel Peterle, Sophie Larribeau
    « The Role of Information in Deterring Discrimination : A New Experimental Evidence of Statistical Discrimination »
  • 2012-37 - David Masclet, Emmanuel Peterle, Sophie Larribeau
    « Une mesure expérimentale de la discrimination homme-femme à l’embauche »
  • 2012-36 - David Masclet, Emmanuel Peterle, Sophie Larribeau
    « Gender Differences in Competitive and Non Competitive Environments : An Experimental Evidence »
  • 2012-35 - Younes Ben Zaïed, Siagh Ahmed Ramzi
    « Les déterminants du succès entrepreneurial ; Une étude empirique de la région de Sfax en Tunisie »
  • 2012-34 - Jean Bonnet, Thomas Brau
    « L’entreprise innovante, un symbole pour son créateur »
  • 2012-33 - Marie-Estelle Binet, Fabrizio Carlevaro, Michel Paul
    « Estimation of Residential Water Demand with Imprecise Price Perception »
  • 2012-32 - Mathieu Bunel, Gilles Raveaud
    « Union Membership does not pay : Evidence from recent French Micro Data »
  • 2012-31 - Jean Bonnet, Marcus Dujardin, Antonia Madrid-Guijarro
    « Toward the Entrepreneurial Society »
  • 2012-30 - Fabrice Le Lec, Benoît Tarroux
    « On attitude towards choice - Some experimental evidence of choice aversion »
  • 2012-29 - Khadidja Benallou, Jean Bonnet, Mohammad Movahedi
    « Organizational Innovation and its Link with Technological Innovation in SMEs : Empirical Evidence for Lower Normandy – France »
  • 2012-28 - Daniel Danau, Annalisa Vinella
    « Optimal contract with private information on cost expectation and variability »

    GIF

  • 2012-27 - Daniel Danau, Annalisa Vinella
    « Public-private contracting under limited commitment »
  • 2012-26 - Simon Cornée
    « The Relevance of Soft Information for Predicting Small Business Credit Default : Evidence from a Social Bank »
  • 2012-25 - Nidhaleddine Ben Cheikh
    « Long Run Exchange Rate Pass-Through : Evidence from New Panel Data Techniques »
  • 2012-24 - Frédéric Gavrel, Jean-Pascal Guironnet, Isabelle Lebon
    « Mismatch, On-the-job Training, and Unemployment »
  • 2012-23 - Mathieu Bunel
    « Évaluer un dispositif sectoriel d’aide à l’emploi : l’exemple des hôtels, cafés et restaurants de 2004 à 2009 »
  • 2012-22 - Marie-Estelle Binet, François Facchini
    « Okun’s Law in the French Regions : A Cross-Regional Comparison »
  • 2012-21 - Joan Crespo, Raphaël Suire, Jérôme Vicente
    « Lock-in or lock-out ? How structural properties of knowledge networks affect regional resilience ? »
  • 2012-20 - Pascaline Vincent, Frérdéric Chantreuil, Benoït Tarroux
    « Appraising the breakdown of unequal individuals in large French cities »
  • 2012-19 - Abderrahmane Ziad, Khadidja Benallou, Daniel Danau
    « On Cournot Markets »
  • 2012-18 - Jean-Sébastien Pentecôte
    « Fear of a two-speed monetary union : what does a basic correlation scatter plot tell us ? »
  • 2012-17 - Thierry Pénard, Nicolas Poussing, Gabriel Zomo Yebe, Philémon Nsi Ella
    « Comparing the Determinants of Internet and Cell Phone Use in Africa : Evidence from Gabon »
  • 2012-16 - Benoît Tarroux
    « Appraising two-Dimensional Inequality : A Questionnaire-Experimental Approach »
  • 2012-15 - Rahobisoa Herimalala, Olivier Gaussens
    « X-Efficiency of Innovation Processes : Evaluation Based on Data Envelopment Analysis »
  • 2012-14 - Ujjayant Chakravorty, Marie-Hélène Hubert, Michel Moreaux, Linda Nøstbakken
    « Do Biofuel Mandates Raise Food Prices ? »
  • 2012-13 - Marie-Estelle Binet, Alain Guengant, Matthieu Leprince
    « Overlapping jurisdictions and demand for local public services : does spatial heterogeneity matter ? »
  • 2012-12 - Mathieu Bunel, Elisabeth Tovar
    « Local Job Accessibility Measurement : When the Model Makes the Results. Methodological Contribution and Empirical Benchmarking on the Paris Region »
  • 2012-11 - Rozenn Perrigot, Bruno Oxibar, Frédérique Déjean
    « Determinants of Corporate Social Disclosure in the Franchising Sector : Insights from French Franchisors’ Websites »
  • 2012-10 - Rozenn Perrigot, Isabelle Piot-Lepetit, Gérard Cliquet
    « Plural Form and Franchise Chains Efficency : A Dea Meta-Frontier Approach applied to French Chains »
  • 2012-09 - Anne-Laure Le Nadant, Frédéric Perdreau
    « Do Private Equity Firms Foster Innovation ? Evidence from French LBOs »
  • 2012-08 - Éric Avenel, Stéphane Caprice
    « Collusion and downstream entry in a vertically integrated industry »
  • 2012-07 - Michael Arnold, Éric Darmon, Thierry Pénard
    « To Sponsor or Not to Sponsor : Sponsored Search Auctions with Organic Links »
  • 2012-06 - Rozenn Perrigot, Thierry Pénard
    « Determinants of E-commerce adoption by franchisors : Insights from the U.S. market »
  • 2012-05 - Éric Avenel, Clémence Christin
    « Equilibrium strategic overbuying »
  • 2012-04 - Jean Bonnet
    « Entrepreneurship and Economic Development »
  • 2012-03 - Guy Gilbert, Alain Guengant, Benoît Le Maux, Yvon Rocaboy
    « Une étude économétrique de la dépense publique locale : Le cas des départements français »
  • 2012-02 - Litsa Alexandra, Maguet Jean-François
    « College Choice Mechanism : The Respect of the Vagueness of Choices »
  • 2012-01 - Ahmed Doghmi, Abderrahmane Ziad
    « On Partial Honesty Nash Implementation » GIF

     


Working papers 2012 - documents de travail du CREM}}


  • Network effects, Customer Satisfaction and Recommendation on the Mobile Phone Market
Creation-Date déc-12
Auteur /Author Thomas Cadet, University of Rennes 1 - CREM UMR CNRS 6211, France
Auteur /Author Sophie Larribeau, University of Rennes 1 - CREM UMR CNRS 6211, France
Auteur /Author Thierry Pénard, University of Rennes 1 - CREM UMR CNRS 6211, France
Mots clés / Keywords network effect, mobile operator, satisfaction, recommendation, customer referral
Classification-JEL : D12, L96
Abstract On mobile phone markets that have reached the maturity stage, customer recommendation becomes a critical focus for operators to attract subscribers from rival operators. Referral propensity is also an indicator of subscriber satisfaction and loyalty. The aim of this paper is to examine the factors that influence customer recommendation. Precisely, we want to know whether referral propensity is more driven by supply-side effects (i.e. characteristics of mobile services) or demand-side effects (i.e. network effects). We use data from French subscriber surveys. The main findings are that referrals depend primarily on supply-side effects : operators’ brand image, the price and quality of services, and customer relations. Price, however, is considered to be a less significant factor than the quality of service when it comes to recommending an operator. Also, information on services and the variety of offerings available, as well as network effects, do not seem to influence referral propensity.
Lien / download 201242.pdf

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  • Pop-up stores as a foreign operation mode for retailers
Creation-Date nov-12
Auteur /Author Karine Picot-Coupey, Graduate School of Management (IGR-IAE), University of Rennes1 - CREM UMR CNRS 6211, France
Mots clés / Keywords pop-up store, foreign operation mode, retailing, internationalisation
Classification-JEL :
Abstract "Purpose : The purpose of this research is (1) to describe the characteristics of a pop-up store in an international context, (2) to investigate the motives for its choice and (3) to analyse how it is managed.
Design/methodology/approach : A multiple-case study was adopted. Research was carried out through secondary data sources, social media observation and semi-structured interviews with senior managers in charge of developing and managing pop-up stores internationally. A conceptualizing content analysis was carried out manually and using NVivo software.
Findings : The main results concern :

  • the characteristics of an international pop-up store : location, design and architecture, merchandise mix and events associated to the store are key characteristics that exhibit differences ;
  • the three motives for its choice : testing and adapting the concept to foreign consumers who are unfamiliar with ; raising and sustaining the international profile of a retail brand ; developing relationships networks with stakeholders in foreign markets ;
    ’- its management : the management of pop-up stores as foreign operation modes is dynamic. It varies from mode switch at the entry stage to mode combination at the further expansion stage.
    Research limitations/implications : The research results suggest avenues for future research,especially about how the concept of international pop-up store will evolve over time.
    Practical implications : The research provides guidelines to international retail managers in order to choose a pop-up store as a FOM in appropriate situations.
    Originality/value : The research brings new understanding into the characteristics, the motives for the choice and the management of a pop-up store in an international context."
Lien / download 201241.pdf

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  • Permanent uncertainty, employment protection, and firms’location
Creation-Date nov-12
Auteur /Author Sophie Lecostey, University of Caen Basse-Normandie - CREM UMR CNRS 6211
Mots clés / Keywords oligopoly, strategic behavior, commitment, flexibility, employment protection, trade costs, firms’ location
Classification-JEL : F12, F16, L13
Abstract It is often argued that firms need flexibility in order to better face demand uncertainty. As employment protection legislation (EPL) impacts the cost of volume adjustments available to firms, it constrains the volume flexibility that they can achieve. Weakening EPL might thus be thought of as a desirable policy, in particular for when firms are deciding where to locate. On the other hand, it is well known that in an oligopolistic setting, flexibility is not necessarily an advantage. The aim of this paper is to analyze the consequences that different EPL regimes may have on firms’ location decisions. It shows that the country characterized by the strongest EPL can nevertheless attract firms under demand uncertainty (either in an agglomeration equilibrium, or in a dispersion equilibrium), and highlights the respective and combined roles played by trade costs and strategic interaction. Moreover, it shows that if firms compete in prices, they will never agglomerate in the country with the lowest EPL.
Lien / download 201240.pdf

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  • Reciprocal Relationships in Tax Compliance Decisions
Creation-Date nov-12
Auteur /Author Cécile Bazart, LAMETA, University of Montpellier I, France
Auteur /Author Aurélie Bonein, University of Rennes 1 - CREM UMR CNRS 6211, France
Mots clés / Keywords Behavioral economics ; Experimental economics ; Fairness ; Tax evasion ; Tax compliance
Classification-JEL : H26 ; C91
Abstract Reciprocity considerations are important to the tax compliance problem as they may explain the global dynamics of tax evasion, beyond individual tax evasion decisions, toward a downward or upward spiral. To provide evidence on reciprocity in tax compliance decisions, we have conducted a laboratory experiment in which we introduced two types of inequities. The first type of inequity is called vertical, because it refers to inequities introduced by the government when it sets different fiscal parameters for identical taxpayers, while the second type of inequity is called horizontal because it refers to the fact that taxpayers may differ in tax compliance decisions. In this setting, taxpayers may react to a disadvantageous or advantageous inequity through negative or positive reciprocal behaviors, respectively. Our results support the existence of negative and positive reciprocity in both vertical and horizontal cases. When both inequities come into play and may induce reciprocal behaviors in opposite directions, the horizontal always dominates the vertical.
Lien / download 201239.pdf

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  • The Role of Information in Deterring Discrimination : A New Experimental Evidence of Statistical Discrimination
Creation-Date oct-12
Auteur /Author David Masclet, University of Rennes 1 - CREM UMR CNRS 6211, France and CIRANO, Montréal, Canada
Auteur /Author Emmanuel Peterle, University of Rennes 1 - CREM UMR CNRS 6211, France
Auteur /Author Sophie Larribeau, University of Rennes 1 - CREM UMR CNRS 6211, France
Mots clés / Keywords real effort experiment ; statistical discrimination ; taste based discrimination ; performance
Classification-JEL : C90, C92, J15, J16
Abstract This paper investigates experimentally gender and race discrimination in hiring decisions through a simple controlled setting where employers can observe workers’ individual characteristics before recruiting them. In this paper, we explore whether discrimination, if any, is statistical or taste-based. For this purpose, we varied across our treatments the level of information available to the employer during the hiring stage regarding workers’ potential ability. When no relevant information on ability is provided, we observe both significant gender and race discrimination. The introduction of information on ability or competitiveness reduces discrimination significantly, suggesting that discrimination is mainly due to a lack of information rather than preferences. Our findings indicate however that the reduction in discrimination strongly depends on the nature of the additional information available.
Lien / download 201238.pdf

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  • Une mesure expérimentale de la discrimination homme-femme à l’embauche
Creation-Date août-12
Auteur /Author David Masclet, University of Rennes 1 - CREM UMR CNRS 6211, France and CIRANO, Montréal, Canada
Auteur /Author Emmanuel Peterle, University of Rennes 1 - CREM UMR CNRS 6211, France
Auteur /Author Sophie Larribeau, University of Rennes 1 - CREM UMR CNRS 6211, France
Mots clés / Keywords expérience en effort réel ; discrimination ; genre ; performance
Classification-JEL : C90, C92, J15, J16
Abstract Le marché du travail offre de nombreux exemples de discrimination, tant au niveau des salaires que dans les recrutements. Cet article a pour objectif de contribuer à la littérature en mettant en évidence l’existence de pratiques discriminatoires à l’embauche dans le cadre d’une expérience en laboratoire en effort réel. Dans cette expérience, l’employeur (le principal) doit recruter un employé (l’agent) afin de réaliser un effort de production. Le principal résultat de cette étude est qu’en l’absence d’une information pertinente sur la productivité des agents, le principal fonde sa décision d’embauche sur des signaux tels que le sexe ou le niveau de diplôme de l’agent. Ces résultats traduisent l’existence d’une discrimination à l’embauche à l’égard des femmes. De plus, cette discrimination n’a pas pour origine un favoritisme intra-groupe et serait potentiellement de nature statistique. Nous montrons à travers cette expérience l’intérêt de l’usage des expérimentations en laboratoire comme outils pertinents afin de tester les mécanismes amenant à la discrimination et l’efficacité des actions visant à sa disparition.
Lien / download 201237.pdf

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  • Gender Differences in Competitive and Non Competitive Environments : An Experimental Evidence
Creation-Date juil-12
Auteur /Author David Masclet, University of Rennes 1 - CREM UMR CNRS 6211, France and CIRANO, Montréal, Canada
Auteur /Author Emmanuel Peterle, University of Rennes 1 - CREM UMR CNRS 6211, France
Auteur /Author Sophie Larribeau, University of Rennes 1 - CREM UMR CNRS 6211, France
Mots clés / Keywords Experiment, Gender differences, Tournament Scheme, Flat Wage Scheme
Classification-JEL : C91, J16, J31, M52
Abstract We present a new experimental design that permits us to explore gender differences in both performance and compensation choice. We design a game in which participants are asked to choose between a flat wage and a tournament scheme and to perform under each scheme. Our data indicate that men and women of similar ability differ in both performance and compensation choice. Men are more likely to choose a tournament than a flat wage scheme. These findings reflect both higher women (men)‟s concerns for equality (competitive preferences) and stronger men‟s overconfidence. Our data also indicate significant gender differences in effort provision. Men increase significantly more their effort than women when moving from a flat wage to a tournament. More surprisingly, our data show that women provide significantly more effort than men under a flat wage scheme despite the absence of any penalty for shirking and the fastidious and boring dimension of the task. This gender gap remains highly significant after controlling for several individual and social preferences. As such, we believe that an interpretation in terms of gender differences in intrinsic motivation is the most consistent with all of our experimental findings
Lien / download 201236.pdf

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  • Les déterminants du succès entrepreneurial ; Une étude empirique de la région de Sfax en Tunisie
Creation-Date oct-12
Auteur /Author Younes Ben Zaied, Université de Rennes1 - CREM UMR CNRS 6211, France & Université de Tunis-Elmanar- LAREQUAD, Tunisie
Auteur /Author Siagh Ahmed Ramzi, Université Kasdi-Merbah Ouergla, Algérie
Mots clés / Keywords PME, entrepreneurs, succès, PLS, variables latentes
Classification-JEL : L26, D87
Abstract Dans cet article, nous nous intéressons aux comportements de l’entrepreneur de la région de Sfax en Tunisie qui est connu par son dynamisme, sa motivation et sa créativité. Pour ce faire, nous avons mené une analyse statistique appliquée basée sur les modèles d’équations structurelles estimés par la méthode PLS. Notre investigation empirique nous a amené à conclure que les caractéristiques individuelles, la capacité entrepreneuriale et la motivation de l’entrepreneur sfaxien sont les facteurs clés qui déterminent son succès remarquable par rapport aux entrepreneurs des autres régions en Tunisie. Cette étude nous permet de dresser une image de l’entrepreneuriat en Tunisie spécialement dans une région particulièrement concentrée vers le business, afin de soulever un constat sur les prototypes d’entrepreneurs émergeant dans cette région. Un tel constat soulève des idées et questions intéressantes au regard des institutions financières, d’investissement et des politiques d’accompagnement et de soutien proposées par l’Etat
Lien / download 201235.pdf

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  • L’entreprise innovante, un symbole pour son créateur
Creation-Date oct-12
Auteur /Author Jean Bonnet, University of Caen Basse-Normandie - CREM UMR CNRS 6211, France
Auteur /Author Thomas Brau, Docteur en Sciences Economiques, chargé de mission
Mots clés / Keywords entrepreneurship, socioeconomic challenges, education, sustainability, regulation
Classification-JEL : L26, D87, D89
Abstract Highlighting that the new innovative company is a symbol has the advantage to characterize in a simple way the complex psychological operations among the entrepreneurs. Despite this advantage this field of investigation has not been explored in entrepreneurship. To fill the gap this article shows that the symbol exists and discloses a form of control of the environment that have existed in last jobs of the creator in four areas : creativity, intellectual stimulation, variety and altruism.
Lien / download 201234.pdf

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  • Estimation of Residential Water Demand with Imprecise Price Perception
Creation-Date oct-12
Auteur /Author Marie-Estelle Binet, University of Rennes 1 - CREM, UMR CNRS 6211
Auteur /Author Fabrizio Carlevaro, University of Geneva, Department of Economics, Switzerland
Auteur /Author Michel Paul, CEMOI, University of Réunion, France
Mots clés / Keywords billing information, price perception, residential demand for water, time unbalanced panel data.
Classification-JEL : D12, C26, Q25.
Abstract Based on a detailed sample of time unbalanced panel data on residential water consumption in the French overseas territory of Réunion, we investigate which water price specification should be included in an econometric analysis of residential water demand. To identify the relevant price variable, we estimate the residential demand function for water using the perceived price methodology developed by Shin (1985). The empirical results support the hypothesis that households respond to the average price perceived from the latest water bill. Households facing an increasing block rate schedule perceive a price of water that is generally lower than its actual marginal price. This conclusion emphasizes the relevance of a marginal price information policy to promote water saving.
Lien / download 201233.pdf

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  • Union Membership does not pay : Evidence from recent French Micro Data
Creation-Date sept-12
Auteur /Author Mathieu Bunel, University of Caen Basse-Normandie - CREM UMR CNRS 6211, France
Auteur /Author Gilles Raveaud, Institut d’Etudes Européennes, Université Paris 8 Saint-Denis
Mots clés / Keywords Union wage premium, union membership, employer-employee data, propensity score method, separated equations method
Classification-JEL : J31, J71.
Abstract We used a French employer–employee representative survey to estimate, within private firms covered by union contracts, the union member wage premium. Our estimates are based on several methods : ordinary least squares with averaged individual characteristics at the workplace level, the propensity score and separated equations. We found no wage penalty for free riders, except for blue collar and office workers. But even for these workers, the estimated wage premium is very small. Globally, in France, union membership does not seem to be motivated by monetary raisons. This situation could explain the low level of union membership observed.
Lien / download 201232.pdf

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  • Toward the Entrepreneurial Society
Creation-Date juin-12
Auteur /Author Jean Bonnet, University of Caen Basse-Normandie - CREM UMR CNRS 6211, France
Auteur /Author Marcus Dejardin, Université Catholique de Louvain, IMMAQ CIRTES
FUNDP-University of Namur, CERPE, Belgium
Auteur /Author Antonia Madrid-Guijarro, Technical University of Cartagena, Financial Economics and Accounting Department, Spain
Mots clés / Keywords entrepreneurship, socioeconomic challenges, education, sustainability, regulation
Classification-JEL : L26, M13, I25, O10
Abstract Not only growth but better growth is required to address the tremendous challenges that European economies are facing. More entrepreneurs and more entrepreneurial firms -new and innovative firms- can contribute. A variety of factors may be considered to promote entrepreneurship among young people, and innovative activities among firms. Education is certainly one of the most relevant. The need to create a more favourable social climate for new businesses requires not only changing the state of mind but also improving globally the skills of entrepreneurs. It is also important to identify the most favourable context for the creation and development of sustainable, innovative companies, especially during economic crisis. This paper has been prepared to introduce and present original contributions from scholars in economics, management and sociology, that are collected in a book entitled The Shift to the Entrepreneurial Society : A Built Economy in Education, Sustainability and Regulation, to be published by Edward Elgar Publishing in July 2012.
Lien / download 201231.pdf

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  • On attitude towards choice - Some experimental evidence of choice aversion
Creation-Date août-12
Auteur /Author Fabrice Le lec, Catholic University of Lille and LEM, UMR CNRS 8179
Auteur /Author Benoît Tarroux, University of Rennes 1 - CREM, UMR CNRS 6211 - IDEP
Mots clés / Keywords Choice Aversion, Choice Attitude, Hyperchoice, Freedom of Choice, Choice Overload
Classification-JEL : C91 ; D03 ; D63
Abstract This paper investigates how people value choice. The experiment consists of eliciting subjects’ willingness to accept for various choice sets. This approach allows us to assess whether prior to making their decision, people appreciate a wider set of options or not. In contrast with the existing literature, our experimental protocol controsl for several parameters usually left aside and provides an environment where usual explanations are unlikely to hold, e.g., complexity of task. Our results suggest that on average individuals are choice averse : the value of a choice set is significantly and robustly lower than the one of its preferred element.
Lien / download 201230.pdf

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  • Organizational Innovation and its Link with Technological Innovation in SMEs : Empirical Evidence for Lower Normandy – France
Creation-Date juil-12
Auteur /Author Khadidja Benallou, Phd student - Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Jean Bonnet, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Mohammad Movahedi, Phd student - Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Mots clés / Keywords Indicators of organizational innovation, product and process innovation, innovation strategy, quality of human resources, training
Classification-JEL : D23, O33, C81, C2
Abstract In the present study, we define synthetic and relevant indicators of organizational innovation and measure the link of these indicators with various types of technological innovations (product innovation, process innovation, and hybrid innovations). They are constructed from sixteen variables reflecting organizational innovation with the aid of multiple correspondence analysis (MCA) method. The variables are grouped in five categories corresponding to different aspects of organizational changes, such as training & qualification, knowledge management, production management, quality, and market transaction. We then use a regression to estimate the link between organizational innovation indicators and technological innovations (product, process and their interaction). The original database exploited is part of the IDEIS project and relates to a representative sample of 90 SMEs in Lower Normandy - France. Our estimated indicators interpret the Intensity of the implementation of the Organizational Changes (IOC) and the orientation of the Organizational Innovation Strategies adopted (OIS). We find a positive and significant link between IOC and technological innovation (product innovation, process innovation, and hybrid innovations), particularly so for product innovation. However, we find no clear link between the choice of the OIS and technological innovation.
Lien / download 201229.pdf

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  • Optimal contract with private information on cost expectation and variability
Creation-Date juin-12
Auteur /Author Daniel Danau, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Annalisa Vinella, Università degli Studi di Bari « Aldo Moro », Italy
Mots clés / Keywords Multidimensional screening ; Sequential screening ; Expected cost ; Cost variability ; Marginal surplus function
Classification-JEL : D82
Abstract A multidimensional-and-sequential screening problem arises in a framework where the agent is privately informed about expected cost and cost variability and, subsequently, learns the realized cost as well. As the principal’s marginal surplus function becomes less concave/more convex, the optimal mechanism reflects progressively stronger incentives to mimic less inefficient types, and to misrepresent the cost variability relative to the expected cost. When the principal’s knowledge imperfection about the cost variability is sufficiently less important than that about the expected cost, quantities are pooled with respect to the former for a high-expected-cost agent. A low-expected-cost agent is not assigned the first-best output at least in some state of nature.
Lien / download 201228.pdf

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  • Public-private contracting under limited commitment
Creation-Date juin-12
Auteur /Author Daniel Danau, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Annalisa Vinella, Università degli Studi di Bari « Aldo Moro », Italy
Mots clés / Keywords public-private contracting ; limited commitment ; duration ; private funds ; debt ; guarantees ; replacement cost
Classification-JEL : D82, H57, H81
Abstract A government delegates construction and operation of an essential facility to a private firm. When parties sit at the contracting table, they are uncertain about the operating cost. At the construction stage, the firm can improve its distribution by exerting some non-contractible effort. As soon as the facility is in place, the firm learns the realized cost privately. In case any of the parties breaks down the relationship and the firm is replaced during the operation phase, the government bears a cost that is more important the earlier the interruption, relative to the stipulated duration. We show that, under limited commitment, the optimal full-commitment allocation is implementable if and only if the firm holds some minimum amount of own funds that can be destined to the project, it is able to borrow funds for that specific project, and the replacement cost is sufficiently high. Implementation is made by instructing the firm to invest some intermediate amount of own and borrowed funds, by conditioning the loan guarantee (provided under the aegis of a third party not suffering from commitment problems) on the outcome of the potential renegotiation process between the government and the firm, and by setting duration neither too short nor too long. Making duration contingent on the realized operating cost helps the government lessen the more concerning between moral-hazard and commitment problems.
Lien / download 201227.pdf

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  • The Relevance of Soft Information for Predicting Small Business Credit Default : Evidence from a Social Bank
Creation-Date juin-12
Revision-Date sept-15
Auteur /Author Simon Cornée, University of Rennes 1 - CREM, UMR CNRS 6211 et CERMi
Mots clés / Keywords Credit Default Prediction, Credit Rating, Relationship Lending, Social Banking
Classification-JEL : G21, M21
Abstract Using a unique, hand-collected database of 389 small loans granted by a French social bank dealing with genuinely small, informationally opaque businesses (mainly social enterprises), our study highlights the relevance of including soft information (especially on management quality) to improve credit default prediction. Comparing our findings with those of previous studies also reveals that the more opaque the borrower, the higher the predictive value of soft information in comparison with hard. Finally, a cost-benefit analysis shows that including soft information is economically valuable once collection costs have been accounted for, albeit to a moderate extent.
Lien / download 201226.pdf

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  • Long Run Exchange Rate Pass-Through : Evidence from New Panel Data Techniques
Creation-Date juin-12
Auteur /Author Nidhaleddine Ben Cheikh, University of Rennes 1 - CREM, UMR CNRS 6211
Mots clés / Keywords Exchange Rate Pass-Through, Import Prices, Panel Cointegration, Panel Threshold
Classification-JEL : C23, E31, F31, F40
Abstract This paper examines the exchange rate pass-through (ERPT) into import prices using recent panel data techniques. For a sample of 27 OECD countries, panel cointegration tests provide an evidence for the existence of long-run equilibrium relationship in pass-through equation. Following Pedroni (2001), we employ both FM-OLS and DOLS estimators and show that long-run ERPT elasticity does not exceed 0.70%. Individual estimates of ERPT are heterogeneous across 27 OECD countries, ranging from 0.23% in France to 0.98% in Poland. When we look for the macroeconomic determinants of this long-run heterogeneity, we implement a panel threshold methodology as introduced by Hansen (2000). Our results indicate a regime-dependence of ERPT, that is, countries with higher inflation regime and more exchange rate volatility would experience a higher degree of pass-through.
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  • Mismatch, On-the-job Training, and Unemployment
Creation-Date juin-12
Auteur /Author Frédéric Gavrel, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Jean-Pascal Guironnet, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Isabelle Lebon, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Mots clés / Keywords On-the-job training ; Mismatch, Equilibrium unemployment, Market efficiency
Classification-JEL : H21, J24, J64
Abstract In this paper, training, which is seen as a way to reduce the mismatch between workers and jobs, takes place on the job. We show that a general rise in unemployment lowers the probability of on-the-job training by reducing the mismatch. We then close the model by assuming free-entry and study its social efficiency properties. Private educational choices are socially optimal, but job creation is too high under the Hosios condition. Using French data on regional unemployment, we estimate a probit model of the training decision and find that on-the-job training is significantly less probable in regions with high unemployment.
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  • Évaluer un dispositif sectoriel d’aide à l’emploi : l’exemple des hôtels, cafés et restaurants de 2004 à 2009
Creation-Date mai-12
Auteur /Author Mathieu Bunel, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Mots clés / Keywords Hôtels-cafés-restaurants, exonérations de cotisations sociales, aide sectorielle à l’emploi, modèle Tobit avec effet aléatoire sur données de panel
Classification-JEL : C23, J38
Résumé En août 2004 a été mis en place une aide à l’emploi spécifique aux entreprises du secteur Hôtel-Cafés-Restaurants (HCR). Ce dispositif relativement complexe couvrant la période 2004 à 2009 repose sur une exonération forfaitaire variable selon le secteur d’activité, le niveau des salaires et l’ancienneté des entreprises. Afin d’étudier l’impact spécifique de ce dispositif sur les taux de création et de destruction d’emplois, on mobilise les données administratives issues des fichiers Unedic et Acoss permettant de retracer l’ensemble des exonérations effectivement perçues par les entreprises de ces secteurs ainsi que les données issues des Dads pour mesurer l’évolution infra-annuelle de l’emploi. On compare à l’aide d’un panel sur données semi-agrégées, la situation des entreprises des sous-secteurs HCR éligibles aux aides à celle des entreprises témoins ayant une structure des salaires et d’activité comparable. Il s’agit d’entreprises issues des services à la personne hors aide à domicile, activités sportives et culturelles et du commerce de détail alimentaire ou non-alimentaire hors grandes surfaces, vente à domicile, activité médicale, électronique et informatique. Pour tenir compte de la censure des données et de l’influence des variables inobservables un modèle Tobit avec effet aléatoire. Les résultats obtenus indiquent que la hausse du Taux d’exonération apparent générée par les aides HCR a eu un impact significatif mais très limité en termes de création et de sauvegarde de l’emploi. L’effet estimé est de l’ordre de 7 500 emplois par an soit un coût par emploi créé très élevé, de plus de 80 000 €. Les résultats obtenus indiquent également que le ciblage de cette aide aurait pu être plus efficace en concentrant les aides sur les sous-secteurs les plus sensibles au coût du travail.
Abstract This paper analyses the impact of government grants introduced in August 2004 in the French sector hotels and restaurants. This program is based on payroll tax reductions and covers the period 2004-2009. The amount of the payroll tax reductions varied according the subsector, the wage and firm tenure.To evaluate the effects on job creation and job destruction we used several quasi-exhaustive administrative sources containing the plants complete grant and employment history. By using a semi-aggregated balanced sample, to include entry and exit of firms, we compare the change in outcomes for the targeted firms to the changes in firms operating in the similar industries. These industries are retail trade (except retail sale of pharmaceutical, medical, electronic and computer goods, doorstep and mail sale, supermarkets) and personal services (except sporting, recreational and cultural activities). We consider a panel Tobit model with unobserved heterogeneity. Our findings suggest that the HCR subsidy program did lead to significant and small employment effect (7,500 jobs by year). However, the cost of the actual job creation was quite huge (€80,000 per job). We also find differences in the employment response to subsidies between subsectors. Therefore, a different targeting of the aid could have been more effective.
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  • Lock-in or lock-out ? How structural properties of knowledge networks affect regional resilience ?
Creation-Date avr-12
Auteur /Author Marie-Estelle Binet, University of Rennes 1 - CREM, UMR CNRS 6211
Auteur /Author François Facchini, Centre d’Economie de la Sorbonne, University of Paris 1
Mots clés / Keywords Okun’s law, regional labour markets, panel data
Classification-JEL : C23, O18, R23
Résumé / abstract This article tackles one central issue in the regional science literature : the persistence of regional disparities in unemployment within national economies. Our approach is original as Okun’s coefficients are estimated for each of the 22 administrative French regions over the period 1990–2008, taking into account cross-regional disparities in a panel data specification. Estimates show that the coefficients exhibit regional differences. Indeed, Okun’s law is confirmed in fourteen regions, although it does not hold in the other eight regions. Finally, region-specific factors that explain the results that are not significant are identified, and policies to reduce unemployment in French regions are examined.
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  • Lock-in or lock-out ? How structural properties of knowledge networks affect regional resilience ?
Creation-Date mars-12
Auteur /Author Joan Crespo, University of Toulouse, LEREPS
Auteur /Author Raphaël Suire, University of Rennes 1 - CREM, UMR CNRS 6211
Auteur /Author Jérôme Vicente, University of Toulouse, LEREPS, Toulouse Business School
Mots clés / Keywords Resilience, clusters, degree distribution, assortativity, regional policy
Classification-JEL : B52, D85, O33, R11, R12
Résumé / abstract The paper develops an evolutionary framework of regional resilience with a primary focus on the structural properties of local knowledge networks. After a presentation of the network-based rationales of growth and structuring of clusters, we analyze under which structural conditions a regional cluster can mix short run competitiveness without compromising long run resilience capabilities. We show that degree distribution (the level of hierarchy) and degree correlation (the level of structural homophily) of regional knowledge networks are suited properties for studying how clusters succeed in combining technological lock-in and regional lock-out. We propose a simple model of cluster structuring in order to highlight these properties, and discuss the results on a policy-oriented analysis. We conclude showing that policies for regional resilience fit better with ex ante regional diagnosis and targeted interventions on particular missing links, rather than expost myopic applications of policies based on an unconditional increase of network relational density.
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  • Appraising the breakdown of unequal individuals in large French cities
Creation-Date April 2012
Auteur /Author Pascaline Vincent, Phd student - University of Rennes 1 - CREM-CNRS, UMR 6211
Auteur /Author Frédéric Chantreuil, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Benoît Tarroux, University of Rennes 1 - CREM, UMR CNRS 6211
Mots clés / Keywords Measure of Segregation, Residential segregation, Income, City,Neighbourhood Sorting Index
Classification-JEL : D31, D63, O18
Résumé / abstract In this paper, we examine the general properties of the Neighbourhood Sorting Index (NSI) introduced by Jargowski (1996) and their intuitive interpretation, illustrating the inverse relation between neighbourhood’s homogeneity and segregation. The use of the NSI is illustrated measuring and comparing the segregation in the 30 largest French urban areas from 2000 to 2008.
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  • On Cournot Markets
Creation-Date March 2012
Auteur /Author Khadidja Benallou, Phd student - Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Daniel Danau, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Abderrahmane Ziad, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Mots clés / Keywords Cournot Competition ; existence of Cournot equilibrium ; supermodular games
Classification-JEL : L13, C72, C62
Résumé / abstract This paper focuses on the existence of a Cournot equilibrium in a n- firm Cournot market for a single homogeneous commodity. Using a simple argument and proof, it shows that a Cournot equilibrium exists if each firm’s marginal revenue declines with its own output and some weak non-decreasing incremental cost condition is satisfied.
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  • Fear of a two-speed monetary union : what does a basic correlation scatter plot tell us ?
Creation-Date March 2012
Auteur /Author Jean-Sébastien Pentecôte, University of Rennes 1 - CREM, (UMR 6211 CNRS)
Mots clés / Keywords monetary union, euro, shock asymmetry, distance, VAR identification
Classification-JEL : F33, F36, D6, E2
Résumé / abstract I extend the Bayoumi-Eichengreen (1993) approach by extracting new information from a scatter plot of correlation coefficients between shocks in order to better visualize how far a given country is from a monetary union. Indexes of distance and relative strength can be derived from either a nonlinear or a linear combination of correlations in connexion with distinct welfare loss functions. Using quarterly data on ten countries over 1979:I-2011:IV, shocks have become more symmetric within, but also outside, the euro area. Despite less asymmetry in shock asymmetry since 1999, new statistical tests support the idea of a two-speed EMU.
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  • Comparing the Determinants of Internet and Cell Phone Use in Africa : Evidence from Gabon
Creation-Date March 2012
Auteur /Author Thierry Pénard, University of Rennes 1 - CREM, UMR CNRS 6211 & M@rsouin, France
Auteur /Author Nicolas Poussing, CEPS/INSTEAD (LUXEMBOURG) & CREM-CNRS, UMR 6211
Auteur /Author Gabriel Zomo Yebe, Université Omar Bongo de Libreville (Gabon)
Auteur /Author Philémon Nsi Ella, Université Omar Bongo de Libreville (Gabon)
Mots clés / Keywords Internet Use, Cell-phone Use, IT Diffusion, Digital Divide, Africa
Classification-JEL : L5, L9, O14, O33, O57
Résumé / abstract Within developed countries, the market penetration of cell phones and the Internet has progressed in tandem and the point of market saturation is nearly to be reached in both markets. In contrast, the African continent has been characterized by a more uneven level of progress, with the penetration of cell phones (41% in 2010) considerably outpacing the penetration of the Internet (9.6% in 2010). The question is then raised as to whether cell phone and Internet services in Africa are following the same path towards widespread diffusion, yet with a several-year time delay, or alternatively has the expansion of Internet use been constrained by the presence of specific obstacles ? The objective of this article is to compare the determinants and hindrances of both Internet and cell phone use in Gabon, based on individual survey data. Our econometric results show that the primary factors stimulating Internet use consist of a high level of education and computer skill. Social neighborhood also plays a major role in the Internet adoption process. As regards cell-phone use, the main obstacles would be economic in nature. Finally, an individual’s age has a positive impact on cell phone use and negative impact on Internet use. The differences identified in both penetration and user profiles between Internet and cell phone service should motivate African governments to develop digital policies more heavily focused on a wider dissemination of cell phones in order to make innovative services and applications (e.g. in the field of health or education) available to as broad a population as possible.
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  • Appraising two-Dimensional Inequality : A Questionnaire-Experimental Approach
Creation-Date March 2012
Auteur /Author Benoît Tarroux, University of Rennes 1 - CREM, UMR CNRS 6211 & IDEP, France
Mots clés / Keywords Multidimensional Inequality ; Axiomatizations ; Questionnaire - Experimental
Classification-JEL : I30 ; D63
Résumé / abstract This paper aims to study the extent to which people’s intuitions about the distribution of two attributes within a society are consistent with the different axiomatizations proposed by the economists. In particular, the objective is to compare two alternative principles, namely aversion to dispersion of attributes and aversion to correlation between attributes. By using a questionnaire approach, most people are found to be more averse to correlation rather than averse to dispersion.
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  • X-Efficiency of Innovation Processes : Evaluation Based on Data Envelopment Analysis
Creation-Date March 2012
Auteur /Author Rahobisoa Herimalala, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Olivier Gaussens, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Mots clés / Keywords Innovation Process, X-Efficiency, Multiobjective Linear Programming, Data Envelopment Analysis, Russell measure
Classification-JEL : C61
Résumé / abstract Innovation in small and medium-sized enterprises (SMEs) is a source of regional development and enables enterprises to improve their competitiveness. However, the intensification of innovation effort depends upon a better understanding of the innovation process, in particular the assessment of its innovation capacity to process its resources and various activities in efficient manner into better results. This paper deals with innovation process modeling and innovation measurement, in order to provide answers to these recurrent questions of the entrepreneurs in these SMEs. Thus, first we propose a model of innovation process as a collective design process that involves the interplay of two categories of activities, such as exploratory activities and value oriented activities, centered on the entrepreneur. Then from this model, we evaluate : (a) the innovation capacity from the process activities and too the outputs of innovation process ; (b) the X-(in)efficiency using multiobjective (MOLP) data envelopment analysis (DEA) model of innovation processes. Through MOLP-DEA method, we decompose the X-inefficiency in technical inefficiency and congestion to highlighting the miss-use or the under-utilization of innovation capacity, as resources of process. Finally we measure X-inefficiency by an overall index taking into account of all aspects of inefficiency as the enhanced DEA Russell graph efficiency measure. For the empirical analysis, we use the data from a representative random sample formed by 80 innovative enterprises of regional SMEs of Normandy in France. The results show that most of innovation processes are X-inefficient in SMEs of Normandy. This X-inefficiency is more characterized by the congestion problem than the technical inefficiency. That shows the difficulties of some entrepreneurs to implement the rules and standards of interplay between some activities.
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  • Do Biofuel Mandates Raise Food Prices ?
Creation-Date February 2012
Auteur /Author Ujjayant Chakravorty, University of Alberta and Toulouse School of Economics (INRA, LERNA)
Auteur /Author Marie-Hélène Hubert, University of Rennes 1 - CREM, UMR CNRS 6211, France
Auteur /Author Michel Moreaux, Toulouse School of Economics (IDEI, LERNA)
Auteur /Author Linda Nøstbakken, Department of Marketing, Business Economics and Law, University of Alberta
Mots clés / Keywords Clean Energy, Food Demand, Land Quality, Renewable Fuel Standards, Transportation
Classification-JEL : Q24, Q32, Q42
Résumé / abstract Biofuels have received a lot of attention as a substitute for gasoline in transportation. They have been blamed universally for recent increases in world food prices. Both the United States and the European Union have adopted mandatory blending policies that require a sharp increase in their use. Many studies have shown that these energy mandates may have a large (30-60%) impact on food prices. We develop a model that takes into account dietary preferences - the fact that with rising incomes, people in the developing world will consume more meat and dairy products, which are land-intensive relative to cereals. On the supply side, we allow for conversion of new lands to farming. We show that about half the increase in food prices can be attributed to population growth and dietary changes, and only the remaining come from biofuel policy. Moreover, with endogenous land supply, food price increases are likely to be much smaller than predicted by other studies. Finally, these biofuel policies do not lead to any reduction in carbon emissions.
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  • Overlapping jurisdictions and demand for local public services : does spatial heterogeneity matter ?
Creation-Date February 2012
Auteur /Author Marie-Estelle Binet, University of Rennes 1 - CREM, UMR CNRS 6211, France
Auteur /Author Alain Guengant, University of Rennes 1 - CREM, UMR CNRS 6211, France
Auteur /Author Matthieu Leprince, University of Rennes 1 - CREM, UMR CNRS 6211, France
Mots clés / Keywords Local public expenditures ; Overlapping jurisdictions ; Spatial heterogeneity ; Spatial econometrics
Classification-JEL : C21, H72, H77
Résumé / abstract This paper aims to test the existence of vertical interactions in terms of public spending between overlapping local jurisdictions in France using a data set of 110 French municipalities and their corresponding departments in 2001 and 2005. To do so, we consider that demand for municipal services is conditioned by the services provided by departments. We then estimate two specifications which allow spatial heterogeneity to be modeled and which are compared with a simple spatial error specification (without spatial heterogeneity). The two estimated spatial regimes models are able to eradicate spatial autocorrelation in the error term. The estimation results show that an appropriate consideration of spatial heterogeneity can lead to new insights. The spatial error specification reveals a robust complementary demand relationship between services provided by departmental and municipal governments. However, these results are not in accord with the results produced by the spatial regime models, which provide evidence of heterogeneity with independence, complementarity or substitution between the services offered by the two overlapping jurisdictions.
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  • Local Job Accessibility Measurement : When the Model Makes the Results. Methodological Contribution and Empirical Benchmarking on the Paris Region
Creation-Date February 2012
Auteur /Author Mathieu Bunel, UFR de sciences économiques et de gestion, Université de Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Elisabeth Tovar, Laboratoire EconomiX (UMR 7235), Université Paris Ouest, France
Mots clés / Keywords job accessibility measurement, Paris Region, benchmarking, geo-referenced micro-data
Classification-JEL : R11, J61
Résumé / abstract This paper focuses on local job accessibility measurement. We propose an original model that allows for : a full estimation of job availability according to an extensive set of individual characteristics ; a full appraisal of job competition on the labour market ; a full control of frontier effects. By matching several exhaustive micro-data sources on the Paris region municipalities, we compare the results produced by this benchmark model to alternative models. We show that the model may indeed make the results as far as local job accessibility is concerned. Significant empirical differences do stem from the use of different Local Job Accessibility measures. Moreover, these differences are spatially differentiated across the Paris region municipalities. In particular, we show that failing to use a model where job availability is fully estimated according to individual characteristics may lead to the over-estimation of the job accessibility levels of notably under-privileged municipalities.
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  • Determinants of Corporate Social Disclosure in the Franchising Sector : Insights from French Franchisors’ Websites
Creation-Date February 2012
Auteur /Author Rozenn Perrigot, Graduate School of Management (IGR-IAE), University of Rennes 1 & ESC Rennes School of Business - CREM-CNRS UMR 6211
Auteur /Author Bruno Oxibar, Université Paris Dauphine, DRM
Auteur /Author Frédérique Déjean, Conservatoire National des Arts et Métiers (CNAM-Intec)
Mots clés / Keywords Franchising, Corporate social responsibility, Corporate social disclosure, Chain size, Percentage of company-owned units
Classification-JEL :
Résumé / abstract This paper focuses on the notion of corporate social responsibility (CSR) within the franchising sector. More specifically, a set of research hypotheses derived from Regulation Theory and Transaction Cost Analysis addresses the relationships first between the chain size and the extent of corporate social disclosure (CSD) on franchisors’ websites, and then between the percentage of company-owned units within the chain and the extent of corporate social disclosure (CSD) on franchisors’ websites. The empirical study encompasses a total of 136 French franchise chains. Findings reveal that 86.03% of these franchisors communicate about their CSR activities on their website. Moreover, a significant relationship exists between chain size (respectively, the percentage of company-owned units within the chain) and the extent of CSD provided on franchisors’ websites.
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  • Plural Form and Franchise Chains Efficency : A Dea Meta-Frontier Approach applied to French Chains
Creation-Date February 2012
Auteur /Author Rozenn Perrigot, Graduate School of Management (IGR-IAE), University of Rennes 1 & ESC Rennes School of Business - CREM-CNRS UMR 6211
Auteur /Author Isabelle Piot-Lepetit, INRA UMR 1110 MOÏSA
Auteur /Author Gérard Cliquet, Graduate School of Management (IGR-IAE), University of Rennes 1 - CREM-CNRS UMR 6211
Mots clés / Keywords Franchising, Plural Form, Percentage of company-owned outlets (PCO), Efficiency, Data Envelopment Analysis, Meta Frontier
Classification-JEL :
Résumé / abstract This paper deals with the performance of franchise chains related to their percentage of company-owned outlets (PCO). This research uses a Data Envelopment Analysis (DEA) to assess franchise chains’ efficiency, and a meta-frontier approach to analyze chains’ efficiency between and across sectors. The sample includes 43 chains of the service and retail sectors, located in the French market. Data are available over the 2005-2007 period allowing a longitudinal analysis. The main findings show that the meta-frontier is built up on retail chains rather than on service chains, and that there is a relationship between the PCO and the chain efficiency. Finally, there is no significant difference between the observed PCOs and the optimal PCOs which means that franchisors in our sample have already reached a PCO that is close to the PCO that optimizes the chain efficiency.Creation-Date : 2012-02
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  • Do Private Equity Firms Foster Innovation ? Evidence from French LBOs
Creation-Date January 2012
Auteur /Author Anne-Laure Le Nadant, University of Caen Basse-Normandie, CREM-CNRS, UMR 6211
Auteur /Author Frédéric Perdreau, University of St-Etienne, COACTIS, EA 4161
Mots clés / Keywords Buyouts, Innovation, Private Equity Firms, Strategic Entrepreneurship
Classification-JEL : G24, G34, O30
Résumé / abstract Agency theory has historically presented buyouts as a superior governance framework that generates economic efficiencies in the short term but these transactions might have a negative impact on long-term growth and innovation. In this study, we use a strategic entrepreneurship perspective to argue that private equity firm’s extensive network and relationships, and expertise and competencies help managers to innovate. Using a propensity score methodology, we provide an empirical analysis of the innovative efforts of a sample of 89 French manufacturing firms that underwent a buyout between 2001 and 2005. The matching estimates (average treatment on the treated, ATT) of the effect of LBOs on firm level of innovation expenditures in 2006 show no significant differences between LBO targets and comparable companies that did not go through an LBO. In contrast, we find significant effects of LBOs on both service innovation and marketing innovations in design and packaging and product promotion. Results suggest that private equity firms provide marketing capabilities or encourage managers of LBO targets to build new innovation strategies.
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  • Collusion and downstream entry in a vertically integrated industry
Creation-Date January 2012
Auteur /Author Éric Avenel, University of Rennes 1 - CREM-CNRS, France
Auteur /Author Stéphane Caprice, Toulouse School of Economics (GREMAQ, INRA)
Mots clés / Keywords collusion, foreclosure, entry, vertical integration
Classification-JEL : D43, L13, L23, L40
Résumé / abstract We analyse the impact of an entry threat at the downstream level on the ability of a pair of vertically integrated incumbents to collude. We present an original model of horizontal product differentiation on the final market and characterize the structures of this market for which an entry threat facilitates collusion between incumbents. While the entry threat leaves collusion and deviation profits unchanged, it lowers profits in punishment periods. Consequently, an entry threat discourages deviations and facilitates collusion, thus benefiting incumbents.
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  • To Sponsor or Not to Sponsor : Sponsored Search Auctions with Organic Links
Creation-Date January 2012
Auteur /Author Michael Arnold, Alfred Lerner College of Business and Economics, University of Delaware, US
Auteur /Author Éric Darmon, University of Rennes 1 - CREM-CNRS, France
Auteur /Author Thierry Pénard, University of Rennes 1 - CREM-CNRS, France
Mots clés / Keywords
Classification-JEL :
Résumé / abstract In 2010 sponsored search advertisements generated over $12 billion in revenue for search engines in the US market and accounted for 46% of online advertising revenue. A substantial portion of this revenue was generated by the sale of search keywords using an auction mechanism. We analyze a game-theoretic model to understand the interplay between organic and sponsored links in keyword auctions. Our model allows both the relevance of the advertising firm as well as the position of its sponsored link to impact click-through-rates. Our results demonstrate how the presence of organic links (links generated by the search engine algorithm) may lead to either more or less aggressive bidding for sponsored link positions depending on consumer attitudes toward sponsored links and the extent to which sponsored and organic links are complements or substitutes. In contrast to equilibrium results in existing literature, the …rm with the highest value per click does not necessarily win the first spot in the sponsored search listings. It also may be optimal for a firm to bid an amount greater than the expected value (or sale) from a click.
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  • Determinants of E-commerce adoption by franchisors : Insights from the U.S. market
Creation-Date January 2012
Auteur /Author Rozenn Perrigot, Graduate School of Management (IGR-IAE), University of Rennes 1 & ESC Rennes School of Business - CREM-CNRS, France
Auteur /Author Thierry Pénard, University of Rennes 1 - CREM-CNRS, France
Mots clés / Keywords E-commerce, franchising, determinants, plural form, brand image, franchisors’ resources
Classification-JEL :
Résumé / abstract E-commerce has grown tremendously over the past decade. This paper focuses on E-commerce adoption within the franchising sector. We formulate various hypotheses on the factors that influence the adoption of an E-commerce strategy by franchisors, namely the percentage of company-owned stores in the network, network size and age, franchisor resources (franchising fees and franchising royalties), and the allocation of exclusive territories to franchisees. The empirical study relies on a sample of 486 franchise networks in the U.S. market. Our findings suggest that the percentage of company-owned stores and the brand image, as represented by network size, both exert a significant and positive impact on the adoption of an E-commerce strategy, whereas network age and franchising royalties exert a significant and negative impact on the adoption of such a strategy. These findings are discussed with respect to previous research results.
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  • Equilibrium strategic overbuying
Creation-Date December 2011
Auteur /Author Éric Avenel, University of Rennes 1 - CREM-CNRS, France
Auteur /Author Clémence Christin, Düsseldorf Institute for Competition Economics, Deutschland
Mots clés / Keywords entry deterrence, overbuying, vertical contracting
Classification-JEL : L12
Résumé / abstract We consider two firms competing both to sell their output and purchase their input from an upstream firm, to which they offer non-linear contracts. Firms may engage in strategic overbuying, purchasing more of the input when the supplier is capacity constrained than when it is not in order to exclude their competitor from the final market. Warehousing is a special case in which a downstream firm purchases more input than it uses and disposes of the rest. We show that both types of overbuying happen in equilibrium. The welfare analysis leads to ambiguous conclusions.
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  • Entrepreneurship and Economic Development
Creation-Date January 2012
Auteur /Author Jean Bonnet, University of Caen Basse-Normandie - CREM-CNRS, France
Mots clés / Keywords Entrepreneur, innovation, développement économique, marché du travail, culture entrepreneuriale
Classification-JEL : B4, L26
Résumé / abstract Cet article examine les relations entre l’entrepreneuriat et le développement économique. Le modèle économique actuel donne à l’entrepreneuriat une importance cruciale dans le développement économique des années récentes. A ce titre le rôle, la culture, l’éducation, la volonté de créer des entreprises de croissance sont déterminants pour le développement économique de même qu’un certain nombre de caractéristiques institutionnelles dont le fonctionnement du marché du travail.
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  • Une étude économétrique de la dépense publique locale : Le cas des départements français
Creation-Date January 2012
Auteur /Author Guy Gilbert, ENS Cachan et THEMA-CNRS, France
Auteur /Author Alain Guengant, University of Rennes 1 - CREM-CNRS, France
Auteur /Author Benoît Le Maux, University of Rennes 1 - CREM-CNRS, France
Auteur /Author Yvon Rocaboy, University of Rennes 1 - CREM-CNRS, France
Mots clés / Keywords Dépenses publiques locales, Départements français
Classification-JEL : H72, H75
Résumé / abstract Cet article étudie les dépenses des départements français en distinguant le budget social du budget non social. Les demandes de biens publics locaux, sociaux et non sociaux, émanent d’un électeur contribuable décisif. Ces demandes dépendent des prix fiscaux des biens publics et du revenu de l’électeur décisif. Les tests économétriques réalisés sur la période 1996-2006 donnent les estimations des différentes élasticités prix et revenu des demandes de biens publics sociaux et non sociaux des départements.
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  • College Choice Mechanism : The Respect of the Vagueness of Choices
Creation-Date January 2012
Auteur /Author Litsa Alexandra, University of Caen Basse-Normandie, Center of Research in Economics and Management, Caen, France
Auteur /Author Maguet Jean-François, University of Caen Basse-Normandie, Center of Research in Economics and Management, Caen, France
Mots clés / Keywords Education, Priorities, Preferences, Fuzzy, Algorithm, Matching
Classification-JEL : C78, D80, I20, I31
Résumé / abstract Taking as a starting point the theory of matching applied in the case of a problem of college admissions, where one is interested only to strict preference profiles for students and colleges, a part of the literature has been oriented towards profiles of priorities for colleges. In this paper we will assume that students have also their own priorities to which is associated some ’fuzzy’. This vagueness designates the preference of an individual (resp. college) for a college relative to parameters that characterize the latter one (resp. individual). Thus, we talk about fuzzy priorities. Our purpose is to analyze this aspect and to propose a real-life mechanism which will take into consideration the fuzzy priority profiles of both students and colleges, in order to achieve the best possible matching that is stable, strategy-proof, Pareto efficient and fair.
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  • On Partial Honesty Nash Implementation
Creation-Date January 2012
Auteur /Author Ahmed Doghmi, National Institute of Statistics and Applied Economics, Madinat Al Irfane, Rabat Institutes, 13000 Rabat, Morocco
Auteur /Author Abderrahmane ZIAD, University of Caen Basse-Normandie, CREM (UMR CNRS)
Mots clés / Keywords Nash implementation ; Partial honesty ; Single-peaked preferences
Classification-JEL : C72 ; D71
Résumé / abstract An agent is said to be partially honest if he or she weakly prefers an outcome at a strategy profile with his truthful strategy than an outcome at a strategy profile with his false strategy, then this player must prefer strictly the \true« strategy profille to the \false » strategy profile. In this paper we consider an exchange economy with single peaked preferences. With many agents (n ≥3), if there exists at least one partially honest agent, we prove that any solution of the problem of fair division satisfying unanimity is Nash implementable.
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