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ARCHIVES 2012-2013

Organisateurs : Aurélie Bonein, Fabien Rondeau, Benoît Tarroux.

Séminaire du jeudi 27 juin 2013 -Salle 6, de 12h30 à 14h00

Intervenant Yannick Gabuthy - Université Franche-Comté et CRESE
Titre / title «  The Impact of Lawyers and Fee Arrangements on Arbitration  »
Co-authored with Nathalie Chappe
Résumé / Abstract This paper proposes a theoretical analysis of final-offer arbitration in which disputants may be represented by lawyers who can be paid by at, contingent or conditional fees. We derive the equilibrium lawyers’ efforts to defend their clients and the equilibrium parties’ proposals made to the arbitrator, and evaluate each payment mechanism performance depending on its ability to enhance effort and to promote convergence between the disputants’ claims. Following these criteria, the contingent payment structure is shown to be the best regime since it improves the client-lawyer relationship by enhancing the lawyer’s incentives to provide effort, without altering the gap between the parties’ positions in arbitration.
Lien / download 13-06-27_ChappeGabuthy.pdf

Séminaire du Vendredi 21 juin 2013 - Salle 176, de 11h15 à 12h15

Intervenant Raulin Cadet - Faculté des Sciences Économiques et Administratives de l’Université Quisqueya - Haïti
Titre / title «  Microfinance in Haiti : do the poorest have access to credit ?  »

Séminaire du jeudi 20 juin 2013 - Salle 6, de 12h30 à 14h00

Intervenant Marie-Anne Valfort - Paris School of Economics et Université Paris 1
Titre / title «  The effect of weather-induced internal migration on local labor markets. Evidence from Uganda  »
Co-authored with Eric Strobl
Résumé / Abstract Relying on census data collected in 2002 and historical weather data for Uganda, we estimate the impact of weather-induced internal migration on the probability for non-migrants living in the destination regions to be employed. Consistent with the prediction of a simple theoretical model, our results reveal a larger negative impact than the one documented for developed countries. They further show that this negative impact is significantly stronger in Ugandan regions with lower road density and therefore less conducive to capital mobility : a 10 percentage points increase in the net in-migration rate in these areas decreases the probability of being employed of non-migrants by more than 10 percentage points.
Lien / download 13-06-20_StroblValfort.pdf

Séminaire du jeudi 13 juin 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Christoph Heinzel - INRA et SMART
Titre / title «  Prudential Saving : Evidence from a Laboratory Experiment  »
Co-authored with AJ A. Bostian
Résumé / Abstract Prudence is a behavioral attitude that is broadly applicable to settings involving risk. It has particular importance in intertemporal choice theory, where it can be interpreted as the intensity of intertemporal substitution. Prior laboratory experiments to elicit prudence have addressed it in a pure-risk sense, by examining behavior in static lotteries and other gambles.It is tempting to impute these results into an intertemporal context, leveraging the fact that “risk aversion” and “elasticity of intertemporal substitution” are directly mappable under expected utility. However, many empirical studies of intertemporal behavior suggest that the two ideas may be distinct. To address prudence in its intertemporal sense, we instead design a small-scale laboratory experiment around a two-period consumption/savings model in order to detect prudence via savings choices. The utility concept in this model disentangles risk preferences from intertemporal preferences, and suggests the type of exogenous variation to present to subjects in the experiment. The experimental design involves a “multiple price list” with scenarios involving income risk and interest-rate risk. In each scenario, subjects must choose how much of their first-period income to save for the second period. The design also implements field-like wealth levels and real time lags to ameliorate the possibility of the decisions being a laboratory artifact. We estimate risk and intertemporal preferences at the individual level using a subject’s savings data and the model’s structural Euler equation. Excluding outliers, the average coefficient of relative risk aversion is 2.06, the average elasticity of intertemporal substitution is 0.75, and the average coefficient of relative prudence is 3.90.These averages mask a good deal of subject-level heterogeneity, as the respective coefficients of variation are, at a minimum, 70%.
Lien / download Prudential Saving : Evidence from a Laboratory Experiment

Séminaire du mercredi 29 mai 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Emmanuel Milet - Université Paris 1
Titre / title «  White-collar Blues ? The Impact of Trade in Services on Occupations and Wages  »
Co-authored with Raul Sampognaroy, Farid Toubalz
Résumé / Abstract We use newly available matched data between employers and employee to analyze the impact of trade on the wage and employment of white- and blue-collars in France. While the traditional theories based on comparative advantage predict wage and occupation inequality between sectors, the most recent theories that include firm heterogeneity point to a within sector impact of trade (Biscourp and Kramarz 2007, Helpman, Itskhoki, and Redding 2010, Helpman, Itskhoki, Muendler and Redding, 2012) to mention few). The literature has mostly focused on trade in goods ; it finds that the declining share of unskilled workers in total employment and the wage dispersion are mostly a within-industry phenomenon and a between-firms phenomenon in the most recent study of Helpman, Itskhoki, Muendler and Redding (2012). We are also focusing on the impact of trade in services on wage dispersion and occupation inequality. We document that wage dispersion and occupation inequality arises within sector. As far as it is within sector, the within component is mostly driven by wage dispersion and occupation inequality within firm. Interestingly, the within-firm component of wage dispersion and occupation inequality is much smaller in services sectors than in manufacturing ones and much larger among the group of multinational firms. We then show, using few reduced-form regressions that international trade in services has an impact on occupation inequality and wage dispersion. Our first result points to a positive effect of trade in services on the share of white-collars within firms.Differentiating between exports and imports of service, we also find evidence that firms increase their share of white-collar workers after starting importing services for the first
Lien / download 13-05-28_Milet.pdf

Séminaire du mardi 21 mai 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Brice Magdalou - Université Montpellier et Lameta
Titre / title «  Opportunities in Higher Education : An Application in France  »
Co-authored with Magali Jaoul-Grammare
Résumé / Abstract This paper first sets out criteria to evaluate the inequality of opportunity in higher education. We propose a two-level classification, by distinguishing the categorial and the counterfactual approaches. For each approach, we consider dominance quasi-orderings and inequality measures. We then apply these criteria to the French higher education system, by comparing the situation in 1992 and 2004. Our main findings reveal that : (i) there is inequality of opportunity in each of the two years ; (ii) even if we cannot say that the situation was unambiguously better in 1992, we can nevertheless state that the inequality of opportunity haven’t decreased significantly in the meantime.
Lien / download 13-05-21_Jaoul_Magdalou.pdf

Séminaire du jeudi 16 mai 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant David Dickinson - Appalachian State University
Titre / title «  The impact of glucose administration on Bayesian v. heurist based choice  »
Co-authored with
Résumé / Abstract We examine the impact of glucose on a Bayesian choice task that creates a separating equilibrium between high-level Bayesian choice and lower-level reinforcement heuristic choice. Consistent with a dual systems framework, we hypothesize that glucose administration will both increase reaction times and improve Bayesian accuracy because it should shift decision making towards the more deliberate system 2 and away from the more automatic system 1 decision process. We study 113 subject randomly assigned to either a glucose or placebo drink condition, who make choices over several incentivized easy and difficult choices of the Bayesian task. Our results indicate a significant glucose effect on reaction times. In this case, glucose administration has a main effect of increasing reaction time, as predicted, but glucose also improves the marginal decrease in reaction times experienced across trials. Regarding Bayesian accuracy, we find that glucose administration significantly increases the likelihood of Bayesian choice over reinforcement heuristic-based choice only for those subjects indicating an above-average comprehension of the task structure. Additionally, we find that Bayesian choice likelihood increases across trials on the easy task when administered glucose. We interpret this, as well as the reaction time result, as evidence that glucose may improve learning, particularly on easy tasks. Together, these results suggest that there is a beneficial impact of glucose on deliberative decision making, though some of the results depends on the difficulty of the task and the comprehension of the decision environment being faced.

Séminaire du mardi 7 mai 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Hélène Couprie - Université de Cergy-Pontoise et THEMA
Titre / title «  Welfare Comparisons, Economies of Scales and Equivalence Scale in Time Use  »
Co-authored with Gaelle Ferrant, Ku Leuven
Résumé / Abstract How does within couples time-use interactions generate welfare in the family ? In this paper we model economies of scale in time use. Following Browning, Chiappori and Lewbel (2006), we allow intrahousehold bargaining power to affect the distribution of welfare gains in the family. We estimate the model using the UK Time Use Survey (2000). Results suggest that two single individuals living apart need about 2h15 more to achieve the same utility level as when living in a couple. A woman requires on average 55% of the couple time-resources to be as well-off as when living alone. Time-poverty line is on average 11h per individual a day
Lien / download Couprie_Ferrant_WP2012.pdf

Séminaire du jeudi 18 avril 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Thomas Baudin - Univ Lille 3 et EQUIPPE
Titre / title «  Inequality and Childlessness in Developing Countries  »
Co-authored with David de la Croix and Paula Gobbi
Résumé / Abstract There are two main types of childlessness, already discussed in the literature : involuntary and voluntary. Involuntary childlessness can be either innate or acquired, the latter arising under poor living conditions. Just looking at the data does not allow to distinguish the various types of childlessness, and evaluate their relative importance in a given country. We provide a structural model of fertility, marriage and childlessness whose deep parameters are identified using census data from 30 developing countries. We use the model to measure the part of childlessness that is involuntary. We show that income inequality and gender equality are key factors affecting childlessness and fertility.

Séminaire exceptionnel du mardi 16 avril 2013 - Amphi Krier, de 17h00 à 18h30

Intervenant Dimitris Korobilis - University of Glasgow
Titre / title «  A New Index of Financial Conditions  »
Co-authored with Gary Koop University of Strathclyde
Résumé / Abstract We use factor augmented vector autoregressive models with time-varying coefficient to construct a financial conditions index. The time-variation in the parameters allows for the weights attached to each financial variable in the index to evolve over time. Furthermore, we develop methods for dynamic model averaging or selection which allow the financial variables entering into the FCI to change over time. We discuss why such extensions of the existing literature are important and show them to be so in an empirical application involving a wide range of financial variables.
Lien / download 13-04-16_Korobilis.pdf

Séminaire du jeudi 11 avril 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant François Jeanjean - Chercheur à Orange
Titre / title «  Incentives to invest in improving Quality in the telecommunications Industry  »
Résumé / Abstract This paper investigates the incentives to invest in improving quality (as opposed to investment s in new activities) in the telecommunications industry, based on the example of wireless markets. We highlight the fact that investment incentives are positively related to potential for technical progress. They also depend on market structure, competition intensity and penetration rate. We show that for each national market, there is a target level of investment which companies strive to achieve. From a social perspective, this target level is the best amount that companies are encouraged to invest. Non-achievement of the target level entails underinvestment and a decrease in consumer surplus and welfare and may slow down technical progress. We used a data set covering 30 countries over a period of 8 years to empirically prove the existence of a change in investment behavior depending on whether or not the target level is achieved. A low margin per user may hamper achievement of the target level. As a result, maximum consumer surplus and welfare occur under imperfect competition and not perfect competition.
Lien / download 13-04-11_Jeanjean.pdf

Séminaire du jeudi 4 avril 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Astrid Hopfensitz - Toulouse School of Economics et CNRS
Titre / title «  What if women earned more than their spouse ? An experimental investigation of work division in couples  »
Co-authored with François Cochard, Hélène Couprie
Résumé / Abstract Labor specialization in couples is a widely observed phenomena leading to gender inequalities in couples. We experimentally investigate the economic dilemma experienced by couples, and especially women, when choosing between the labor market and specialization in household work. Co-habiting couples participated in public good contribution games with an asymmetric efficient outcome. We vary the saliency of endowments using a real-effort task.We observe high efficiency levels (approximately 80%) and similar behavior independent of whether the man or the woman was in the advantaged position. Compared to real-life, our results could not replicate the fact than women who earn more than their spouse still specialize into housework, suggesting that this behavior is linked to internalized social norms.

Séminaire du jeudi 28 mars 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Masha Maslianskaia-Pautrel Université de Nantes et LEMNA
Titre / title «  Hedonic model of segmentation with horizontal differentiated housing  »
Lien / download 13-03-28_Pautrel.pdf

Séminaire du vendredi 22 mars 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Ujjayant Chakravorty Tufts University, Toulouse School of Economics and CESifo
Titre / title «  Intensive Margin of Electrification : Evidence from Rural India  »
Co-authored with Martino Pelli et Beyza Ural Marchand University of Alberta, Canada
Lien / download 13-03-22_Chakravorty.pdf

Séminaire du jeudi 21 mars 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Benjamin Montmartin - GATE, Université de Lyon
Titre / title «  Centralized Innovation Policy in an NEGG model : a welfare analysis  »
Résumé / Abstract Since the Lisbon agenda (2000), European policies are increasingly oriented towards R&D and innovation.In this context, we analyze the effects of a centralized R&D subsidy policy upon steady state and welfare using an agglomeration and growth model composed of two asymetric countries. If the policy leads to a steady state characterized by a higher growth rate and lower inequalities, the welfare analysis provides a more contrasted vision on the effects of the policy. Indeed, even though such a policy can eliminate some distortions and improve global welfare, it implies a zero-sum game at national level (the policy increases the welfare in the periphery country and decreases the welfare in the core country) when knowledge spillovers are sufficiently localized.Consequently, a centralized R&D subsidy policy conducted in an economy composed of two asymetric countries would be a positive-sum game only if international knowledge spillovers are sufficiently large.
Lien / download 13-03-21_Montmartin.pdf

Séminaire du jeudi 14 mars 2013 - Amphi Krier, de 12h30 à 14h00

10_01_14_loeillet.pdf {PDF}

Intervenant Karine Van der Straeten - Toulouse School of Economics et CNRS
Titre / title «  Experiments on Voting Rules  »
Lien / download 13-03-14_Van der Straeten.pdf
Lien / download 13-03-14_Van der Straeten2.pdf

Séminaire du jeudi 7 mars 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Patrick Villieu - LEO (University of Orléans)
Titre / title «  Une règle d’or verte pour les finances publiques ?  »
Co-authored with A. Minea - CERDI (University of Auvergne)
Résumé / Abstract Nous proposons un modèle de croissance endogène dans lequel la qualité de l’environnement affecte l’utilité des ménages. Pour améliorer l’environnement, le gouvernement peut effectuer des investissements de dépollution, qu’il peut financer par taxes et par déficit. Nous dévoilons l’existence d’un ratio (en PIB) optimal de dette publique permettant de maximiser la croissance économique à long terme. Ensuite, nous montrons que ce ratio diffère de la valeur qui maximise le bien-être stationnaire. Nos résultats contribuent ainsi à la récente discussion concernant l’éventuelle existence d’un niveau d’endettement public optimal strictement positif dans une perspective de long-terme.
Lien / download 13-03-07_Villieu.pdf

Séminaire exceptionnel du mardi 5 mars 2013 - Salle 6, de 12h30 à 14h00

Intervenant Aurélien Baillon - Erasmus University Rotterdam
Titre / title «  Learning under ambiguity : An experiment using initial public offerings on a stock market  »
Co-authored with Han Bleichrodt, Umut Keskin, Olivier L’Haridon, Chen Li
Résumé / Abstract This paper studies the effect of learning new information on ambiguity attitudes. We decompose ambiguity attitude into two parts, pessimism (capturing ambiguity aversion) and likelihood insensitivity and introduce a simple method to measure these two parts empirically. We study the effect of learning in an experiment using initial public offerings (IPOs) on the New York Stock Exchange. IPOs offer the possibility to study the effect of new information in a natural decision context for which no prior information is available. We found that pessimism was largely unaffected by the arrival of new information, but likelihood insensitivity dropped substantially. The receipt of information made subjects move in the direction of expected utility, but significant deviations from expected utility persisted.Subjective probabilities appeared to be well-calibrated, once they were corrected for ambiguity attitude. Allowing for utility curvature affected the conclusions only marginally, suggesting that decision under uncertainty was driven primarily by the distortion of beliefs due to ambiguity.

Séminaire du jeudi 21 février 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Enrico Diecidue - INSEAD, Luxembourg
Titre / title «  Risking time is like risking money for the representative individual. You are not representative.  »
Co-authored with A. Festjens, Sabrina Bruyneel, Siegfried Dewitte (KU Leuven)
Résumé / Abstract This paper investigates decision making under risk using both time and money as outcomes. From an economics perspective « time is money ». However, psychologists report differences in decision making across both resources. We measured prospect theory’s value functions for both time and money for experimental participants. While the two value functions are strikingly similar at the aggregate level, near-zero correlations between the parameters of time and money value functions indicate that individuals process both resources differently. Implications are discussed.

Séminaire du jeudi 14 février 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Robert Breunig - ANU College of Business and Economics
Titre / title «  Child care in Australia  »
Lien / download Papers on RePEC
Lien / download 13-02-14_Breunig.pdf

Séminaire du jeudi 7 février 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Dominique Torre - GREDEG University Nice Sophia Antipolis
Titre / title «  The dual role of mobile payment solutions in developing countries  »
Co-authored with Laetitia Chaix
Résumé / Abstract This paper analyzes the economic role of mobile-payment solutions in developing countries. We -rst present mobile payment in general and its possible forms in di-erent economic environments. We distinguish four generic economics models ; the operator centric, bank centric, collaborative and independent service provider models. Then we concentrate on developing countries economic environment, and we consider the existing experiences and review the few economic literature on the subject. We then present an original model capturing the way operators and banks can implement an operator centric solution and - simultaneously or not - a collaborative solution in an underbanked environment. We analyze the conditions of success of the new technology as a may to improve payments technology, but also as a way to develop the use of other -nancial services, usually provided by banks or other -nancial agents.
Lien / download 13-02-07_Torre.pdf

Séminaire du jeudi 31 janvier 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Hubert Kempf - École Normale Supérieure de Cachan
Titre / title «  L’insoutenable dynamique de la dette : Une analyse macroéconomique du défaut souverain  »
Co-authored with Michel Guillard - Université d’Evry val d’Essonne
Résumé / Abstract Nous étudions la question de la soutenabilité de la dette publique dans le cadre d’un modèle macroéconomique prenant explicitement en compte l’interaction des politiques monétaire et budgétaire ainsi que la possibilité de défaut sur la dette publique. Nous différencions la notion de « seuil de défaut »de celle de « seuil d’insoutenabilité ». Le seuil de défaut correspond à la limite d’endettement de l’Etat. Le défaut survient lorsque le marché ne reconnaît plus à l’Etat la capacité d’honorer la totalité de sa dette. Le « seuil d’insoutenabilité » peut être atteint pour des niveaux de dette plus faible. Le marché continue à affecter une probabilité positive au remboursement complet de la dette. Pour autant, lorsque ce seuil est dépassé, la prime de risque réclamée par le marché pèse si lourdement sur les comptes publics que le défaut devient, en absence de choc macroéconomique favorable, inévitable. Nous montrons également qu’un « défaut réussi » implique une règle de défaut respectant le critère de soutenabilité de la dette après défaut, la soutenabilité signifiant ici que la prime de risque après défaut doit être suffisamment faible pour assurer que la part de la dette dans le PIB puisse continuer à décroître. Une règle de défaut efficiente doit impliquer une réduction suffisante de la dette publique.
Lien / download 13-01-31_Kempf.pdf

Séminaire du jeudi 24 janvier 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Regis Chenavaz - Euromed Management
Titre / title «  Dynamic pricing, product innovation and quality-based cost  »
Résumé / Abstract Manufacturing and high-tech firms simultaneously conduct dynamic pricing and product innovation policies. We model these policies in an optimal control framework. On the supply-side, the firm conducts the pricing and the product innovation policies. The cost of production is related to product quality. On the demand-side, the consumer has interest in price and quality. We analyse the determinants of dynamic pricing and the effect of quality on price. We show that the dynamic pricing is only linked to the characteristics of the demand. Under a general demand function, price dynamics is ambiguous ; price may decrease even if quality and cost increase. Under an additive separable demand function, price dynamics follows quality dynamics ; the pricing curve emulates the quality curve. Under a multiplicative separable demand function, price dynamics follows cost dynamics ; the pricing curve emulates the cost curve.
Lien / download 13-01-24_Chenavaz.pdf

Séminaire du jeudi 10 janvier 2013 - Amphi Krier, de 12h30 à 14h00

Intervenant Thérèse Rébière - Conservatoire National des Arts et Métiers
Titre / title «  Informal labor market and access to education in developing economies  »
Co-authored with Eliane El Badaoui - Université de Paris Ouest Nanterre
Résumé / Abstract This article studies the impact of access to education on labor market flows in a search-matching model of a labor market representing a developing economy. The segmented market embodies a lower-tier informal sector, a formal sector, and an upper-tier informal sector. An increase in education raises the size of the formal sector and reduces that of the lower-tier sector but more educated workers enter into informality. When the education program is subsidized by a tax in the formal sector, overall results require data calibration that we perform with the ENOE Mexican data set. It then addresses the issue of the impact on the market effciency of public policies aiming at increasing education.
Lien / download 13-01-10_Rebiere.pdf

Séminaire du jeudi 20 décembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Guillaume L’Oeillet - Université de Bretagne Sud - IUT Vannes
Titre / title «  L’indépendance des banques centrales a-t-elle limité le recours aux politiques monétaires non-conventionnelles lors de la crise économique ?  »
Co-authored with Nolwenn Roudaut - Université de Bretagne Sud - IREA
Résumé / Abstract La sévère crise économique qui frappe l’économie mondiale depuis 2008 a poussé les banques centrales à mobiliser des outils de politique monétaire dits non-conventionnels.La baisse des taux d’intérêt venant buter sur la trappe à liquidité, les autorités monétaires ont adopté des mesures alternatives provoquant l’augmentation massive de leurs bilans. Ces mesures apparaissent, a priori, contradictoires avec les principes d’indépendance et de transparence des autorités monétaires vis-à-vis du pouvoir politique. En effet, l’accroissement de la base monétaire risque de perturber les anticipations habituelles d’inflation tandis que l’achat d’actifs publics s’apparente à la monétisation de la dette. Cet article s’interroge sur le lien entre l’indépendance des banques centrales mesurées par l’indice de Cukierman et l’ampleur des mesures dites non-conventionnelles prises durant la période de crise. Les banques centrales ont-elle préféré préserver leur « crédibilité » en limitant les interventions de prêteur en dernier ressort, ou se sont-elles affranchies de ce cadre institutionnel pour soutenir une économie fragilisée par un système bancaire et financier en péril ? Notre étude empirique se base sur l’estimation d’un modèle en données de panel sur un échantillon de 23 banques centrales issues d’économies industrialisées et émergentes sur la période 2006-2011.
Lien / download 12-12-20_Loeillet.pdf

Séminaire du jeudi 13 décembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Joeffrey Drouard - Univ Rennes 1 et CREM
Intervenant Raphaël Suire - Univ Rennes 1 et CREM
Titre / title «  Digital Platform and switching costs  »
Résumé / Abstract In this paper, we analyze a model with two platforms and one content provider. The platform market is a mature market with switching costs. We show that the link between the size of the switching costs and the content provider’s incentive to invest in quality depend on the industry structure. In particular, reducing the costs of switching through a more restrictive regulation stimulates innovation in the content market if the industry is characterized by a vertically integrated structure. Then, we show that whether reducing the costs of switching is welfare enhancing or not depends on the content distribution. Decreasing the size of the switching costs affects negatively the welfare if the content provider multihomes.

Séminaire du mardi 11 décembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Vinayak Dixit - University New South Wales
Titre / title «  Subjective Risks of Driving  »
Résumé / Abstract We examine the subjective risks of driving behavior using a controlled virtual reality experiment. Use of a driving simulator allows us to observe choices over risky alternatives that are presented to the individual in a naturalistic manner, with many of the cues one would find in the field. However, the use of a simulator allows us the type of controls one expects from a laboratory environment. The subject was tasked with making a left-hand turn into incoming traffic, and the experimenter controlled the rate of flow of oncoming traffic. The subjects were rewarded for making a successful turn, and lost income if they crashed. The experimental design provided opportunities for subjects to develop subjective beliefs about when it would be safe to turn, and it also elicited their attitudes towards risk. A simple structural model was used to explain behavior, and showed clear indications of heterogeneity in both the subjective beliefs that subjects formed and their risk attitudes. We find that subjective beliefs change with experience in the task and the driver’s skill. Though a significant difference was observed in the perceived probability to successfully turn among the inexperienced driver’s who did and did not crash, no significant difference in drivers’ risk attitudes among the two groups. We use experimental economics to design controlled, incentive compatible tasks that provide an opportunity to evaluate the impact of subject’s subjective beliefs about when it would be safe to turn, and their attitudes towards risk on their driving safety. This method can help insurance companies determine risk premiums associated with risk attitudes or beliefs of crashing, to better incentivize safe driving.

Séminaire du jeudi 6 décembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Aude Pommeret - Univ de Savoie et Lausanne Université
Titre / title «  Intertemporal Emissions Permits Trading Under Uncertainty and Irreversibility  »
Co-authored with Katheline Schuber - University Paris 1 Panthéon–Sorbonne and Paris School of Economics
Lien / download 12-12-06_Pommeret.pdf

Séminaire exceptionnel du mardi 4 décembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Miguel Casares - Universidad Pública de Navarra
Titre / title «  The Great Moderation of Inflation : a structural analysis of recent U.S. business cycles  »
Co-authored with Miguel Casares - Universidad Pública de Navarra
Co-authored with Jesús Vázquez - Universidad del País Vasco
Résumé / Abstract U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson paradox). Our findings point at lower exogenous variability of supply-side shocks and, to a lower extent, structural changes in money demand, monetary policy and firms’ pricing behavior as the main driving forces of the changes observed in recent U.S. business cycles.
Lien / download 12-12-04_Casares.pdf

Séminaire du jeudi 29 novembre 2012 - Amphi Krier, de 12h00 à 13h00

Intervenant Bertrand Maillet - Univ. Orléans
Titre / title «  Risk Models-at-Risk  »
Résumé / Abstract Abstract. The recent experience from the global financial crisis has raised serious doubts about the accuracy of standard risk measures as a tool to quantify extreme downward risks. Risk measures are hence subject to a “model risk” due, e.g., to the specification and estimation uncertainty. Therefore, regulators have proposed that financial institutions assess the “model risk” but, as yet, there is no accepted approach for computing such a risk. We propose a general framework to compute risk measures robust to the model risk, while focusing on the Value-at-Risk (VaR). The proposed procedure aims empirically adjusting the imperfect quantile estimate based on a backtesting framework, assessing the good quality of VaR models such as the frequency, the independence and the magnitude of violations. We also provide a fair comparison between the main risk models using the same metric that corresponds to model risk required corrections."
Co-authored with Christophe Boucher, Patrick Kountchou, Jon Danielsson - The Ohio State University, USA.
Lien / download 12-11-29_Maillet.pdf

Séminaire exceptionnel du mercredi 28 novembre 2012 - Amphi Krier, de 17h00 à 18h30 - Attention, date et horaire inhabituels

Intervenant Yves Zenou - Stockholm University et Univ du Maine
Titre / title «  Criminal Networks : Who is the Key Player ?  »
Co-authored with Xiaodong Liu - University of Colorado at Boulder
Co-authored with Eleonora Patacchini - La Sapienza University of Rome, EIEF and CEPR.
Co-authored with Lung-Fei Lee - The Ohio State University, USA.
Résumé / Abstract We develop a network formation model determining who the key player is, i.e. the criminal who once removed generates the highest possible reduction in crime. We structurally estimate and simulate our model using data on adolescent delinquents in the United States. Compared to other criminals, key players are more likely to have less educated parents, are less attached to religion and feel socially more excluded. We discuss the policy implications of our results by comparing a key-player policy and a policy that removes randomly delinquents from the network. The difference in crime reduction can be as large as 30 percent.
Lien / download 12-11-28_Zenou.pdf

Séminaire du jeudi 22 novembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Etienne Lehmann - CREST et ERMES (TEPP), Université Paris II
Titre / title «  Optimal Income Taxation between competing governments  »
Co-authored with Laurent Simula - Uppsala University
Co-authored with Alain Trannoy - AMSE
Résumé / Abstract We investigate how the optimal nonlinear income tax schedule is modified when taxpayers can evade taxation by emigrating. We consider two symmetric countries with Maximin governments. Workers choose their labor supply along the intensive margin. The skill distribution is continuous, and, for each skill level, the distribution of migration cost is also continuous. We show that optimal marginal tax rates are nonnegative at the symmetric Nash equilibrium when the semi-elasticity of migration is decreasing in the skill level. When the semi-elasticity of migration is increasing in the skill level, either optimal marginal tax rates are positive everywhere or they are positive for the lower part of the skill distribution and then negative. Numerical simulations are calibrated using plausible values of the semi-elasticity of migration for top income earners. We show that the shape of optimal tax schedule varies significantly, depending on the profile of the semi-elasticity of migration over the entire skill distribution - a profile over which we lack empirical evidence.

Séminaire du jeudi 15 novembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Wilfried Sand-Zantman - Ecole d’Economie de Toulouse (TSE) , GREMAQ- IDEI
Titre / title «  A Mechanism Design Approach to Climate Agreements  »
Co-authored with David Martimort - Paris School of Economics
Lien / download 12-11-15_Sand-Zantman.pdf

Séminaire du jeudi 8 novembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Marc Gurgand - Paris School of Economics
Titre / title «  Private and public provision of counseling to job-seekers : Evidence from a large controlled experiment  »
Co-authored with Luc Behaghel et Bruno Crépon
Lien / download 12-11-08_Gurgand.pdf

Séminaire du jeudi 25 octobre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Aurélien Eyquem - Univ Lyon et GATE
Titre / title «  Government Spending, Monetary Policy, and the Real Exchange Rate  »
Co-authored with Hafedh Bouakez - HEC Montréal and CIRPÉE, Canada
Lien / download 12-10-25_Eyquem.pdf

Séminaire exceptionnel du mercredi 24 octobre 2012 - Salle de travail, de 12h30 à 14h00

Intervenant Amihai Glazer - University of California, Irvine, CA
Titre / title «  How An Agenda Setter Induces Legislators to Adopt Policies They Oppose  »
Co-authored with Matthias Dahm - Universitat Rovira i Virgili, Reus - Spain
Lien / download glazer-11.pdf

Séminaire du jeudi 18 octobre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Isabelle Vialle - IUT Rennes et CREM
Titre / title «  Uncertainty about ability and job search : an experimental test  »
Lien / download 12-10-18_Vialle.pdf

Séminaire du jeudi 11 octobre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Clémence Christin - Univ Caen et CREM
Titre / title «  Who produces private labels ?  »
Co-authored with Claire Chambolle - INRA (UR1303 ALISS), École Polytechnique
Co-authored with Guy Meunier - INRA (UR1303 ALISS), École Polytechnique
Lien / download 12-10-11_Christin.pdf

Séminaire du jeudi 4 octobre 2012 - Salle 1, de 12h30 à 14h00

Intervenant Mourad Zeroukhi - Université Rennes 1 et CREM
Titre / title «  Competition against Open Source Community in Presence of Forking : Implications for Open Source Policy  »
Co-authored with Edmond BARANES - University of Montpellier 1 (LAMETA)
Lien / download 12-10-04_Zeroukhi.pdf

Séminaire du jeudi 27 septembre 2012 - Amphi Krier, de 12h30 à 14h00

Intervenant Fabien Moizeau - Université Rennes 1 et CREM
Titre / title «  Endogenous Income Distribution and Stratification in Economies with a Local Public Good.  »
Co-authored with David Bardey - Universidad de los Andes
Co-authored with Fernando Jaramillo - Universidad del Rosario