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The management of natural resources under asymmetry of information

Gaudet, Gérard; Lasserre, Pierre - Centre Interuniversitaire de Recherche en Analyse des … - 2015

We provide an introductory review to the application of the theory of incentives under asymmetry of information to the exploitation and management of natural resources. We concentrate mostly on principalagent problems with adverse selection as posed by the regulation of nonrenewable resources,...

Persistent link: https://www.econbiz.de/10011265863

Inter- vs Intra-generational Production Teams: A Young Worker's Perspective

Breton, Michèle; St-Amour, Pascal; Vencatachellum, Désiré - Centre Interuniversitaire de Recherche en Analyse des … - 2002

We ask whether young agents prefer to work in different-age or same-age production pairs in an overlapping-generations model where wages are reputation-based. We find that inter-generational teams (i) produce more heterogeneity in the old workers' reputations, (ii) generate a greater share of...

Persistent link: https://www.econbiz.de/10005100566

Resistance is Futile: An Essay in Crime and Commitment

Boyer, M. Martin - Centre Interuniversitaire de Recherche en Analyse des … - 2001

This paper studies a principal-agent relationship in a contractual crime setting. Suppose an agent and a principal sign a contract stipulating some transfer of funds from one player (say the agent) to the next (the principal) contingent on the state of the world announced by the first player. In...

Persistent link: https://www.econbiz.de/10005100773

Competitive Insurance Markets and Adverse Selection in the Lab

Riahi, Dorra; Lévy-Garboua, Louis; Montmarquette, Claude - Centre Interuniversitaire de Recherche en Analyse des … - 2010

We provide an experimental analysis of competitive insurance markets with adverse selection. Our parameterized version of the lemons' model (Akerlof 1970) in the insurance context predicts total crowding out of low-risks when insurers offer a single full insurance contract. The therapy proposed...

Persistent link: https://www.econbiz.de/10008560183

Crifo, Patricia; Diaye, Marc-Arthur; Pekovic, Sanja - Centre Interuniversitaire de Recherche en Analyse des … - 2014

This paper analyzes how different combinations of Corporate Social Responsibility (CSR) dimensions affect corporate economic performance. We use various dimensions of CSR to examine whether firms rely on different combinations of CSR, in terms of quality versus quantity of CSR practices. Our...

Persistent link: https://www.econbiz.de/10011183695

Inequity Aversion in Tournament

Demougin, Dominique; Fluet, Claude - Centre Interuniversitaire de Recherche en Analyse des … - 2003

We consider the cost of providing incentives through tournaments when workers are inequity averse and performance evaluation is costly. The principal never benefits from empathy between the workers, but he may benefit from their propensity for envy depending on the costs of assessing...

Persistent link: https://www.econbiz.de/10005100711

Optimal Justice in a General Equilibrium Model with Non Observable Individual Productivities

Lasserre, Pierre; Soubeyran, Antoine - Centre Interuniversitaire de Recherche en Analyse des … - 1999

In this general equilibrium model, justice and police institutions are treated as a mechanism that induces individuals … the system, and when both detection levels and justice accurary are costly instruments. Nous étudions dans un modèle d … pas observables et que tant le niveau de détection que la précision des décisions de justice sont des caractéristiques …

Persistent link: https://www.econbiz.de/10005100938

Asset Returns and State-Dependent Risk Preferences

Gordon, Stephen; St-Amour, Pascal - Centre Interuniversitaire de Recherche en Analyse des … - 2003

We propose a consumption-based capital asset pricing model in which the representative agent's preferences display state-dependent risk aversion. We obtain a valuation equation in which the vector of excess returns on equity includes both consumption risk as well as the risk associated with...

Persistent link: https://www.econbiz.de/10005100531

Earnings Dispersion, Risk Aversion and Education

Belzil, Christian; Hansen, Jörgen - Centre Interuniversitaire de Recherche en Analyse des … - 2002

We estimate a dynamic programming model of schooling decisions in which the degree of risk aversion can be inferred from schooling decisions. In our model, individuals are heterogeneous with respect to school and market abilities but homogeneous with respect to the degree of risk aversion. We...

Persistent link: https://www.econbiz.de/10005100552

Non-Traded Asset Valuation with Portfolio Constraints: A Binomial Approach

Detemple, Jérôme B.; Sundaresan, Suresh - Centre Interuniversitaire de Recherche en Analyse des … - 1999

We provide a simple binomial framework to value American-style derivatives subject to trading restrictions. The optimal investment of liquid wealth is solved simultaneously with the early exercise decision of the non-traded derivative. No-short-sales constraints on the underlying asset manifest...

Persistent link: https://www.econbiz.de/10005100781