Can investors with irrational beliefs be neglected as long as they are rational on average ? Does unbiased disagreement lead to trades that cancel out with no consequences on prices, as implicitly assumed by the traditional models ? We show in this paper that there is an important impact of...

We are given a list of tasks Z and a population divided into several groups X j of equal size. Performing one task z requires constituting a team with exactly one member x j from every group. There is a cost (or reward) for participation: if type x j chooses task z, he receives p j (z);...

From official records, it would appear that the labour market significantly shifted from the formal to the informal sector in Kenya. However, a careful examination of different data sources for Nairobi show that in the 1990s there has been no direct transfer of employment from the formal sector...

With the retirement reform of 2010, a new element has been taking into account in simulation model on retirement: the feedback effects on the labour market, or so-called ‘distance to-retirement’ effect. The 2010 reform has increased the minimum legal age of retirement progressively from 60...

This paper studies the impact of changes in educational opportunities on various definitions of labour market inequalities in Brazil over two decades (1976-96). Using four editions of the nationally representative PNAD survey, we analyze the evolution of overall inequalities and inequalities of...