This paper analyzes how drug approval procedures influence the incentives of pharmaceutical firms to launch new drugs in the presence of international reference pricing. First, we show that the set of countries in which a firm commercializes a new drug is larger when countries do not approve...

Parikh and Krasucki [1990] showed that if rational agents communicate the value of a function f according to a protocol upon which they have agreed beforehand, they will eventually reach a consensus about the value of f, provided a fairness condition on the protocol and a convexity condition on...

We study the economics of Bitcoin transaction fees in a simple static partial equilibrium model with the specificity that the system security is directly linked to the total computational power of miners. We show that any situation with a fixed fee is equivalent to another situation with a...

In cases where legislators represent districts that vary in population, the design of fair legislative voting rules requires an understanding of how the number of votes cast by a legislator is related to a measure of her influence over collective decisions. We provide three new characterizations...

In this paper, we study the link between choices derived from monotonous set-dependent preferences and sequential rationalizability. This link is quite natural since choices derived from monotonous set-dependent preferences (introduced in [Houy, 2008b]) are characterized by a strong axiom of...

We charaterize the choice correspondences that can be rationalized by a procedure that is a refinement of the prudent choices exposed in [Houy, 2008]. Our characterization is made by means of the usual expansion axiom and by a weakening of the usual contraction axiom α.

This paper analyzes the assignment of durable objects to successive generations of agents who live for two periods. The optimal assignment rule is stationary, favors old agents and is determined by a selectivity function which satisfies an iterative functional differential equation. More patient...

In this paper, we study the relationships between binary lexicographic composition of rationales (see [Tadenuma, 2002]), prudent choices (see [Houy, 2008a]) and refined prudent choices (see [Houy, 2008b]) in the case of multi-criteria decision making. We show that these relationships are linked...

Parikh and Krasucki [1990] showed that if rational agents communicate the value of a function f according to a protocol upon which they have agreed beforehand, they will eventually reach a consensus about the value of f, provided a fairness condition on the protocol and a convexity condition on...

It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in...