Minimum variance and equally-weighted portfolios have recently prompted great interest both from academic researchers and market practitioners, as their construction does not rely on expected average returns and is therefore assumed to be robust. In this paper, we consider a related approach,...

We consider a model in which any investment opportunity is described in terms of cash flows. We don't assume that there is a numéraire, enabling investors to transfer wealth through time; the time horizon is not supposed to be finite and the investment opportunities are not specifically related...

Dans cette note, on propose quelques applications directes d’un résultat d’existence de Bonnisseau et Iehlé (2003). Ces auteurs ont montré l’existence d’allocations du cœur dans les jeux NTU qui satisfont un équilibre de taux de transfert sous une condition de balancement...

We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff vectors satisfying this condition. The additional...

In many practical contexts where a number of agents have to find a common decision, the votes do not come all together at the same time. In such situations, we may want to preprocess the information given by the subelectorate (consisting of the voters who have expressed their votes) so as to...

Voting on multiple related issues is an important and difficult problem. The key difficulty is that the number of alternatives is exponential in the number of issues, and hence it is infeasible for the agents to rank all the alternatives. A simple approach is to vote on the issues one at a...

This paper examines the debate over the gains from trade when international differences in the risk perception of heterogeneous managers provide the basis for trade: the relatively optimistic country exports the risky commodity whereas the relatively pessimistic country exports the certain...

Cet article examine l’incidence des maladies invalidantes sur les contrats d’assurance santé en présence de sélection adverse. Pour ce faire, nous utilisons un modèle d’utilité bivariée de décision dans le risque. Nous montrons que l’introduction des maladies invalidantes modifie...

This paper introduces a valuation model of international pricing in the presence of political risk. Shipments between countries are charged with shipping costs and the country specific production processes are modelled as diffusion processes. The political risk is modelled as a continous time...