This paper analyzes the role of private storage in a market for a commodity (e.g. natural gas) whose supply is subject to the threat of an irreversible disruption. We focus on the medium term in which seasonality of demand and exhaustibility can be neglected. We characterize the price and...

The standard literature on the value of life relies on Yaari’s (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of nonadditively separable preferences. The enlargement we...

This paper analyzes the role of private storage in a market for a commodity (e.g. natural gas) whose supply is subject to the threat of an irreversible disruption. We focus on the medium term in which seasonality of demand and exhaustibility can be neglected. We characterize the price and...

We study imperfect competition between insurers in a multiple-risk environment. In the absence of asymmetric information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are able or unable to capture the surplus. We show in contrast...

We analyze markets where insurers are better informed about risk than consumers. We show that even competitive markets may result in insufficient information revelation and inefficient insurance coverage. This explains why certain risky consumers remain uninsured and why certain market segments...

Nous traitons des fondements de la fiscalité de l’énergie dans une perspective d’optimisation des approvisionnements auprès de fournisseurs étrangers à la Communauté européenne. Notre modèle permet de distinguer et d’évaluer trois termes formant la taxe optimale : le terme...

This paper surveys the existing theoretical and empirical research on long term contracts inspired by the American experience. We analyze the role of take-or-pay clauses and price indexation rules, questioning whether regulation distorts optimal contract duration. The models we summarize allows...

Le modèle standard de concurrence avec antisélection en assurance (Rothschild et Stiglitz) suppose que les types ne diffèrent que par leur probabilité d’accident. Supposant qu’ils puissent aussi différer par leur attitude face au risque, nous mettons en évidence des configurations...

This survey reviews the micro-economic foundations of the analysis of life insurance markets. The first part outlines a simple theory of insurance needs based on the life-cycle hypothesis. The second part builds on contract theory to expose the main issues in life insurance design within a...

Cet article examine en détail les allocations d’assurance de second-rang dans une économie soumise à l’antisélection. Partant d’une extension naturelle du modèle classique, nous supposons une perception imparfaite du risque. Nous caractérisons les contraintes qui s’exercent sur la...