The housing market is a central macroprudential policy concern in France due to the significant proportion of residential property loans in bank balance sheets and the high weight of housing in household wealth. The surge in house prices at the start of the 2000s means we cannot rule out the...

Since the late 90s,, European industries of electricity and gas have been subject to a process of concentration at both horizontal and vertical levels. At first glance, this consolidation is quite natural since, on the one hand, the application of European directives to open to competition has...

A firm chooses a price and the product information it discloses to a consumer whose tastes are privately known. We provide a necessary and sufficient condition on the match function for full disclosure to be the unique equilibrium outcome whatever the costs and prior beliefs about product and...

Strategic surprise lies in wait. There is no surprise if competitors can figure out one's intentions before end. We examine how enlightened strategists can enact the socially-embedded knowledge that prevails over competitors' behavior to their very own favor. Findings suggest that firms can...

This paper analyses the potentially defensive behaviour of patent race winners and its effect on aggregate R&D effort. It proposes a quality-ladders model that endogenously determines leaders technology advantages and who innovates. Product market regulation can have either a positive or a...

We adopt a framework of vertical differentiation (i.e. differentiation by quality) to study the issue of Corporate Social Responsibility (CSR). We develop a model of duopoly in a two‐country setting, in which firms choose the country of location, the level of CSR and finally compete in the...

We analyze the trade-off faced by authorities envisaging a one-shot structural re-form in a capitalistic industry. A structure is modeled as (1) a sharing of productive capital at some time and (2) a sharing of scarce sites or any other non-reproducible assets. These two distinct dimensions of...

Les divergences des analystes dans leurs prévisions des résultats futurs des entreprises est un fait. De manière plus générale, la divergence d'opinion des investisseurs quant à l'évolution future des cours boursiers ou des fondamentaux de l'économie est largement étayée dans la...

We model comparative advertising as brands pushing up own brand perception and pulling down the brand image of targeted rivals. We watched all TV advertisements for OTC analgesics 2001-2005 to construct matrices of rival targeting and estimate the structural model. These attack matrices identify...