Digital Technologies make it possible to decentrally settle institutional frameworks based on self-implementation of exclusive rights of use over information and on the self-regulation of on-line communities. Through a decentralized system of IPRs and collective rules setting of this kind agents...

In a partial equilibrium framework, SHARKEY and SIBLEY [1993] show paradoxally that all redistributive optimal two-part pricings are sustainable. They also suggest the extension of their main result to non-linear pricing. In this paper, it is shown that in fact their result doesn't extend...

The trading systems used on financial markets differ in terms of matching procedures, selected norms to write contracts, existence or not of intermediaries to ensure liquidity, market transparency... We are interested in measuring the direct effect on market specifics of a matching procedure...

This paper presents a study of intra-day patterns of stock market activity and introduces duration based activity measures for single stocks and multiple assets. The proposed measures involve weighted durations, i.e. times necessary to sell (buy) a predetermined volume or value of stocks. As...

We consider a non necessarily complete financial market with one bond and one risky asset, whose price process is modelled by a suitably integrable, strictly positive, càdlàg process $S$ over $[0, T]$. Every option price is defined as the conditional expectation under a given equivalent (true)...

On the basis of an in depth analysis of the flow of revenues within the music industry and of the emerging practices, we attempt to understand the logic at play in the current evolution of the structure of the industry. We claim that the record companies used to play a role that was useful for...