The logsum formula, which provides the expected maximum utility for the multinomial logit model, is often used as a measure of welfare. We provide here a closed form formula of the welfare measure of an individual who has not access to his first-best choice, but has access to his rth-best...

La directive européenne MiFID du 1er novembre 2007, mise en application en France par l'AMF, a trouvé récemment (et en particulier depuis la crise financière) de nouveaux éléments de justification. Sa mise en place soulève néanmoins des questions méthodologiques (encore largement...