Pour une entreprise, le maintien d’une croissance soutenue pendant une longue période est délicat. Il suppose, outre des conditions de marché favorables, un pilotage du rythme de développement adapté aux contraintes financières.

We study horizontal partial acquisitions in an oligopolistic industry in the absence of synergies. Contrary to existing results, we find that a dominant shareholder may choose to acquire shares in a competitor although the aggregate profit of the group of firms under his control, and even the...

In the standard consumption capital asset pricing model (CCAPM), the curvature of the investor's utility function captures two aspects of preferences: as the concavity of the function increases so does his aversion to risk as well as his desire to smooth consumption intertemporally. This...

Dans ce papier, nous chercherons à comprendre, au-delà de ses fonctions techniques, comment les procédures d’investissement permettent d’institutionnaliser les grands idéaux et discours ayant trait à l’investissement. En analysant, dans le contexte français, les procédures...

Dans le cadre d'un modèle à générations imbriquées, nous supposons que la gestion d'une ressource renouvelable correspond à l'émission de quotas d'exploitation transférables. Chaque agent a la possibilité d'utiliser les quotas dans la production ou de les vendre à la génération...

This paper studies the effect of combining different insurance schemes on the efficiency of consumption smoothing in an environment without commitment. A savings account is introduced into the self-enforcing risk-sharing model of Thomas and Worrall (1988). The risk averse agent's savings play...

We study the development of a duopoly industry -evolution of firm capacities and competitive behavior- in a continuous-time real-options model of capacity investment. Our methodology allows the evaluation of investment options and exercise rules in a strategic setup. In the initial industry...

We study a simple duopoly model of preemption with multiple investments and instantaneous Bertrand competition in a stochastically growing market. Different patterns of equilibria may arise, depending on the importance of the real option effect. If the average growth rate of the market is close...

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...

From a voluntary production, free software fulfil to be broadly diffused on the market side. The commercial success of these software is attented by an active participation in their development from a large number of firms. We explain this participation by the opportunities of free software...