Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew at the outset which price would prevail tomorrow on each spot market. Yet, observation...

In three related papers, we consider a pure exchange financial economy, where agents may observe private information signals, form private anticipations and face an "exogenous uncertainty", on the future state, and an "endogenous uncertainty", on the future prices. At a sequential equilibrium,...

We consider a pure exchange financial economy, where agents observe private information signals, form private anticipations and face an "exogenous uncertainty" on the future state, and an "endogenous uncertainty", on the future prices. At a sequential equilibrium, all agents expect the "true"...

This paper illustrates the usefulness of resampling based methods in the context of multiple (simultaneous) tests, with emphasis on econometric applications. Economic theory often suggests joint (or simultaneous) hypotheses on econometric models; consequently, the problem of evaluating joint...

We propose methods for testing hypothesis of non-causality at various horizons, as defined in Dufour and Renault (1998, Econometrica). We study in detail the case of VAR models and we propose linear methods based on running vector autoregressions at different horizons. While the hypotheses...

Le tabac est responsable de 13% des décès en France et est l'une des principales causes de maladies non transmissibles (MNT), telles que les cancers, les maladies respiratoires et cardiovasculaires. Pour renforcer sa politique de lutte antitabac, la France a mis en place un train de mesures...

Le dynamisme des petites entreprises n’est pas une fin en soi, mais un élément du secteur des PME qui concourt à la progression globale de la productivité. Il favorise les gains de productivité en redistribuant les ressources vers les entreprises les plus efficientes et en renforçant la...

French Abstract: Les chocs de revenus subis par les ménages les plus démunis peuvent inciter les parents à retirer leurs enfants de l'école pour les introduire sur le marché du travail, lorsque les autres instruments de maîtrise des risques sont insuffisants. Ces réponses aux chocs à...

In this paper, we consider American option contracts when the underlying asset has stochastic dividends and stochastic volatility. We provide a full discussion of the theoretical foundations of American option valuation and exercise boundaries. We show how they depend on the various sources of...

L'Union européenne (UE) se trouve confrontée à un besoin critique de terres rares, en particulier de produits raffinés essentiels à la production de voitures électriques, de turbines et d'autres applications technologiques. Cependant, le processus de raffinage est non seulement...