We study information revelation in markets with pairwise meetings. We focus on the one sided case and perform a dynamic analysis of a constant entry flow model. The same question has been studied in an identical framework in Serrano and Yosha (1993) but they limit their analysis to the...

French Abstract: Quelles sont les conséquences en matière de bien-être d'une meilleure diffusion de l'information financière parmi les spéculateurs? Pour traiter cette question, nous considérons un marché où des agents non informés échangent pour un motif de partage de risque avec des...

We compare the optimal trading strategy of an informed speculator when he can trade ahead of incoming news (is "fast"), versus when he cannot (is "slow"). We find that speed matters: the fast speculator's trades account for a larger fraction of trading volume, and are more correlated with...

Cet article analyse les effets de la transparence économique sur l’efficacité de la politique monétaire dans un modèle de concurrence monopolistique en connaissance commune imparfaite sur les chocs de demande affectant une économie sans biais inflationniste. Nous montrons que la...

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...

We analyze the contract-based relationship between a local community and a private operator in charge of a water utility. An important feature of the regulation model is the existence of water network losses that may reduce the operator's cost. We derive solutions to the optimal contract both...

The main assumption of the paper is that the differentials of competitiveness related to ICT are nowadays less dependant on the level of the investments than on the level of their use. ICT are generally studied within the framework of developed economies and less of their impact on developing...

In this paper, we analyze the careers from a sample of more than 1,000 top French chefs over more than twenty years and link it to the success or reputation of the restaurants where they have worked. This allows us to test what are the determinants of success but also to investigate the dynamics...