Aggregate art price patterns mask a lot of underlying variation — both in the time series and in the cross-section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each...

This paper is an attempt to analyze regulation in LDCs taking into account their specificities compared to developed countries. By using a regulation model with an imperfect contract enforcement mechanism, we show how the separation of powers improves the enforcement quality and social welfare...

We consider a takeover in which risk neutral bidders must incur participation costs and study their optimal strategy. We found that bidders decision of participation is endogenous. There is a threshold of private participation cost above that a potential bidder will stay out of takeover process....

Nous analysons le problème de la formation d'une entente entre soumissionnaires à un appel d'offres au premier prix confrontés au risque d'être détecté. Considérant qu'une entente peut être détectée dès qu'un offreur est dénoncé, notre objectif est de déterminer l'influence de ce...

Cet article étudie les marchés publics à tranches. Ces procédures sont caractérisées par la présence d'une incertitude sur la réalisation complète d'une opération. Celle-ci est alors découpée en plusieurs travaux (tranches) qui doivent être réalisés successivement. La première...

The paper starts with the wide variability of nonpoint water nitrogenous pollution generated by agriculture. This variability depends especially on climate, soil types and farming systems. Our interdisciplinary researches, mainly based on two sites in France, show that space and time...

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...

Although it is frequent, discontinuous (leapfrog) development has rarely been addressed by the literature, because traditional models are unable to conceive diverse urban forms. This article is a survey of theoretical explanations of discontinuous development. It follows two parts. First, taking...