Short lived arbitrage opportunities arise when prices adjust with a lag to new information. They are toxic because they expose dealers to the risk of trading at stale quotes. Hence, theory implies that more frequent toxic arbitrage opportunities and a faster arbitrageurs' response to these...

In the development of the general equilibrium theories, Hicks and Allais played an essential role. We are studying here the contributions which were theirs respectively in Value and Capital (1939) and in the Traité d’économie pure (1943). The accent is put on three points: the theory of...

We reformulate Grandmont's and its successors' notion of behavioral heterogeneity such as to get the exact insensitivity of the aggregate budget share function with respect to changes in prices and income, instead of a mere approximate insensitivity. We propose a non parametric set-up such that,...

English Abstract: In balancing international financial data (Lane and Milesi-Ferretti, 2006), contrary to most matrix adjustment problems, the only constraints are that, for any given category of assets and liabilities, the sum of assets over countries must equal the sum of liabilities....

Presentation of the PLS regression

La régulation des émissions azotées dans le bassin d’un cours d’eau s'inscrit généralement dans un cadre institutionnel où les objectifs, en terme de valeurs maximales et de valeurs guides, sont donnés par la législation. Le caractère diffus d'une partie des émissions et les...

Dans la plupart des modèles de recherche, Le taux d'actualisation est un facteur important conditionnant la prise de décisions telles que le choix du salaire de réserve ou l'intensité de la recherche d’emploi. Les individus ayant une forte préférence pour le présent ne cherchent pas...

There is a large literature on the optimal order of exploitation of natural resources. We explore the impact of specific technical progress that enables the saving of resource inputs in production on the order of exploitation. Models of growth tend to assume uniform and global technical progess....