This paper analyzes the dynamic incentives for technology adoption under a transferable permits system, which allows for strategic trading on the permit market. Initially, firms can invest both in low emitting production technologies and trade permits. In the model, technology adoption and...

The theory of acceptance sets and their associated risk measures plays a key role in the design of capital adequacy tests. The objective of this paper is to investigate, in the context of bounded financial positions, the class of surplus-invariant acceptance sets. These are characterized by the...

This paper analyzes the dynamic incentives for technology adoption under a transferable permits system, which allows for strategic trading on the permit market. Initially, firms can invest both in low-emitting production technologies and trade permits. In the model, technology adoption and...

This paper studies the problem of optimal investment with CRRA (constant, relative risk aversion) preferences, subject to dynamic risk constraints on trading strategies. The market model considered is continuous in time and incomplete; furthermore, financial assets are modeled by Itô processes....

The theory of acceptance sets and their associated risk measures plays a key role in the design of capital adequacy tests. The objective of this paper is to investigate the class of surplus-invariant acceptance sets. We argue that surplus invariance is a reasonable requirement from a regulatory...

The main objective of this article is to show that the "synthetic approach" initiated by Lise Salvas-Bronsard (1972) can be useful to reexamine the quantitative analysis of portfolio management. We pay a tribute to her work in showing that it is useful in allowing the interaction of different...

The intensification of competition on insurance markets is giving more and more audience to the principle of premiums personalization. Antagonistic to the traditional principe of risks mutualization, this new trend aims at "equitable" insurance tariffs, i.e. tariffs such that premiums are...

We consider a service whose quality is variable and from which every consumer consumes either one unit or nothing. Production costs, both fixed and variable, do not depend on quality: a higher quality service is no more costly to produce than a lower quality one. On the consumption side however,...

Using an exhaustive database on academic publications in mathematics, we study the patterns of productivity by world mathematicians over the period 1984-2006. We uncover some surprising facts, such as the absence of age related decline in productivity and the relative symmetry of international...