We investigate in this paper the attitude towards risk of bettors in British horce races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on 34443-race dataset. We find that rank-dependant...

The paper reviews some recent theoretical contributions on the modelisation of time-inconsistent preferences, as well as implications for individual behavior. The focus is on the interpretation of the concepts and the link with concepts in psychology.

We consider the problem of the optimal use of a good whose consumption can produce damages in the future. Potential damages are proportional to the accumulated lifetimeconsumption of the good. Scientific progress is made over time that provides information on the distribution of the intensity of...

We show that a regulator can use diffuse information held by potential entrants in the market as a powerful incentive instrument even when neither government tranfers to firms nor the regulation of entrants is permitted. Optimal regulation involves a menu of price caps and price floors. The...

Consider an agent facing a risky distribution of losses who can change this distribution by exerting some effort. Should be exert more effort when he becomes more risk-averse? For instance, should we expect more risk-averse drivers to drive more cautiously? In this paper, we give sufficient...