We present a theoretical and empirical evaluation of the role of market belief in the structure of risk premia. To that end we employ a familiar asset pricing model for which we develop in detail the belief structure. The novelty in this development is the treatment of individual and market...

A tanulmány a hálózatos szolgáltatások összekapcsolási díjának szabályozásával foglalkozik. A hálózatmegosztás és feltételeinek szabályozása a közszolgáltatások szabályozásának egyik legfontosabb problémája. Az összekapcsolási díj szabályozásának e cikkben...

The rents agents can extract from principals increase with the magnitude of incentive problems, which the literature usually takes as given. We endogenize it, by allowing agents to choose technologies that are more or less opaque and correspondingly prone to agency problems. In our overlapping...

L’information est au cœur du processus d’intermédiation financière. Pourtant, la manière dont les décisionnaires de la banque utilisent et interprètent l’information dans le processus d’octroi de crédit demeure une boîte noire. A partir d’une analyse statistique textuelle...

Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...

We model religious faith as a "demand for beliefs," following the logic of the Pascalian wager. We then demonstrate how an experimental intervention can exploit standard elicitation techniques to measure religious belief by varying prizes associated with making choices contrary to one's belief...

In his elegant book Douglas Allen claims that an improvement in the measurement of Nature made for lower transaction costs and the Industrial Revolution. His argument is a typical example of neo-institutionalism in the style of Douglass North (<CitationRef CitationID="CR14">1990</CitationRef>) and North et al. (<CitationRef CitationID="CR16">2009</CitationRef>). A fall in a wedge of...</citationref></citationref>

This paper provides an analysis of two damage rules (Lost Pro…fit versus Unjust Enrichment) introduced in the French Code de la Propriété Intellectuelle in 2007 (Loi du 27 Octobre 2007, Art. L. 615-7). We use a simple sequential game where both the decisions to infringe and to enforce the...