In this paper, we describe the determinants of the socially efficient discount rate for the distant future. We provide various arguments in favour of a decreasing term structure. They are based on a precautionary argument given the rapid accumulation oif uncertainties affecting the future growth...

We characterize the competitive equilibrium on the credit market when borrowers can strategically default. We assume that the audit is subject of errors of the two types and that lenders cannot commit ex-ante. We determine the penalty, the loan rate, the audit and strategic default...

The aim of this paper is to examine the impact of inequalities and economic convergence on the efficient discount rate, in the absence of any risk-sharing scheme. We consider an economy in which the initial consumption level and the distribution of consumption growth are heterogeneous. The...

<Para ID="Par1">We examine the characteristics of the optimal insurance contract under linear transaction costs and an ambiguous distribution of losses. Under the standard expected utility model, we know from Arrow (<CitationRef CitationID="CR3">1965</CitationRef>) that it contains a straight deductible. In this paper, we assume that the policyholder is...</citationref></para>

We examine the characteristics of the optimal insurance contract under linear transaction cost and an ambiguous distribution of losses. Under the standard expected utility model, we know from Arrow (1965) that it contains a straight deductible. In this paper, we assume that the policyholder is...

Coherent-ambiguity aversion is defined within the (Klibanoff et al., Econometrica 73:1849–1892, <CitationRef CitationID="CR40">2005</CitationRef>) smooth-ambiguity model (henceforth KMM) as the combination of choice-ambiguity and value-ambiguity aversion. Five ambiguous decision tasks are analyzed theoretically, where an individual faces...</citationref>

The work of Kahneman, Tversky and other psychologists has called the classical model of homo ?conomicus into question. Many studies conducted in psychology and economics have shown that classical economic expected utility theory does not satisfactorily describe human behaviour under risk. We...

Le rapport du Conseil économique pour le développement durable étudie la question du financement des projets d'investissements s'inscrivant dans la perspective de la « croissance verte ». Rappelant le contexte de dégradation des finances publiques, il analyse, à travers les différentes...

Ce numéro spécial de Regards économiques propose deux regards d’économiste sur une forme de placements financiers qui a le vent en poupe, l’Investissement Socialement Responsable. L'investissement socialement responsable en quête de légitimité Dans cet article, nous apportons un...