We propose a model to analyze the conditions of emergence of a twin banking and sovereign debt crisis in a monetary union with an institutional framework which is broadly similar to the Eurozone at the onset of the financial crisis. We show that when the responsibility of rescuing the banking...

Shavell (1980) established that all existing tort regimes fail to incentivize optimal activity levels. The bearer of residual loss adopts a socially optimal activity level, however the non-bearer of residual loss will adopt an excessive level of activity. In this paper, we explore alternative...

We consider a firm under strict liability that must choose between two risky technologies, one being safer but costlier than the other one. The total potential level of damage increases with the level of activity. We show that, under limited liability, technological change is welfare improving...

Through the Water Framework Directive, the European Commission urges its Mem- ber states to reach a level of "good status" of water for 2015. This level can be different from the regional first-best. Neither the supra-regional regulator (European Commission) nor the regional regulator (Member...

The standard view of patents emphasizes their dynamic efficiency. It considers that, by providing firms with incentives to invest in R&D and to disclose their knowledge, patents encourage innovation and increase social welfare in the long run. Yet, a growing body of literature opposes this view...

We introduce Large Scale Asset Purchases (LSAPs) in a New-Keynesian DSGE model that features distinct mortgage and corporate loan markets. We show that following a significant disruption of financial intermediation, central-bank purchases of mortgage-backed securities (MBS) are less effective at...

In this paper we present the result of a distribution experiment where players must choose between a maximin, equity-dominant solution and a Hicks optimal, efficiency-dominant distribution. Three different information conditions are used. Under the certainty condition, inequity aversion has no...

Le prestige social associé à une profession, tout comme le salaire espéré, est un facteur important dans le choix d’orientation des individus. L’objectif de ce travail est de montrer que deux formations supérieures thématiquement différentes peuvent révéler un caractère...

We show that the preference to act as a leader rather than as a follower is related to subjects’ behavioral type. We rely on the methodology proposed by Fischbacher et al. (2001) and Fischbacher and Gächter (2010) in order to identify subjects’ behavioral types. We then link the likelihood...

Sous l’impulsion, notamment, de l’essor de l’économie expérimentale, la littérature récente a mis en évidence un large éventail de situations dans lesquelles les incitations monétaires échouent à orienter les comportements dans le sens désiré. Ce constat conduit à rechercher...