Dans leur ouvrage "Endogenous Growth Theory", P. Aghion et P. Howitt caracterisent les trajectoires optimales dans un modele schumpeterien ou ils introduisent explicitement des emissions de pollution qui deteriorent l'environnement. L'objectif du present article est de chercher comment ces...

Bertrand argued that price would be driven down to marginal cost even with only two firms in the market. Chamberlin, by introducing product differentiation, argued that price will exceed marginal cost even when there are many firms. Thus product differentiation resolves the "Bertrand Paradox"....

We propose an operational concept of Constrained Strategic Equilibrium (CSE) applicable to a broad class of empirical game theoreticmodels with incomplete information. By restricting the players' strategic sets, we can compute solutions from a strategic form of analyis based upon auxiliary Monte...

We consider a nonparametric random design regression model in which the response variable is possibly right censored. The aim of this paper is to estimate the conditional destribution function and the conditional x-quantile of the response variable. We restrict attention to the case where the...

A theoretical model of sequential first-price auctions where bidders are risk-averse and values are affiliated is developed. For constant risk-aversion utility functions and a particular specification of affiliation, closed-form solutions for the symmetric equilibrium of a sequence of k...

This paper proposes a nonparametric regression test of non-convexity of a smooth regression function based on least-squares or hybrid splines. By a simple formulation of the convexity hypothesis in the class of all polynomial cubic splines, we build a test which has asymptotically size alpha and...

Quand une population exploite des ressources naturelles epuisables, la litterature montre que l'utilite par tete est decroissante le long du sentier optimal d'extraction. Dans un modele d'arbitrage consommation-loisir nous montrons lorsque le niveau de la population fait un saut vers le haut,...

In the Paris Bourse some stocks are traded on a spot basis, while others are traded on a monthly settlement basis. The latter are likely to be less subject to leverage and short sales constraints. We empirically analyze the consequences of this difference on the order flow and the return...

We consider an economy with a complete set of competitive markets for contingent claims. We examine how wealth inequality affects the equilibrium value of the equity premium and the risk-free rate. We forst show that welath inequality raises the equity premium if and only if the inverse of...