In this paper, a manager borrows external funds in order to invest in production and also in prevention. The latter action must reduce the environmental risk driven by the activity of the firm. Prevention is observable neither by outside lenders nor by institutions such as environmental agencies...

We investigate the wealth distribution and endogenous fiscal policy in a two-classes growth model in which individuals exhibit a desire for social status. The latter is in- creasing with individual wealth and decreasing with the average level of the society. First, we show that status seeking is...

If one wants to get rid of the paradoxes pointed out by Hildenbrand (1998) and B. de Villemeur (1999), one needs to reformulate Grandmont's (1992) notion of behavioral heterogeneity such as to get exact insensitivity of the aggregate budget share function with respect to changes in prices and...

La situation des pays européens au regard du chômage est d'une grande diversité. En effet, tant les performances du marché du travail que les niveaux d'indemnisation et les modes de vie des chômeurs diffèrent selon les pays. Nous montrons dans cet article que les modes de vie des chômeurs...

Les travaux récents sur l'entreprise comme « processeur de connaissances » [cf. P. Cohendet et al., 1999] montrent que dans un contexte de changement, le comportement de celle-ci dépend fortement de sa capacité à générer et exploiter de multiples connaissances sur lesquelles les...

This paper presents a model of litigation in the context of a labor contract. The main objective of our analysis is to determine whether and under which conditions it is efficient that the judiciary arbiters a labor conflict and how the judge's decision should be made in order to be optimal. We...

In nonpoint source pollution problems, the regulator does not observe each polluter’s individual emission, which prevents him from using the conventional policy instruments. Therefore new instruments have been designed to regulate this type of pollution. In an experiment, we compare the...

This paper provides a general model for the study of strategic knowledge sharing in any finite Bayesian game. Unlike earlier papers on strategic information revelation, higher-order uncertainties can be incorporated into the model. We propose an equilibrium concept, called knowledge equilibrium,...

This article highlights the strict association met in the literature between the adaptive expectations assumption and the correct running of the monetary model of hyperinflation. A complete resolution of the model is carried out under the adaptive expectations hypothesis. It is shown that the...