The aim of this paper is to propose a model that describes the strategic choices adopted by the firms in the competitive structure of multimedia industry. From a sample of competitors in three large activities of the multimedia (audio-visual, telecommunications, data processing) we build an...

In an exchange economy with no aggregate uncertainty, and Bayesian agents, Pareto optimal allocations provide full insurance if and only if the agents have a common prior. It is hard to explain why there is relatively so little betting taking place. One is led to ask, when are full insurance...

This article wonders why wage rigidity institutions are so widely effective in OECD countries whereas fiscal instruments can more efficiently redistribute income from high skilled to low skilled workers withj lower unemployment.

Cognitive dissonance or cognitive consistency theory, as we understand it, does not presume irrational behavior although it is inconsistent with normative rationality. Previous discussions have overlooked that cognitive dissonance implied dynamic undertainty. Once this dimension of choice is...

We derive from Bernis [2000] a strategic mechanism which fully implements the set of competitive equilibria on a dynamically incomplete reinsurance market VIA Nash equilibria. The mechanism is feasible, and such that the set of coalition proof Nash equilibria coincides with that of Nash...

We study attitudes towards risk in the Rank Dependent Expected Utility (RDEU) model. This model replaces expected utility by another functional, which is characterised by two functions, a utility function on outcomes in conjunction with a probability-perception function. We use the notion of...

We extend the previous analysis of unemployment persistence led by Jaeger and Parkinson (1994) by introducing nonlinearities in order to fully take into account the three requirements of hysteresis. We let past cyclical unemployment rate to have an impact on the unemployment natural rate that...