Traditional trade models ignoring the dimension of product quality generally lead to excessively low trade price elasticities. In this paper, we show that higher estimated trade price elasticities, more in conformity with theory, can be obtained by controlling product quality in trade equations....

This paper investigate the existence of asymmetric equilibria in a pure exchange economy with individual risks. The model is an extension of Malinvaud's (1973). Agents face identical pure individual risks: their endowments and utility functions only depend on their individual state; but there...

This paper examines jointly the empirical relevance of the mean-reversion and the PPP hypotheses in the exchange rate dynamics under the EMS.

Quel systeme mondial la triade Etats-Unis-Europe-Japon cherche-t-elle a imposer a travers l'actuelle mondialisation neo-liberale, quel systeme mondial alternatif serait en contrepoids possible et souhaitable, quel role pourrait y tenir le Sud ? Telles sont les questions auxquelles ce document de...

Cumulative prospect theory was introduced by Tversky and Kahneman to combine the empirical realism of their original prospect theory with the theoretical advantages of rank-dependent utility. Preference axiomatizations were provided in several papers. All exosting axiomatizations, however, only...

We develop here a framework of cross currency arbitrage in the presence of a currency peg. In particular the relationship between interest rate and FX derivatives is analysed in such a framework.

The aim of this paper is to present Arrow's theorem and more generally the common framework of many results which can be called "Arrovian theorems". One begins by recalling the Condorcet majority rules, and why they fail: the "effet Condorcet". These rules are examples of preference aggregation...

This paper examines the transitional dynamic of a poor region during its development proces. In order to achieve this goal, the paper use a simple model of growth whose the main particularity is to employ a Stone-Geary form to caracterize the preferences. The model predicts two kinds of...