Consider an agent facing a risky distribution of losses who can change this distribution by exerting some effort. Should be exert more effort when he becomes more risk-averse? For instance, should we expect more risk-averse drivers to drive more cautiously? In this paper, we give sufficient...

Cet article traite des relaions entre un principal, quie veut se procurer un bien, et les deux agents impliques dans le processus de production de ce bien. Les couts des agents constituent une information privee. Le principal confie la production du bien fini a l'un des agents, qui en...

This paper shows that a regulator should be careful when regulating a final product which industry is characterized by an unregulated essential facility sold through non-linear tariffs. Two regulatory environments are considered: the Laffont-Tirole framework with exogenous public funds and the...

We study the development of an industry-evolution of capacity, production and prices- in a continuous-time real-options model under various assumptions on competition. Investment takes the form of sequential acquisition of indivisible units of capacity. As benchmarks, we determine the optimal...

Nous proposons un modele approprie de l'evolution deu cours de l'action dans un marche financier ou le prix d'actif a un instant peut influencer a long terme le dynamique du cours. Cet effet de longue memoire ne peut pas etre pris en compte par le modele usuel de Black et Scholes. On precise le...