In this paper, we show how a differentiated tax treatment of corporate losses and corporate profits induces the firm to behave in a very specific risk-averse manner.

Cet article presente un modele de donnees de panel dans lequel les regresseurs peuvent varier dans le temps, selon les individus, ou les deux. Certains regresseurs sont supposes endogenes. Lo'bjectif est ici est d'etendre les methodes d'estimation des modeles a un seul effet au modele a deux...

Certains auteurs, tels P. Schou ou P. Aghion et P. Howitt, ont caracterise les sentiers optimaux de croissance dans un modele schumpeterien en presence d'une ressource non renouvelable. Le premier objectif de cet article est de montrer comment ces sentiers peuvent etre implementes dans une...

We analyse the model in which the latent durations Ti are i.i.d. generated by a distribution F. The statistician observes Yi= min (ti, Ci) and Ai=1I {Ti <= Ci} where ci is a censoring time. The prior probability on F is a Dirichlet process Di (n0F0).

We first derive a one state variable partial differential equation, easy to emplement, which characterizes the price of a European type Asian option. This result is explained and related to previous literature. When we derive new results on the hedging of an Asian option and propose analytical...

We investigate in this paper the attitude towards risk of bettors in British horce races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on 34443-race dataset. We find that rank-dependant...

This paper proposes to use a semi parametric regression method, named Sliced Inverse Regression (SIR hereafter), to analyse ambulatory blood pressure monitoring data.