The contingent claims analysis of firm financing often presents a debt renegotiation game with a passive bank that does not use its ability to force liquidation strategically, contrary to what is observed in practice. We consider two motives that may lead a bank to refuse to renegotiate:...

Insurers have the reputation of being bad payers who nitpick whenever an opportunity arises. However, this nitpicking activity has a positive impact on their auditing strategy since auditing may prove profitable when claims are not fraudulent. We show that reducing the indemnity payments of...

Afin de déterminer les effets de la production et de l'échange de bioénergie sur les émissions de gaz à effet de serre, les auteurs développent un modèle de commerce en équilibre général qui fait intervenir un grand nombre de pays répartis dans deux régions, le Nord et le Sud. Chaque...

Beaucoup de pays ont adoptés des systèmes de permis de conduire à points où les infractions au code de la route font l'objet d'un décompte de points, avec une grande variété de mises en oeuvre. Le retrait de permis est une sanction non-monétaire qui permet au gouvernement de frapper...

We examine potential third-party effects arising from trading water from one region (rural) to another (urban). Using labor, water and heterogeneous land, rural agents produce a traded agricultural good and nontraded service good. Absent job market frictions, increased water trading improves per...

This paper provides a theoretical analysis of the benefits for an insurance company to develop its own network of service providers when insurance fraud is characterized by collusion between policyholders and providers. In a static framework without collusion, exclusive affiliation of providers...

We analyze the impacts of bioenergy trade on greenhouse gas emissions using a twogood, three-factor model. Bioenergy is an agricultural good used as a substitute for fossil fuels in industry. Governments tax domestic pollution without international coordination. We assume that northern countries...

We develop a model in which two insurers and two health care providers compete for a fixed mass of policyholders. Insurers compete in premium and offer coverage against financial consequences of health risk. They have the possibility to sign agreements with providers to establish a health care...

Given the current situation with the high price of oil (an average of $53 per barrel in 2005) and the risk of global warming, the European Union (EU) is reinforcing its objectives related to the production of biofuels: they should account for 5.75% of the overall fuel consumption by 2010 in...

Research efforts to allow large-scale conversion of cellulose into biofuels are being undertaken in the US and EU. These efforts are designed to increase logistic and conversion efficiencies, enhancing the economic competitiveness of cellulosic biofuels. However, not enough attention has been...