In a typical IPO game with first-price auctions, we argue that risk-averse investors always underbid in equilibrium because of subjective interpretations of the firm' communication about its actual value and resulting risk aversion about the likelihood of facing investors with higher valuations....

The purpose of this paper is to identify those factors shaping the decision to engage in external R&D. We use the lens of institutional economics to link the decision to engage in external R&D to both firm - and industry - specific characteristics. In particular, we find that internal and...

Ce texte tente de definir une perspective renouvelee sur le processus de decision strategique dans les organisations, a partir d'une relecture de la vaste litterature disponible sur le sujet.

Following a long-standing philosophical tradition, impartiality is a distinctive and determining feature of moral judgements, especially in matters of distributive justice. This broad ethical tradition was revived in welfare economics by Vickrey, and aboce all, Harsanyi, under the form of the...

We study the effect of riskiness on optimal portfolio. As discussed by Levy (1992), the main drawback of the standard model witg ine decision variable and one risky asset developed over the last twenty-five years, following the contributions of Rothschild and Stiglitz (1970,1971) and Hadar and...

We discuss how to detect the informational content of household decisions among the explanatory variables of econometric models. Two applications to the choice of automobile insurance contracts and the demand for life insurance are provided. We show that the information provided by additional...

An important activity of the Air Operation Center (AOC) is the elaboration, mitigation and evaluation of different Courses of Actions (CoAs) in order to respond to emergency situations. Defense Research Establishment Valcartier (DREV) initiated a research activity to provide the AOC Commander...

The multicriterion analysis particularly, when one is in presence of multicriterion aggregation procedures based on outranking relations has not been well studied in the literature. The objective of this paper is to try to extend Bayesian approach to a multicriterion analysis in context on...

In this paper, a multicriterion ranking procedure based on distance between partial preorders is proposed. This method consists of two phases. In the first phase, the decision maker is asked to rank alternatives with a preorder (complete or partial) for each criterion and provide complete or...

The rating-sensitive capital charges on credit risks under the new Basel Accord are likely to increase the volatility of minimum capital requirements, which may force banks to hold larger capital cushions in excess of minimum requirements. We analyse this claim on the basis of numerical...