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Is infrastructure capital really productive? Nonparametric modeling and data-driven model selection in a cross-sectionally dependent panel framework
No full textThis paper examines the contribution of infrastructure to aggregate productivity. We address some complex and relevant issues, namely functional form, nonstationary variables and cross-sectional dependence. We adopt the CCE framework and consider both parametric and nonparametric specifications, thus allowing for different degrees of flexibility. We also employ a data-driven model selection procedure based on moving block bootstrap to choose among alternative specifications. It is found that nonparametric specifications provide the best predictive performance and that CCE models always overperform with respect to traditional panel data methods. Furthermore, we find a lack of significance of the infrastructure index, with an estimated elasticity very close to zero for all estimates
Information Design in Smooth Games
No full textWe study information design in games where players choose from a continuum of ac-tions and have continuously differentiable payoffs. We show that an information structure is optimal when the equilibrium it induces can also be implemented in a principal-agent contracting problem. Building on this result, we characterize optimal information struc-tures in symmetric linear-quadratic games. With common values, targeted disclosure is robustly optimal across all priors. With interdependent and normally distributed values, linear disclosure is uniquely optimal. We illustrate our findings with applications in venture capital, Bayesian polarization, and price competition
Pharmaceutical Regulation and Incentives for Innovation in an International Perspective
No full textWe examine pharmaceutical regulations and incentives for innovation from an international perspective, highlighting the public good nature of healthcare innovation and its cross-border diffusion. We summarize the empirical evidence on how push and pull incentives shape R&D investment, innovation, and global access. We emphasize the role of strategic interdependencies and spillovers, including free-riding in R&D financing, learning-by-doing effects, drug shortages, reference pricing, and parallel trade. We then provide new evidence on the international spillovers of pull incentives on innovation, showing that international cooperation and innovative institutions are necessary to better align national regulations with the global objective of sustaining pharmaceutical innovation
Advising with Threshold Tests: Complexity, Signaling, and Effort
No full textA benevolent advisor observes a project’s complexity and posts a pass–fail threshold before the agent chooses effort. The project suc-ceeds only if ability and effort together clear complexity. We com-pare two informational regimes. In the naive regime, the threshold is treated as non-informative; in the sophisticated regime, the threshold is a signal and the agent updates beliefs. We characterize equilibrium threshold policies and show that the optimal threshold rises with com-plexity under mild regularity. We then give primitives-based sufficient conditions that guarantee separating, pooling, or semi-separating out-comes. In a benchmark with uniform ability, exponential complexity, and power costs, we provide explicit parameter regions that partition the space by equilibrium type; a standard refinement eliminates most pooling. The results yield transparent comparative statics and welfare comparisons across regimes
Droit civil : CRFPA
No full textCe manuel de droit civil a été conçu afin d'assurer une préparation optimale à l'épreuve de droit civil de l'examen d'accès au CRFPA
Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment
No full textWe present an experimental study of investors’ willingness to pay for socially
responsible assets. In our initial public offering experiment, various assets share
identical financial risk-return profiles but differ in the intensity and timing of societal benefits, represented by charitable donations. We find that subjects value societal benefits positively and prefer a positive correlation between financial returns and these societal benefits. We offer implications for the design of corporate social responsibility policies and for the pricing of responsible assets
