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Reprendre la charge de la dette n’est pas reprendre le contrat de prêt (note ss. Cass. com., 2 juill. 2025, n° 24-13.481, F–B)
No full textLors d’une cession d’entreprise, le repreneur ne se voit transférer que les contrats en cours, un prêt consenti par un professionnel du crédit n’entrant pas dans cette catégorie. Ainsi, l’engagement volontaire de reprise de la charge de la dette n’opère pas transfert de l’obligation mais création d’un nouveau lien de droit. La remise en cause de ce nouveau lien est sans incidence sur le premier, de sorte que les cautions ne sont pas déchargées
Optimal adaptation policies under a carbon budget constraint
No full textWe develop a dynamic model of energy use that relies on three primary sources: a ‘dirty’ fossil resource, a ‘clean’ fossil resource equipped with a specific abatement device, and a carbon-free renewable energy source. The total amount of carbon emissions is limited by a given carbon budget. Expenditures on adaptation measures can expand this budget by increasing society’s tolerance to the effects of climate change. Therefore, we make the carbon budget endogenous and dependent on the adaptation effort. Within this framework, we study the trade-offs between mitigation (achieved through energy substitutions and abatement) and adaptation to relax the climate constraint imposed by the carbon budget. We find that, without any abatement option, adaptation measures are only taken once carbon concentrations reach a minimum tolerance level for society. On the other hand, when abatement is possible, the economy should start implementing it as soon as it begins adapting. Over time, both abatement and adaptation efforts will increase until the economy reaches a point where it prefers to fully abate carbon emissions rather than investing further in adaptation. We refer to this point as the maximum adaptation frontier
Abdelaati Daouia and Gilles Stupfler’s contribution to the Discussion of the ‘Discussion Meeting on the Analysis of citizen science data’
No full textCorrected inference about the extreme Expected Shortfall in the general Max-Domain of Attraction
Get PDFThe use of the Expected Shortfall as a solution for various deficiencies of quantiles has gained substantial traction in the field of risk assessment over the last 20 years. Existing approaches to its inference at extreme levels remain limited to distributions that are both heavy-tailed and have a finite second tail moment. This constitutes a strong restriction in areas like finance and environmental science, where the random variable of interest may have a much heavier tail or, at the opposite, may be light-tailed or short-tailed. Under a wider semiparametric extreme value framework, we develop comprehensive asymptotic theory for Expected Shortfall estimation above extreme quantiles in the class of distributions with finite first tail moment, regardless of whether the underlying extreme value index is positive, negative, or zero. By relying on the moment estimators of the scale and shape extreme value parameters, we construct corrected asymptotic confidence intervals whose finite-sample coverage is found to be close to the nominal level on simulated data. We illustrate the usefulness of our construction on two sets of financial loss returns and flood insurance claims data
Heterogeneous preferences and asymmetric insights for AI use among welfare claimants and non-claimants
No full textThe deployment of AI in welfare benefit allocation accelerates decision-making but has led to unfair denials and false fraud accusations. In the US and UK (N = 3249), we examine public acceptability of speed-accuracy trade-offs among claimants and non-claimants. While the public generally tolerates modest accuracy losses for faster decisions, claimants are less willing to accept AI in welfare systems, raising concerns that using aggregate data for calibration could misalign policies with the preferences of those most affected. Our study further uncovers asymmetric insights between claimants and non-claimants. Non-claimants overestimate claimants’ willingness to accept speed-accuracy trade-offs, even when financially incentivized for accurate perspective-taking. This suggests that policy decisions aimed at supporting vulnerable groups may need to incorporate minority voices beyond popular opinion, as non-claimants may not easily understand claimants’ perspectives
The Theory of Economic Complexity
No full textEconomic complexity estimates rely on eigenvectors derived from matrices of specialization to explain differences in economic growth, inequality, and sustainability. Yet, despite their widespread use, we still lack a principled theory that can deduce these eigenvectors from first principles and place them in the context of a mechanistic model. Here, we calculate these eigenvectors analytically for a model where the output of an economy in an activity increases with the probability the economy is endowed with the factors required by the activity. We show that the eigenvector known as the Economic Complexity Index or ECI is a monotonic function of the probability that an economy is endowed with a factor, and that in a multi-factor model, it is an estimate of the average endowment across all factors. We then generalize this result to other production functions and to a short-run equilibrium framework with prices, wages, and consumption. We find that our main result does not depend on the introduction of prices or wages, and that the derived wage function is consistent with the convergence of economies with a similar level of complexity. Finally, we use this model to explain the shape of networks of related activities, such as the product space and the research space. These findings solve long standing theoretical puzzles in the economic complexity literature and validate the idea that metrics of economic complexity are estimates of an economy being endowed with multiple factors
The Leverage Self-Delusion: Perceived Wealth and Cognitive Sophistication
No full textExisting evidence suggests that individuals often misperceive the value of their wealth. We examine the existence, direction, and magnitude of these misperceptions through a laboratory experiment. Our findings indicate that variations in the leverage ratio (the ratio of liabilities to assets) influence how individuals rank financial profiles, even when net wealth remains constant. Most subjects perceive a given net worth as greater than its true value, and this misperception becomes more pronounced in financial profiles with lower leverage ratios. We further explore how cognitive sophistication and behavioral/economic attitudes shape wealth misperception. Experimental evidence shows that misperception is associated with lower cognitive sophistication and inattentive thinking. Moreover, it correlates with greater impatience, lower debt aversion, and higher marginal propensities to consume following positive (transitory) income shocks
