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L'insécurité environnementale : méthode et esquisse
No full textQu'elle émane des faits ou du droit lui-même, la notion d'insécurité environnementale, neuve, est à la fois complexe et évanescente, donc rétive à toute conceptualisation aisée. Afin de mieux la définir, cette brève étude propose d'en établir la méthode, et d'identifier les éléments constitutifs de sa nature ici esquissée pour la consolider
Optimal contracts under moral hazard, adverse selection and limited liability
Get PDFA buyer (the principal) procures a good or service from a risk-neutral seller (the agent). The seller, protected by limited liability, has private information on his marginal cost of production (adverse selection), and exerts a non-verifiable effort that increases surplus (moral hazard). Even when the effort and production technologies are separable, the optimal contract always mixes features that are found separately under with pure moral hazard or pure screening. Screening distortions are mitigated in comparison with the pure screening scenario with the possibility of bunching for the least efficient types even in contexts where full separation would be obtained with pure screening. Effort distortions are also used as a screening device. In comparison with a pure moral hazard scenario, those distortions may be lessened for the most efficient types, up to the point of possibly allowing implementation of the first-best effort, while they are worsened for the worst types. Although our analysis is cast in a simple procurement setting, we illustrate our findings in other economic environments of general interest including economic and environmental regulation, financial contracting, provision of quality in services, and price discrimination
Welfare Implications of Supplier Encroachment With Consumer Shopping Costs
Get PDFIn this paper, we study supplier encroachment in competition with multi-product retailers and its effects on retail profits under endoge-nous consumer shopping behavior. We find that supplier encroach-ment (weakly) increases both supplier and retailer profits, as the re-tailer benefits from better consumer segmentation and price discrim-ination despite (weakly) higher wholesale prices. The effect of en-croachment on consumers is more nuanced: when the competitive product’s value is high, consumers benefit. Instead, when the value of the competitive product is low, consumers buying exclusively from the multi-product retailer are worse off while consumers who mix and match across stores are better off. Overall, supplier encroachment can improve market outcomes if the value of the supplier’s product offering is sufficiently high
Coinvestment games under uncertainty
Get PDFThere are many business situations in which investments by a supplier and a producer (“coinvest-ments") are both necessary for either of them to grasp a business opportunity. For instance, better quality tanks are needed to manufacture reliable hydrogen-powered vehicles. One of these two firms, typically the one facing a lower cost, may be more willing to invest, but the cautionary attitude of the other delays the coinvestment. We model supply-chain interactions in a classical tractable way to derive the firms’ net present values (NPVs) upon coinvestment and determine their Nash equilibrium investment (timing) strategies. Firms coinvest when the real options of the weaker firm is ‘deep in the money.’ These business situations are likely to be affected by evolving market circumstances, in particular due to changes in the demand dynamics or endogenous decision (by, say, the supplier) to conduct research and development (R&D). We investigate related model extensions, which confirm the robustness of our key result
La responsabilité pour insuffisance d’actif, faute de déclaration de la cessation des paiements en présence d’une procédure de conciliation (Cass. com., 20 novembre 2024, n° 23-12.297)
No full textLorsque le délai de quarante-cinq jours prévu pour déclarer la cessation des paiements expire au cours de la procédure conciliation, le débiteur est dispensé d'exécuter son obligation de demander l'ouverture d'une procédure de redressement judiciaire. À l'expiration de la procédure de conciliation, le débiteur est en revanche tenu d'exécuter cette obligation sans délai. Ainsi, pour caractériser une éventuelle faute du dirigeant susceptible d'engager sa responsabilité pour insuffisance d'actif, il convient d'apprécier l'exécution de cette obligation à l'expiration de la procédure de conciliation
All-receive procurement auctions
Get PDFWe develop the procurement analogue to an all-pay auction for an independent private values model with identical distributions. In this all-receive procurement auction (ARPA), suppliers simultaneously submit bids. Suppliers with bids below (above) the reserve are paid their bids (are paid and produce nothing). The supplier with the largest bid below the reserve produces the good. With appropriately chosen reserves, which decrease in the number of suppliers, the ARPA is efficient and, given increasing virtual costs, implements the optimal procurement. Appropriately adjusted, ARPAs implement the optimal procurement in general. ARPAs can render supply chains resilient to nonanticipated liquidity shocks
Face à l'insécurité environnementale, le principe de non-régression
No full textQue peut le principe de non-régression à l'épreuve de l'insécurité environnementale ? Cette étude montre les enjeux et les défis de ce principe juridique comme partie constitutive du droit général de l'environnemen
Classer le parti allemand AfD comme formation politique aux “aspirations extrémistes avérées” ne constitue pas une censure politique
No full textReconciling Engineers and Economists: the Case of a Cost Function for the Distribution of Gas
Get PDFThe analysis of cost functions is an important topic in econometrics both for scientific studies and for industrial applications. The object of interest may be the cost of a firm or the cost of a specific production, in particular in case of a proposal to a procurement. Engineer methods evaluate the technical cost given the main characteristics of the output using the decomposition of the production process in elementary tasks and are based on physical laws. The error terms in these models may be viewed as idiosyncratic chocs. The economist usually observes ex post the cost and the characteristics of the product. The difference between theoretical cost and the observed one may be modeled by the inefficiency of the production process. In this case, econometric models are cost frontier models. In this paper we propose to take advantage of the situation where we have information from both approaches. We consider a system of two equations, one being a standard regression model (for the technical cost function) and one being a stochastic frontier model for the economic cost function where inefficiencies are explicitly introduced. We derive estimators of this joint model and derive its asymptotic properties. The models are presented in classical parametric approach, with few assumptions on the stochastic properties of the joint error terms. We suggest also a way to extend the model to a nonparametric approach, the latter provides an original way to model and estimate nonparametric stochastic frontier models. The techniques are illustrated in the case of the cost function for the distribution of gas in France