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Learning with Importance Weighted Variational Inference: Asymptotics for Gradient Estimators of the VR-IWAE Bound
No full textSeveral popular variational bounds involving importance weighting ideas have been proposed to generalize and improve on the Evidence Lower BOund (ELBO) in the context of maximum likelihood optimization, such as the Importance Weighted Auto-Encoder (IWAE) and the Variational Rényi (VR) bounds. The methodology to learn the parameters of interest using these bounds typically amounts to running gradient-based variational inference algorithms that incorporate the reparameterization trick. However, the way the choice of the variational bound impacts the outcome of variational inference algorithms can be unclear. Recently, the VR-IWAE bound was introduced as a variational bound that unifies the ELBO, IWAE and VR bounds methodologies. In this paper, we provide two analyses for the reparameterized and doubly-reparameterized gradient estimators of the VR-IWAE bound, which reveal the advantages and limitations of these gradient estimators while enabling us to compare of the ELBO, IWAE and VR bounds methodologies. Our work advances the understanding of importance weighted variational inference methods and we illustrate our theoretical findings empirically
ESG CRITERIA & EXECUTIVE DIRECTORS' COMPENSATION
No full textViviane de Beaufort, Hichâm Ben Chaïb. Etat des lieux des critères ESG dans la politique de rémunération des dirigeants mandataires sociaux. 2024. ⟨hal-04618379⟩This study, conducted by the European Centre for Law and Economics (CEDE) at ESSEC, analyses the integration of ESG (Environmental, Social, Governance) criteria into the remuneration policy of executive directors (DMS) of the CAC40, utilizing research carried out within the Women Board Ready ESSEC programme in 2023.In response to growing extra-financial challenges, the remuneration of DMS has evolved to include ESG objectives, aiming to encourage a serious consideration of these criteria in the strategies of major corporations, alongside the evolving legal framework. The inclusion of ESG criteria in remuneration packages is now a widespread practice among large European companies, though the weighting and nature of the criteria used vary significantly. Reports from the Responsible Investment Forum (FIR), based on annual questions during shareholder meetings of major corporations published between 2020 and 2024, show a growing trend in the integration of ESG criteria into the remuneration policies of CAC 40 companies. In 2023, 842 written questions were posed during general assemblies.Within the Women Board Ready ESSEC programme, participants of the 2023 cohort worked on addressing disparities in the application of ESG criteria. While 100% of CAC40 companies have included ESG criteria in short-term variable remuneration since 2022, the ESG component in variable remuneration is 19.6% and 19.8% for the short and long terms, respectively. Only 23 CAC 40 groups provide a detailed breakdown of ESG criteria for the short term, and only 16 do so for the long term. This study also notes an imbalance in the types of ESG criteria considered, with a predominance of environmental criteria over social and governance criteria. Companies need to ensure that prioritized ESG indicators are clear, detailed, and aligned with meaningful performance objectives. The CSRD directive should serve as a tool for progress in this area, leading us to produce a second working paper on this topic and broader recommendations, to be published later
The limits of behavioral nudges to increase youth turnout: Experimental evidence from two French elections
No full textInternational audienceThere is a significant gap in turnout between young people and older voters. The failure to instill a voting habit at an early age may have long term consequences in terms of future political participation as well as on other civic behaviors. Using a pre-registered online experiment with 3,790 subjects, we implemented behavioral interventions aiming to stimulate youth turnout in the 2022 French presidential election. We also provide evidence on the effect of one behavioral intervention on youth turnout in a less salient election, the French legislative election that took place two months after the Presidential one. The results from the two experiments show the absence of any differences in turnout between the baseline and the treatment conditions. We investigate several mechanisms that can explain our results
Smuggling of forced migrants to Europe: a matching model
No full textInternational audienceThis paper develops a matching model to analyze the smuggling market for forced migrants, building on the empirical evidence related to the smuggling of migrants from the Horn of Africa and the Middle East to Europe in the last decade. Comparative statics for the equilibrium solution reveal that coercion-based measures targeting the smugglers reduce the number of irregular migrants and smugglers at the expense of migrants’ overall welfare. Slightly increasing legal migration opportunities has the interesting feature of reducing irregular flows, without deteriorating migrants’ welfare or increasing the total number of migrants. An extremely restrictive asylum policy has similar effects in terms of the flows of irregular migrants as a quite loose one, with the largest flows of irregular migrants occurring under a “middle-range” policy
Les émissions de CO2 de l’industrie française et le « ciblage carbone » des politiques publiques
No full textNote IPP n°102PrésentationQui sont les entreprises françaises qui contribuent le plus aux émissions de CO2 de l’industrie française, et quelles sont leurs caractéristiques ? Quels dispositifs de réduction des émissions de CO2 s’appliquent à elles, et selon quelles modalités ? Quel rôle insoupçonné peuvent avoir les outils fiscaux généraux, a priori sans visée environnementale ? Cette note répond successivement à ces trois questions, et propose un premier cadre d’analyse pour l’évaluation ex ante des mesures de politiques publiques à destination des entreprises. Nous documentons la distribution de l’intensité carbone dans le tissu industriel français, ainsi que les tarifications effectives du carbone auxquelles sont soumis différents types d’entreprises. Enfin, nous examinons le ciblage carbone implicite de différents dispositifs fiscaux sans visée environnementale.Résultats clésLes émissions de CO2 du secteur industriel sont extrêmement concentrées ; 10 % de la valeur ajoutée représentent 75 % des émissions de CO2.Cette forte concentration est en grande partie tirée par des effets sectoriels ; la métallurgie, la chimie, les minéraux métalliques (comme le ciment), et le papier/carton sont les secteurs les plus intenses en CO2.Deux grands régimes de tarification effective du CO2 cohabitent dans l’industrie : celle des établissements soumis au marché du carbone (SCEQE, 70 % des émissions), dont la tarification effective augmente avec le temps ; et celle des établissements hors SCEQE (30 % des émissions), gelée de 2018 à 2024.En 2019, la tarification effective du CO2 des entreprises les plus émettrices est plus faible (31€/tCO2e) que celle des entreprises les moins émettrices (47€/tCO2e). En 2022, elle est plus élevée (84€/tCO2e contre 60€/tCO2e).L’allocation de quotas gratuits, dont le volume représente, en 2022, 90 % des émissions réalisées par le secteur industriel, abaisse considérablement le poids effectif du marché carbone pour les entreprises qui y sont soumises.Par leur ciblage implicite, les dispositifs fiscaux sans visée environnementale peuvent avoir un effet sur les émissions industrielles totales.En 2019, le niveau de la contribution économique territoriale (les « impôts de production », fortement allégés dans le plan France Relance) est substantiellement plus élevé pour les 10 % des entreprises les plus intenses en CO2 (3 % de la valeur ajoutée), que pour les 10 % les moins intenses (1,2 %). Une suppression de ces impôts bénéficie donc davantage aux entreprises très émettrices
Risques induits par l’intelligence artificielle - Une approche d’aide à l’identification
No full textInternational audienc
Weary of the harsh realities of people management? Leadership development as cultivating a taste for muddy situations
No full textInternational audiencePractitioners face a wealth of perspectives on leadership, each highlighting different dimensions to attend to as a leader. Contemporary literature, for instance, emphasizes aspects such as authenticity, vision, relationships, and being a servant leader. Regarding the process of becoming a leader, it suggests a path involving changing roles, rebuilding one’s identity, and becoming a quiet servant of one’s followers. However appropriate, these prescriptions often fail to address the misplaced expectations of practitioners, mostly lack of preparedness for people management, for its gritty realities and frustrations which sometimes resembles being dragged in the mud. This study proposes a framework whereby enactment of leadership necessitates adequate motivation and expectations. As leaders behave in patterns of cognitive, emotional, and appreciative perceptions, it proposes to approach leaders’ development as an issue of aesthetics, of taste development. The framework identifies different possible aesthetics of leadership, and suggests that the most operant aesthetic of leadership would taste less of grandiosity than of hardships
The Role of Multicultural Children's Books in Fostering Empathy and Understanding Across Diverse Cultures
No full textInternational audienceThis paper explores the pivotal role of multicultural children's books in fostering empathy and understanding across diverse cultures. In an increasingly globalized world, early exposure to diverse narratives allows children to engage with stories that reflect a range of cultural perspectives, helping to break down stereotypes and prejudices. By reading about characters from various backgrounds, children develop emotional intelligence and a deeper appreciation for the experiences of others. These books not only promote inclusivity but also offer a platform for marginalized voices, allowing children to see both similarities and differences in human experience. Through themes of diversity, acceptance, and shared humanity, multicultural literature plays a crucial role in shaping compassionate and open-minded individuals. The paper examines the benefits of multicultural books in enhancing empathy, discusses their educational value, and emphasizes the importance of integrating such literature into early childhood education. Ultimately, multicultural children's books serve as powerful tools in bridging cultural divides and nurturing a more harmonious, understanding society.</div
MIGRANT SMUGGLING TO EUROPE: A TWO-SECTOR MODEL WITH DIRECTED SEARCH
No full textWe thank Rune Jansen Hagen for his suggestions and remarks that helped us to improve the quality of the paper. We also thank participants at the 14th International Conference in Economics of Global Interactions (2024), and the 2024 SITES-GLO Annual ConferenceIn the last decade, combating migrant smuggling has emerged as a top priority for theEuropean Union (EU). The market for smuggling services to the EU is characterized by (i) adual structure, comprising both a segment of organized criminal cartels and one of smaller,self-employed smugglers, (ii) significant trading frictions, and (iii) the ability of smugglers toset fees. A directed search model is well-suited to analyze this market. Comparative staticson the equilibrium solution, along with numerical simulations, allow for a detailed examination of various policies aimed at reducing irregular migration and disrupting the smugglingbusiness. Results indicate that general-purpose policy measures effectively curb migrationbut may inadvertently bolster cartel profits by pushing self-employed smugglers out of themarket. Conversely, policies that specifically target criminal organizations may increase thenumber of self-employed smugglers, potentially leading to higher irregular border crossings
Quelques recommandations sur les critères ESG à prioriser dans la politique de rémunération des dirigeants mandataires sociaux
No full textThe inclusion of ESG (environmental, social, and governance) criteria in executive remuneration policies is now well-established, yet it remains uneven across companies and often applied too discretionarily. The choice among various criteria is not always the most relevant to the business and can sometimes be "easy" to achieve, ensuring the additional remuneration is awarded. Defining a set of standard ESG criteria applicable to all companies is a challenge. On this point, we find the conclusions developed by Dell' Erba and Ferrarini (2024). It is thus pertinent to develop a personalised approach, tailored to the specificities of each economic entity and its non-financial challenges. We propose, therefore, to promote a philosophy of extra-financial performance in executive remuneration, guided by a set of principles to direct remuneration committees in the selection, evaluation, and measurement of ESG criteria. In this perspective, it is essential to place ESG criteria within the context of their deployment to justify executive remuneration policies. Integrating ESG criteria into remuneration packages should be seen as a legitimate objective, equivalent to financial criteria. By encouraging executives to aim for extra-financial performance, the goal is to align the objectives of sustainable value creation with those of executive remuneration. Research shows a positive correlation between ESG scores and the adoption of remuneration policies based on sustainable performance. Companies with strong ESG profiles are more likely to adopt such policies. However, it remains crucial to demonstrate that linking executive remuneration to ESG criteria effectively contributes to overall extra-financial performance. Furthermore, the European directive on corporate sustainability reporting (CSRD) now imposes a normative framework aimed at encouraging companies to disclose information on the non-financial impacts of their activities, which should progressively clarify matters. Such a harmonised framework at the European level represents a step forward towards greater transparency and accountability of companies regarding ESG criteria. Companies would do well to adopt this framework as quickly as possible, even if it seems complex.L'inclusion des critères ESG (environnementaux, sociaux et de gouvernance) dans lespolitiques de rémunération des dirigeants est une pratique désormais ancrée, maiselle demeure encore inégale selon les entreprises, intervenant encore de manière tropdiscrétionnaire. Le choix entre divers critères n’est pas toujours le plus pertinent euégard à l’activité, et peut s’avérer parfois “facile” à atteindre, garantissant le versementde la rémunération supplémentaire. Définir un ensemble de critères ESG normatifsapplicables à toutes les entreprises est une gageure. Sur ce point, nous retrouvons lesconclusions développées par Dell’Erba et Ferrarini (2024).Il est donc pertinent de développer une approche personnalisée, adaptée auxspécificités de chaque entité économique et à ses enjeux extra-financiers. Nousproposons dès lors de promouvoir une philosophie de la performance extra-financièredans la rémunération des dirigeants, guidée par un ensemble de principes pourorienter les comités de rémunération dans le choix, l'évaluation et la mesure descritères ESG.Dans cette perspective, il est essentiel de replacer les critères ESG dans le contextede leur déploiement pour justifier la politique de rémunération des dirigeants.L'intégration des critères ESG dans les packages de rémunération doit être perçuecomme un objectif légitime, de niveau équivalent aux critères financiers. Enencourageant les dirigeants à viser une performance extra-financière, il s’agit d’alignerles objectifs de création de valeur durable avec ceux de la rémunération des dirigeants.Les recherches montrent une corrélation positive entre les scores ESG et l'adoptionde politiques de rémunération basées sur la performance durable. Les entreprisesayant de bons profils ESG sont plus enclines à adopter de telles politiques. Cependant,il reste crucial de démontrer que l'indexation de la rémunération des dirigeants sur descritères ESG contribue effectivement à une performance extra-financière globale. Parailleurs, la directive européenne sur les rapports de durabilité des entreprises (CSRD)impose désormais un cadre normatif visant à encourager les entreprises à publier desinformations sur les impacts extra-financiers de leurs activités qui devrait permettre declarifier progressivement les choses. Un tel cadre harmonisé à l'échelle européennereprésente un pas en avant vers une plus grande transparence et responsabilisationdes entreprises en matière de critères ESG qui feraient bien de s’approprier celui-ci leplus rapidement possible même si cela paraît complex