Portail HAL Paris School of Economics (PSE)
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La multipropriété, c'est l'envol
No full textInternational audienceDans le football, la multipropriété de clubs (en anglais multi-club ownership – MCO) concerne aussi bien des propriétaires individuels, des groupes ou des clubs. C’est un phénomène plutôt récent qui date de la fin des années 1990, mais qui semble prendre de l’ampleur dans le football aujourd’hui. Économiquement, cette évolution de la MCO s’inscrit dans une logique de fusions-acquisitions d’entreprises qui est une pratique courante dans une économie de marché. Elles peuvent alors être « horizontales » (rachat de clubs de même niveau), « verticales » (rachat de clubs formateurs), ou encore viser une « extension du marché » (rachat de clubs d’autres régions). D’un point de vue sportif, cette pratique pose des problèmes évidents de conflit d’intérêts, si deux équipes d’une MCO sont amenées à se rencontrer dans une même compétition. L’UEFA (Union of European Football Associations) a (pour l’instant) réglé ces problèmes d’éthique sportive avec la jurisprudence Red Bull basée sur son concept d’« influence décisive » d’un club sur un autre. Classification JEL
Alpha-maxmin as an aggregation of two selves
No full textInternational audienceThis paper offers a novel perspective on the -maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker’s overall utility function but are considered as primitives. Through consistency requirements, we derive an -maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation
Team production on the battlefield: Evidence from NATO in Afghanistan
No full textManaging military operations across and between teams of partner nations remains a first-order challenge to security and development during conflict. NATO, under the umbrella of the International Security Assistance Force (ISAF), brought together troops from 28 countries to help enhance security provision in Afghanistan. ISAF units were given responsibility for specific operational units. The assignment of responsibilities to different national armed forces could lead to coordination problems. We explore whether the provision of security is affected by horizontal frictions (when different countries are responsible for different sides of borders) or vertical frictions (when different countries control different levels of the operational hierarchy). We find that both horizontal frictions and vertical frictions reduce military support activities, including aid projects. They are also associated with higher levels of insurgent violence. These findings indicate that misalignment between units within military organizations can undermine the effectiveness of security and development interventions during war, with broader implications for managing complex teams under risk
The Market for Tax Havens
No full textI investigate the determinants and consequences of the development of tax havens using a novel database that tracks the creation and development of offshore institutions in 48 tax havens. After describing the development of tax havens in the 20th century and several key empirical patterns, I explore their causal determinants. Building on the idea that tax havens are the suppliers in the market for offshore services, I show that demand shocks explain why countries become tax havens. I also find that competition shocks explain why tax havens update their regulations. This reaction is facilitated by the diffusion of legal technologies between tax havens. Finally, I show that becoming a tax haven generates GDP per capita gains and sectoral reallocation in countries adopting this status. In return, the tax structure of non-haven countries is affected by the rise of tax havens, resulting in an increased tax burden on labor relative to capital
Knowledge Sharing and Cumulative Innovation in Business Networks
No full textInternational audienceHow can we explain the success of cooperative networks of firms which share innovations, such as Silicon Valley or the Open Source community? This paper shows that if innovations are cumulative, making an invention publicly available to a network of firms may be valuable if the firm expects to benefit from future improvements made by other firms. A cooperative equilibrium where all innovations are made public is shown to exist under certain conditions. Furthermore, such an equilibrium does not rest on punishment strategies being followed after a deviation: it is optimal not to deviate regardless of another firm’s actions following a deviation. A cooperative equilibrium is more likely to arise the greater the number of firms in the network. When R&D effort is endogenous, cooperative equilibria are associated with strategic complementarities between firms’ research effort, which may lead to multiple equilibria
Silence to Solidarity: Using Group Dynamics to Reduce Anti-Transgender Discrimination in India
No full textIndividual-level discrimination is often attributed to deep-seated prejudice that is difficult to change. But at the societal level, we sometimes observe rapid reductions in discriminatory preferences, suggesting that social interactions and the communication they entail might drive such shifts. I examine whether discrimination can be reduced by two types of communication about a minority: (i) horizontal communication between majority-group members, or (ii) top-down communication from agents of authority (e.g., the legal system). I run a field experiment in urban India (N=3,397) that measures discrimination against a marginalized community of transgender people. Non-transgender participants are highly discriminatory: in a control condition, they sacrifice 1.9x their daily food expenditure to avoid hiring a transgender worker to deliver groceries to their home. But horizontal communication between participants sharply reduces discrimination: participants who were earlier involved in a group discussion with two of their neighbors no longer discriminate on average, even when making private post-discussion choices. This effect is 1.7x larger than the effect of top-down communication that informs participants about the legal rights of transgender people. The discussion’s effects are not driven by virtue signaling or correcting a misperceived norm. Instead, participants appear to persuade each other to be more pro-trans, partly because pro-trans participants are the most vocal in discussions
The association between consideration of future consequences and food intake is mediated by food choice motives in a French adult population
No full textThis research was part of the FOODPOL project, which was supported by the French National Institute for Agricultural Research in the context of the 2013-2017 Metaprogramme “Diet impacts and determinants: Interactions and Transitions”.International audienceObjectives: Consideration of future consequences (CFC) distinguishes individuals who adopt behaviors based on immediate needs and concerns from individuals who consider the future consequences of their behaviors. We aimed to assess the association between CFC and diet, and testing the mediating role of food choice motives on this relationship. Design: Individuals (age≥18 years) completed the CFC-12 questionnaire in 2014, at least three 24-h dietary records, and a food choice motive questionnaire. A multiple mediator analysis allowed to assess the mediating effect of food choice motives on the cross-sectional association between CFC and diet, adjusted for socio-demographic factors. Setting: Data from the NutriNet-Santé cohort study. Participants: 27,330 participants.Results: CFC was associated with all food choice motives (P < 0.001), with the strongest positive associations for avoidance for environmental reasons, absence of contaminants and health motives, and the strongest negative associations for innovation and convenience). Positive total effects were found between CFC and the consumption of healthy food groups (fruits and vegetables, whole-grain foods, legumes); and negative total effects for alcohol, meat and poultry and processed meat (P < 0.001). CFC was positively associated with diet quality (P < 0.001). Across food groups, major mediators of these relationships were higher health (8.4-32.6%), higher environmental (13.7-22.1 %) and lower innovation (7.3-25.1 %) concerns. Conclusions: CFC was associated with healthier dietary intake, essentially mediated by a greater motivation of future-oriented participants for self-centered and altruistic outcomes, including health and environment. Focusing on the awareness of future benefits in public health interventions might lead to healthier dietary behaviors
Is broader trading welfare improving for emission trading systems?
No full textEmission trading systems are cornerstone policies to reduce carbon emissions. Although economic intuition suggests that broader allowance trading should always be welfare improving, this paper proves that view can be wrong. Under an increasingly popular type of emissions trading scheme-tradable performance standards (TPS), multiple narrow markets can decrease emissions relative to a single unified market, so that restricting trade does not always harm welfare. We show analytically that, when intensity benchmarks are heterogeneous within a sector, this result can hold even if the well-known "implicit output subsidy" does not arise. Finally, we provide evidence that this concern is not a mere theoretical possibility but can actually be of high practical relevance. Using a general equilibrium model of China's TPS for 2020-2030, we show that broader trading results in significantly higher emissions (up to 10%), and decreases welfare relative to narrower markets when the social cost of carbon exceeds $91/tCO2
Forecaster (Mis-) behavior
No full textInternational audienceWe document two stylized facts in expectational data. First, professional forecasters overrevise their macroeconomic expectations. Second, such overrevisions mask evidence of both over- and underreactions to public signals. We show that the first fact is inconsistent with standard models of noisy rational expectations, but consistent with behavioral and strategic models. The second fact, in contrast, presents a puzzle for existing theories. We propose an extension of noisy rational expectations that allows forecasters to be overconfident in their information. We show that this feature when combined with the endogeneity of public signals leads to over- and undereactions consistent with the data
Characterization of TU games with stable cores by nested balancedness
No full textInternational audienceA balanced transferable utility game (N, v) has a stable core if its core is externally stable, that is, if each imputation that is not in the core is dominated by some core element. Given two payoff allocations x and y, we say that x outvotes y via some coalition S of a feasible set if x dominates y via S and x allocates at least v(T) to any feasible T that is not contained in S. It turns out that outvoting is transitive and the set M of maximal elements with respect to outvoting coincides with the core if and only if the game has a stable core. By applying the duality theorem of linear programming twice, it is shown that M coincides with the core if and only if a certain nested balancedness condition holds. Thus, it can be checked in finitely many steps whether a balanced game has a stable core. We say that the game has a super-stable core if each payoff vector that allocates less than v(S) to some coalition S is dominated by some core element and prove that core super-stability is equivalent to vital extendability, requiring that each vital coalition is extendable