Portail HAL Paris School of Economics (PSE)
Not a member yet
5677 research outputs found
Sort by
Alpha-maxmin as an aggregation of two selves
No full textThis paper offers a novel perspective on the α-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 α-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
Daniel Cohen, l'économiste qui voulait changer le monde
No full textInternational audienceÉconomiste français mondialement connu, très apprécié pour sa clarté et son talent de pédagogue, Daniel Cohen cumulait les fonctions et les centres d’intérêt.Dès l’annonce de son décès en août 2023, sa famille a été submergée de réactions, de marques de sympathie et d’admiration venues de tous horizons politiques et des quatre coins du monde. Toutes célébraient un homme remarquable, soulignant son goût pour les illustrations concrètes, son sens de la forme littéraire.Les nombreux témoignages ici réunis reflètent une diversité de points de vue qui distinguait cet esprit iconoclaste. De Bruno Le Maire aux prix Nobel Esther Duflo et Jean Tirole, d’Emmanuel Macron à Thomas Piketty ou encore François Villeroy de Galhau, de ses collègues à ses anciens élèves sans oublier ses proches, les messages sont à la fois bouleversants et édifiants.Un essai qui, par sa forme inhabituelle, donne envie de lire ou de relire l’œuvre de Daniel Cohen
Specificity and sensitivity of the fixed-point test for binary mixture distributions
No full textInternational audienceWhen two cognitive processes contribute to a behavioral output—each process producing a specific distribution of the behavioral variable of interest—and when the mixture proportion of these two processes varies as a function of an experimental condition, a common density point should be present in the observed distributions of the data across said conditions. In principle, one can statistically test for the presence (or absence) of a fixed point in experimental data to provide evidence in favor of (or against) the presence of a mixture of processes, whose proportions are affected by an experimental manipulation. In this paper, we provide an empirical diagnostic of this test to detect a mixture of processes. We do so using resampling of real experimental data under different scenarios, which mimic variations in the experimental design suspected to affect the sensitivity and specificity of the fixed-point test (i.e., mixture proportion, time on task, and sample size). Resampling such scenarios with real data allows us to preserve important features of data which are typically observed in real experiments while maintaining tight control over the properties of the resampled scenarios. This is of particular relevance considering such stringent assumptions underlying the fixed-point test. With this paper, we ultimately aim at validating the fixed-point property of binary mixture data and at providing some performance metrics to researchers aiming at testing the fixed-point property on their experimental data
Le Krach de 1929 du New York Stock Exchange comme crise de liquidité
No full textInternational audienceWhat caused the 1929 crash of the New York Stock Exchange? This paper provides a quantitative study of liquidity in the 1929 crash of the NYSE. I evidence the crash was indeed a liquidity crisis due to the liquidation of brokers’ margin loans.Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a fourfold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid-ask spreads suggest liquidity explains one-fifth of the variance in daily stock returns in the crash.Quelles sont les causes immédiates du krach boursier de 1929 à la Bourse de New York ? Cet article présente une étude quantitative de la liquidité dans le krach de 1929 et prouve que le krach était bien une crise de liquidité dûe à des appels de marge sur des prêts des courtiers.En utilisant des estimateurs issus de la littérature financière moderne, cet article met en évidence la sévère détérioration des conditions de marché. Au niveau agrégé, les spreads ont été multipliés par 4. Au niveau des actions individuelles, les écarts entre la meilleure offre et la meilleure vente suggèrent que la liquidité explique un cinquième de la variance des rendements quotidiens des actions au cours de la crise. Grâce à des données intra journalières sur les 80 plus grandes actions, cet article montre que les chutes ont eu lieu aux horaires fixes d'appels de marge
Advances in the Economic Theory of Cultural Transmission
No full textInternational audienceIn this paper we survey recent advances in the economic theory of cultural transmission. We highlight three main themes on which the literature has made great progress in the last ten years:the domain of traits subject to cultural transmission, the micro-foundations for the technology of transmission, and feedback effects between culture, institutions, and various socio-economic environments. We conclude suggesting interesting areas for future research
Chroniques critiques de l'économie
No full textNational audienceRethinking the economy in light of the ecological and social crises that are hitting our societies: that is the ambition of this book. Initially broadcast on France Culture, at the end of the program "Entendez-vous l'éco?", the 245 chronicles that make up the book have been revised and updated to offer you as many insights and keys to understanding the world as it is (not) going to be, as well as a number of proposals for thinking about the future.The five authors, all associated with the Veblen Institute, share their expertise on a wide range of economic, social and financial subjects in a lively and critical tone, but always with pedagogy and rigor.Repenser l’économie à l’aune des crises écologique et sociale qui frappent nos sociétés : c’est l’ambition de cet ouvrage. Initialement diffusées sur France Culture, en fin d’émission « Entendez-vous l’éco ? », les 245 chroniques qui composent l’ouvrage ont été revues et actualisées pour vous offrir autant d’éclairages et de clés de compréhension du monde tel qu’il (ne) va (pas), ainsi que bon nombre de propositions pour penser l’avenir.Les cinq autrices, toutes associées à l’Institut Veblen, partagent sur un ton vif et critique, mais toujours avec pédagogie et rigueur, leur expertise sur un vaste ensemble de sujets économiques, sociaux, financiers
Towards regional scientific integration in Africa? Evidence from co-publications
No full textInternational audienceRegional scientific integration is a critical pathway for the development of an integrated African research area and knowledge-based society. On the African continent, progress in scientific production and integration has remained limited, mostly led by a global or international agenda, and bound to a few top publishing nations. The high-level policy commitments and the accumulated policies and strategies developed and pursued under the various intertwined sub-regional economic groupings have, to date, only diversely contributed to policy alignment and coordination in the area of science, technology, and innovation (STI) across Africa. In this context, this paper provides a first and hence original assessment of the role of region-specific factors in shaping scientific collaboration on the continent. For this purpose, our study builds upon the proximity approach to analyse the determinants of scientific collaboration between African countries, using co-publications data from Thomson Reuters' Web of Science database as a proxy of such collaboration. Our results suggest that the majority of African regional economic communities (RECs) have not yet had a significant effect on scientific co-publication. Nevertheless, some important region-specific factors do seem to be at play, such as a shared ethnical language, membership in the African and Malagasy Council for Higher Education (CAMES), and the presence of a common European partner as a third partner in co-publication. Existing policies aimed at the development of an Africa-wide research area should aim to leverage existing and emerging regional excellence networks and novel coordination models to accelerate the process of scientific integration in Africa
The dynamics of revolution: Discrimination, social unrest and the optimal timing of revolution
No full textInternational audienceWhat makes a social movement turn into a revolution? This study explores the factors that influence this evolution, examining the economic and social elements that impact the timing of this profound event. By analyzing the dynamics of social unrest, we investigate discrimination, organizational skills, wage inequalities, and retaliation as key elements shaping the course of social unrest. Our objective is to identify the precise moment when a social movement transitions into a revolution, optimizing the well-being of marginalized workers. Our findings reveal that if unrest continues to grow over time and if a revolution results in a net welfare gain for the discriminated workers, then a revolution will occur regardless of the initial state of the economy. It is worth noting that a revolution can occur even if the social movement loses momentum, provided that the initial level of discontent is significant or the system is so repressive that a revolution becomes necessary
Selecting a winner with external referees
No full textInternational audienceWe consider a problem of mechanism design without money, where a planner selects a winner among a set of agents with binary types and receives outside signals (like the report of external referees). We show that there is a gap between the optimal Dominant Strategy Incentive Compatible (DSIC) mechanism and the optimal Bayesian Incentive Compatible (BIC) mechanism. In the optimal BIC mechanism, the planner can leverage the outside signal to elicit information about agents' types. BIC mechanisms are lexicographic mechanisms, where the planner first shortlists agents who receive high reports from the referees and then uses agents' reports to break ties among agents in the shortlist. We compare the “self-evaluation” mechanism with a “peer evaluation” mechanism where agents evaluate other agents, and show that for the same signal precision, the self- evaluation mechanism outperforms the peer evaluation mechanism. We show that optimal Ex Post Incentive Compatible (EPIC) mechanisms give the planner an intermediate value between the optimal DSIC and BIC mechanism
Les effets économiques de l'immigration en Europe
No full textInternational audienceLes effets économiques de l'immigration en Europe