Portail HAL Paris School of Economics (PSE)
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Wealth Inequality in Brazil
No full textThis note provides novel estimates of wealth distribution in Brazil from 2006 to 2021, combining administrative and survey data. The estimations indicate that the wealthiest 1% of the population held 44.8% of the total wealth in 2006 and 46.8% in 2021. The increase was steeper for the top 0.01%, with the wealth share rising from 12.2% to 18%. Financial wealth is significantly more concentrated than real estate and becomes relatively more important as we move up the distribution. In the top 0.1%, financial wealth accounts for about 80% of reported wealth, while real estate represents no more than 15%. The greater relative importance of financial wealth at the very top, combined with the faster growth of financial wealth observed over the period, potentially explains the concentration trend
Cultural Transmission and Religion
No full textInternational audienceBased on population dynamics models, the literature on cultural transmission has studied the formation and diffusion of religious traits through evolutionary and bottom-up forces such as parental socialization. This chapter provides a bird’s eye view of this approach and its main extensions. We also emphasize two additional dimensions of the cultural dynamics of religious preferences. The first is cultural blending and religious syncretism, namely the fusion of diverse religious beliefs and practices. The second highlights the importance of purposeful and centralized authorities, such as religious leaders and institutions, that influence the cultural dynamics of religious beliefs and preferences
On the Optimal Design of Transfers and Income Tax Progressivity
No full textInternational audienceWe study the optimal design of means-tested transfers and progressive income taxes. In a simple analytical model, we show that adding a transfer to a log-linear tax induces welfare gains almost as large as in the second-best allocation. Transfers allow for more progressive average than marginal tax and transfer rates, achieving redistribution while preserving efficiency. In a rich dynamic model, we quantify the optimal fiscal plan. We use new flexible functions featuring targeted transfers and progressive income taxes, delivering a good empirical fit across the income distribution. Transfers should be larger than currently in the United States and financed with moderate income tax progressivity
On the choice of central counterparties in the EU
No full textInternational audienceWe study competition between European Union’s Central CounterParties (CCPs) on the credit default swap (CDS) market. Using data on market shares, we show that CCPs have a monopoly for single-name CDSs and compete on indices along various dimensions. Using transactions data, we focus on the major dealers who alternatively clear their transactions on the two main CCPs. Estimating their choice of CCP reveals that fees, CCPs’ robustness and activity, dealers’ risk, and market volatility are significant. Dealers’ positions indicate that saving on collateral costs is secondary relative to the benefits of dual membership and quality
Categorization in Games: A Bias-Variance Perspective
No full textWe develop a framework for categorization in games, applicable both to multistage games of complete information and static games of incomplete information. Players use categories to form coarse beliefs about their opponents' behavior. Players best-respond given these beliefs, as in analogy-based expectations equilibria. Categories are related to previously used strategies via the requirements that categories contain a sufficient amount of observations and exhibit sufficient withincategory similarity, in line with the bias-variance trade-off. When applied to classic games including the chainstore game and adverse selection games our framework yields less unintuitive predictions than those arising with standard solution concepts
: Ethnographing the diversity and challenges of sexual and preventive practices, for an embodied public health approach
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Climate inequality report 2023, Fair taxes for a sustainable future in the global South
No full textThe climate crisis has begun to disrupt human societies by severely affecting the very foundations of human livelihood and social organisation. Climate impacts are not equally distributed across the world: on average, low- and middle-income countries suffer greater impacts than their richer counterparts. At the same time, the climate crisis is also marked by significant inequalities within countries. Recent research reveals a high concentration of global greenhouse gas emissions among a relatively small fraction of the population, living in emerging and rich countries. In addition, vulnerability to numerous climate impacts is strongly linked to income and wealth, not just between countries but also within them.The aim of this report is twofold. It endeavours first to shed light on these various dimensions of climate inequality in a systematic and detailed analysis, focusing on low- and middle-income countries in particular. It then builds on these insights, together with additional empirical work and interviews with experts, to suggest pathways to development cooperation,and tax and social policies that tackle climate inequalities at their core
On perfect pairwise stable networks
No full textInternational audienceWe extend standard tools from equilibrium refinement theory in non-cooperative games to a cooperative framework of network formation. First, we introduce the new concept of perfect pairwise stability. It transposes the idea of “trembling hand” perfection to network formation theory and strictly refines the pairwise stability concept of Jackson and Wolinsky (1996). Second, we study basic properties of perfect pairwise stability: existence, admissibility and perturbation. We further show that our concept is distinct from the concept of strongly stable networks introduced by Jackson and Van den Nouweland (2005), and perfect Nash equilibria of the Myerson network formation game studied by Calvó-Armengol and İlkılıç (2009). Finally, we apply perfect pairwise stability to sequential network formation and prove that it enables a refinement of sequential pairwise stability, a natural analogue of subgame perfection in a setting with cooperative, pairwise link formation
Networked Markets and Simple Relational Contracts
No full textEmpirical studies of commercial relationships between firms reveal that (i) suppliers encounter situations in which they can gain in the short run by acting opportunistically and (ii) good conduct is sustained not exclusively by formal contracts but through informal relationships and the expectation of future business. In such relationships, the need to offer each supplier a large enough share of future business to deter cheating limits the number of supply relationships each buyer can sustain. The market thus becomes networked, with trade restricted to durable relationships. This article proposes a dynamic model to examine the structure of such simple overlapping relational contracts in equilibrium. These informal relational contracts are simple in the sense that they respect a set of realistic properties that can be easily understood and audited by both parties. Due to exogenous stochastic shocks, suppliers are nevertheless not always able to make good on their promises even if they wish to and thus relationships are constantly dissolving, leading to a destruction of social capital. New relationships are forming to take their place, but restoring social capital takes time due to search frictions. This creates a novel way for shocks to be persistent and also suggests new connections between the theory of relational contracting, on the one hand, and the macroeconomic analysis of recessions, on the other
The Interplay Among Savings Accounts and Network-Based Financial Arrangements: Evidence from a Field Experiment
No full textInternational audienceThis paper studies how formal financial access affects network-based financial arrangements. We use a field experiment that granted access to a savings account to a random subset of households in 19 Nepalese villages. Exploiting a unique panel dataset that follows all bilateral informal financial transactions before and after the intervention, we show that households that were offered access to an account increased their loans and total transfers to others, independent of the treatment status of the receiver. The increase seemed to be driven by treatment households with more assets and greater financial inclusion at baseline