Toulouse 1 Capitole Publications
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A fair day's pay for a fair day's work: optimal tax design as redistributional arbitrage
No full textWe study optimal tax design based on the idea that policy-makers face trade-offs between
multiple margins of redistribution. Within a Mirrleesian economy with earnings, consumption
and retirement savings, we derive a novel formula for optimal income and savings distortions
based on redistributional arbitrage. We establish a sufficient statistics representation of the
labor income and capital tax rates on top income earners in dynamic environments, which relies on the observed distributions of both income and consumption. Because consumption has a thinner Pareto tail than income, our quantitative results suggest that it is optimal to shift a substantial fraction of the top earners' tax burden from income to savings
Faillite personnelle : caractérisation de la faute et motivation de la sanction (Notes s/s Cass. com., 20 oct. 2021, n° 20-15.736 et 20-10.557
No full textLe remboursement d'une avance en compte courant constitue le paiement d'une dette de la société, sans pouvoir être qualifié de détournement d'actif pouvant donner lieu au prononcé d'une faillite personnelle (n° 20-15.736, 1re espèce).
Le tribunal qui prononce une mesure de faillite personnelle doit motiver sa décision, tant sur le principe que sur le quantum de la sanction, au regard de la gravité des fautes et de la situation personnelle de l'intéressé (n° 20-10.557, 2e espèce
Voter conformism and inefficient policies
No full textA reelection-seeking politician makes a policy decision that can reveal her private information on whether her political orientation and capabilities will be a good fit to future circumstances. We study how she may choose inappropriate policies to hide her information, even in the absence of specific conflicts of interests, and how voters’ conformism affects her incentives to do so. Conformism is independent from policies and from voters’ perceptions; yet we identify a ‘conformism advantage’ for the incumbent that exists only when there is also an incumbency advantage. Conformism changes the incentives of the incumbent and favors the emergence of an efficient, separating equilibrium. It may even eliminate the pooling equi-librium (that can consist in inefficient persistence). Conformism has a mixed impact on social welfare however: it improves policy choices and the information available to independent vot-ers, but fosters inefficient reelection in the face of a stronger opponent. When the incumbent is ‘altruistic’ and values social welfare even when not in power, she partly internalizes this latter effect. The impact of conformism is then non monotonous
Empirical analysis of the anthropogenic pressure on the mangrove blue carbon-economic growth relationship
No full textThis paper analyzes the determinants of economic growth in coastal economies with the purpose of highlighting the impact of human activity pressure on mangrove blue carbon (BC). We use a Bayesian Model Averaging-based estimation technique to fit alternative growth theories to 1960-2009 data on a BC sample of 23 coastal countries and a worldwide (WW) sample of 83 countries. In addition to having high mangrove blue carbon climate change mitigation potential, a representative country from the BC sample possesses features commonly associated with developing countries. Moreover, such a country’s natural capital per capita has decreased by more than 50% during the half-century span of our data and its dependence on natural capital is almost twice as high as that of its WW counterpart. We find that the neoclassical theory, through income and investment in physical capital, demography, macroeconomic policy, and natural capital theories perform well in explaining growth in BC countries. In contrast, investment in physical capital and proxies for the macroeconomic policy and natural capital theories are found not to be good predictors of growth when using the WW sample of countries. These results put the finger on the critical problem of existing and potential anthropogenic pressure that coastal areas with BC are and can be subject to due to land conversion for agriculture, aquaculture, farming and other run-offs, marine resources exploitation, uncontrolled sewage, marine resources direct exploitation, and coastal constructions and public works related to natural capital exports. This admittedly grim picture of the coasts draws attention to at least two policy questions, namely, whether central governments ought to give local policy makers and communities incentives to promote nature-based solutions to climate change mitigation and the extent to which international financial institutions should provide financial support for such initiatives in developing countries
Le secret professionnel « de la défense et du conseil » dans la loi pour la confiance dans l'institution judiciaire
No full textLa recherche de la vérité implique d’infliger bien des blessures à ceux – pas forcément les mis en cause – dont le corps ou le cœur recèle des informations utiles à la faire avancer. En cela, pas plus le secret que l’intimité ou la liberté ne sont susceptibles de constituer un sanctuaire inviolable face aux impératifs supérieurs de l’ordre public. Pour autant, la confiance dans l’« institution judiciaire », entendue comme accueillant tous ceux qui participent à ce que justice soit faite, passe sans aucun doute par la garantie que ce que l’on confie à son avocat, dans le secret de la consultation ou de la concession, ne soit pas divulgué. Par ailleurs, tout secret ne l’est vraiment – et ne saurait donc avoir de sens – que si les confidents seuls en maîtrisent la diffusion. La fin ne justifie pas tous les moyens, en effet, à défaut de quoi la sécurité – de l’État – écraserait la sûreté – de tous. Ce qui conduit à ce paradoxe inéluctable et peut-être insoluble que le secret qui lie l’avocat à son client est appréhendé, par le droit, aussi bien comme un bouclier que comme un obstacle
Two-sided platforms and biases in technology adoption
No full textWe investigate the relationship between market structure and platforms' incentives to adopt technological innovations in two-sided markets, where platforms may find it optimal to charge zero price on the consumer side and to extract surplus on the advertising side. We consider innovations that aspect the two sides in an opposite way. We compare private incentives with social incentives and find that the bias in technology adoption depends crucially on whether the non-negative pricing constraint binds or not. Our results provide a rationale for a tougher competition policy to curb concentration if competition authorities put more weight on consumer surplus in welfare calculations
La décision du juge procédant, sans recours possible sauf cas d'excès de pouvoir, à la désignation d'un expert judiciaire (Cass. com., 7 juillet 2021, n° 19-23.699)
No full textD’une part, il résulte de l’article 1843-4 du Code civil dans sa rédaction issue de l’ordonnance n° 2014-863 du 31 juillet 2014, que la décision par laquelle le président du tribunal de commerce procède à la désignation d’un expert chargé de déterminer la valeur de droits sociaux est sans recours possible, de sorte que cette disposition s’applique, par sa généralité, au pourvoi en cassation comme à toute autre voie de recours et il n’y est dérogé qu’en cas d’excès de pouvoir.
D’autre part, il n’entre pas dans les pouvoirs du président du tribunal, saisi sur le fondement de l’article 1843-4 du Code civil, de trancher la contestation relative à la détermination des statuts applicables
The Iterates of the Frank-Wolfe Algorithm May Not Converge
No full textThe Frank-Wolfe algorithm is a popular method for minimizing a smooth convex function f over a compact convex set C. While many convergence results have been derived in terms of function values, hardly nothing is known about the convergence behavior of the sequence of iterates (xt)t2N. Under the usual assumptions, we design several counterexamples to the convergence of (xt)t2N, where f is d-time continuously differentiable, d > 2, and f(xt) --->
minC f. Our counterexamples cover the cases of open-loop, closed-loop, and line-search step-size strategies. We do not assume misspecification of the linear minimization oracle and our results thus hold regardless of the points it returns, demonstrating the fundamental pathologies in the convergence behavior of (xt)t2N