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Nursing home aversion post-pandemic: Implications for savings and long-term care policy
No full textCOVID-19 outbreaks at nursing homes during the recent pandemic, which received ample media coverage, may have lasting negative impacts on individuals’ perceptions regarding ursing homes. We argue that this could have sizable and persistent implications for savings and long-term care policies. We first develop a theoretical model predicting that higher nurs- ing home aversion should induce higher savings and stronger support for policies subsidizing home care. We further document, based on a survey on Canadians in their 50s and 60s, that higher nursing home aversion is widespread: 72% of respondents are less inclined to enter a nursing home because of the pandemic. Consistent with our model, we find that the latter are much more likely to have higher intended savings for older age because of the pandemic. We also find that they are more likely to strongly support home care subsidies
L'absence d'effet libératoire du quitus donné par les associés au gérant (note sous Cass. 3ème civ. 27 mai 2021, n° 19-16.716)
No full textAugmenting Investment Decisions with Robo-Advice
No full textWe study the introduction of robo-advising on a large representa-tive sample of Employee Saving Plans. Dierently from many services that fully automate portfolio decisions, our robo-advisor proposes in- vestment and rebalancing strategies, leaving investors free to follow or ignore them. We focus on the resulting human-robot interactions and show that with the robo-service investors increase their attention to the portfolio, their investment in the plan, their equity exposure. They experience higher risk-adjusted returns, mostly by changing their re-balancing so to stay closer to the target. These eects are robust across various specications accounting for the endogeneity of the take-up decision, and they are stronger for investors with smaller portfolios, lower baseline returns and stock market participation. Our results suggest that automated advice can promote nancial inclusion, and they high- light how human-robot interactions can in uence investors' portfolio decisions and possibly improve nancial capability
Equilibrium CEO Contract with Belief Heterogeneity
No full textConsider a rm owned by shareholders with heterogeneous beliefs and run by a manager who chooses random production plans. Shareholders do not observe the chosen plan but only its realization. The nancial market consists of assets contingent on production realizations. A contract for the manager species her compensation as a function of the rms production and possibly some restrictions to trade in the nancial market. Shareholders are unrestricted. We dene a concept of equilibrium between the manager and shareholders such that the equilibrium production plan is unanimously preferred by the manager and the shareholders, markets clear and the manager has no incentive to cheat. We rst analyze the properties of such equilibria and in particular show that the contract should restrict the manager from trading. We next provide a framework where such equilibria exist. We lastly study the properties of equilibrium compensations when shareholders have beliefs that can be ranked in terms of optimism towards the equilibrium plan. Specic attention is given to their departure from linear compensations
Essays in Empirical Industrial Organization
No full textCette thèse est composée de trois chapitres. Le premier chapitre étudie les effets d’une subvention dans le cas où des entreprises peuvent changer le prix ainsi que les caractéristiques du produit qu’elles proposent. Le deuxième chapitre (joint avec Christian Bontemps et Cristina Gualdani) construit et estime un modèle en deux étapes de la compétition en réseau des compagnies aériennes. Le troisième chapitre (joint avec Charles Pébereau) étudie l’adoption de tarification de l’électricité en temps réel. Dans le premier chapitre, j’étudie les effets économiques des subventions sur le marché des voitures électriques, qui sont subventionnées partout dans le monde parce qu’on les considère comme un élément clé dans la dé-carbonisation du secteur du transport. En réponse à ces subventions, les producteurs de voitures électriques ont la possibilité d’ajuster le prix des voitures, mais aussi leur autonomie. Mon analyse montre que la façon dont ces subventions sont implémentées à un impact important sur ces choix de prix et d’autonomie. Dans mon étude, je trouve qu’une subvention directement indexée sur l’autonomie conduit les firmes à vendre des voitures électriques qui sont plus chères et qui ont plus d’autonomie. Au contraire, une subvention fixe conduit les firmes à vendre des voitures électriques moins chères avec une autonomie plus faible. Ces effets ont des implications importantes pour les décideurs politiques qui ont deux objectifs : Tandis que la quantité de voitures électriques vendue est maximisée avec la subvention fixe, la minimisation des émissions de CO2 nécessite un compromis entre maximisation des ventes de voitures électriques et substitution de voitures conventionnelles polluant beaucoup. Ce compromis est résolu avec une subvention intermédiaire. Si un décideur politique ne peut pas atteindre les deux objectifs avec la même subvention, il peut tout à fait maximiser les ventes de voitures électriques et le surplus des consommateurs les plus pauvres avec la même subvention. Dans le deuxième chapitre, écrit en collaboration avec Christian Bontemps et Cristina Gualdani, nous construisons et estimons un modèle en deux étapes du secteur du transport aérien. Dans ce modèle, les compagnies aériennes choisissent d’abord leur réseau de vols directs avant d’entrer en compétition avec ses rivales. Ce jeu en deux étapes nous permet de prendre en compte l’interdépendance des routes choisies par les firmes. En outre, le modèle nous permet de faire des analyses contrefactuelles capables de fournir des prévisions robustes en ce qui concerne le niveau des prix, mais aussi le changement du réseau des firmes. Nous montrons que des réseaux en étoile baissent le coût marginal et augmentent le coût fixe. Nous évaluons une fusion entre American Airlines et US Airways et la comparons au scénario d’une faillite d’American Airlines. Nous évaluons aussi des contre-mesures imposées aux firmes fusionnantes et trouvons que ces mesures ont réussi à limiter la perte de surplus du consommateur. Dans le troisième chapitre, Charles Pébereau et moi étudions l’introduction d’une tarification de l’électricité en temps réel en Nouvelle-Zélande et offrons des explications quant à la faible adoption de cette tarification. Cette tarification expose les consommateurs au prix courant de l’électricité changeant chaque demi-heure. Nous trouvons que les consommateurs qui ont adopté cette technologie le plus récemment sont très sensibles aux prix courants. Les taux d’adoption baissent fortement quand les prix courants sont élevés. Durant une crise des prix courants de l’électricité, la part des consommateurs abandonnant la tarification en temps réel baisse avec leur expérience. Ces résultats suggèrent que, au fil du temps, les consommateurs sont moins réactifs aux changements immédiats de prix. Nos résultats sont utiles dans le débat sur la façon d’encourager les consommateurs à adopter une tarification en temps réel, comme des programmes opt-in ou opt-out.This thesis is composed of three chapters. The first chapter studies the economic effects of subsidies when firms can adjust both prices and a product attribute. The second chapter (joint with Christian Bontemps and Cristina Gualdani) builds and estimates a 2-stage model of airline competition. The third chapter (joint with Charles Pébereau) studies adoption of real-time pricing electricity tariffs. In the first chapter I study the economic effects of electric car subsidies. Electric cars are subsidized around the world because they are seen as a key driver for decarbonizing the transport sector. In response to these subsidies, producers of electric cars can adjust the price of the car, but also the driving range. My analysis finds that subsidy design has an important impact on price and range choices. In the paper, I find that firms react to subsidy directly based on range by selling more expensive electric cars with a higher range. To the contrary, a flat subsidy leads firms to sell cheaper electric cars with a lower range. These findings have important implications for policymakers who have two objectives: Whereas electric car sales are maximized at the flat scheme, minimizing CO2 emissions entails a trade-off between maximizing electric car sales and generating substitution from more polluting cars that is solved at a scheme with a flat and a range-based part. However, whereas a policymaker cannot maximize electric car sales and minimize CO2 emissions with the same scheme, she is able to maximize electric car sales and the consumer surplus of lower-income consumers with the same scheme. In the second chapter, joint with Christian Bontemps and Cristina Gualdani, we build and estimate a 2-stage model of airline competition. In the model, airlines choose the network of segments to serve in the first stage before competing in prices in the second stage. The two-stage framework allows us to account for selection of airlines into interdependent routes. Moreover, it permits us to make counterfactual exercises that robustly predict changes not only in prices and markups but also in how airlines adjust their route networks. We show that large hub-and-spoke operations lower marginal costs but increase fixed costs. We evaluate a merger between American Airlines and US Airways and compare it to the bankruptcy and disappearance of American Airlines. We also evaluate remedies imposed on the merging parties and find evidence that they limited harm to consumers. In the third chapter, Charles Pébereau and I study the introduction of real-time electricity pricing in New Zealand and shed light on why adoption was low. Under this tariff, consumers are exposed to half-hourly varying spot prices. We find that prospective and recent adopters are highly sensitive to contemporaneous spot prices. Adoption rates significantly decrease with contemporaneous spot prices. During a crisis on the electricity spot market, the share of consumers discarding real-time pricing plans decreased with experience. These results suggest that, over time, consumers focus less on immediate outcomes. Our results can inform the debate regarding ways to foster the adoption of real-time pricing, such as opt-in and opt-out policies, and information provision
Gossip and reputation in everyday life
No full textGossip—a sender communicating to a receiver about an absent third party—is hypothesized to impact reputation formation, partner selection, and cooperation. Laboratory experiments have found that people gossip about others' cooperativeness and that they use gossip to condition their cooperation. Here, we move beyond the laboratory and test several predictions from theories of indirect reciprocity and reputation-based partner selection about the content of everyday gossip and how people use it to update the reputation of others in their social network. In a Dutch community sample (N = 309), we sampled daily events in which people either sent or received gossip about a target over 10 days (ngossip = 5284). Gossip senders frequently shared information about targets’ cooperativeness and did so in ways that minimize potential retaliation from targets. Receivers overwhelmingly believed gossip to be true and updated their evaluation of targets based on gossip. In turn, a positive shift in the evaluation of a target was associated with higher intentions to help them in future interactions, and with lower intentions to avoid them in the future. Thus, gossip is used in daily life to impact and update reputations in a way that enables partner selection and indirect reciprocity
Communication externe sur les Accords-Cadres Internationaux : entre coopération, légitimité et nouvelles tensions sociales
No full textThe aim of this paper is to identify the issues of external communication related to the signing of International Framework Agreements (IFAs), negotiated between multinationals and Global Union Federations (GUF). It is based on a qualitative study which mainly comes from 59 semi-structured interviews conducted with French companies that have signed IFAs. The results show that external communication on these agreements is part of logics of cooperation and legitimacy which, because of the multiple social tensions that such communication generates, results in a cautious communication claimed by multinationals because of the risks that it can generate
