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Fair innings? The utilitarian and prioritarian value of risk reduction over a whole lifetime
No full textThe social value of risk reduction (SVRR) is the marginal social value of reducing an individual’s fatality risk, as measured by some social welfare function (SWF). This Article
investigates SVRR, using a lifetime utility model in which individuals are differentiated by age, lifetime income profile, and lifetime risk profile. We consider both the utilitarian SWF and a “prioritarian” SWF, which applies a strictly increasing and strictly concave transformation to
individual utility. We show that the prioritarian SVRR provides a rigorous basis in economic theory for the
“fair innings” concept, proposed in the public health literature: as between an older individual and a similarly situated younger individual (one with the same income and risk profile), a risk reduction for the younger individual is accorded greater social weight even if the gains to
expected lifetime utility are equal. The comparative statics of prioritarian and utilitarian SVRRs with respect to age, and to (past, present, and future) income and baseline survival probability, are significantly different from the conventional value per statistical life (VSL). Our empirical
simulation based upon the U.S. population survival curve and income distribution shows that prioritarian SVRRs with a moderate degree of concavity in the transformation function conform to widely held views regarding lifesaving policies: the young should take priority but income should make no difference
Extremile regression
No full textRegression extremiles define a least squares analogue of regression quantiles. They are determined by weighted expectations rather than tail probabilities. Of special interest is their intuitive meaning in terms of expected minima and maxima. Their use appears naturally in risk management where, in contrast to quantiles, they fulfill the coherency axiom and take the severity of tail losses into account. In addition, they are comonotonically additive and belong to both the families of spectral risk measures and concave distortion risk measures. This paper provides the first detailed study exploring implications of the extremile terminology in a general setting of presence of covariates. We rely on local linear (least squares) check function minimization for estimating conditional extremiles and deriving the asymptotic normality of their estimators. We also extend extremile regression far into the tails of heavy-tailed distributions. Extrapolated estimators are constructed and their asymptotic theory is developed. Some applications to real data are provided
Les votes des investisseurs institutionnels sur les externalités produites par les entreprises : Le cas de deux investisseurs emblématiques
No full textLes collectivités territoriales d’outre-mer et l’élaboration des normes environnementales
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Le défaut de qualité de l’héritier non associé pour percevoir les dividendes attachés aux parts d’une société civile (note s/sCass. 1re civ., 2 septembre 2020, n° 19-14.604)
No full textS'il n'est pas associé, l'héritier n'a pas qualité pour percevoir les dividendes attachés aux parts d’une société civile, fût-ce avant la délivrance du legs de ces parts à un légataire
On the forward algorithm for stopping problems on continuous-time Markov chains
No full textWe revisit the forward algorithm, developed by Irle, to characterize both the value function and the stopping set for a large class of optimal stopping problems on continuous-time Markov chains. Our objective is to renew interest in this constructive method by showing its usefulness in solving some constrained optimal stopping problems that have emerged recently
Le vin n'est fiscalement pas un alcool comme les autres, Note sous CJUE, 30 Avril 2020, C-184/19, affaire Hecta Viticol SRL c/ Agenţia Naţională de Administrare Fiscală (ANAF) de Roumanie
No full textDans son arrêt C-184/19, la CJUE a répondu à deux questions posées par la Compagnie roumaine Hecta Viticol, qui avait saisi sa juridiction nationale pour s'opposer à une modification soudaine des droits d'accises sur les alcools dans son pays. Faisant flèche de tout bois, elle posait deux questions auxquelles la Cour a répondu par la négative: premièrement, la directive européenne de 1992 distinguant le vin des autres boissons, un taux d'accises différencié est parfaitement possible et, deuxièmement, les principes de sécurité juridique et de protection de la confiance légitime ne s’opposent pas à une modification nationale des taux d'accises dans les huit jours sans régime transitoire
Précisions sur l'exception de subrogation et sur l'exclusion conventionnelle (Cass. 2e civ., 17 déc. 2020, nos 18-24915 et 18-24103)
No full textPas de rémunération ni de prise en charge des cotisations du gérant de SARL sans une décision collective ou un accord des associés (CA Paris, 2 juin 2020, n° 18/23074)
No full textEn l’absence de décision collective ou d’accord des associés en ce sens, une SARL n’a pas à prendre en charge les cotisations sociales d’un gérant ou à lui verser une rémunération