1,721,113 research outputs found
Une analyse coût-avantage des mécanismes d'allocation : l'approche prix-quantités
No full text[fre] Dans le contexte d'une information imparfaite, un mécanisme d'allocation est défini comme un mode d'organisation sociale permettant de déterminer une allocation pour chaque état de l'environnement. L'approche prix-quantités constitue une méthode d'évaluation des coûts et avantages associés aux différents mécanismes d'allocation.. Cet article décrit cette méthode et recense les résultats fondamentaux qu'elle a permis d'obtenir. Notre présentation contribue à la clarification de certains résultats, a priori paradoxaux, comme l'inefficacité de la décentralisation par les prix ou l'efficacité des monopoles. [eng] A cost-benefit analysis of allocation mechanisms : . The prices versus quantities approach. Xavier Freixas. Within the context of imperfect information, allocation mechanisms are defined as devices for attainingan allocation in each state of the nature. The prices vs. quantifies approach is nothing but a cost-benefitanalysis of alternative allocation mechanisms.. This paper presents this approach and surveys the main results its use has allowed to obtain. Our layout contributes to clarify some a priori paradoxical results as the inefficiency of price decentralization or efficiency of monopolies.
Comparaison de mécanismes d'allocation
No full text[fre] Nous considérons le problème de l'allocation d'une ressource rare à des entreprises produisant des biens différents, dans le cas où celles-ci ont une meilleure information sur leur propre technologie que le Centre de Planification. Nous comparons deux modes d'allocation : d'une part, le mécanisme de quantités où le centre alloue la ressource en fonction de son information a priori, et d'autre part, le mécanisme de prix où l'allocation effectuée résulte d'un rationnement des demandes en ressource des entreprises.. Nos résultats font apparaître que si les demandes sont considérées comme de pures informations, le mécanisme de prix est toujours préférable au mécanisme de quantités. En revanche, si ces demandes constituent de plus le fondement de l'allocation réalisée, il existe des économies pour lesquelles le mécanisme de quantités est préférable. [eng] Comparing allocation mechanisms . xavier freixas. We consider a simple model where a Center is to allocate a scarce resource among firms producing different comodities. We assume that the firms know their technologies while the Center has only an a priori subjective probability distribution about them. We compare two allocation mechanisms : the quantifies mechanism, in which the Center allocates the resource on the basis of his a priori information, and the price mechanism, where the allocation is a rationing of the firms' demands for the resource.. We show that if demands are pure informations, the price mechanism alway dominates the quantity one. On the other side, if the demands of the firms are used as final allocations when possible, then the quantities mechanism is preferred.
Une analyse coût-avantage des mécanismes d'allocation : l'approche prix-quantités
No full textA cost-benefit analysis of allocation mechanisms :
The prices versus quantities approach
Xavier Freixas
Within the context of imperfect information, allocation mechanisms are defined as devices for attainingan allocation in each state of the nature. The prices vs. quantifies approach is nothing but a cost-benefitanalysis of alternative allocation mechanisms.
This paper presents this approach and surveys the main results its use has allowed to obtain. Our layout contributes to clarify some a priori paradoxical results as the inefficiency of price decentralization or efficiency of monopolies.Dans le contexte d'une information imparfaite, un mécanisme d'allocation est défini comme un mode d'organisation sociale permettant de déterminer une allocation pour chaque état de l'environnement. L'approche prix-quantités constitue une méthode d'évaluation des coûts et avantages associés aux différents mécanismes d'allocation.
Cet article décrit cette méthode et recense les résultats fondamentaux qu'elle a permis d'obtenir. Notre présentation contribue à la clarification de certains résultats, a priori paradoxaux, comme l'inefficacité de la décentralisation par les prix ou l'efficacité des monopoles.Freixas Xavier. Une analyse coût-avantage des mécanismes d'allocation : l'approche prix-quantités. In: Revue économique, volume 32, n°6, 1981. pp. 1074-1086
Public development banks and credit market imperfections
No full textWhat should be the role of a public development bank (PDB)? Which projects/firms should the PDB target? What can theory say about the types of loans and ways of delivering them that PDBs around the world use? We analyze these questions in the context of a model where screening is costly to banks. Underprovision of credit results from the inability of banks to (i) appropriate the full benefits of projects they finance, more pronounced for high value projects; and (ii) internalize the benefits of screening in terms of aggregate lending. PDB intervention naturally addresses inefficiencies originating in failures in the private provision of credit. Though lending to commercial banks at subsidized rates or providing credit guarantees are valid alternatives, guarantees are less effective than subsidies at equivalent cost. PDB lending is particularly important in recessions, when liquidity/capital shortages are likely, and risk profiles deteriorate potentially leading to further credit underprovision. Subsidized lending is further preferred to guarantees when banks are facing a liquidity shortage, while a credit guarantees program has additional benefits when banks are undercapitalized.The authors are grateful to the Assonime/ CEPR Research Programme on Restarting European Long-Term Investment Finance (RELTIF) for financial support of the research in this paper. Xavier Freixas has benefitted from the support of Ministerio de Economia y Competividad ECO2014-55488-P, Generalitat de Catalunya and Barcelona GSE
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Banking Regulation and Prompt Corrective Action
Get PDFWe explore the rationale for regulatory rules that prohibit banks from developing some of their natural activities when their capital level is low, as epitomized by the US Prompt Corrective Action (PCA). This paper is built on two insights. First, in a moral hazard setting, capital requirement regulation may force banks to hold a large fraction of safe assets which, in turn, may lower their incentives to monitor risky assets. Second, agency problems may be more severe in certain asset classes than in others. Taken together, these two ideas explain why, surprisingly, capital regulation, which may cope with risk and adverse selection, is unable to address issues related to moral hazard. Hence, instead of forcing banks to hold a large fraction of safe assets, prohibiting some types of investment and allowing ample scope of investment on others may be the only way to preserve incentives and guarantee funding. In particular, providing incentives to monitor investments in the most opaque asset classes may prove to be excessively costly in terms of the required capital and thus inefficient. We show that the optimal capital regulation consists of a rule that a) allows well capitalized banks to freely invest any amount in any risky asset, b) prohibits banks with intermediate levels of capital to invest in the most opaque risky assets, and c) prohibits undercapitalized banks to invest in any risky asset.banking, prudential regulation, moral hazard
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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