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Universite Catholique de Louvain
(166 results)-
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Adding Independent Risks In An Insurance Portfolio: Which Shape For The Insurers? Preferences?
February 1, 2009, 12:00am PST
Many papers have adopted the expected utility paradigm to analyze insurance decisions. Insurance companies manage policies by growing, by adding independent risks. Even if adding risks generally...
Provided by Universite Catholique de Louvain
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White Papers
Correlated Risks, Bivariate Utility And Optimal Choices
February 1, 2009, 12:00am PST
In this paper, the authors consider a decision-maker facing a financial risk flanked by a background risk, possibly non-financial, such as health or environmental risk. A decision has to be made...
Provided by Universite Catholique de Louvain
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White Papers
Regularity And Stability Of Equilibria In An Overlapping Generations Model With Exogenous Growth
January 1, 2009, 12:00am PST
In an exogenous-growth economy with Overlapping Generations (OG) the authors analyze local stability of the balanced growth equilibria with respect to perturbations of consumption endowments,...
Provided by Universite Catholique de Louvain
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White Papers
Forecasting The Direction Of Policy Rate Changes : The Importance Of ECB Words
January 1, 2009, 12:00am PST
This paper evaluates the predictive power of different information sets for the European Central Bank (ECB) interest rate setting behavior. The authors employ an ordered probit model, i.e. a...
Provided by Universite Catholique de Louvain
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White Papers
Characterizations Of Pareto-efficient, Fair, And Strategy-proof Allocation Rules In Queueing Problems
December 1, 2008, 12:00am PST
A set of agents with possibly different waiting costs have to receive the same service one after the other. Efficiency requires maximizing total welfare. Equity requires to at least treating equal...
Provided by Universite Catholique de Louvain
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White Papers
Are Your Firm's Taxes Set In Warsaw' Spatial Tax Competition In Europe
December 1, 2008, 12:00am PST
Tax competition within the EU is fiercer than in the rest of the OECD with tax rates falling rapidly. This paper analyzes tax responses of EU-15 countries to corporate tax changes in the EU-10 new...
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Public Goods' Attractiveness And Migrations
December 1, 2008, 12:00am PST
The aim of this paper is to develop a dynamic model of migrations, in which migration is driven by size asymmetries between countries and by the relative preferences of consumers between private...
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Financial Constraints In China: Firm-level Evidence
December 1, 2008, 12:00am PST
This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "Political-pecking order" in the allocation of credit. The findings are threefold. Firstly, private...
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Intergenerational Equity And The Discount Rate For Cost-benefit Analysis
December 1, 2008, 12:00am PST
For two independent principles of intergenerational equity, the implied discount rate equals the growth rate of real per-capita income; say 2%, thus falling right into the range suggested by the...
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White Papers
The Taxation Of Capital Returns In Overlapping Generations Economies Without Financial Assets
December 1, 2008, 12:00am PST
The author shows in this paper that in an overlapping generations economy with production à la Diamond (1970) in which the agents can only save in terms of capital (i.e. with no asset bubbles à la...
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Technological Breakthroughs And Asset Replacement
December 1, 2008, 12:00am PST
The authors analyze the optimal replacement of assets under continuous and discontinuous technological change. They investigate the variable lifetime of assets in an infinite-horizon replacement...
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Style Rotation And Performance Persistence Of Mutual Funds
December 1, 2008, 12:00am PST
Most academic studies on performance persistence in monthly mutual fund returns do not find evidence for timing skills of fund managers. Furthermore, realized returns are undoubtedly driven by the...
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Firms' Location Under Taste And Demand Heterogeneity
December 1, 2008, 12:00am PST
In this paper the authors build a quality-augmented version of an economic geography model where consumers have heterogeneous tastes for a set of manufacturing varieties. They discuss a footloose...
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Contractually Stable Networks
December 1, 2008, 12:00am PST
The authors develop a theoretical framework that allows them to study which bilateral links and coalition structures are going to emerge at equilibrium. They define the notion of coalitional...
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Average Power Contracts Can Mitigate Carbon Leakage
November 1, 2008, 12:00am PDT
The progressive relocation of part of the Energy Intensive Industries (EIIs) out of Europe is one of the possible consequences of the combination of emission charges and higher electricity prices...
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Voting For Redistribution Under Desert-sensitive Altruism
October 1, 2008, 12:00am PDT
The authors endow individuals that differ in skill levels and tastes for working with altruistic preferences for redistribution in a voting model where a one-dimensional redistributive parameter...
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Estimating The Dynamics Of R&D-based Growth Models
September 1, 2008, 12:00am PDT
Several R&D-based models of endogenous economic growth are investigated under the Solow-like assumption of fixed allocation of resources across activities. The authors identify model parameters...
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Optimal Linear Taxation Under Endogenous Longevity
September 1, 2008, 12:00am PDT
This paper studies the optimal linear tax-transfer policy in an economy where agents differ in productivity and in genetic background, and where longevity depends on health spending and genes. It...
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Transportation, Freight Rates, And Economic Geography
July 1, 2008, 12:00am PDT
The authors investigate the role of the transport sector in structuring the location of economic activity within two-region economic geography models of the footloose capital and core-periphery...
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Optimal Tax Policy And Expected Longevity: A Mean And Variance Approach
June 1, 2008, 12:00am PDT
This paper studies the normative problem of redistribution between agents who can influence their survival probability through private health spending, but who differ in their attitude towards the...
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Habit Formation And Labor Supply
June 1, 2008, 12:00am PDT
This paper shows that the combination of habit formation - present consumption creating additional consumption needs in the future - and myopia may explain why some retirees are forced to...
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On Investment Decisions In Liberalized Electricity Markets: The Impact Of Price Caps At The Spot Market
June 1, 2008, 12:00am PDT
The authors analyze the impact of a uniform price cap at electricity spot markets on firm's investment decisions and on welfare. Since investment decisions for those markets are taken in the long...
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Democracy, Rule Of Law, Corruption Incentives And Growth
June 1, 2008, 12:00am PDT
The authors bridge the gap between the standard theory of growth and the mostly static theory of corruption. Some public investment can be diverted from its purpose by corrupt individuals. Voters...
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Does The Absence Of Competition In The Market Foster Competition For The Market? A Dynamic Approach To Aftermarkets
May 1, 2008, 12:00am PDT
In this paper, the authors investigate dynamic price competition when firms strategically interact in two distinct but interrelated markets: a primary market and an aftermarket, where indirect...
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When The TV News Scheduling Game When The Newscaster's Face Matters
May 1, 2008, 12:00am PDT
This paper first provides an alternative formulation of the Cancian, Bills and Bergström (1995) - problem which discards the non-existence difficulty and consequently allows considering some...
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Taxing Sin Goods And Subsidizing Health Care
May 1, 2008, 12:00am PDT
The authors consider a two-period model. In the first period, individuals consume two goods: one is sinful and the other is not. The sin good brings pleasure but has a detrimental effect on second...
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Endogenous Differential Mortality, Non Monitored Effort And Optimal Non Linear Taxation
May 1, 2008, 12:00am PDT
This paper studies the normative problem of redistribution among individuals who can influence their longevity through a non-monetary effort but have different taste for effort. As benchmarks, the...
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Probability Masses Fitting In The Analysis Of Manufacturing Flow Lines
May 1, 2008, 12:00am PDT
A new alternative in the analysis of manufacturing systems with finite buffers is presented. The authors propose and study a new approach in order to build tractable phase-type distributions,...
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Market Integration In Network Industries
May 1, 2008, 12:00am PDT
What is the effect of product market integration on the market equilibrium in the presence of international network externalities in consumption? To address this question, the authors set up a...
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Optimal Firm Behavior Under Environmental Constraints
April 1, 2008, 12:00am PDT
The paper examines the Porter and induced-innovation hypotheses in a firm model where: the firm has a vintage capital technology with two complementary factors, energy and capital ; scrapping is...
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Optimal Ownership In Joint Ventures With Contributions Of Asymmetric Partners
April 1, 2008, 12:00am PDT
This paper faces two questions concerning Joint Ventures (JV) agreements. First, the authors study how the partners' contribution affects the creation and the profit sharing of a JV when partners'...
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Unequal Wages For Equal Utilities
December 1, 2007, 12:00am PST
When educational policy is supplemented by a redistributive income tax, and when individuals differ in their ability to benefit from education, the optimal policy is typically rather regressive....
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A Characterization Of Inefficiency In Stochastic Overlapping Generations Economies
December 1, 2007, 12:00am PST
In this paper, the authors provide a characterization of interim inefficiency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the...
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A Benchmark Value For Relative Prudence
October 1, 2007, 12:00am PDT
In this paper the authors propose benchmark values for the coefficients of relative risk aversion and relative prudence on the basis of a binary choice model where the decision maker chooses...
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Shareholder-efficient Production Plans In A Multi-period Economy
October 1, 2007, 12:00am PDT
The authors propose an objective for the firm in a general model of production economies extending over time under uncertainty and with incomplete markets. Trading in commodities and shares of...
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Does Inequality Make Us Rebel? A Renewed Theoretical Model Applied To South Mexico
October 1, 2007, 12:00am PDT
Since Collier and Hoeffler (1998, 2004), it has been supported that inequality, measured at national level, does not affect the risk of conflict. Based on a renewed theoretical framework, the...
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Testing Fiscal Sustainability In Poland: A Bayesian Analysis Of Cointegration
October 1, 2007, 12:00am PDT
Fiscal sustainability is a central topic for most of the transition economies of Eastern Europe. This paper focuses on a particular country: Poland. The main purpose is to investigate,...
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Imperfect Competition And The Trade Cycle: Guidelines From The Late Thirties
October 1, 2007, 12:00am PDT
It is the study of the trade cycle during the thirties that made imperfectly competitive output markets a major theme in macroeconomics, principally under the lead of Harrod. Both he and Keynes...
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Hawks And Doves In Segmented Markets: A Formal Approach To Competitive Aggressiveness
May 27, 2007, 12:00am PDT
Competitive aggressiveness is analyzed in a simple spatial oligopolistic competition model, where each one of two firms supplies two connected market segments, one captive the other contested. To...
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Legal Insider Trading And Stock Market Reaction: Evidence From The Netherlands
September 1, 2007, 12:00am PDT
This paper provides an analysis of legal insider trading on the Euronext Amsterdam stock exchange by using data published in the register held by the AFM, the Dutch financial markets authority....
Provided by Universite Catholique de Louvain
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White Papers
Characterizations Of Pareto-efficient, Fair, And Strategy-proof Allocation Rules In Queueing Problems
December 1, 2008, 12:00am PST
A set of agents with possibly different waiting costs have to receive the same service one after the other. Efficiency requires maximizing total welfare. Equity requires to at least treating equal...
Provided by Universite Catholique de Louvain
-
White Papers
Forecasting The Direction Of Policy Rate Changes : The Importance Of ECB Words
January 1, 2009, 12:00am PST
This paper evaluates the predictive power of different information sets for the European Central Bank (ECB) interest rate setting behavior. The authors employ an ordered probit model, i.e. a...
Provided by Universite Catholique de Louvain
-
White Papers
Regularity And Stability Of Equilibria In An Overlapping Generations Model With Exogenous Growth
January 1, 2009, 12:00am PST
In an exogenous-growth economy with Overlapping Generations (OG) the authors analyze local stability of the balanced growth equilibria with respect to perturbations of consumption endowments,...
Provided by Universite Catholique de Louvain
-
White Papers
Correlated Risks, Bivariate Utility And Optimal Choices
February 1, 2009, 12:00am PST
In this paper, the authors consider a decision-maker facing a financial risk flanked by a background risk, possibly non-financial, such as health or environmental risk. A decision has to be made...
Provided by Universite Catholique de Louvain
-
White Papers
Adding Independent Risks In An Insurance Portfolio: Which Shape For The Insurers? Preferences?
February 1, 2009, 12:00am PST
Many papers have adopted the expected utility paradigm to analyze insurance decisions. Insurance companies manage policies by growing, by adding independent risks. Even if adding risks generally...
Provided by Universite Catholique de Louvain
-
White Papers
On Tax Competition, Public Goods Provision And Jurisdictions' Size
March 1, 2009, 12:00am PST
In this paper, the authors analyze competition among jurisdictions to attract firms through low taxes on capital and/or high level of public goods, which enhance firms' productivity. They assume...
Provided by Universite Catholique de Louvain
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What Good Is Happiness?
March 1, 2009, 12:00am PST
The heterogeneity of the available physical capital with respect to productivity and emission intensity is an important factor for policy design, especially in the presence of emission...
Provided by Universite Catholique de Louvain
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The Tradeoff Between Growth And Redistribution: Elie In An Overlapping Generations Model
March 1, 2009, 12:00am PST
The ELIE scheme of Kolm taxes labor capacities instead of labor income in order to circumvent the distortionary effect of taxation on labor supply. Still, Kolm does not study the impact of ELIE on...
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Can Education Be Good For Both Growth And The Environment?
March 1, 2009, 12:00am PST
The authors develop an overlapping generation's model of growth and the environment with public policy on education. Beyond the traditional mechanisms through which knowledge, growth and the...
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What Do We Know About Comparing Aggregate And Disaggregate Forecasts?
March 1, 2009, 12:00am PST
This paper compares the performance of "Aggregate" and "Disaggregate" predictors in forecasting contemporaneously aggregated vector ARMA processes. An aggregate predictor is built by forecasting...
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Understanding Volatility Dynamics In The EU-ETS Market: Lessons From The Future
April 1, 2009, 12:00am PDT
In this paper the authors study the short term price behavior of December 2008 future prices for EU emission allowances. They model returns and volatility dynamics of this price showing that a...
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Lot-sizing With Stock Upper Bounds And Fixed Charges
April 1, 2009, 12:00am PDT
Here the authors study the discrete lot-sizing problem with an initial stock variable and an associated variable upper bound constraint. This problem is of interest in its own right, and is also a...
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On Uncertainty When It Affects Successive Markets
April 1, 2009, 12:00am PDT
In this paper, the authors examine how uncertainty can affect successive markets, when uncertainty can jointly influence both the upstream and downstream markets' conditions. The main result of...
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Allocation Of Fixed Costs And The Weighted Shapley Value
May 1, 2009, 12:00am PDT
The weighted value was introduced by Shapley in 1953 as an asymmetric version of his value. Since then several axiomatizations have been proposed including one by Shapley in 1981 specifically...
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Urban Concentration And Economic Growth: Checking For Specific Regional Effects
May 1, 2009, 12:00am PDT
By using a semi parametric specification, the authors examine the impact of urban concentration in economic growth on different groups of countries that they classify according to a geographical...
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On Efficiency, Concentration And Welfare
May 1, 2009, 12:00am PDT
The welfare impact of a merger involves the market power offense and the efficiency defense. Salant et al. (1983) show that mergers among symmetric firms are unprofitable except for...
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On The Impact Of Trade On Industrial Structures : The Role Of Entry Cost Heterogeneity
August 1, 2009, 12:00am PDT
This paper investigates the impacts of progressive trade openness, technological externalities, and heterogeneity of individuals on the formation of entrepreneurship in a two-country occupation...
Provided by Universite Catholique de Louvain
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Competition Among The Big And The Small
August 1, 2009, 12:00am PDT
Armchair evidence shows that many industries are made of a few big commercial or manufacturing firms, which are able to affect the market outcome, and of a myriad of small family-run businesses...
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Entry Accomodation Under Multiple Commitment Stategoes : Judo Economics Revisited
August 1, 2009, 12:00am PDT
The authors consider a stage-game where the entrant may simultaneously commit to its product's quality and the level of its production capacity before price competition takes place. They show that...
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Multi-assets Real Options
September 1, 2009, 12:00am PDT
Real options present a wide topic in investment literature nowadays. However, despite big advances in the single asset investment pricing, the theory is miser of informations about problems...
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A Comparison Of Optimal Tax Policies When Compensation Or Responsibility Matter
October 1, 2009, 12:00am PDT
This paper examines optimal redistribution in a model with high and low-skilled individuals with heterogeneous tastes for labor, that either work or not. With such double heterogeneity,...
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Transfer Pricing Rules, OECD Guidelines, And Market Distortions
November 1, 2009, 12:00am PDT
The authors study the impact of transfer pricing rules on sales prices, firms' organizational structure, and consumers' utility within a two-country monopolistic competition model featuring...
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Product Differentiation And Vertical Integration In Presence Of Double Marginalization
November 1, 2009, 12:00am PDT
In this paper, the authors present a model of endogenous vertical integration and horizontal differentiation. There exist two output brands and two versions of the input. The only mean for output...
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Sustainability, Optimality, And Viability In The Ramsey Model
November 1, 2009, 12:00am PDT
The Ramsey model of economic growth is revisited from the point of view of viability. A viable state is a state from which there exists at least one trajectory that remains in the set of...
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The Principle Of Mutual Recognition - A Source Of Divergence ?
November 1, 2009, 12:00am PDT
Governments set numerous norms to protect consumers. Two countries may achieve the same level of protection of their consumers through different specifications. The adaptation costs induced by...
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The Taxation Of Savings In Overlapping Generations Economies With Unbacked Risky Assets
December 1, 2009, 12:00am PST
This paper establishes, in the context of the Diamond (1965) overlapping generations economy with production, that the risk that savings in unbacked assets (like fiat money or public debt) become...
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Optimal Education And Pensions In An Endogenous Growth Model
December 1, 2009, 12:00am PST
It is well known that, in OLG economies with life-cycle saving and exogenous growth, competitive equilibria will in general fail to achieve optimality and may even be dynamically inefficient. This...
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Market Coverage And The Nature Of Product Differentiation : A Note
December 1, 2009, 12:00am PST
In this paper, the authors analyze the equilibrium outcomes of pricing games with product differentiation in relation with the extent of market coverage. It is a received idea in the IO literature...
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Efficiency Of Coordinate Descent Methods On Huge-scale Optimization Problems
January 1, 2010, 12:00am PST
In this paper the authors propose new methods for solving huge-scale optimization problems. For problems of this size, even the simplest full-dimensional vector operations are very expensive....
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Split-panel Jackknife Estimation Of Fixed-effect Models
January 1, 2010, 12:00am PST
The authors propose a jackknife for reducing the order of the bias of maximum likelihood estimates of nonlinear dynamic fixed-effect panel models. The split-panel jackknife estimators are...
Provided by Universite Catholique de Louvain
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Liquidity Risks On Power Exchanges
January 1, 2010, 12:00am PST
Financial derivatives are important hedging tool for asset's manager. Electricity is by its very nature the most volatile commodity, which creates big incentive to share the risk among the market...
Provided by Universite Catholique de Louvain
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The Stability Of The Roommate Problem Revisited
February 1, 2010, 12:00am PST
The lack of stability in some matching problems suggests that alternative solution concepts to the core might be a step towards furthering the understanding of matching market performance. The...
Provided by Universite Catholique de Louvain
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Design Of A Network Of Reusable Logistic Containers
February 1, 2010, 12:00am PST
In this paper, the authors consider the management of the return flows of empty logistic containers that accumulate at the customer's sites. These containers must be brought back to the factories...
Provided by Universite Catholique de Louvain
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Experimental Results On The Roommate Problem
March 1, 2010, 12:00am PST
The authors use laboratory experiments to analyze decentralized decision-making in one-sided matching markets. They find that subjects tend to make decisions in line with theoretical models, as...
Provided by Universite Catholique de Louvain
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Copula-based Orderings Of Multivariate Dependence
March 1, 2010, 12:00am PST
In this paper the author investigates the problem of defining a multivariate dependence ordering. First, the author provides a characterization of the concordance dependence ordering between...
Provided by Universite Catholique de Louvain
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Signaling And Indirect Taxation
April 1, 2010, 12:00am PDT
Commodities communicate. Consumers choose a consumption bundle both for its intrinsic characteristics and for what this bundle communicates about their qualities to spectators. The authors...
Provided by Universite Catholique de Louvain
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Currency Substitution In The Economies Of Central Asia: How Much Does It Cost?
April 1, 2010, 12:00am PDT
Underdeveloped financial markets and periods of high inflation have stimulated dollarization and currency substitution in the economies of Central Asia. Some authors argue that the latter can pose...
Provided by Universite Catholique de Louvain
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Irish Firms' Productivity And Imported Inputs
April 1, 2010, 12:00am PDT
In this paper, the authors empirically analyze the evolution of firms' productivity and how the efficiency changes with variations in the inputs' origin. Using firm-level information on a sample...
Provided by Universite Catholique de Louvain
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Model Predictive Control, The Economy, And The Issue Of Global Warming
May 1, 2010, 12:00am PDT
This study is motivated by the evidence of global warming, which is caused by human activity but affects the efficiency of the economy. The authors employ the integrated assessment Nordhaus...
Provided by Universite Catholique de Louvain
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Bank Secrecy, Illicit Money And Offshore Financial Centers
May 1, 2010, 12:00am PDT
This paper discusses the effects of pressure policies on offshore financial centers as well as their ability to enforce the compliance of those centers with anti-money laundering regulations....
Provided by Universite Catholique de Louvain
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