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Jean-Jacques Laffont Prize (1)

Congratulation to Susan Athey, awarded the Jean-Jacques Laffont prize 2016 for her remarkable...

Internet conference 12-13 January 2017 (1)

The institute will organize its tenth annual Conference on The Economics of Intellectual Property,...

Latest issue of the TNIT newsletter (1)

The TNIT Chair publishes the lastest issue of its newsletter focuses on Matthew Gentzkow research...

22 september Conference on Trading (1)

The Chair on the value chain of investment banking and financial markets will organize a workshop...

10 June conference on long term care (1)

In partnership with the Chair SCOR, IDEI 's researchers will organize a workshop on Long Term...

26/27 May: Conference on Optimization of the flow of dividends (1)

The workshop celebrates the 20th anniversary of the publication of the Monique Jeanblanc and...

Jean-Jacques Laffont Prize 2016 (1)

Susan Athey, Professor of Economics, Senior Fellow, Stanford Institute for Economic Policy Research...

Newsletter TNIT (1)

TNIT publishe its last newsletter with Suzan Athey, Matthew Gentzkow, Jacques Crémer, Josh Lerner...

7-8 January 2016: Internet Conference (1)

The Institute will hold its annual meeting on The Economics of Intellectual Property, Software and...

Highlights of Jean-Jacques Laffont Prize (1)

Relive in video and photos highlights of the 21st IDEI Conference and Jean-Jacques Laffont Prize...

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Bruno Biais, “Risques et promesses de la Blockchain”, L'AGEFI, January 26, 2017.

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Erwan Pierre, Stéphane Villeneuve, and Xavier Warin, “Capital Investment and Liquidity Management with collateralized debt”, Finance and Stochastics, vol. 20, n. 4, 2016, pp. 809–854.

This paper examines the dividend and investment policies of a cash constrained firm that has access to costly external funding. We depart from the literature by allowing the firm to issue collateralized debt to increase its investment in productive assets resulting in a performance sensitive...

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Olivier Armantier, and Nicolas Treich, “The rich domain of risk”, Management Science, vol. 62, 2016, pp. 1954–1969.

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Thomas-Olivier Léautier, “The visible hand: ensuring optimal investment in electric power generation”, The Energy Journal, vol. 37, n. 2, 2016.

This article formally analyzes the various corrective mechanisms that have been proposed and implemented to alleviate underinvestment in electric power generation. It yields three main analytical findings. First, physical capacity certificates markets implemented in the United States restore...

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Christian Gollier, “Gamma discounters are short-termist”, Journal of Public Economics, vol. 142, October 2016, pp. 83–90.

Weitzman (1998, 2001) proposed a simple “gamma discounting” method to characterize the term structure of discount rates today from the sole distribution of future spot interest rates. This rule which justifies using a smaller discount rate for longer maturities is now used for long-term policy...

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Emmanuel Thibault, “Demonstration Effect and Dynamic Efficiency”, Economics Letters, Elsevier, vol. 147, October 2016, pp. 42–45.

Can dynamic inefficiency be remedied by intergenerational family transfers? The issue matters for the connection between fiscal policy and economic growth. Yet family transfers have mostly been narrowly cast as altruistic. I show that an alternative motive the demonstration effect, whereby parents...

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Bruno Biais, Florian Heider, and Marie Hoerova, “Risk-sharing or risk-taking? Counterparty-risk, incentives and margins”, The Journal of Finance, vol. 71, n. 4, August 2016, pp. 1669–1698.

Derivatives activity, motivated by risk-sharing, can breed risk taking. Bad news about the risk of the asset underlying the derivative increases the expected liability of a protection seller and undermines her risk prevention incentives. This limits risk-sharing, and may create endogenous...

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Bruno Jullien, and Wilfried Sand-Zantman, “Network Effects”, series “Rapport IDEI”, n. 27, June 2016.

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Christian Gollier, “Taux d’actualisation et rémunération du capital”, Revue Française d'Économie, vol. 30, April 2016.

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Fany Declerck, “High‑frequency trading, geographical concerns and the curvature of the Earth”, Financial Stability Review (Banque de France), n. 20, April 2016, pp. 153–160.

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Asset Pricing with Heterogeneous Agents and Long-Run Risk (1)

Ole Wilms (Tilburg University)

TSE, December 3, 2018, 12:30–14:00, room MF 323

This paper examines the effects of the heterogeneity of agents’ beliefs about the persistence of long-run risks in consumption-based asset-pricing models. Agents who believe in a lower persistence level dominate the economy rather quickly, even if their belief is wrong. In a standard calibration of...

Asymmetric Information and the Distribution of Trading Volume (1)

Jos Van Bommel (University of Luxembourg)

TSE, November 12, 2018, 12:30–14:00, room MF 323

We propose the Volume Coefficient of Variation (VCV), the ratio of the standard deviation to the mean of trading volume, as a new and easily computable measure of information asymmetry in security markets. We use a microstructure model to demonstrate that VCV is strictly increasing in the...

Digital Finance, market disruption, and financial stability (1)

November 12, 2018, room Espace conference - Banque de France

Volatility and Welfare in a Crypto Economy (1)

Fahad Saleh (McGill University - Desautels)

TSE, November 5, 2018, 12:30–14:00, room MF 323

Proof-of-Work (PoW) blockchains possess at least two undesirable character- istics: exceptional price volatility and welfare impairment. Exceptional price volatility arises because PoW implements a passive monetary policy that fails to modulate cryptocurrency demand shocks. Welfare impairment...

From Finance to Extremism: The Real Effects of Germany's 1931 Banking Crisis (1)

Jose Luis Peydro (Barcelona Graduate School of Economics)

TSE, October 15, 2018, 12:30–14:00, room MF 323

2018 Jean-Jacques Laffont Prize and Annual Conference (1)

Salle des Illustres : Hôtel de Ville, Toulouse, France, October 12, 2018

Frictional intermediation in decentralized markets (1)

Julien Hugonnier (Swiss Finance Institute)

TSE, October 8, 2018, 12:30–14:00, room MF 323

We extend Duffie, Gˆarleanu, and Pedersen’s (2005) search-theoretic model of over-the-counter asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers’ valuations or inventory costs. We develop a solution technique that makes the model fully tractable...

Credit Smoothing (1)

Arna Olafsson (Copenhagen Business School)

TSE, October 1, 2018, 12:30–14:00, room MF 323

Standard economic theory suggests that high-interest, unsecured, short-term borrowing, e.g., via credit cards, helps individuals smooth consumption in the event of transitory income shocks. This paper shows that—on average—individuals do not use such borrowing to smooth consumption when they...

TNIT Annual Meeting (1)

Redmond, Washington, September 28–29, 2018

Asset Pricing under Computational Complexity (1)

Peter Bossaerts (University of Melbourne)

TSE, September 24, 2018, 12:30–14:00, room MF 323

We study asset pricing in a setting where correct valuation of securities re- quires market participants to solve instances of the 0-1 knapsack problem, a computationally \hard" problem. We identify a tension between the need for absence of arbitrage at the market level and individuals' tendency to...

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Jean-Jacques Laffont Prize

It is awarded annually and recognizes an internationally renowned economist whose research is in the spirit of Professor Jean-Jacques Laffont’s work, and combines both theoretical & empiriques. The laureate of this prize presents his/her work at the annual IDEI conference.

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