Séminaire

Our next seminar will take place on Thursday 27 May 12h30 via Zoom (link Zoom). We will host Anna Dugan (University of Graz and visiting scholar at CREAM) “The Optimal Extraction of Non-Renewable Resources Under Hyperbolic Discounting” with (Timo Trimborn).

Abstract “In this paper, we investigate the effects of a declining social discount rate(SDR) on the optimal extraction of non-renewable resources and economic growth. For this purpose, we introduce time-consistent hyperbolic utility discounting into models of resource extraction. First, we investigate a small model of pure resource extraction holding constant the magnitude of discounting for hyperbolic and exponential discounting. We show that the rate of resource extraction is lower under hyperbolic discounting resulting in a permanently higher resource stock. Second, we introduce hyperbolic discounting into the seminal Dasgupta-Heal-Solow-Stiglitz(DHSS) model and derive analytically that positive long-run growth of per capita consumption requires a lower rate of technological progress under hyperbolic dis-counting. We show numerically that the rate of resource extraction is lower under hyperbolic discounting in the medium- and long-run.”

Vincent Iehlé (Université de Rouen-Normandie) nous présentera son article intitulé : "SIGEM: Analyse de la Procédure d'Affectation dans les Grandes Ecoles de Management" (avec J. Jacqmin (NEOMAS BS)).

Romain Gaté (Université Paris-Dauphine) nous présentera son article intitulé : « Mobilité pendulaire et formes urbaines : cas des aires urbaines françaises métropolitaines en 2014 ».

Nous avons le plaisir de vous inviter au prochain séminaire du CREAM. Le séminaire aura lieu le Jeudi 4 février 2021 de 12h30 à 13h30 en salle virtuelle. Olivier Dagnelie (Université de Caen) nous présentera son article intitulé : «The health impact of refugees on host communities in Africa »  co-écrit avec Anna Maria Mayda et Jean-François Maystadt.

Andreea Constina-Langlais (Université Paris-Nanterre) nous présentera son papier intitulé  "Merger selection, evidence provision and the timing of merger control" - co-écrit avec Jean-Philippe Tropeano (Paris 1 & PSE). 

Vous pourrez accéder au séminaire via le lien suivant : https://webconf.univ-rouen.fr/greenlight/san-ggv-8f1-kux

"Non-Stationary Additive Utility and Time Consistency"

Jeudi 9 janvier de 12h30 à 13h30 en salle C322, Nicolas Drouhin (ENS Paris Saclay) nous présentera son article intitulé "Non-Stationary Additive Utility and Time Consistency".

Abstract. Within a continuous time life cycle model of consumption and savings, I study the properties of the most general class of additive intertemporal utility functionals. They are not necessarily stationary, and do not necessarily multiplicatively separate a discount factor from “per-period utility". I prove rigorously that time consistency holds if and only if the per-period felicity function is multiplicatively separable in t, the date of decision and in s, the date of consumption, or equivalently, if the Fisherian instantaneous subjective discount rate does not depend on t. The model allows to explain “anomalies in intertemporal choice" even when the agents are time consistent and various empirical regularities. On the other hand, the model allows to characterize mathematically the “effective consumption profile" of naive, time-inconsistent agents.
 

"Firms’ social responsibility and workers’ motivation at the industry equilibrium"

Jeudi 5 mars de 12h30 à 13h30 en salle C322, Natacha Raffin nous présentera son article intitulé "Firms’ social responsibility and workers’ motivation at the industry equilibrium" co-écrit avec  V. Hiller (Lemma, Paris 2).

Abstract. We consider an industry in which firms compete at two levels: the labor market and the product market. In the labor market, two types of workers coexist: socially responsible workers or not. Firms may strategically use responsible activities (CSR) to screen and elicit greater effort from responsible workers. By doing so, virtuous firms lower their production costs and display a competitive advantage in the product market. As a consequence, CSR strategies by firms shape the toughness of the competition in that market. In turn, incentives that firms have to invest in CSR are dampened when competition becomes harsher. Hence, we identify a twofold relationship between CSR and competition. Given the feedback effects on the competitive pressure, an increase in workers' social awareness may reduce the overall level of socially responsible investment in the industry. We also show that an exogenous increase in competition may positively or negatively affect the corporate social performance depending on pre-existing market conditions.
 

"Nitrate pollution, perceived water quality, drinking water choice and water prices"

Jeudi 13 février de 12h30 à 13h30 en salle C322, Olivier Beaumais  nous présentera son article intitulé "Nitrate pollution, perceived water quality, drinking water choice and water prices" (co écrit avec Romain Crastes)

Abstract. The way that consumers perceive the quality of drinking water in relation to nitrate pollution from agriculture may influence their main drinking water choice (tap water, filtered water or bottled water). Indeed, polluted tap water is associated with health risks. In addition, the literature usually discards the important price difference between bottled water and tap water as a predictor of drinking water choices. In France, which is the context of our study, bottled water is about 100 times more expensive than tap water. In this paper, we use a dataset of about 4,000 individuals, which is rich enough to allow us not only to assess how drinking water choices are associated with the perceived quality of water resources but also with the perceived price difference between bottled water and tap water. We use a hybrid choice model framework where we jointly model drinking water choices together with the perception of tap water in terms of quality and price. These models are interacted by the means of two latent variables which alleviates some of the endogeneity issues which are usually found in the literature on drinking water choice. Our results suggest that respondents who are more likely to report the quality of water resources as “poor” or “very poor” are less likely to drink tap water and that the respondents who fail to report the correct price difference between tap water and bottled water are more likely to drink bottled water.
 

Nous avons le plaisir de vous inviter à la prochaine séance du séminaire d’économie du laboratoire CREAM qui aura lieu le jeudi 12 décembre de 12h30 à 13h30 en salle C322 (Reporté) sur le site Pasteur. Pamina Koenig nous présentera son article intitulé "Reputation and (un)fair trade: Effects on French importers from the Rana Plaza collapse", coécrit avec Sandra Poncet (PSE - U Paris 1 et CEPII)

Vous trouverez ci-dessous le résumé de l’article :
“This paper studies the effects of an important shock on the reputation of textile importers from Bangladesh. The collapse of the Rana Plaza building in April 2003 generated a surge in activism targeting specifically the firms that were sourcing from the factories affected by the disaster. Using monthly firm-level import data from French customs, we investigate whether there is any disruption in the sourcing from Bangladesh of denounced firms, compared to other companies and other sourcing origins. We use a triple difference approach and control for common demand and supply determinants. Our results show a decrease of imported values from Bangladesh consecutive to the shock, for firms whose name was associated to the accident. This relative trade loss occurs within a context of increasing French imports from Bangladesh. Our finding holds for a number of placebos, including artificially changing the affected firms and origin countries.”
 

Nous invitons le jeudi 7 novembre de 12h30 à 13h30 en salle C322, Jung-Hyun AHN (NEOMA) qui nous présentera son article intitulé : "Bank Liquidity Management, Collateral Quality and Policies » (co-écrit avec V. Bignon, R. Breton et A. Martin).

Résumé de l'article : 

“We develop a model in which the dispersion of return on securities used as collateral to obtain liquidity plays an important role in decision on the amount of cash holding by financial intermediaries (banks). They hold near-cash assets and/or marketable securities to protect themselves from shocks. Depending on dispersions of return on securities, banks may choose to hold too much or too little cash on aggregate compared to the socially optimal amount. The model, therefore, provides a unified framework for thinking, on the one hand, about policy measures that can reduce hoarding of cash by banks and, on the other hand, about liquidity requirements of the type imposed by the new Basel III regulation. Key to our results is a market in which banks can obtain cash by selling or repoing their marketable securities.  The quantity of cash obtained on this market is determined endogenously by the market value of the marketable securities and is subject to cash-in-the-market pricing.  When uncertainty about the value of marketable securities is low, banks hold too little cash and liquidity regulation can achieve a better allocation. When uncertainly about the value of marketable securities is sufficiently high, banks hoard cash leading to a market freeze.”