We consider a prototypical representative-agent forward-looking model, and study the low frequency variability of the data when the agent's beliefs about the model are updated through linear learning algorithms. We find that learning in this context can generate strong persistence. The degree of...

This paper aims at questioning how the maintenance of institutions is actually performed. Based on an institutional work perspective in order to better link field and actors relationships, we investigate how the Michelin Red Guide went international and used its internationalization to secure...

This paper proposes a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where real money balances enter the production function. By using a Bayesian analysis, our model shows that money is not an omitted input to the production process and rejects the decreasing returns to scale...

Humans often lie strategically. We study this problem in an ultimatum game involving informed proposers and uninformed responders, where the former can send an unverifiable statement about their endowment. If there are some intrinsically honest proposers, a simple message game shows that the...

Economic profit is produced by entrepreneurs, those special individuals able to detect and seize as yet unexploited market opportunities. In general capitalist firms manage to deliver positive profits even in the most competitive environments. They can do so thanks to internal entrepreneurs, a...

In this paper we investigate the possible presence of switching costs when consumers are offered the opportunity to change their basic health insurance provider. We focus on the specific case of Switzerland which implemented a pure form of competition in basic health insurance markets. We...

A l'heure où l'Europe s'interroge sur la nécessité de mettre en place un système de de recours collectif et où la France connaît des controverses sur ce sujet, l'AMF a publié un rapport relatif à l'indemnisation des préjudices subis par les épargnants et les investisseurs. Tout en...

This article discusses conflicts of interest existing between investors and their financial advisors. Several contributions in this field treated this question in relation either with invested amount or with expected holding period of the mutual fund. Our paper considers an approach globalizing...

Architectures of buildings influence work relationships and organizational practices. The case of building architecture can be extended to other complex instrumental systems which constrain and enable, not only the activity of local teams, but entire organizational processes, across functions....