The first pillars of social security systems differ widely across European countries both in the contribution rate and intra-generational redistribution. What would the impact of these differences be if EU citizens had free access to all systems? This paper aims to highlight some basic features...

Ranking methods are fundamental tools in many areas. Popular methods aggregate the statements of 'experts' in different ways. As such, there are various reasonable ranking methods, each one of them more or less adapted to the environment under consideration. This paper introduces a new method,...

Interbank claims are a concern to regulators as they might facilitate the dissemination of defaults and generate spill-over effects. Building on a simple model, this paper introduces a measure of the spill-over effects that a bank generates when it defaults. The measure is based on an explicit...

Due to computing and communication facilities, formal procedures, often referred to as "algorithms", are now extensively used in public, economic and social areas. These procedures, currently at the forefront of criticisms, share some features with mechanisms as defined by economists, following...

Ranking methods are fundamental tools in many areas. Popular methods aggregate the statements of `experts' in different ways. As such, there are various reasonable ranking methods, each one of them more or less adapted to the environment under consideration.This paper introduces a new method,...

Many financial assets are disseminated to final investors via chains of over-the-counter transactions between intermediaries (dealers). We model such an intermediation process as a game with successive take-it-or-leave-it offers: An agent buying some units of an asset can offer to sell part of...

Due to computing and communication facilities, formal procedures, often referred to as ‘algorithms', are now extensively used in public, economic and social areas. These procedures, currently at the forefront of criticisms, share some features with mechanisms as defined by economists,...

New regulations promote the role of Central Counter-Parties (CCPs) as insurers of counterparty risk to stabilize derivative markets. Whereas the US favors monopolistic CCPs, the EU promotes the coexistence of several CCPs for a given asset class. In this paper, we shed light on the competition...