We explore which financial constraints matter the most in the choice of becoming an entrepreneur. We consider a randomly assigned welfare program in rural Mexico and show that cash transfers signi cantly increase entry into entrepreneurship. We then exploit the cross-household variation in the...

This paper shows that utility differences between the self-employed and employees increase with financial development. This effect is not explained by increased profits but by an increased value of non- monetary benefits, in particular job independence. We interpret these findings by building a...

We examine the empirical relationship between immigration and crime across Italian provinces during the period 1990-2003. Drawing on police administrative records, we first document that the size of the immigrant population is positively correlated with the incidence of property crimes and with...

We build a simple model of self-selection into migration and immigration policy determination. We first show that the effect of any immigration policy can be decomposed into a size and a composition effect. We then explore how the optimal policy may change once the latter effect is considered.

In this paper, we formalize the view that economic development requires high rates of productive entrepreneurship, and this requires an efficient matching between entrepreneurial talent and production technologies. We first explore the role of financial development in promoting such efficient...

This paper proposes an equilibrium approach to belief manipulation and deception in which agents only have coarse knowledge of their opponent's strategy. Equilibrium requires the coarse knowledge available to agents to be correct, and the inferences and optimizations to be made on the basis of...

This paper proposes an equilibrium approach to belief manipulation and deception in which agents only have coarse knowledge of their opponent s strategy. Equilibrium requires the coarse knowledge available to agents to be correct, and the inferences and optimizations to be made on the basis of...

Price regulation and competition patterns in the ethical drug industry in france This article gives the results of an econometric modelization of the ethical drugs price and quantity determination institutionnal process for France. From price and promotion elasticities, it is shown that...

Efficiency of financial markets is one of the most studied subjects in theoretical finance. Formalization of this idea is realised by the random walk model. Numerous tests have been developed to validate the hypothesis of identically and independently distributed innovations. But the results of...