The starting point of this note is the difficulty to implement planning in the firm. In contrast to the traditional economic approach which focuses on incentives, the basic idea of the paper is to view complexity as the essence of the problem. In such case, planning and competition can no longer...

This article studies the potential links between the value of collateral and the investment decisions made by firms. We show that the use of collateral is an endogenous response to the presence of asymmetric information in financial markets. We then show that permanent shocks to the value of...

In this article, we study the convergence of a sequence of strategic equilibria in a model with a hierarchy of leaders and followers and where firms express their strategy in terms of both prices and quantity. In the duopoly case with an homogenous product, such a strategy set leads to...

The objectif of this paper is to give a microeconomic foundation to misleading advertising in order to derive a method to evaluate its social costs both in terms of efficiency and in terms of distribution. We develop first the approach leading to the concept of demand based on information biased...

In this paper, we present an economic analysis of road safety emphasizing market failures due to externalities and moral hazard. We also examine governmental actions such as taxes and subsidies and regulation which may reduce inefficiencies. Dans cet article nous présentons une analyse...

We want to test the ability of conditional and non-conditional CAPM models to explain the returns on emerging markets as a function of their integration with world markets. We use data on 16 developed markets and 10 emerging markets together with data on the Casablanca Stock Exchange (CSE)...

The purpose of this paper is to show that, for the risky situation caracterized by the probability p of losing an amount h, there exists an adequate measure of the risk variations caused by equivalent changes in p and h. This follows from an application of the concept of mean-preserving spread...

In this article, we consider misleading advertising and in particular the advertising of a false regular price when a bargain price is announced. To take into account the strategic interactions between firms and the consumers' rationality when confronted with advertising, we develop a duopoly...