A viager real estate transaction consists in selling a property in return for a down payment and a life annuity that the buyer has to pay until the seller dies. This paper tests for the presence of asymmetric information in this market using notarial data on transactions in Paris between 1993...

This paper reports the results of an experiment in which subjects had to buy real products in 5 different budget/price situations. Subjects were randomly drawn from the population of a medium-sized French city, and some of their socio-economic characteristics were recorded. We check the...

Quite often, a firm has to decide between investing in a safe project (``small'') where rewards and losses remain moderate and a risky alternative (``big'') where the rewards and the losses are larger. We study such a choice in a context where the probability of success depends both on the...

This paper deals with the estimation of structural models of demand and supply with incomplete information on prices. When the seller is able to price discriminate, or the buyer to bargain, individuals pay different prices that are usually not collected in the data. This paper explores a method...

The assumption that consumers are fully rational and hold correct expectations over prices is demanding in dynamic settings. We claim that it is testable provided that market-level data on prices and purchases are available. We find that consumers hold simple expectations on the timing of...

In markets where sellers are able to price discriminate, or the buyers to bargain, individuals receive discounts over the posted prices that are usually not observed by the econometrician. This paper considers the structural estimation of a demand and supply model à la Berry et al. (1995) when...