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,...

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...

This paper investigates orderly resolutions of debts in a system of firms holding debts both within and outside the system. A firm defaulting on its external debts, say a bank defaulting on customers' deposits, becomes bankrupt. An orderly resolution avoids coordination failures and uncontrolled...

In over-the-counter markets for assets such as bonds or securitizations, large volumes can be split into smaller pieces and gradually sold to several final investors with the intermediation of multiple dealers. This paper proposes a model to study this process, called “asset dissemination”....

A hierarchical structure is a widespread organizational form in many areas. My aim in this paper is to provide a rationale for this fact based on two premises. First, a group organizes itself so as to achieve efficient coordination. Second, efficient coordination is achieved only if subgroups as...

This paper studies competition between EU CCPs on the CDS markets. Gathering data on market shares, we show that CCPs have a monopoly for single-name CDS and compete on indices along various dimensions. Using transactions data, we then focus on the major dealers who alternatively clear their...