Séminaires de Recherche

titre : TBA

Economie et Sciences de la décision

Intervenant : Harry Di Pei
Northwestern

12 février 2019


titre : TBA

Economie et Sciences de la décision

Intervenant : François Geerolf
UCLA

18 décembre 2018


titre : TBA

Economie et Sciences de la décision

Intervenant : Marko Tervio
Aalto

13 décembre 2018


Titre : TBA

Economie et Sciences de la décision

Intervenant : Olivier Deschenes
UCSB

29 novembre 2018


titre : TBA

Economie et Sciences de la décision

Intervenant : Emmanuele Tarantino
Mannheim University

27 novembre 2018


Titre : TBA

Economie et Sciences de la décision

Intervenant : Thomas Mariotti
Toulouse School of Economics

15 novembre 2018


titre : TBA

Economie et Sciences de la décision

Intervenant : Manuel Muller-Franck
IESE

18 octobre 2018


Escaping the Losses from Trade: The Impact of Heterogeneity on Skill Acquisition

Economie et Sciences de la décision

Intervenant : Axelle Ferrière
Paris School of Economics

4 octobre 2018 - Bâtiment T salle T015 - De 14h00 à 15h00


Trade openness generates aggregate welfare gains, but it also raises distributional concerns. As the wage premium increases, it benefits high-skill relative to low-skill workers. However,there are different margins of adjustment to overcome the initial losses from trade. In this paper we study how trade shocks affect skill acquisition decisions by heterogeneous agents and analyze differences in welfare gains across workers and over time, short vs long-run. First, we exploit variation in exposure to trade shocks across space in the United States and show empirically that greater import penetration (i) deteriorated labor market conditions for low-skill workers (workers without a college education), but (ii) increased overall college enrollment. Then, we build a dynamic heterogeneous-household life-cycle model of international trade with incomplete credit markets. The model incorporates an endogenous costly skill acquisition, which allows unskilled workers to invest in education and escape the short-run losses of trade openness. We calibrate the model to match trends in aggregate trade in the United States between the late 1980s and 2010. A decline in import barriers for manufactured goods generates positive welfare gains for all workers in the long-run. Nevertheless, at first, some workers experience large welfare costs. On impact, a sharp increase in the wage premium is detrimental to low-skill workers. Gradually, college enrollment rates of new cohorts positively responds to the higher wage premium, but enrollment decisions depend on initial wealth and ability. Low-wealth low-income households take the longest to acquire skills, if ever. They are therefore the last to experience positive gains from trade openness, which in some cases may not realize within a life-time.

Innovation under Risk and Ambiguity

Economie et Sciences de la décision

Intervenant : S. Abraham Ravid
Yeshiva University

2 octobre 2018 - Bâtiment T salle T004 - De 14h00 à 15h00


We explore the implications of ambiguity (Knightian uncertainty) and risk for innovation decisions through the lens of real options. Our theoretical model predicts that risk will increase the value of real-options type investments, whereas ambiguity should decrease the value of such options for ambiguity averse decision makers. In our empirical study, we find that innovation investments are significantly affected by both risk and ambiguity, generally confirming the theoretical model. We investigate innovation inputs (R&D investment), as well as intermediate innovation output (patents and citations). We also show that different types of firms are affected in different ways by risk and ambiguity. These results show that ambiguity and risk capture separate dimensions of uncertainty, which may affect investment decisions in general, and innovation in particular, in different ways.

Are policymakers ambiguity averse?

Economie et Sciences de la décision

Intervenant : Professeur Loïc Berger
IESEG

26 octobre 2017 - HEC Campus - Bâtiment T - Salle T017 - De 14h00 à 15h00


We investigate the ambiguity preferences of a unique sample of real-life policymakers at the Paris UN climate conference (COP21). We find that policymakers are generally ambiguity averse. Using a simple design which explicitly makes the distinction between objective and subjective probabilities presented in different layers, we are moreover able to detect a strong association between preferences towards model uncertainty and those towards ambiguity. These results suggest that the preferences policymakers exhibit towards ambiguity are not necessarily due to an irrational behavior (such as the inability to reduce compound lotteries), but rather to intrinsic preferences over unknown probabilities, thus shedding new light on the role that ambiguity models can play in informing policymaking. Results are confirmed in a laboratory experiment with university students.


JavaScriptSettings