C'est un séminaire Départemental dont l'organisateur est Edouard Challe (Nous contacter" href="mailto:Nous contacter">Nous contacter ).
Abstract: In this paper I point out that models of default in the spirit of Dubey, Geanakoplos and Shubik (2005) can generate equilibria that seem incompatible with competitive behavior on the part of lenders. I show, in fact, that existence in these models only holds universally because the concept allows for equilibria that are return-dominated in the sense that the borrowing rate could be lowered on some contracts in such a way as to make both borrowers and lenders strictly better off. In economies that rule out these unsustainable equilibria, outcomes may involve credit rationing in the sense of Stiglitz and Weiss (1981).
Monday 21 March, 3.00-4.30pm
Library, First Floor, Building 081
Ecole Polytechnique, Palaiseau
Guest: Yves Zenou
(Stockholm University and CEPR)
will present a joint work with:
Lung-Fei Lee (Ohio State University)
Xiaodong Liu (University of Colorado, Boulder)
Eleonora Patacchini (Università di Roma La Sapienza and CEPR)
Title: CRIMINAL NETWORKS: WHO IS THE KEY PLAYER?
We analyze delinquent networks of adolescents in the United States. We develop a theoretical model showing who the key player is, i.e. the criminal who once removed generates the highest possible reduction in aggregate crime level. We also show that key players are not necessary the most active criminals in a network. We then test our model using data on criminal behaviors of adolescents in the United States (AddHealth data). Compared to other criminals, key players are more likely to be a male, have less educated parents, are less attached to religion and feel socially more excluded. They also feel that adults care less about them, are less attached to their school and have more troubles getting along with the teachers. We also find that, even though some criminals are not very active in criminal activities, they can be key players because they have a crucial position in the network in terms of betweenness centrality.
Tuesday, September 21, 2010
Location: Departmental Library
11.00 - 12.30
Guest: Brian Copeland http://faculty.arts.ubc.ca/bcopeland/homepage.htm
Title: «Trade and Renewable Resources»