Publications

Résumé We adopt a philosophical perspective of equality of opportunity and address the issue of whether outcome inequalities are legitimate when they come from differences in talent. We propose a cumulative definition of talent. In a dynamic setting, talent is a by-product of past-effort, current effort and innate talent, which becomes a residual as time goes by. It implies that talent can change from the status of a circumstance when people are young to an almost responsibility variable when people are getting older. We plug this definition of talent into the Mirrlees model of optimal non-linear income tax and we show that the conflict between the principle of compensation and the principle of natural reward boils down to the optimal income tax with Rawlsian weights in the second-best setting.
Mots clés Optimal Income Taxation, Equality of opportunity, Effort, Talent
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Résumé Background: In their quest for universal health coverage (UHC), many developing countries explore alternative financing strategies to address the potential budgetary impact of health coverage expansion (for example, deferred debt versus current finance through taxation or premiums). Given the limited fiscal space, these policies may have different implications for fiscal sustainability and may worsen intergenerational inequality. Methods: We assessed the impact of UHC on fiscal sustainability and intergenerational inequality using an overlapping generations model within a general equilibrium framework, which we calibrate using data from the Palestinian Expenditures and Consumption Survey (PECS-2011) and the Social Accounting Matrix (SAM-2011). Fiscal sustainability is assessed using a prudent debt–GDP level of 39%. Intergenerational inequality induced by different policies is assessed by comparing the relative incremental burden (RIB) borne by each generation following the policy adjustment. Findings: In the absence of any policy adjustment, an ad hoc expansion of health coverage would increase the debt–GDP level to 15% above the prudent level. This indicates that the UHC fiscal stance may be financially unsustainable in the long run, therefore calling for a policy adjustment. Among the policies we examined, UHC finance through the increase of premiums (whether current or deferred) seems to be unsustainable and may further widen intergenerational inequality (RIB∈[3,6]). By contrast, current finance through indirect taxes helps to restore a prudent debt–GDP level and seems to be associated with a lower level of intergenerational inequality than deferred-debt finance through direct taxation (RIB of 1·25 and 5, respectively). Interpretation: Among the policy options assessed, the current indirect taxation emerged as the best policy option in terms of its impact on both fiscal sustainability and intergenerational inequalities. However, from a policy perspective, the capacity of governments to raise additional revenues might be constrained in the short-term. Under such circumstances, deferred-debt finance may be preferred—a situation in which policy makers may have to trade fiscal sustainability against intergenerational inequality. Funding: The A*MIDEX project (number ANR-11-IDEX-0001-02) funded by the French Government programme Investissements d'avenir, managed by the French National Research Agency (ANR). Contributors: SA prepared the data, conceived the framework for the study and carried out data analysis. MA-Z developed the framework for the study, carried out data analysis and wrote the Interpretation section. BV developed the framework for the study. All authors have seen and approved the final version of the Abstract for publication.
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Résumé The pure risk sharing mechanism implies that financial liberalization is growth enhancing for all countries as the world portfolio shifts from safe low-yield capital to riskier high-yield capital. This result is typically obtained under the assumption that the volatilities for risky assets prevailing under autarky are not altered after liberalization. We relax this assumption within a simple two-country model of intertemporal portfolio choices. By doing so, we put together the risk sharing effect and a well-defined instability effect. We identify the conditions under which liberalization may cause a drop in growth. These conditions combine the typical threshold conditions outlined in the literature, which concern the deep characteristics of the economies, and size conditions on the instability effect induced by liberalization.
Mots clés Emerging markets, Volatility, Risk sharing, Financial liberalization, Economic Growth
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Résumé Constitutional consistency requires that the voting rule produce the same outcome at any vote profile as the one it produces at its induced vote profile for any given set of voting rules (or constitution) consisting of the voting rule itself. We consider this type of consistency in two voting models with single-peaked preferences, one with a finite set of alternatives and the other, when the set of alternatives is the interval [0, 1]. We show that cumulative-threshold rules are the only unanimous, anonymous and constitutionally consistent voting rules. These rules assign monotone decreasing (increasing) thresholds to each alternative and pick the minimum (maximum) alternative from the range of the vote profile that receives more cumulative votes (votes received by all the alternatives smaller (or greater) than itself) than the threshold assigned to it. This class of rules consists of the min, max and median rules. The addition of continuity leads to the characterization of k-median rules in the interval voting model.
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Résumé The literature on immigration and health has provided mixed evidence on the health differentials between immigrants and citizens, while a growing body of evidence alludes to the unhealthy assimilation of immigrants. Relying on five different health measures, the present paper investigates the heterogeneity in health patterns between immigrants and citizens, and also between immigrants depending on their country of origin. We use panel data on more than 100,000 older adults living in nineteen European countries. Our panel data methodology allows for unobserved heterogeneity. We document the existence of a healthy immigrant effect, of an unhealthy convergence, and of a reversal of the health differentials between citizens and immigrants over time. We are able to estimate the time threshold after which immigrants’ health becomes worse than that of citizens. We further document some heterogeneity in the convergence of health differentials between immigrants and citizens in Europe. Namely, the unhealthy convergence is more pronounced in terms of chronic conditions for immigrants from low-HDI countries, and in terms of self-assessed health and body-mass index for immigrants from medium- and high-HDI countries.
Mots clés Europe, Health convergence, Health differentials, Health economics, Healthy immigrant effect, Immigration
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Résumé We consider a game where a finite number of retailers choose a location, given that their potential consumers are distributed on a network. Retailers do not compete on price but only on location, therefore each consumer shops at the closest store. We show that when the number of retailers is large enough, the game admits a pure Nash equilibrium and we construct it. We then compare the equilibrium cost borne by the consumers with the cost that could be achieved if the retailers followed the dictate of a benevolent planner. We perform this comparison in terms of the Price of Anarchy (i.e., the ratio of the worst equilibrium cost and the optimal cost) and the Price of Stability (i.e., the ratio of the best equilibrium cost and the optimal cost). We show that, asymptotically in the number of retailers, these ratios are bounded by two and one, respectively.
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Résumé Central bank communication is becoming a key aspect of monetary policy. How much financial markets listen and, possibly, understand Banco de Mexico’s communication on its monetary policy stance should be a key consideration for the central bank to further modernize its monetary policy toolkit. In this paper, we tackle this issue empirically by using our own index of the tone of communication based on Banco de Mexico’s speeches and statements and find that Mexican money markets do not only listen but they also understand the stance of monetary policy conveyed in the central bank’s words. Regarding the ability to listen we find that both the volatility and volume in the money market rates change right after communication from Banco de Mexico’s governing body. As for the markets’ understanding, we document a statistically significant rise in money market rates the more hawkish communication is. All in all, our results show strong evidence of effective oral and written communication from the Central Bank towards Mexico’s money markets.
Mots clés Money market, Mexico monetary policy communication
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Résumé We consider an autocracy where the ruling elite control both the resource wealth and ed- ucation policies. Education prompts economic growth and enriches the budget of the elite. However, education also increases the “awareness of citizens”–capturing their reluctance to accept a dictatorship and their labor market aspirations –and forces the elite to ex- pand redistribution or handover the power. A power handover leads to a more democratic regime, where the elite retains (at least partially) its economic power. This trade-offis the backbone of our Lipsetian theory of voluntary power handover. This theory provides new insights on the positive relationship between economic development, education, and de- mocratization, and on the negative relationship between inequality and democratization. Finally, we revisit the resources-curse hypothesis within our setting
Mots clés Resource curse, Institutional change, Human capital, Lipset’s theory
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Résumé Effcient biodiversity management strategies aim to allocate conservation efforts so as to maximize diversity in ecological systems. Toward this end, dening a diversity criterion is an important but challenging task, as several different indices can be used as biodiversity measures. This paper elicits and compares two criteria for biodiversity conservation based on indices stemming from different disciplines: Weitzman's index in economics and Rao's index in ecology. These indices use different approaches to combine information about measures of (1) the probability distributions of the species that are present in an ecosystem (i.e. survival probabilities) and (2) the degree of dissimilarity between these species. As an important step toward in situ conservation criteria, we add to these elements information about (3) the ecological interactions that take place between species. Considering a simple three-species ecosystem, we show that criterion choice has palpable policy implications, as it can sometimes lead to divergent management recommendations. We disentangle the roles played by elements (1), (2) and (3) in the ranking outcomes, which allows us to highlight several specificities of the two criteria. An important result is that, other things being equal, Weitzman's in situ ranking tends to favor robust species that are least concerned with extinction, while Rao's in situ ranking generally gives priority to more vulnerable species that are closer to extinction.
Mots clés Conservation management strategy, Biodiversity indices, Ecological interactions, Public policy, Species prioritization criteria
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Résumé The understanding of ecosystem services is essential to support sustainable use and preservation of ecosystems. Coralligenous habitats, main contributors of the Med iterranean marine biod iversity, are yet und erstud ied in term of services provid ed. This stud y presents an original small-scale approach to investigate the services provided by coralligenous habitats of a French stud y area consisting of two marine sites (Marseille and Port-Cros sites) in order to cover two contrasted anthropogenic pressure despite the small-scale. Our results are based on the opinions of 43 experts who ranked 15 services in terms of existence and level of importance for human well-being: supporting ecological functions were consid ered the most important, then provisioning and cultural services. Regulating services were consid ered uncertain d ue to a lack of knowled ge. The small-scale approach highlighted a need for a referential frame to determine the existence of services (e.g. geographical and temporal scales, benefits and beneficiaries levels).
Mots clés Marseille, Port-Cros, Workshops, Experts&#039, knowledge, Appraisals, Interviews
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Résumé We identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market, thereby discouraging entry of new and potentially more efficient innovators. We first develop a simple model of firm dynamics and innovation‐based growth with credit constraints, where the above two counteracting effects generate an inverted‐U relationship between credit access and productivity growth. Then we test our theory on a comprehensive French manufacturing firm‐level dataset. We first show evidence of an inverted‐U relationship between credit constraints and productivity growth when we aggregate our data at the sectoral level. We then move to firm‐level analysis, and show that incumbent firms with easier access to credit experience higher productivity growth, but that they also experience lower exit rates, particularly the least productive firms among them. To support these findings, we exploit the 2012 Eurosystem's Additional Credit Claims programme as a quasi‐experiment that generated an exogenous extra supply of credits for a subset of incumbent firms.
Mots clés Credit constraint, Firms, Growth, Interest rate, Productivity
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Résumé The Great Recessions was essentially a 'mancession' in countries like Spain, the UK or the US, i.e. it hit men harder than women for they were disproportionately represented in heavily affected sectors. We investigate how the mancession, and more generally women's relative opportunities on the labor market, translate into within-household redistribution. Precisely, we estimate the spouses' resource shares in a collective model of consumption, using Spanish data over 2006-2011. We exploit the gender-oriented evolution of the economic environment to test two original distribution factors: first the regional-time variation in spouses' relative unemployment risks, then the gender-differentiated shock in the construction sector (having a construction sector husband after the outburst of the crisis). Both approaches conclude that the resource share accruing to Spanish wives increased by around 7-9 percent on average, following the improvement of their relative labor market positions. Among childless couples, we document a 5-11 percent decline in individual consumption inequality following the crisis, which is essentially due to intrahousehold redistribution.
Mots clés Mancession, Intrahousehold allocation, Unemployment, Gender, Great recession, Spain, Inequality, Inégalité, Espagne, Grande récession, Genre, Allocation intra-ménage, Allocation intra-familiale
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Résumé We review the most recent advances in distributed optimal control applied to Environmental Economics, covering in particular problems where the state dynamics are governed by partial differential equations (PDEs). This is a quite fresh application area of distributed optimal control, which has already suggested several new mathematical research lines due to the specificities of the Environmental Economics problems involved. We enhance the latter through a survey of the variety of themes and associated mathematical structures beared by this literature. We also provide a quick tour of the existing tools in the theory of distributed optimal control that have been applied so far in Environmental Economics.
Mots clés Environmental economics, Distributed systems, Optimal control, Partial differential equations
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Résumé This paper explores the relationship between past climate and prehistoric Mediterranean agriculture by adapting a process-based dynamic vegetation model to estimate potential agricultural productivity under climate scenarios that characterize the extremes of Mediterranean climate in the Holocene. We adapt LPJmL (the Lund-Potsdam-Jena-managed-land model [Bondeau et al., 2007]), a process-based dynamic vegetation model, to the modeling of potential agricultural productivity in the past. Calibrating this model for past crops and agricultural practices and using a downscaling approach to produce high spatiotemporal resolution paleoclimate data, we produce quantitative estimates of potential yields under past climatic conditions derived from four Holocene climatic extremes (warm/wet, warm/dry, cold/wet, and cold/dry) under two different assumptions (approximate high and low limits) about the intensity of agricultural practice. We here discuss this process with reference to a case study in Provence, examining the methodology and data requirements for modeling past agriculture using LPJmL and considering the implications of the range of variability in potential agricultural productivity under distinct climate conditions. We focus particularly on comparing the range of variability induced by climatic shifts with that achievable through changes in agricultural practices as a means of approaching questions of past vulnerability and resilience.
Mots clés Prehistoric agriculture, Human-environment interaction, Agro-ecosystem modeling, Past climate impacts
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Résumé The promotion system for French academic economists provides an interesting environment to examine the promotion gap between men and women. Promotions occur through national competitions for which we have information both on candidates and on those eligible to be candidates. Thus, we can examine the two stages of the process: application and success. Women are less likely to seek promotion, and this accounts for up to 76 percent of the promotion gap. Being a woman also reduces the probability of promotion conditional on applying, although the gender difference is not statistically significant. Our results highlight the importance of the decision to apply.
Mots clés Gender gaps, Professional advancement, Competition
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Résumé We solve a linear-quadratic model of a spatio-temporal economy using a polluting one-input technology. Space is continuous and heterogenous: locations differ in productivity, nature self-cleaning technology and environmental awareness. The unique link between locations is transboundary pollution which is modelled as a PDE diffusion equation. The spatio-temporal functional is quadratic in local consumption and linear in pollution. Using a dynamic programming method adapted to our infinite dimensional setting, we solve the associated optimal control problem in closed-form and identify the asymptotic (optimal) spatial distribution of pollution. We show that optimal emissions will decrease at given location if and only if local productivity is larger than a threshold which depends both on the local pollution absorption capacity and environmental awareness. Furthermore, we numerically explore the relationship between the spatial optimal distributions of production and (asymptotic) pollution in order to uncover possible (geographic) environmental Kuznets curve cases.
Mots clés Geography, Transboundary pollution, Infinite dimensional optimal control problems, Growth
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Résumé What would be the analogue of the Lorenz quasi-ordering when the variable of interest is continuous and of a purely ordinal nature? We argue that it is possible to derive such a criterion by substituting for the Pigou-Dalton transfer used in the standard inequality literature what we refer to as a Hammond progressive transfer. According to this criterion, one distribution of utilities is considered to be less unequal than another if it is judged better by both the lexicographic extensions of the maximin and the minimax, henceforth referred to as the leximin and the antileximax, respectively. If one imposes in addition that an increase in someone’s utility makes the society better off, then one is left with the leximin, while the requirement that society welfare increases as the result of a decrease of one person’s utility gives the antileximax criterion. Incidentally, the paper provides an alternative and simple characterisation of the leximin principle widely used in the social choice and welfare literature.
Mots clés Leximin, Antileximax, Ordinal inequality, Hammond equity principle, Inégalité ordinale, Equité au sens de Hammond, Leximin, Antileximax
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Résumé This article shows how the increase of information availability due to new technologies positively affects aggregate entrepreneurship in national economies. We rely on an “occupational choice” model of managerial production, extended to include the managerial use of information, to explain variations in the number of entrepreneurs, and thus of firms, as measured by the aggregate new business creation data. We present evidence that supports such a theory of industrial organization dynamics for a sample of 78 economies over the period 2004–2012 using panel data instrumental variable regressions.
Mots clés Industrial organization, Managerial information, Information and communication technologies, Entrepreneurship
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Résumé Cet article présente une description multidimensionnelle de la pauvreté des enfants en France, au moment de leur naissance et au cours de leur première année de vie. Plus précisément, il s’appuie sur deux principales mesures de pauvreté : la pauvreté monétaire et la pauvreté en conditions de vie (et de logement). L’approche généralement utilisée pour mesurer la pauvreté des adultes est ainsi appliquée aux jeunes enfants, ce qui permet de prendre en compte leurs besoins spécifiques. Diverses techniques de régression ont été mobilisées afin de mettre en évidence les groupes de population les plus vulnérables à la pauvreté monétaire et à la pauvreté en conditions de vie dans ses différentes dimensions.
Mots clés Enfants, Pauvreté, Conditions de vie, Enquête Elfe, France
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