David Encaoua | Université Paris 1 - Panthéon-Sorbonne (original) (raw)
Papers by David Encaoua
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Social Science Research Network, May 1, 2006
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HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2007
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Revue d'économie industrielle, 1979
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Revue D Economie Politique, Mar 8, 2021
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Rairo-operations Research, 1979
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Annals of economics and statistics, 1989
ABSTRACT We develop and implement a collocation method to solve for an equilibrium in the dynamic... more ABSTRACT We develop and implement a collocation method to solve for an equilibrium in the dynamic legislative bargaining game of Duggan and Kalandrakis (2008). We formulate the collocation equations in a quasi-discrete version of the model, and we show that the collocation equations are locally Lipchitz continuous and directionally differentiable. In numerical experiments, we successfully implement a globally convergent variant of Broyden's method on a preconditioned version of the collocation equations, and the method economizes on computation cost by more than 50% compared to the value iteration method. We rely on a continuity property of the equilibrium set to obtain increasingly precise approximations of solutions to the continuum model. We showcase these techniques with an illustration of the dynamic core convergence theorem of Duggan and Kalandrakis (2008) in a nine-player, two-dimensional model with negative quadratic preferences.
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RePEc: Research Papers in Economics, 2016
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Revue française d'économie, Mar 22, 2018
Alors que la France consacre, depuis une vingtaine d’annees, beaucoup de moyens pour favoriser l’... more Alors que la France consacre, depuis une vingtaine d’annees, beaucoup de moyens pour favoriser l’innovation, ses performances en la matiere ne sont pas aussi brillantes que celles d’autres pays membres de l’Union europeenne. Ce constat est etaye par un etat des lieux qui recense les tres nombreux dispositifs publics mis en place pour aider les entreprises. Leur justification est de corriger les defaillances de marche mais, au-dela, il existe des defaillances institutionnelles flagrantes. Elles se traduisent par divers obstacles a l’innovation, dont on trouve des traces dans la crise des valeurs a l’origine d’une defiance des citoyens, dans la desillusion collective a l’egard des performances educatives, dans le decalage entre le monde des universites et celui des entreprises et dans le poids excessif accorde aux insiders, que ce soient les entreprises en place au detriment des nouvelles entreprises, ou les detenteurs d’un CDI sur le marche du travail, au detriment des travailleurs precaires ou jeunes chomeurs. Ces differents obstacles conduisent a envisager un role de l’Etat complementaire de correcteur des defaillances de marche : celui de favoriser de nouvelles opportunites sociales, afin de creer un climat plus favorable a l’innovation. De telles opportunites sont particulierement bienvenues dans le contexte de la revolution numerique contemporaine. Outre la refondation des principes gouvernant l’education nationale, une autre opportunite serait la mise en place d’une charte communautaire reglementant le fonctionnement des plateformes numeriques destinees a la satisfaction des besoins de base. Deux objectifs : i) developper la participation des utilisateurs ainsi que la collaboration entre eux de maniere a ce qu’ils soient de veritables partenaires du processus d’innovation ; ii) developper le lien social entre les citoyens pour que l’adaptation aux transformations technologiques soit une etape vers le mieux vivre ensemble et non une menace supplementaire sur l’emploi.
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RePEc: Research Papers in Economics, 2006
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HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2007
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RePEc: Research Papers in Economics, 2002
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RePEc: Research Papers in Economics, 2007
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ABSTRACT This paper analyzes the relationship between banks’ divergent strategies toward specia... more ABSTRACT This paper analyzes the relationship between banks’ divergent strategies toward specialization and diversification of financial activities and their ability to withstand a banking sector crash. We first generate market-based measures of banks’ systemic risk exposures using extreme value analysis. Systemic banking risk is measured as the tail beta, which equals the probability of a sharp decline in a bank’s stock price conditional on a crash in a banking index. Subsequently, the impact of (the correlation between) interest income and the components of non-interest income on this risk measure is assessed. The heterogeneity in extreme bank risk is attributed to differences in the scope of non-traditional banking activities: non-interest generating activities increase banks’ tail beta. In addition, smaller banks and better-capitalized banks are better able to withstand extremely adverse conditions. These relationships are stronger during turbulent times compared to normal economic conditions. Overall, diversifying financial activities under one umbrella institution does not improve banking system stability, which may explain why financial conglomerates trade at a discount.
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Papiers d'Economie Mathématique et Applications, 1992
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Social Science Research Network, May 1, 2006
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HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2007
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Revue d'économie industrielle, 1979
Bookmarks Related papers MentionsView impact
Revue D Economie Politique, Mar 8, 2021
Bookmarks Related papers MentionsView impact
Rairo-operations Research, 1979
Bookmarks Related papers MentionsView impact
Annals of economics and statistics, 1989
ABSTRACT We develop and implement a collocation method to solve for an equilibrium in the dynamic... more ABSTRACT We develop and implement a collocation method to solve for an equilibrium in the dynamic legislative bargaining game of Duggan and Kalandrakis (2008). We formulate the collocation equations in a quasi-discrete version of the model, and we show that the collocation equations are locally Lipchitz continuous and directionally differentiable. In numerical experiments, we successfully implement a globally convergent variant of Broyden's method on a preconditioned version of the collocation equations, and the method economizes on computation cost by more than 50% compared to the value iteration method. We rely on a continuity property of the equilibrium set to obtain increasingly precise approximations of solutions to the continuum model. We showcase these techniques with an illustration of the dynamic core convergence theorem of Duggan and Kalandrakis (2008) in a nine-player, two-dimensional model with negative quadratic preferences.
Bookmarks Related papers MentionsView impact
RePEc: Research Papers in Economics, 2016
Bookmarks Related papers MentionsView impact
Revue française d'économie, Mar 22, 2018
Alors que la France consacre, depuis une vingtaine d’annees, beaucoup de moyens pour favoriser l’... more Alors que la France consacre, depuis une vingtaine d’annees, beaucoup de moyens pour favoriser l’innovation, ses performances en la matiere ne sont pas aussi brillantes que celles d’autres pays membres de l’Union europeenne. Ce constat est etaye par un etat des lieux qui recense les tres nombreux dispositifs publics mis en place pour aider les entreprises. Leur justification est de corriger les defaillances de marche mais, au-dela, il existe des defaillances institutionnelles flagrantes. Elles se traduisent par divers obstacles a l’innovation, dont on trouve des traces dans la crise des valeurs a l’origine d’une defiance des citoyens, dans la desillusion collective a l’egard des performances educatives, dans le decalage entre le monde des universites et celui des entreprises et dans le poids excessif accorde aux insiders, que ce soient les entreprises en place au detriment des nouvelles entreprises, ou les detenteurs d’un CDI sur le marche du travail, au detriment des travailleurs precaires ou jeunes chomeurs. Ces differents obstacles conduisent a envisager un role de l’Etat complementaire de correcteur des defaillances de marche : celui de favoriser de nouvelles opportunites sociales, afin de creer un climat plus favorable a l’innovation. De telles opportunites sont particulierement bienvenues dans le contexte de la revolution numerique contemporaine. Outre la refondation des principes gouvernant l’education nationale, une autre opportunite serait la mise en place d’une charte communautaire reglementant le fonctionnement des plateformes numeriques destinees a la satisfaction des besoins de base. Deux objectifs : i) developper la participation des utilisateurs ainsi que la collaboration entre eux de maniere a ce qu’ils soient de veritables partenaires du processus d’innovation ; ii) developper le lien social entre les citoyens pour que l’adaptation aux transformations technologiques soit une etape vers le mieux vivre ensemble et non une menace supplementaire sur l’emploi.
Bookmarks Related papers MentionsView impact
RePEc: Research Papers in Economics, 2006
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HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2007
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Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
RePEc: Research Papers in Economics, 2002
Bookmarks Related papers MentionsView impact
RePEc: Research Papers in Economics, 2007
Bookmarks Related papers MentionsView impact
ABSTRACT This paper analyzes the relationship between banks’ divergent strategies toward specia... more ABSTRACT This paper analyzes the relationship between banks’ divergent strategies toward specialization and diversification of financial activities and their ability to withstand a banking sector crash. We first generate market-based measures of banks’ systemic risk exposures using extreme value analysis. Systemic banking risk is measured as the tail beta, which equals the probability of a sharp decline in a bank’s stock price conditional on a crash in a banking index. Subsequently, the impact of (the correlation between) interest income and the components of non-interest income on this risk measure is assessed. The heterogeneity in extreme bank risk is attributed to differences in the scope of non-traditional banking activities: non-interest generating activities increase banks’ tail beta. In addition, smaller banks and better-capitalized banks are better able to withstand extremely adverse conditions. These relationships are stronger during turbulent times compared to normal economic conditions. Overall, diversifying financial activities under one umbrella institution does not improve banking system stability, which may explain why financial conglomerates trade at a discount.
Bookmarks Related papers MentionsView impact
Papiers d'Economie Mathématique et Applications, 1992
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact