Cost of abating excess nitrogen on wheat plots in France: An assessment with multi-technology modelling

We use a multi-equation model of polluting technologies to evaluate excess nitrogen's marginal abatement cost (MAC). The MAC is estimated using the convex non-parametric quantile regression. The empirical application is conducted at the plot level for wheat production in France in 2017. Results show a median shadow price for excess nitrogen of about €21 per kilogram. If the current European Union's Nitrates Directive (which sets a 170-kg constraint on organic nitrogen per hectare) were extended to mineral nitrogen, this would allow a reduction of total excess nitrogen by 9.5%, but this would be accompanied by a 3.1% decrease in wheat revenue.     

Licensing standard-essential patents with costly enforcement

We study the interaction between the holder of a standard-essential patent (SEP) and two downstream firms using the patented technology to design standard-compliant products. The SEP holder approaches the downstream firms simultaneously in the shadow of patent litigation and is subject to fair, reasonable, and non-discriminatory licensing requirements. We show that the patent holder faces a litigation credibility constraint and a license acceptability constraint when setting its licensing terms. For patents of intermediate strength, there is no royalty that allows the patent holder to reconcile these constraints. Consequently, it cannot license its technology and must go to court against infringers. We show that the availability of an injunction improves the patent holder's ability to license its technology, but it tends to inflate the royalty rate for implementers.     

Modelling the dimensionality effects on brand placement effectiveness in stereoscopic 3-D versus 2-D sports games

ABSTRACT

This current study explores how stereoscopic three-dimensional (3-D) dimensionality affects the process by which viewers’ memory of brand names embedded in a soccer game is formed compared to the memory process in traditional 2-D display. To this end, we conduct two studies: a qualitative observation using an eye tracker; and an experiment to identify the difference and similarity of the viewing process across these two display technologies. Statistical test results reveal that sports involvement enhances viewers’ attention to a sports game, which is moderated by game enjoyment and negative viewing experience generated from the media features. Most importantly, it is found that as viewers pay more attention to a sports game in stereoscopic 3-D display, they are less likely to remember the brands embedded in the stadium, while the opposite is found in 2-D display. More findings and implications are discussed in the discussion section.     

Monetary policy with heterogeneous agents and borrowing constraints

We show that the long-run neutrality of inflation on capital accumulation obtained in complete market models no longer holds when households face binding credit constraints. Borrowing-constrained households are not able to rebalance their financial portfolio when inflation varies, and thus adjust their money holdings differently compared to unconstrained households. This heterogeneity leads to a new precautionary savings motive, which implies that inflation increases capital accumulation. We quantify the importance of this new channel in an incomplete market model where the traditional redistributive effects of inflation are also introduced. We show that this model provides a quantitative rationale for the observed hump-shaped relationship between inflation and capital accumulation.     

VOLATILITY AND COVARIATION ESTIMATION WHEN MICROSTRUCTURE NOISE AND TRADING TIMES ARE ENDOGENOUS

This paper considers practically appealing procedures for estimating intraday volatility measures of financial assets. The underlying microstructure model accommodates the inherent properties of ultra high‐frequency data with the assumption of continuous efficient price processes. In this model, microstructure noise and trading times are endogenous but do not only depend on the prices. Using the (observed) last traded prices of the assets, we develop a new approach that enables to approximate the values of the efficient prices at some random times. Based on these approximated values, we build an estimator of the integrated volatility and give its asymptotic theory. We also give a consistent estimator of the integrated covariation when two assets (asynchronous by construction of the model) are observed.     

The EU and Its Neighbourhoods: A Textual Analysis on Key Documents of the European Neighbourhood Policy

Over the last twenty years, European Union (EU) actorness at both regional and global scales, has become a fruitful topic of analysis in the field of political science, and more specifically in international relations and political geography. Critical geopolitics dedicated many substantive papers on EU discourses and representations. Our paper aims at providing a complementary way to study texts issued by the EU and to question EU actorness by adopting an approach based on textual analysis. The corpus examined includes the seven communications on the European Neighbourhood Policy (ENP) issued between 2003 and 2013. These communications provide essential information regarding relations between the EU and its immediate neighbours. The textual analysis allows several relevant characteristics of discourses to be highlighted: stability and changes, actors, spaces and scales mentioned. The outcomes of the analysis confirm previous research on the subject: The ENP appears as a bilateral state-centric policy, missing global scale, and neglecting the role of regional powers like Turkey or Russia.     

Homophily and long-run integration in social networks

We model network formation when heterogeneous nodes enter sequentially and form connections through both random meetings and network-based search, but with type-dependent biases. We show that there is “long-run integration”, whereby the composition of types in sufficiently old nodes? neighborhoods approaches the global type-distribution, provided that the network-based search is unbiased. However, younger nodes? connections still reflect the biased meetings process. We derive the type-based degree distributions and group-level homophily patterns when there are two types and location-based biases. Finally, we illustrate aspects of the model with an empirical application to data on citations in physics journals.     

Intrinsic motivations, self-esteem, and luxury goods consumption

Despite the dramatic growth of the luxury market over the past two decades, luxury consumer research remains fragmentary and scant. To address this knowledge gap, this study investigates consumers' intrinsic motivations for purchasing luxury goods. Data were collected from 587 consumers and analyzed using structural equation modeling. The results show that consumers who are primarily intrinsically motivated tend to purchase luxury products for superior quality and self-directed pleasure. The findings also demonstrate that self-esteem, an important concept in psychology and consumer behavior but rarely studied in luxury research, relates strongly to self-directed pleasure.     

Patience in some non-additive models

Our aim is to give an axiomatization of preferences over infinite consumption streams. At first we adopt the additive case, and give a characterization of preferences which satisfy patience [Marinacci, M., 1998. An axiomatic approach to complete patience and time invariance. Journal of Economic Theory 83, 105–144] or equivalently what Diamond [Diamond, P.A., 1965. The evaluation of infinite utility streams. Econometrica 33, 170–177] named equal treatment of all generations and then, focus on stationary additive preferences. It appears that this class of functionals contains the discounting functionals axiomatized in Koopmans [Koopmans, T.C., 1972. In: McGuire, C.B., Radner, R. (Eds.), Representations of Preference Orderings Over Time. Decision and Organization, North-Holland, Amsterdam] and what is known as Banach-Mazur limit functionals. These results are extended to non-additives preferences where similar results are generalized and naive patience receives a positive treatement through the liminf criterion.