Some trades based on differences in beliefs might cause more harm than good. Should they be restricted? If yes, how? We propose three limits on regulation aimed at protecting beneficial trades: Unanimity – the regulator should not object to trades with identical beliefs; Autarky – if the regulator does not object to two unrelated trades, both with identical beliefs, then it should not object to...

We study government interventions in a dynamic market with asymmetric information. We show that restricting trading opportunities after an initial round of trade is always optimal. Under a suffi cient condition it is optimal to subsidize trades only at time zero while imposing prohibitively high taxes afterwards. If interventions are required to generate a Pareto improvement over laissez-faire ...

This research stream uses neuroscience approaches to study information modeling constructs. Information modeling models the problem domains to facilitate understanding and communication during the information systems development process. Accurate representation and interpretation of the information models are vital to the success of information systems projects. The building blocks of informati...

The paper examines the allocation of macroeconomic risks a stochastic growth model with overlapping generations. For several standard models with CRRA preferences, I find laissez faire ex ante inefficient in the direction of imposing too little productivity risk on the old and too much risk on the young and on future generations. Governments commonly issue safe debt and promise safe public pens...

We use a simple framework where firms in two countries serve their respective domestic markets and a world market to analyze under which conditions cost-reducing mergers will be beneficial for the merging firms, the home country, and the world as a whole. For a national merger, the policies enacted by a national merger authority tend to be overly restrictive from a global efficiency perspective...

La fermeture des frontieres decidee pour eviter la propagation du Covid-19 a separe de longues periodes couples franco-etrangers. Malgre creation d’une procedure delivrance laissez-passer, certains d’entre eux sont toujours en attente possibilite se retrouver. Les conditions et mise œuvre dispositif permettent d’expliquer leurs difficultes.