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Life Cycle Response to Health Status

Mardi | 2016-02-09
Salle Sully 5, 16h00 à 17h20

This paper studies the lifetime effects of exogenous changes in health insurance coverage (e.g. Medicare, PPACA, termination of employer-provided plans) on the dynamic optimal allocation (consumption, leisure, health expenditures), status (health, wealth and survival rates), and welfare. We solve, structurally estimate, and simulate a parsimonious life cycle model with endogenous exposure to morbidity and mortality risks to analyze the impact of young (resp. old) insurance status conditional on old (resp. young) coverage. Our results highlight strong substitution across instruments (health expenditures, and leisure) as well as across time (postponing and accelerating expenses, leisure) induced by changes in insurance statuses.

Le projet associatif, multidimensionnel et obsolescent

Mercredi | 2016-02-03
B103. 12h

Marie-Laure LE BERRIGAUD

« L’association est indissociable d’un projet collectif déterminé par ses membres » (Laville, 2013). Les définitions académiques proposées par la littérature s’accordent presque toutes à dire que le projet est défini par une temporalité bornée. Cela signifie-t-il donc que le projet s’achève ? Peut-on parler d’aboutissement dans le cadre du projet associatif ? Notre recherche linguistique montre que le projet associatif peut se qualifier par plusieurs dimensions à temporalités différentes, dont l’une qui peut se qualifier d’atemporelle. Ainsi, il n’est peut-être pas tant question d’aboutissement que d’obsolescence. Cette conception du projet permet d’expliquer les difficultés organisationnelles rencontrées par une association après plusieurs décennies d’existence. Nous mobilisons les apports du management stratégique du projet pour qualifier l’organisation associative et l’évolution conjointe du projet et de l’organisation. Que se passe-t-il lorsque le projet devient obsolète ? En prenant appui sur une étude de cas longitudinale, nous ouvrons des pistes de réflexion quant à la manière dont le projet peut être managé en fonction de son niveau d’obsolescence afin redonner du sens à l’organisation. Après avoir essayé de définir le projet associatif, l’article s’achève sur l’ouverture théorique possible à développer à partir de ces éléments de compréhension du projet associatif, en particulier la mobilisation de la Strategy As Practise, des apports de Weick avec le Sensemaking et les apports théoriques de Laville sur l’institutionnalisation des associations.

Childhood Circumstances and Adulthood Outcomes: The Effects of Financial Problems

Mardi | 2016-02-02
16h00-17h20 en Sully 5

andrew CLARK – MARTA BARAZZETTA – CONCHITA D’AMBROSIO

We here consider the adult cognitive and non-cognitive consequences of growing up with a mother who reported major financial problems. Data from the Avon Longitudinal Study of Parents and Children show that mother’s major financial problems are associated with worse cognitive and non-cognitive outcomes in adolescence, even after controlling for both income and a set of standard variables. Further, the major financial problems effect is larger in size than that of income. Distinguishing by child age when the problems occurred, we find a larger effect on physical health for financial problems in early childhood, with no difference between early and late circumstances for all the other cognitive and non-cognitive outcomes.

An Endogenous Growth model with Insecure Property Rights and Asymmetric Agents

Mardi | 2016-01-26
Sully 5 de 16h à 17h20

Daria ONORI – Cyrille PIATECKI – Diana-Andrada FILIP

This paper studies the relationship between property rights effectiveness, growth and welfare. To this end, we modify Gonzalez [13]’s endogenous growth model by assuming that the population is divided into two groups of consumers-producers: honest agents, who do not challenge the others property, and cheaters, who grab a part of honest people’ss production. The assumption of heterogeneous agents has many important consequences on the equilibrium. The consumption of each class grows at a constant rate and cheaters enjoy a higher level of consumption thanks to appropriation. The growth rates of the group capital varies during the transition. Sustained growth is possible if cheaters consume and accumulate at a higher rate than honest people. Furthermore, because of the grabbing externality, the balanced growth path is indeterminate: there exists a continuum of couple of initial consumption levels compatible with the equilibrium conditions. This implies that the economy may experience different growth paths in the short run, making complex the role of a secure property rights enforcement system. Furthermore, policymakers should be careful in implementing property rights reforms because an increase of property rights enforcement may have an opposite effect on consumption growth and the initial levels of consumption of the two groups compatible with the equilibrium. This may reduce social welfare.

Valuing American options using fast recursive projections

Mardi | 2016-01-12
Sully 5 de 16 à 17h20

Olivier SCAILLET – Antonio COSMA – Stefano GALLUCCIO – Pederzoli PAOLA

We introduce a fast and widely applicable numerical pricing method by recursive projections. We characterise its convergence speed. We find that the early exercise boundary of an American call option on a discrete dividend paying stock is higher under the Merton and Heston models than under the Black-Scholes model, as opposite to the continuous dividend yield case. A large database of call options on stocks with quarterly dividends shows that adding stochastic volatility and jumps to the Black-Scholes benchmark reduces by 25% the amount foregone by call holders failing to optimally exercise. Fees cannot fully explain the suboptimal behavior.