Calendrier du 02 avril 2020
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 02/04/2020 de 14:00 à 15:00
en ligne
COLO Philippe (PSE)
Expert-based scientific knowledge
This paper studies the strategic foundation of scientific knowledge when it is entirely expert-based. Scientific theories are models of reality which can be formalised as probability distributions over possible scenarios. An informed sender is assumed to know the most likely model, but cannot prove it to be true. A receiver is in a situation of model-uncertainty and has smooth ambiguity preferences. Communication is a cheap-talk game over models. The receiver’s knowledge is built on the sender’s advice and is thus vulnerable to strategic misalignment. I show that when the ext-post optimal action of the sender is lower (higher) than the one of the receiver, the larger ambiguity aversion, the easier (harder) for the sender to be credible. Under the assumption that the receiver has maxmin expected utility preferences, I show that incentives for information withholding disappear. All equilibria of this game can be ranked by informativeness, making the most informative one interim Pareto dominant and the most credible equilibrium prediction. These results shed light on the decisive role of ambiguity aversion in the foundation of expert-based scientific knowledge.
Behavior seminar
Du 02/04/2020 de 11:00 à 12:00
ZOOM
BROIHANNE Marie-Hélène (EM Strasbourg)
ZOOM. Spouses gender gap in subjective financial literacy under MiFID profiling
Using the Markets in Financial Instruments Directive questionnaire answers, we examine the gender gap in financial literacy of retail clients of a large European retail bank. Using a database of more than 80,000 retail clients, we identify 12,124 matched pairs of spouses (married or cohabiting). We find a gender gap in financial literacy for all individuals and show that the absolute average gap is reduced for spouses who answered the questionnaire at the same time. We also identify couples in which wives exhibit higher financial literacy than their husbands (inversed gender gap) and we determine the couple' characteristics in each spouses' financial literacy gap category. Our results are consistent with prior studies on the specialization of tasks between spouses and add new insights by showing how individual and couples' characteristics impact the gender gap in financial literacy.