Calendrier du 05 septembre 2019
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 05/09/2019 de 12:30 à 13:30
salle R2-20, campus Jourdan - 75014 Paris
RACHIDI Tobias (PSE)
Optimal Voting Mechanisms on Generalized Single-Peaked Domains
I study a private-values voting environment with arbitrarily many voters and alternatives. Voters have generalized single-peaked preferences that give rise to median spaces as introduced in Nehring and Puppe 2007. These preferences allow to go beyond preferences which are single-peaked on a line. For generalized single-peaked preference domains that give rise to median spaces, I characterize the voting rules that maximize ex-ante utilitarian welfare among all mechanisms satisfying strategy-proofness, anonymity and surjectivity. Typically, the welfare-maximizing voting mechanisms involve qualified majority requirements. Moreover, a trade-off between welfare maximization and ex-post Pareto efficiency arises; this tension is not present when preferences are single-peaked on a line. I illustrate my optimality results by means of several applications including collective choice when preferences are single-peaked on a tree as well as voting over multiple public goods under constraints.
Macroeconomics Seminar
Du 05/09/2019
PSE - 48 boulevard Jourdan, 75014 Paris, salle R2-21
BOEHM Johannes (IHEID)
Convex Supply Curves
écrit avec Nitya Pandalai-Nayar
We provide evidence that industries' supply curves are convex. To guide our empirical analysis we develop a putty-clay model in which the capacity utilization rate is a sufficient statistic for the slope of the supply curve. Using data on capacity utilization, we estimate the supply curve using three different instruments |foreign demand shocks, demand shocks from downstream industries, and exchange rate shocks and find robust evidence for convexity. Supply curves are essentially at low levels of capacity utilization but increasing at higher levels. Further, industries with low initial capacity utilization rates expand production more after demand shocks than industries that are producing close to their capacity limit. The nonlinearity we identify has implications for a number of applications in macro and international economics, including that responses to shocks are state-dependent and that the Phillips curve is convex.
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