Calendrier du 19 octobre 2017
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 19/10/2017 de 12:30 à 13:30
salle R2-20, campus Jourdan, 48 bd Jourdan - 75014 Paris
LOVO Stefano (HEC)
Herding and Crowdfunding (joint with Brett Green).
Abstract: We explore a sequential fund-raising mechanism with common values and an all-or-nothing clause (i.e., a target level of funds must be raised in order for the project to be implemented). We show that in the maximum truth-telling equilibria the presence of the all-or nothing clause decreases the probability of abstention cascade but it increases the probability of pledging cascades. Compared to the socially optimal outcome these campaign lead to an excessive implementation of projects. Social optimum can be restored by allowing backers to opt in and out at the end of the campaign.
Travail et économie publique externe
Du 19/10/2017 de 12:30 à 13:45
FORTIN Bernard (Université Laval)
Physicians' Response to Incentives: Evidence on Hours of Work and Multitasking
We measure the response of physicians to monetary incentives using administrative data on Quebec (Canada) specialists. Our data contain information on the different services provided by individual physicians and their hours worked. These data cover a period during which the Quebec government changed the relative prices paid for medical services. We develop a multitasking model to estimate the manner in which physicians reacted to these price changes. Optimal behaviour within our model implies a wage index that determines the marginal return to clinical hours worked when those hours are optimally distributed across services. This index, in turn, generates an earnings equation which we estimate using both limited and full-information methods. Our results confirm that physicians respond to incentives in predictable ways. The own-price substitution effects of a price change are both economically and statistically significant. Income effects are present, but small for individual services. They are more important in the presence of broad-based fee increases which can lead to physicians reducing the supply of services.