Efficiency in Uncertain Cooperative Games

A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of efficient contracts. It is shown that they exist if and only if the set of possible coalitions contains a balanced subset. Moreover, a characterization of values that result in efficient contracts in the case of minimally balanced collections is provided.

Testing Mean-Variance Efficiency in CAPM with Possibly Non-Gaussian Errors : An Exact Simulation-Based Approach

In this paper we propose exact likelihood-based mean-variance efficiency tests of the market portfolio in the context of Capital Asset Pricing Model (CAPM), allowing for a wide class of error distributions which include normality as a special case. These tests are developed in the frame-work of multivariate linear regressions (MLR). It is well known however that despite their simple statistical structure, standard asymptotically justified MLR-based tests are unreliable. In financial econometrics, exact tests have been proposed for a few specific hypotheses [Jobson and Korkie (Journal of Financial Economics, 1982), MacKinlay (Journal of Financial Economics, 1987), Gib-bons, Ross and Shanken (Econometrica, 1989), Zhou (Journal of Finance 1993)], most of which depend on normality. For the gaussian model, our tests correspond to Gibbons, Ross and Shanken’s mean-variance efficiency tests. In non-gaussian contexts, we reconsider mean-variance efficiency tests allowing for multivariate Student-t and gaussian mixture errors. Our framework allows to cast more evidence on whether the normality assumption is too restrictive when testing the CAPM. We also propose exact multivariate diagnostic checks (including tests for multivariate GARCH and mul-tivariate generalization of the well known variance ratio tests) and goodness of fit tests as well as a set estimate for the intervening nuisance parameters. Our results [over five-year subperiods] show the following: (i) multivariate normality is rejected in most subperiods, (ii) residual checks reveal no significant departures from the multivariate i.i.d. assumption, and (iii) mean-variance efficiency tests of the market portfolio is not rejected as frequently once it is allowed for the possibility of non-normal errors.

The Dynamic (In)efficiency of Monetary Policy by Committee

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power and, in certain states of nature, they also differ in their preferred instrument value. Preference heterogeneity and concern for the future interact to generate decisions that are dynamically ineffcient and inertial around the previously-agreed instrument value. This model endogenously generates autocorrelation in the policy variable and provides an explanation for the empirical observation that the nominal interest rate under the central bank’s control is infrequently adjusted.

The Supreme Court’s Understanding of Federalism: Efficiency at the Expense of Diversity

This paper is an examination of the Supreme Court of Canada's interpretation of federalism since constitutional repatriation in 1982. It argues that the lure of centralist efficiency is overpowering a fundamentally important part of our federal order: regionalism. The author contends that changes made by the Court to certain fundamental concepts of Canadian constitutional law now provide Parliament with greater latitude than before in the exercise of its legislative powers. According to the author, these changes are disturbing because they are structured so as to preclude consideration of the legitimate concerns of regional polities. Furthermore, he argues that the Court has reinforced the central government's power to regulate the economy, including intraprovincial matters affecting trade, by resorting to highly functional tests that emphasize economic efficiency over other criteria. This, he claims, makes it more difficult to invoke legitimate regional interests that would lead to duplication, overlapping and even, in the eyes of some, inefficiency. The author the focuses on the Court's treatment of environmental protection in an attempt to show the tension between the Court's desire to use a functional approach and the need to recognize regional interests. Finally, through an examination of recent case law, he attemps to demonstrate that the Court's dominant perspective remains functional despite its endorsement of a more community-oriented undestanding of federalism in Secession Reference. If the Court chooses to proceed in this manner, it will alienate regional polities and may encourage them to choose more radical means of asserting their differences. Further, the author argues that strict adherence to the functional effectiveness approach will undermine the very values that federalism is meant to promote.

The Efficiency of Collective Bargaining in Public Schools.

This paper develops a bargaining model of wage and employment determination for the public sector. the solution to the model generates structural wage and employment equations that are estimated using data from New York State teacher-school district collective bargaining agreements.

Justice coopérative et gratuité des transports en commun

Cooperative Justice and Free Public Transit - Urban transportation is a central issue for theories of urban justice. The current car culture is unjust because it discriminates against those who cannot afford to be a part of it, and it is inefficient because it creates a collectively disadvantageous situation. In this paper, I will first argue that public policies should encourage a modal transfer from car to public transit. Drawing on a theory of cooperative justice, I will then argue that free public transit is mutually advantageous and can be defended from both the perspectives of equality and efficiency.

Desert and Distributive Efficiency

It is highly desirable for an allocation of goods to be efficient. However, one might also deem it important that an allocation gives individuals what they deserve. This paper investigates whether it is possible for an allocation to be both efficient and give people what they deserve. It will first of all consider comparative desert, and conclude that it is possible to satisfy both desiderata. It will then consider absolute desert by integrating Shelly Kagan’s work on desert and economic theory. The conclusion will be that there are potential conflicts between absolute desert and efficiency. The paper will then examine how to select the best compromise between the two values, considering several different conceptions of absolute desert.

Décliner la frontière : transit et contagion de la violence dans la fiction sacrificielle de Bernard-Marie Koltès

Ce mémoire de maîtrise traite de quatre pièces de l’auteur français Bernard-Marie Koltès. Résolument axé sur l’étude du texte écrit, il vise dans un premier temps l’analyse d’un ensemble de désajustements et d’une culture de l’équivoque dans le traitement du lieu, du temps et de l’identité. Le premier but de ces analyses est l’approfondissement de certaines avenues déjà investies par la critique (marginalité des lieux et des personnages, présence constante de la violence et de la mort, etc.), dans la recherche d’une signification globale à un ensemble de pratiques textuelles liées à la notion de limite ou de frontière. Opérant un changement de perspective, la seconde partie de l’étude s’attarde à la violence ainsi qu’aux modalités et implications de sa mise en texte dans une étude croisée de l’acte créateur et de la pratique de lecture. À partir de la théorie du sacrifice élaborée par René Girard dans La violence et le sacré, et faisant dialoguer certains textes importants d’auteurs divers (Aristote, Nietzsche, Artaud, Foucault, Derrida et Adorno), l’analyse vise à inscrire la littérarité du texte koltésien dans une entreprise plus vaste ayant à voir avec la violence, sa régulation et sa diffusion. Au carrefour des études théâtrales, de la littérature et de la philosophie, cette réflexion cherche à concevoir le théâtre de Koltès (particulièrement Roberto Zucco) comme un sacrifice rituel, afin de mieux en comprendre le rapport au réel et certaines de ses particularités du point de vue du mécanisme cathartique.

Assessing the impact of the Canadian tax credit for public transit passes.

Rapport de recherche présenté à la Faculté des arts et des sciences en vue de l'obtention du grade de Maîtrise en sciences économiques.

Standardisation de l’aménagement d’une unité d’endoscopie : Aires de transit des équipements biomédicaux

Rapport de projet

La planification métropolitaine et le transit-oriented development (TOD) : les nouveaux instruments de la gouvernance du Grand Montréal

Cette thèse croise les concepts de planification, de gouvernance et de transit-oriented development (TOD) par une étude de la production, de la mise en débat et de l'adoption du plan métropolitain d'aménagement et de développement (PMAD) de la Communauté métropolitaine de Montréal (CMM). Elle expose les résultats de quatre années de recherche qualitative sur les impacts de l'épisode du PMAD et de la stratégie TOD de la CMM sur les pratiques planificatrices et les processus décisionnels du Grand Montréal à l'échelle métropolitaine. Elle révèle que la planification métropolitaine et l'objectif de coordination du transport et de l'aménagement en général ainsi que le PMAD et le concept de TOD en particulier y sont des instruments de gouvernance. Les chapitres 2, 3 et 4 présentent la problématique, le terrain d'enquête et la démarche méthodologique de cette recherche. Le chapitre 5 relate l'épisode du PMAD en analysant son contenu, les procédures par lesquelles la CMM l'a produit, mis en débat et adopté, les réactions des parties prenantes de la région quant à ces aspects et la façon dont elles comptent assurer le suivi de sa mise en œuvre. Le chapitre 6 illustre comment cet épisode a fait du PMAD un instrument de gouvernance pour le Grand Montréal en décortiquant le rôle de la participation publique, des médias, des acteurs des milieux régional et local, des élus, de la CMM et de la société civile de la région au sein de ce processus de changement de registre de la planification et de la gouvernance les déployant sur des bases plus stratégiques et collaboratives. Le chapitre 7 montre que cet épisode a aussi fait du TOD un instrument de gouvernance pour le Grand Montréal en détaillant les tenants et aboutissants du processus d'appropriation, de marchand(is)age et d'instrumentalisation du concept par les élites politiques et techniques à des fins de marketing territorial et de construction de capital politique ouvrant la voie à la stabilisation d'une gouvernance en matière d'aménagement métropolitain. Il se dégage de cette thèse que ces profondes transformations que subissent actuellement la planification et la gouvernance exacerbent le caractère symbiotique de la relation qui les unit.

Nonparametric estimation of the leverage effect: a trade-off between robustness and efficiency

We consider two new approaches to nonparametric estimation of the leverage effect. The first approach uses stock prices alone. The second approach uses the data on stock prices as well as a certain volatility instrument, such as the CBOE volatility index (VIX) or the Black-Scholes implied volatility. The theoretical justification for the instrument-based estimator relies on a certain invariance property, which can be exploited when high frequency data is available. The price-only estimator is more robust since it is valid under weaker assumptions. However, in the presence of a valid volatility instrument, the price-only estimator is inefficient as the instrument-based estimator has a faster rate of convergence. We consider two empirical applications, in which we study the relationship between the leverage effect and the debt-to-equity ratio, credit risk, and illiquidity.