Jumps in the Volatility of Financial Markets.

Recent work suggests that the conditional variance of financial returns may exhibit sudden jumps. This paper extends a non-parametric procedure to detect discontinuities in otherwise continuous functions of a random variable developed by Delgado and Hidalgo (1996) to higher conditional moments, in particular the conditional variance. Simulation results show that the procedure provides reasonable estimates of the number and location of jumps. This procedure detects several jumps in the conditional variance of daily returns on the S&P 500 index.

In Search of Advice for Physicians in Entry-Level Medical Markets

We consider entry-level medical markets for physicians in the United Kingdom. These markets experienced failures which led to the adoption of centralized market mechanisms in the 1960's. However, different regions introduced different centralized mechanisms. We advise physicians who do not have detailed information about the rank-order lists submitted by the other participants. We demonstrate that in each of these markets in a low information environment it is not beneficial to reverse the true ranking of any two acceptable hospital positions. We further show that (i) in the Edinburgh 1967 market, ranking unacceptable matches as acceptable is not profitable for any participant and (ii) in any other British entry-level medical market, it is possible that only strategies which rank unacceptable positions as acceptable are optimal for a physician.

Matching Markets under (In)complete Information

We are the first to introduce incomplete information to centralized many-to-one matching markets such as those to entry-level labor markets or college admissions. This is important because in real life markets (i) any agent is uncertain about the other agents' true preferences and (ii) most entry-level matching is many-to-one (and not one-to-one). We show that for stable (matching) mechanisms there is a strong and surprising link between Nash equilibria under complete information and Bayesian Nash equilibria under incomplete information. That is,given a common belief, a strategy profile is a Bayesian Nash equilibrium under incomplete information in a stable mechanism if and only if, for any true profile in the support of the common belief, the submitted profile is a Nash equilibrium under complete information at the true profile in the direct preference revelation game induced by the stable mechanism. This result may help to explain the success of stable mechanisms in these markets.

Impact of Openness to Trade on Capital Formation in Developed and Emerging Markets: a Comparative Study.

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ITEM : An Integrated Transport Economy Model - Price Elasticities of Freight Transport Demand in Canada : Three Canadian Markets and Four Commodities.

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The role of financial markets in the stabilization and reconstruction of Lebanon.

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Top trading with fixed tie-breaking in markets with indivisible goods

We study markets with indivisible goods where monetary compensations are not possible. Each individual is endowed with an object and a preference relation over all objects. When preferences are strict, Gale's top trading cycle algorithm finds the unique core allocation. When preferences are not necessarily strict, we use an exogenous profile of tie-breakers to resolve any ties in individuals' preferences and apply Gale's top trading cycle algorithm for the resulting profile of strict preferences. We provide a foundation of these simple extensions of Gale's top trading cycle algorithm from strict preferences to weak preferences. We show that Gale's top trading cycle algorithm with fixed tie-breaking is characterized by individual rationality, strategy-proofness, weak efficiency, non-bossiness, and consistency. Our result supports the common practice in applications to break ties in weak preferences using some fixed exogenous criteria and then to use a 'good and simple' rule for the resulting strict preferences. This reinforces the market-based approach even in the presence of indifferences because always competitive allocations are chosen.

Planification en contexte mégaévénementiel et reconversion urbaine : le cas du Green Point Urban Park à Cape Town en Afrique du Sud


Depuis les années 2000, nous observons de plus en plus de pays en développement (PED) hôtes de mégaévénements. En accueillant un mégaévénement en leur sol, les PED espèrent améliorer leur cadre urbain et attirer des investissements étrangers. Ceci étant dit, les retards en termes d’infrastructures et d’équipements que connaissent ces pays et les stricts cadres normatifs imposés par des organismes internationaux comme la FIFA, nous amènent à questionner la possibilité d’intégrer les aménagements mégaévénementiels, à leur contexte local. En ce sens, le processus de planification, dans lequel les cadres normatifs externes et locaux sont négociés, peut être vu comme un moment charnière ayant une incidence sur le potentiel de reconversion. Dans le cadre de ce mémoire, nous avons entamé une réflexion à ce sujet en examinant le processus de planification d’un aménagement mégaévénementiel, le Green Point Urban Park (GPUP) à Cape Town, et son incidence sur son potentiel de reconversion. Plus précisément, nous allons, en premier lieu, décrire le processus de planification du site, nous allons par la suite évaluer son potentiel de reconversion, puis nous allons faire ressortir des liens entre le processus de planification et le potentiel de reconversion des aménagements mégaévénementiels. En somme, notre travail met en évidence une relation entre, d’une part, la prépondérance du cadre normatif imposé par l’organisme international et la dynamique du système d’acteurs au moment de la planification du GPUP et, d’autre part, la difficile reconversion de ce dernier après la Coupe du monde de 2010.

The green economy challenge to IPE

Note d'analyse