References of "Picard, Pierre M 50002853"
     in
Bookmark and Share    
See detailSocial interactions, social capital and urban structure
Picard, Pierre M. UL

Presentation (2013)

Detailed reference viewed: 29 (2 UL)
Full Text
Peer Reviewed
See detailSpatial Segregation and Urban Structure
Picard, Pierre M. UL; Mossay, Pascal

E-print/Working paper (2013)

In this paper, we study social interactions between two populations of individuals living in a city. Agents consume land and benefit from intra- and inter-group social interactions. We show that in ... [more ▼]

In this paper, we study social interactions between two populations of individuals living in a city. Agents consume land and benefit from intra- and inter-group social interactions. We show that in equilibrium segregation arises: populations get separated in distinct spatial neighborhoods. Two- and three-district urban structures are characterized. For high population ratios or strong inter-group interactions, only a three-district city exists. In other cases, multiplicity of equilibria arises. Moreover, for sufficiently low population ratios or very weak inter-group interactions, all individuals agree on which spatial equilibrium is best. [less ▲]

Detailed reference viewed: 125 (14 UL)
Full Text
Peer Reviewed
See detailOn microfoundations of the city
Picard, Pierre M. UL; Tabuchi, Takatoshi

in Journal of Economic Theory (2013), 148(6), 2561-2582

This paper considers the spatial structure of a city subject to final demand and vertical linkages. Individuals consume differentiated goods (or services) and firms purchase differentiated inputs (or ... [more ▼]

This paper considers the spatial structure of a city subject to final demand and vertical linkages. Individuals consume differentiated goods (or services) and firms purchase differentiated inputs (or services) in product (or service) markets where firms compete under monopolistic competition. Workers rent their residential lots in an urban land market and contribute to the production of differentiated goods and inputs. We show that firms and workers co-agglomerate and endogenously form a city. We characterize and discuss the spatial distribution of firms and consumers in such cities on one- and two-dimensional spaces. We show that final demand and vertical linkages raise the urban density and reduce the city spread. [less ▲]

Detailed reference viewed: 195 (121 UL)
Full Text
Peer Reviewed
See detailA Theory of BOT concession contracts
Auriol, Emmanuelle UL; Picard, Pierre M. UL

in Journal of Economic Behavior and Organization (2013), 89

In this paper, we discuss the choice for build-operate-and-transfer (BOT) concessions when governments and Örm managers do not share the same information regarding the operation characteristics of a ... [more ▼]

In this paper, we discuss the choice for build-operate-and-transfer (BOT) concessions when governments and Örm managers do not share the same information regarding the operation characteristics of a facility. We show that larger shadow costs of public funds and larger information asymmetries entice governments to choose BOT concessions. This result stems from a trade-o§ between the governmentís shadow costs of Önancing the construction and the operation of the facility and the excessive usage price that the consumer may face during the concession period. The incentives to choose BOT concessions increase as a function of informational asymmetries between governments and potential BOT concession holders and with the possibility of transferring the concession project characteristics to the public authority at the termination of the concession. [less ▲]

Detailed reference viewed: 290 (126 UL)
Full Text
See detailExtensive and intensive margins and the choice of exchange rate regimes
Picard, Pierre M UL; Hamano, Masashige

E-print/Working paper (2013)

This paper studies how the choice of fixed or flexible exchange rate regimes is affected by the existence of intensive and extensive margins. We study two models where firms enter during or before each ... [more ▼]

This paper studies how the choice of fixed or flexible exchange rate regimes is affected by the existence of intensive and extensive margins. We study two models where firms enter during or before each period of production. We show how the the choice of those regimes depend on the level and the volatily of the intensive and extensive margins as well as on the congruence between consumers' preferences and the supply and diversity of products. We show that fixed exchange rate regimes are preferred for high enough labor supply elasticities. Fixed exchange rate regimes are unambigously better when entry occurs at the same time as production in each period. Fixed exchange rate regimes are less attractive in the presence of production lags and higher love of product diversity. [less ▲]

Detailed reference viewed: 70 (2 UL)
See detailSpatial segregation and urban structure
Picard, Pierre M. UL

Presentation (2013)

Detailed reference viewed: 86 (6 UL)
Full Text
Peer Reviewed
See detailThe economics of airport noise: how to manage markets for noise licenses
Bréchet, Thierry; Picard, Pierre M. UL

in Transportation Research. Part D : Transport and Environment (2012), 17(2), 169-178

Noise-induced pollution constitutes a hot and topical societal problem for all major airports. This paper discusses various issues in the implementation of a market for noise licenses as a solution to ... [more ▼]

Noise-induced pollution constitutes a hot and topical societal problem for all major airports. This paper discusses various issues in the implementation of a market for noise licenses as a solution to solve the noise externality between the residents located around airports and the aircrafts moving in and to airports. [less ▲]

Detailed reference viewed: 75 (6 UL)
Full Text
Peer Reviewed
See detailFirms' locations under demand heterogeneity
Picard, Pierre M. UL; Okubo, Toshihiro

in Regional Science & Urban Economics (2012), 42(6), 961-974

In this paper we build an economic geography model where rms sell product varieties with heterogenous demands. We show that rms selling the products with higher demands select to set up their plants in ... [more ▼]

In this paper we build an economic geography model where rms sell product varieties with heterogenous demands. We show that rms selling the products with higher demands select to set up their plants in larger countries. Larger countries do not only get better access to more varieties but also to the most demanded and valuable ones. The impact of such a spatial selection on fi rms location choice depends on the skewness of the distribution of demand intensity across varieties. In a model where only capital moves across regions, demand heterogeneity generally diminishes the amount of capital invested in the larger country. In a model where the work force moves across regions, demand heterogeneity is shown to eliminate dramatic changes in the location patterns and to result in the asymmetric dispersion of workers, rather their symmetric dispersion or complete agglomeration in a specic region. [less ▲]

Detailed reference viewed: 103 (6 UL)
Full Text
Peer Reviewed
See detailThe Clean Development Mechanism in a Global Carbon Market
Bréchet, Thierry; Ménière, Yann; Picard, Pierre M. UL

E-print/Working paper (2012)

This paper discusses the role of the Clean Development Mechanism (CDM) on the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes ... [more ▼]

This paper discusses the role of the Clean Development Mechanism (CDM) on the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes to an efficient funding of clean technology investments in least developed countries. However, the CDM is not neutral on the global level of carbon emissions as it entices countries to raise their emission caps. The CDM may also make inappropriate the inclusion of any country that takes no emission abatement commitment. It can even make inefficient a country's decision to commit to an emission target. [less ▲]

Detailed reference viewed: 42 (5 UL)
Full Text
Peer Reviewed
See detailState Owned Firms: Private Debt, Cost Revelation and Welfare
Picard, Pierre M. UL; Rusli, Ridwan UL

E-print/Working paper (2012)

In this paper we study the role of private debt financing in disciplining a state owned firm operating for a government that incurs a cost of public financing. We show that debt contracts allow the ... [more ▼]

In this paper we study the role of private debt financing in disciplining a state owned firm operating for a government that incurs a cost of public financing. We show that debt contracts allow the government to avoid socially costly subsidies by letting unprofitable state- owned firms default. Debt is never used when the firm and government share the same information about the firm. By contrast, when the state-owned firm has private information, the government has an incentive to use debt to reduce the firm's information rents. We identify the conditions under which a positive debt level benefits governments. They depend on the cost of public funds, the interbank funding rate, the share of foreign investors, the level and uncertainty of the firm's cost. [less ▲]

Detailed reference viewed: 52 (7 UL)
Full Text
Peer Reviewed
See detailTrade, Economic Geography and the Choice of Product Quality
Picard, Pierre M. UL

E-print/Working paper (2012)

The present paper studies the effect of the choice of product quality on trade and location of firms. We build a quality-augmented model where consumers have preferences for the quality of a set of ... [more ▼]

The present paper studies the effect of the choice of product quality on trade and location of firms. We build a quality-augmented model where consumers have preferences for the quality of a set of differentiated varieties. Firms do not only develop and sell manufacturing varieties in a monopolistic competitive market but also determine the quality level of their varieties by investing in research and de- velopment. We explore the price and quality equilibrium properties when firms are immobile. We then consider a footloose capital model where capital is allocated to the manufacturing firms in the region offering the highest return. We show that the larger region produces varieties of higher quality and that the quality gap increases with larger asymmetries in region sizes and with larger trade costs. Finally, the home market effect is mitigated when firms choose their product quality. [less ▲]

Detailed reference viewed: 91 (4 UL)
Full Text
See detailCommodity taxation and regulatory competition
Moriconi, Simone; Picard, Pierre M. UL; Zanaj, Skerdilajda UL

E-print/Working paper (2012)

This paper studies competition in regulation and commodity taxation between trading countries. We present a general equilibrium model in which destination based consumption taxes finance public goods ... [more ▼]

This paper studies competition in regulation and commodity taxation between trading countries. We present a general equilibrium model in which destination based consumption taxes finance public goods, while regulation of entry determines the number of firms in the markets. We find (i) no strategic interaction in commodity taxes; (ii) regulation leads to lower commodity tax rates if demand for public goods is more sensitive to income than demand for private goods and (iii) regulation policy is a strategically complement instrument if consumers do not over value product diversity. In the empirical part of the paper, we test our predictions using panel data for 21 OECD countries over the period 1990-2008. [less ▲]

Detailed reference viewed: 84 (17 UL)
Full Text
Peer Reviewed
See detailAirport noise pollution : how to regulate efficiently by confronting victims and polluters?
Picard, Pierre M UL; Bréchet, Thierry

in Développement durable et économie environnementale régionale (2012)

Noise-induced pollution constitutes a hot and topical societal problem for all major airports. This paper discusses various issues in the implementation of a market for noise licenses as a solution to ... [more ▼]

Noise-induced pollution constitutes a hot and topical societal problem for all major airports. This paper discusses various issues in the implementation of a market for noise licenses as a solution to solve the noise externality between the residents located around airports and the aircrafts moving in and to airports. [less ▲]

Detailed reference viewed: 98 (3 UL)
Full Text
Peer Reviewed
See detailBank secrecy, illicit money and offshore financial centers
Picard, Pierre M. UL; Pieretti, Patrice UL

in Journal of Public Economics (2011), 95(7-8), 942-955

International and national institutions regularly put pressure on offshore financial centers and their clients to enforce compliance with anti-money laundering regulations and that in spite of the ... [more ▼]

International and national institutions regularly put pressure on offshore financial centers and their clients to enforce compliance with anti-money laundering regulations and that in spite of the existence of bank secrecy. This paper discusses the winners and losers of such policies. Surprisingly, aggregate profits and tax revenues can increase under those policies. In addition, we show that offshore banks can be encouraged to comply with rigorous monitoring of the investor's identity and the origin of his/her funds when the pressure creates sufficiently high risk of reputational harm to this investor. Nevertheless, the efficient pressure policy is dichotomous in the sense that a social planner chooses zero pressure or the pressure that just entices offshore banks to comply. By contrast, the implementation of those pressure policies on an onshore institution may be inefficient. Finally, we show that deeper financial integration fosters compliance by the offshore center while it also gives better incentives for delegated organizations to effectively induce compliance. [less ▲]

Detailed reference viewed: 304 (23 UL)
Full Text
Peer Reviewed
See detailNo trade, one-way or two-way trade?
Okubo, Toshihiro; Picard, Pierre M. UL; Thisse, Jacques-François

E-print/Working paper (2011)

We study how the level of trade costs and the intensity of competition can explain the existence of two-way, one-way or no trade within the same industry. As trade costs decrease from very high to very ... [more ▼]

We study how the level of trade costs and the intensity of competition can explain the existence of two-way, one-way or no trade within the same industry. As trade costs decrease from very high to very low values, the economy moves from autarky to a regime of two-way trade, through a regime of one-way trade from the larger to the smaller country. Trade is less likely when the economy gets more competitive. Finally once capital is mobile across countries, the market delivers an outcome in which capital is too much concentrated in the large country. [less ▲]

Detailed reference viewed: 44 (2 UL)
Full Text
Peer Reviewed
See detailOn Spatial Equilibria in a Social Interaction Model
Mossay, Pascal; Picard, Pierre M. UL

in Journal of Economic Theory (2011), 146(6), 2455-2477

Social interactions are at the essence of societies and explain the gathering of individuals in villages, agglomerations, or cities. We study the emergence of multiple agglomerations as resulting from the ... [more ▼]

Social interactions are at the essence of societies and explain the gathering of individuals in villages, agglomerations, or cities. We study the emergence of multiple agglomerations as resulting from the interplay between spatial interaction externalities and competition in the land market. We show that the geography of the spatial economy affects significantly the properties of spatial equilibria. In particular, when agents locate on an open land strip (line segment), a single city emerges in equilibrium. In contrast, when the spatial economy extends along a closed land strip (circumference), multiple equilibria with odd numbers of cities arise. Spatial equilibrium configurations involve a high degree of spatial symmetry in terms of city size and location, and can be Pareto-ranked. [less ▲]

Detailed reference viewed: 114 (6 UL)
Full Text
Peer Reviewed
See detailLabor Market Pooling, Outsourcing and Labor Contracts
Picard, Pierre M. UL; Wildasin, David

in Journal of Urban Economics (2011), 70(1), 47-60

This paper considers the interaction between input sharing and labor market pooling in urban areas. In particular, it examines the impact of the size of a city and business risks on the organizational ... [more ▼]

This paper considers the interaction between input sharing and labor market pooling in urban areas. In particular, it examines the impact of the size of a city and business risks on the organizational structures of firms located in urban agglomerations, and it also discusses the impact of organizational structure on incentives to insure workers against income risks. It is shown that manufacturing firms suffer from a coordination game in their decision to outsource production. The existence of idiosyncratic risks causes manufacturers to refrain from outsourcing. The incentives to offer wage and employment protection to workers are more pronounced when manufacturers outsource the production of their inputs to a local market, which mitigates the impact of labor market pooling. [less ▲]

Detailed reference viewed: 113 (5 UL)
Full Text
Peer Reviewed
See detailPatent Office Governance and Patent System Quality
Picard, Pierre M. UL; Van Pottelsberghe de la Potterie, Bruno

in CEPR Discussion Papers (2011), 11-06

The present paper discusses the role of quality in patent systems from the perspective of patent offices' behavior and organization. After documenting original stylized facts, the paper presents a model ... [more ▼]

The present paper discusses the role of quality in patent systems from the perspective of patent offices' behavior and organization. After documenting original stylized facts, the paper presents a model in which patent offices set patent fees and the quality level of their examination processes. Various objectives of patent offices' governors are considered. We show that the quality of the patent system is maximal for the patent offices that maximises either the social welfare or its own proffit. Quality is lower for the self-funded patent office maximizing the number of patent applications and even smaller for the self-funded patent office maximizing the number of granted patents. A labor union improves examination quality and may compensate for the potentialy inappropriate objectives of patent office management. [less ▲]

Detailed reference viewed: 84 (3 UL)
Full Text
Peer Reviewed
See detailTransportation, freight rates, and economic geography
Behrens, Kristian; Picard, Pierre M. UL

in Journal of International Economics (2011), 85(2), 280-291

We investigate the role of competitive transport markets in shaping the location of economic activity and the pattern of trade. In our model, carriers supply transport services for shipping manufactured ... [more ▼]

We investigate the role of competitive transport markets in shaping the location of economic activity and the pattern of trade. In our model, carriers supply transport services for shipping manufactured goods, and freight rates are set to clear transport markets. Each carrier must commit to the maximum capacity for a round-trip and thus faces a logistics problem as there are opportunity costs of returning empty. These costs increase the freight rates charged to firms located in regions that are net exporters of manufactured goods. Since demand for transport services depends on the spatial distribution of economic activity, the concentration of production in one region raises freight rates to serve foreign markets from there, thus working against specialization and the agglomeration of firms. Consequently, a more even spatial distribution of firms and production prevails at equilibrium when freight rates are endogenously determined than when they are assumed to be exogenous as in the literature. [less ▲]

Detailed reference viewed: 149 (6 UL)
Full Text
Peer Reviewed
See detailRegional and Spatial Economics
Picard, Pierre M. UL

in Manchester School (2011), 79(5), 933-937

Detailed reference viewed: 108 (5 UL)