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The Structure of Optimal Consumption Streams in General Incomplete Markets

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We use survey questions about spending in hypothetical scenarios to investigate features of propensities to consume that are useful for distinguishing between consumption theories. We find that (1) responses to unanticipated gains are vastly heterogeneous ...

2021

A Multiagent Model of Efficient and Sustainable Financial Markets

In this paper, we introduce a model of a financial market as a multiagent repeated game where the players are market makers. We formalize the concept of market making and the parameters of the game. Our main contribution is a framework that combines game t ...

2020

We investigate the effects of small proportional transaction costs on lifetime consumption and portfolio choice. The extant literature has focused on agents with additive utilities. Here, we extend this analysis to the archetype of nonadditive preferences: ...

WILEY2020

Concrete buildings in French-speaking Switzerland, the predominance of frame structures

Salvatore Aprea

This contribution gives an account of how concrete construction developed in French-speaking Switzerland since the end of the nineteenth century. The narrative is based on original sources from the Archives de la construction moderne (Acm) and on data and ...

2019

Financial Stability and the Macroeconomy

Corinne Dubois

The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...

EPFL2018

“Structural UHPFRC” stands for Ultra-High Performance Fiber Reinforced Cementitious Composite material that is complemented by reinforcing and prestressing steel to enhance the resistance and durability of structural elements. Properties of impermeable, te ...

RILEM Publications S.A.R.L.2018

Hypertypes: From social bridges to an urbanism of aspirations, affordances and capabilities

Shin Alexandre Koseki

Using multilayered individual massive data and geo-localization tracking, Computational Social Science and Social Physics attest the importance of face-to-face and place-to-place interactions in shaping human agency. The research suggests that collective a ...

2018

Asset Pricing When 'This Time Is Different'

Pierre Collin Dufresne

Recent evidence suggests that younger people update beliefs in response to aggregate shocks more than older people. We embed this generational learning bias in an equilibrium model in which agents have recursive preferences and are uncertain about exogenou ...

Oxford Univ Press Inc2017

Parameter Learning in General Equilibrium: The Asset Pricing Implications

Pierre Collin Dufresne

Parameter learning strongly amplifies the impact of macroeconomic shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumpti ...

American Economic Association2016

Reciprocal diagrams: Innovative applications of past theories

Corentin Jean Dominique Fivet

The geometric relationships between a structural configuration and its internal force distribution have not received much attention for nearly hundred years. Directly stemming from the most fundamental principles of statics, the underlying theories were br ...

2016