Paris West University Nanterre La Défense

About: Paris West University Nanterre La Défense is a education organization based out in Paris, France. It is known for research contribution in the topics: Computer science & Politics. The organization has 895 authors who have published 1430 publications receiving 21712 citations.

The Role of Memory in Long-Term Contracting with Moral Hazard: Empirical Evidence in Automobile Insurance

Abstract: We test the efficiency associated with the role of memory in long-term contracting. Bonus-malus schemes in automobile insurance are examples of contracts that use memory. During the eighties different contributions showed how multi-period contracting under moral hazard improves resource allocation. It was also stressed that these models did not consider the possibility of savings. Consequently, it is not clear that introducing a bonus-malus scheme in automobile insurance will work efficiently to reduce moral hazard. Our empirical results show that the implementation of the new bonus-malus scheme in the Quebec automobile insurance industry reduced accidents and traffic violations. We use the Abbring et al. (2003a, 2003b) test to conclude that the reductions measure incentive effects for road safety.

The (Home) Bias of European Central Bankers: New Evidence Based on Speeches

Abstract: Speeches are an important vehicle for central bankers to convey individual views on the preferred policy stance. In this article, we employ an automated text linguistic approach to create an indicator that measures the tone of the 1,618 speeches delivered by members of the Governing Council (GC) during the period 1999M1–2014M4. We then relate this variable to euro area and national macroeconomic forecasts. Our key findings are as follows. First, inflation and growth expectations have a positive and significant impact on the hawkishness of a speech. Second, different growth expectations across the euro area and different preferences significantly explain discrepancies across speakers. Third, the voiced preferences of presidents of the national central banks (NCBs) largely coincide with the level of independence their central banks had at the time of the Maastricht Treaty. However, in general, there are not much differences between members of the Executive Board and the NCB presidents. Fourth, we fi...

Stress Testing and Corporate Finance

Abstract: The article contributes to the literature on financial fragility, studying how macro-economic shocks affect supply and demand in the corporate debt market. We take into account the effect of the competitive environment, as well as the risk level, measured by companies' default rate. The model is estimated using data from the Harmonised BACH database of corporate accounts for large euro area countries on the 1993-2005 period, in order to carry out an illustrative stress testing exercise. We measure the impact of large macroeconomic shocks (a severe recession and a sharp increase in oil prices) on the equilibrium in the debt market.

What do blind people "see" with retinal prostheses? Observations and qualitative reports of epiretinal implant users

Abstract: Introduction Retinal implants have now been approved and commercially available for certain clinical populations for over 5 years, with hundreds of individuals implanted, scores of them closely followed in research trials Despite these numbers, however, few data are available that would help us answer basic questions regarding the nature and outcomes of artificial vision: what do recipients see when the device is turned on for the first time, and how does that change over time? Methods Semi-structured interviews and observations were undertaken at two sites in France and the UK with 16 recipients who had received either the Argus II or IRIS II devices Data were collected at various time points in the process that implant recipients went through in receiving and learning to use the device, including initial evaluation, implantation, initial activation and systems fitting, re-education and finally post-education These data were supplemented with data from interviews conducted with vision rehabilitation specialists at the clinical sites and clinical researchers at the device manufacturers (Second Sight and Pixium Vision) Observational and interview data were transcribed, coded and analyzed using an approach guided by Interpretative Phenomenological Analysis (IPA) Results Implant recipients described the perceptual experience produced by their epiretinal implants as fundamentally, qualitatively different than natural vision All used terms that invoked electrical stimuli to describe the appearance of their percepts, yet the characteristics used to describe the percepts varied significantly between recipients Artificial vision for these recipients was a highly specific, learned skill-set that combined particular bodily techniques, associative learning and deductive reasoning in order to build a "lexicon of flashes"-a distinct perceptual vocabulary that they then used to decompose, recompose and interpret their surroundings The percept did not transform over time; rather, the recipient became better at interpreting the signals they received, using cognitive techniques The process of using the device never ceased to be cognitively fatiguing, and did not come without risk or cost to the recipient In exchange, recipients received hope and purpose through participation, as well as a new kind of sensory signal that may not have afforded practical or functional use in daily life but, for some, provided a kind of "contemplative perception" that recipients tailored to individualized activities Conclusion Attending to the qualitative reports of implant recipients regarding the experience of artificial vision provides valuable information not captured by extant clinical outcome measures