Papers by Nadège Marchand
Social Science Research Network, 2008
CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies d... more CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisations-membres, d'une subvention d'infrastructure du Ministère du Développement économique et régional et de la Recherche, de même que des subventions et mandats obtenus par ses équipes de recherche. CIRANO is a private non-profit organization incorporated under the Québec Companies Act. Its infrastructure and research activities are funded through fees paid by member organizations, an infrastructure grant from the Ministère du Développement économique et régional et de la Recherche, and grants and research mandates obtained by its research teams.
Social Science Research Network, 2006
This paper presents an experiment performed to test the properties of an innovative bargaining me... more This paper presents an experiment performed to test the properties of an innovative bargaining mechanism (called automated negotiation) used to resolve disputes arising from Internet-based transactions. The main result shows that the settlement rule tends to chill bargaining as it creates incentives for individuals to misrepresent their true valuations, which implies that automated negotiation is not able to promote agreements. However, this perverse effect depends strongly on the conflict situation. When the threat that a disagreement occurs is more credible, the strategic effect is reduced since defendants are more interested in maximizing the efficiency of a settlement than their own expected profit. The implications of these results are then used to discuss the potential role of public regulation and reputation mechanisms in Cyberspace.
RePEc: Research Papers in Economics, Jun 28, 2012
This paper studies the question of Securities Settlement System compatibility in Europe through p... more This paper studies the question of Securities Settlement System compatibility in Europe through price competition in post-trading market. We study the incentives of CSD to migrate to TARGET 2 Secruities when they are competitors in the market for depository. In the spirit of Matutes and Padilla (1994), we construct a stylized model of CSD competition which emphasises the distinctive features of SSS compatibility. We investigate the trade-off between the network and the substitution effects in a setting where, rival CSD first agree on a compatibility regime and then compete in Securities Settlement Services and depository. Therefore, we derive the implications for CSD compatibility of post-trading cost, entry, and banks switching costs. Finally, we investigate the normative implications of our model and draw some policy conclusions.
On the reliability of reprocal fairness -An experimental study
RePEc: Research Papers in Economics, 1997
When She Lives Longer: An Experimental Study of Saving Decisions by Couples
We investigate the intertemporal allocation behavior of spouses with diVerent deterministic lifee... more We investigate the intertemporal allocation behavior of spouses with diVerent deterministic lifeexpectations in an experiment. In each period of their life both partners propose a consumptionlevel one of which is then randomly implemented. To allow for learning one ...
Serveur Web: www.gate.cnrs.frDoes Resorting to Online Dispute Resolution Promote Agreements? Experimental Evidence
Le recours aux mécanismes de résolution des conflits en ligne favorise-t-il l’obtention d’un acco... more Le recours aux mécanismes de résolution des conflits en ligne favorise-t-il l’obtention d’un accord? Une étude expérimentale Yannick Gabuthy et Nadège Marchand This paper presents the results of an experiment performed to test the properties of an innovative bargaining mechanism (called automated negotiation) used to resolve disputes arising from Internetbased transactions. Automated negotiation is an online sealed-bid process in which an automated algorithm evaluates bids from the parties and settles the case if the offers are within a prescribed range. The observed individual behavior, based on 40 rounds of bargaining, is shown to be drastically affected by the design of automated negotiation. The settlement rule encourages disputants to behave strategically by adopting aggressive bargaining positions, which implies that the mechanism is not able to promote agreements and generate efficiency. This conclusion is consistent with the experimental results on arbitration and the well-k...
Ultimatum et logique économique de la négociation : l'apport de l'économie expérimentale
L'analyse de la negociation par la theorie revient a reduire la variete de regles dont dispos... more L'analyse de la negociation par la theorie revient a reduire la variete de regles dont disposent les differentes parties pour parvenir a un accord. Dans cette perspective, le modele de rubinstein (1982) offre une resolution d'un jeu de negociation sequentielle, a offre alternee et en horizon fini. En mobilisant le principe de 'l'induction a rebours', on identifie un equilibre parfait en sous-jeu dans lequel les joueurs parviennent au partage d'equilibre des la premiere etape du jeu. Le jeu d'ultimatum, qui suppose que l'offre faite est a prendre ou a laisser, constitue l'element le plus simple de ce modele. Le partage d'equilibre correspond alors a une repartition tres inegale des gains entre les joueurs. Tout d'abord, l'etude experimentale du jeu d'ultimatum et des jeux de negociation sequentielle revele une preference inarquee pour la repartition egalitaire des gains, ceci contrairement aux predictions de la theorie. L'anomal...
The game theoretic prediction for alternating offer bargaining depends crucially on how 'the ... more The game theoretic prediction for alternating offer bargaining depends crucially on how 'the pie' changes over time, and whether the proposer in a given round has ultimatum power. We study experimentally eight such bargaining games. Each game is once repeated before moving on to the next one what defines a cycle of altogether 16 successive plays. Participants play three such cycles. There are no major experience effects but strong and reliable effects of anticipated rule changes. The latter, however, are not due to strategic considerations but rather to the social norms of fairness and efficiency.
The impact of the settlement platform T2S on the European financial markets
Présenté par Nadège Marchan
Homo Oeconomicus, 2000
Experimental studies have shown that trust and reciprocity are effective in increasing efficiency... more Experimental studies have shown that trust and reciprocity are effective in increasing efficiency when complete contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al. (2000) it is investigated to what extent trust and reward are still observable when reward is indirect; i.e., when the investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of social comparison (information about other players' investments). Our main finding is that mainly indirect reward reduces significantly mutual cooperation.
La restructuration des infrastructures de marchés financiers: quelles réformes pour le règlement-livraison et la conservation des titres ?
Economies Et Societes Serie Monnaie, 2010
Depuis plusieurs annees, les autorites europeennes s'interrogent sur les moyens d'avancer... more Depuis plusieurs annees, les autorites europeennes s'interrogent sur les moyens d'avancer vers un marche financier europeen integre. Elles ont longtemps semble privilegier les « forces naturelles du marche », avant d'inflechir recemment leur position: jugeant les acteurs trop lents a s'organiser et se reformer, la BCE vient ainsi de decider de mettre en place un systeme unique de reglement-livraison des titres financiers. Apres avoir souligne le caractere inabouti de la restructuration de la chaine de traitement des titres en Europe, nous envisageons les differents processus qui pourraient etre engages afin de mener a bien cette consolidation. Puis, nous evaluons les modes d'organisation vers lesquels pourraient evoluer les infrastructures de marche apres la mise en place de ce systeme unique de reglement-livraison. Nous soulignons que des questions restent ouvertes, qui portent notamment sur le devenir de la conservation, la fonction notariale d'enregistrement des titres, traditionnellement associee au reglement-livraison, mais en principe non directement concernee par la future reforme europeenne.
Economic Effects of Application Service Providers on Software Markets
Discussion paper, Humboldt Universität, Berlin
Equilibration et dépendance du contexte : une étude expérimentale
National audienc
Competition among European Clearing Houses
Entrepreneurial (over)confidence and the choice of financing and advising contracts: An experimental investigation
We test in the laboratory how entrepreneurs’ skill perceptions influence the design of financing ... more We test in the laboratory how entrepreneurs’ skill perceptions influence the design of financing and advising contracts. Our theoretical framework proposes that selfconfident entrepreneurs prefer issuing debt whereas low self-confident ones prefer equity which induces strong investor assistance. The prevalence of overconfidence makes investors more reluctant to accept debt offers and constrains self-confident entrepreneurs to finance through mixed securities. Experimental results show that self-confident entrepreneurs issue more debt-like securities and receive less assistance. We also show that entrepreneurs learn not to offer pure debt and that initial ignorance of their own skills reinforces entrepreneurs’ ability to learn through risky choices.
An Economic Model to Study Dependencies Between Application Software Vendors and Application Service Providers
International audienc
L'externalisation des back-offices : la réglementation en plus
Les modèles de gestions d'actif
Target 2 Securities : effets sur les politiques tarifaires et parts de marchés des CSD
Concurrences entre chambres de compensations : une étude expérimentale
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Papers by Nadège Marchand