Le LEDa, Laboratoire d’Economie de Dauphine,  est une unité de recherche créée en 2009. Il regroupe l’ensemble des enseignants-chercheurs économistes de l’Université Paris Dauphine ainsi que des chercheurs IRD et CNRS. 

Ses recherches orientées dans le sens de l’aide à la décision concernent plusieurs enjeux de société de large spectre : santé et vieillissement, développement et mobilités, politiques macroéconomiques, environnement et climat ainsi que la finance. Elles se nourrissent de réflexions théoriques portant sur les fondements micro-économiques, l’économie du bien-être, les structures des marchés et des interactions, et  la question du risque.

Le LEDa compte 142 membres : 63 enseignants chercheurs, 13 chercheurs IRD et CNRS et 60 doctorants et une équipe administrative de 6 personnes.


Directeur du LEDa
Philippe De Vreyer

Responsable administratif
Cecile Billois Fontalavie
Bureau P 143
tel: (33) 01 44 05 45 42


Université Paris-Dauphine

Place du Maréchal de Lattre de Tassigny
75775 Paris cedex 16
Tel 01 44 05 44 05

Plan d'accès

Évaluation HCERES 2017-2018

Dernières publications


Publications de l'Université Paris-Dauphine : LEDa

  • Carré S. (2022), Disclosures, Rollover Risk and Debt Runs, Journal of Banking and Finance, 142, p. 1-18

    How do opacity and disclosure policies impact short-term debt financing costs and the likelihood and cost of debt runs? I construct a dynamic model where debt yields are endogenous and mapped explicitly to the degree of transparency, the regulatory disclosure regime and the state of the economy. Different disclosure policies generate sharp differences in the rich debt and beliefs dynamics that I obtain. Short-term yields may remain low while bank's asset quality deteriorates, and a disclosure regime might consistently induce better beliefs but imply larger financing costs. At the policy level, my model predicts that the regulator should commit to disclose except at large levels of opacity.

  • Carré S., Collin-Dufresne P., Gabriel F. (2022), Insider Trading with Penalties, Journal of Economic Theory, 203, p. 1-36

    We consider a Kyle (1985) one-period model where insider trading may be subject to a penalty that is increasing in trade size. We characterize the solution - the equilibrium price and optimal trading strategy - explicitly and establish existence and uniqueness for an arbitrary penalty function for the case of uniformly distributed noise. We use this framework to capture the difference between legal and illegal insider trading, and identify the set of 'efficient penalty functions' that would be optimal for a regulator that seeks to minimize expected uninformed traders' losses for a given level of price informativeness. Simple policies consisting of a fixed penalty upon nonzero trades belong to this set and can be used to implement any efficient outcome. Using numerical analysis, we show the robustness of our results to different distributional assumptions.

  • , Does Childbearing Affect Cognitive Health in Later Life? Evidence From an Instrumental Variable Approach, Demography, 59, 3, p. 975–994

    Cognitive decline is a widespread concern as populations grow older. However, population aging is partly driven by a decrease in fertility, and family size may influence cognitive functioning in later life. Prior studies have shown that fertility history is associated with late-life cognition, but whether the relationship is causal remains unclear. We use an instrumental variable approach and data from the Survey of Health, Ageing, and Retirement in Europe to examine whether having three or more versus two children affects late-life cognition. Parents often prefer to have at least one son and one daughter. We thus exploit the sex composition of the first two children as a source of exogenous variation in the probability of having three or more children. Results indicate that having three or more versus two children has a negative effect on late-life cognition. This effect is strongest in Northern Europe, perhaps because higher fertility decreases financial resources yet does not improve social resources in this region. Future studies should address the potential effects of childlessness or having one child on late-life cognition and explore the mediating mechanisms.

  • Daudin G., Hericourt J., Patureau L. (2022), International transport costs: New findings from modeling additive costs, Journal of Economic Geography, 05 May 2022, p. lbac007

    This paper investigates the pattern of international transport costs over time, using information contained in the US imports flows over 1974-2013. First, we document the importance of the per-unit (additive) component of transport costs. We thus find that additive costs are quantitatively sizable, representing between one third and one half of overall transport costs. Second, we identify the respective roles of the reduction in "pure'' transport costs and trade composition effects in the downward trend of international transport costs, in the same spirit as Hummels (2007). Unlike him, we find that trade composition effects do not matter much and, when they do, they tend to amplify (rather than reduce) the decrease in pure transport costs. Importantly, this difference of results can be attributed to the new way of modeling the per-unit component of transport costs we offer. In both aspects, our results point to the importance of the additive component in accounting for international transport costs.

  • Godard M., Koning P., Lindeboom M. (2022), Application and Award Responses to Stricter Screening in Disability Insurance, The Journal of Human Resources, 57, 3

    We examine the targeting effects of stricter screening in the Dutch Disability Insurance (DI) program induced by a nationwide reform. The drastic "Gatekeeper Protocol" increased application costs and revealed more information about individuals' ability to work. Discontinuity-in-Time regressions on administrative data show substantial declines in DI application rates (40% in one year) following the reform, particularly among difficult-to-verify impairments and less severe health disorders. Individuals that were deterred from applying had worse health and worked less than never-applicants. Changes in average health conditions of awardees were almost fully driven by selfscreening and work resumption during the DI sick-pay period.

  • Charles L., Daudin G., Girard P., Plique G. (2022), Exploring the Transformation of French and European Trade and Economy in the Long Eighteenth Century (1713-1823) : the TOFLIT18 Project, Historical Methods: A Journal of Quantitative and Interdisciplinary History

    The TOFLIT18 project documents French bilateral international trade flows from the 1710s to the 1820s. This article presents the TOFLIT18 dataset and its exploration tool (the "datascape"). We make four contributions: first, we discuss the institutional framework in which the sources were produced; second, we present our method to standardize the collected data and reduce the variety of commodity names, partners, and measurement units; third, we document how ad hoc classifications can be created to aggregate the dataset; fourth, we describe the use of our datascape in a case study of the loss of Canada by France. We show how the datascape's interactive data visualizations can help quantitative historians analyze key events in French and European eighteenth century.

  • Engdahl M., Godard M., Skans O. (2022), Early Labor Market Prospects and Family Formation, The Journal of Human Resources, 57, 3, p. 54

    Using quasi-random variation in graduation years of Swedish vocational high-school females at the sudden onset of a deep national recession, we study how deteriorated early labor-market prospects affected economic and family outcomes during the following decades. Labor-market consequences were severe but not permanent. In contrast, family outcomes were permanently altered, in particular for low-GPA women. These women married and had children earlier, and they partnered with lower-performing spouses. Divorce and single-motherhood rates rose, and welfare-claims remained elevated for decades. This suggests that temporary shocks to female labor market prospects can propagate into long-run poverty through endogenous adjustments of marriage-quality thresholds.

  • Charles L., Daudin G. (2022), Et la France se spécialisa dans le luxe, L'Histoire, 493, p. 92-93

    En s'appuyant sur les outils informatiques, les historiens proposent aujourd'hui une nouvelle histoire de l'industrie du luxe en France, qui permet de nuancer le rôle traditionnellement attribué à Colbert.

  • Renard Y. (2022), From Fees to Free: User Fee Removal, Maternal Health Care Utilization and Child Health in Zambia, World Development, 156, p. 105891

    Despite recent progress, about 295,000 women in the World still die each year from pregnancy-related causes, and about 4.1 million children die before reaching the age of one. 99% of these deaths occur in developing countries. In 2006 the Zambian government removed user fees in public and mission health facilities in 54 out of 72 districts, and then extended this policy to rural parts of unaffected districts in 2007. I exploit the staggered implementation of the policy to assess its impact on maternal health care utilization and child health outcomes. Using a difference-in-differences estimation strategy, I find a 43% increase in the probability to give birth in a medical facility following the removal and a 36% increase in the probability of being assisted by a skilled birth attendant during childbirth. These positive effects decrease with household's distance from the nearest health facility. In terms of child health, chronic malnutrition decreased by 8% and the abolition of user fees reduced newborn mortality risk only for those living close to a health facility providing essential emergency obstetric care and child health services. Access improved but returns to formal health services remained rather limited, highlighting the importance of addressing supply-side constraints to generate substantial gains in population health.

  • Rossi P., Godard M. (2022), The Old-Age Security Motive for Fertility: Evidence from the Extension of Social Pensions in Namibia, American Economic Journal : Economic Policy, p. 56

    The old-age security motive for fertility postulates that people's needs for old-age support raise the demand for children. We exploit the extension of social pensions in Namibia during the nineties to provide a quasi-experimental quantification of this widespread idea. The reform eliminated inequalities in pension coverage and benefits across regions and ethnic groups. Combining differences in pre-reform pensions and differences in exposure across cohorts, we show that pensions substantially reduce fertility, especially in late reproductive life. The results suggest that improving social protection for the elderly could go a long way in fostering fertility decline in Sub-Saharan Africa.