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2 results

  • 3 - The 2007–2008 Financial Crisis

  • Paul Embrechts, Swiss Federal University (ETH), Zürich, Marius Hofert, The University of Hong Kong, Valérie Chavez-Demoulin, Université de Lausanne, Switzerland
  • Book:
    Risk Revealed
    Published online:
    05 April 2024
    Print publication:
    11 April 2024, pp 24-42

  • Summary

    The 2007 – 2008 financial crisis has been the subject of many articles, books, movies and even a theater play. We take you for a walk along Wall Street, pointing at some aspects of the story that touch our personal experiences and interests. We look critically at some of the main underlying causes. Besides political blindness, we highlight the unbridled growth of power of relatively small groups of investment bankers and how these brought financial institutions to (and in some cases beyond) the edge of bankruptcy. We expose some of the over-complicated financial instruments together with their astronomical volumes traded. We also look more critically at the role played by quants (financial engineers) in general and mathematicians in particular. What is the truth behind “The formula that killed Wall Street”? An important aspect concerns early warnings not heeded to. In summary, this is a chapter on greed, power, complexity, volume and stupidity.

  • Les marchés à tranches

  • Lionel Thomas
  • Journal:
    Recherches Économiques de Louvain/ Louvain Economic Review / Volume 67 / Issue 4 / 2001
    Published online by Cambridge University Press:
    17 August 2016, pp. 437-451
    Print publication:
    2001

  • Cet article étudie les marchés publics à tranches. Ces procédures sont caractérisées par la présence d’une incertitude sur la réalisation complète d’une opération. Celle-ci est alors découpée en plusieurs travaux (tranches) qui doivent être réalisés successivement. La première tranche est effectuée juste après l’attribution du marché, tandis que l’affermissement des suivantes est soumis à la réalisation de certaines conditions prévues par le contrat. Les règles optimales d’approvisionnement sont déterminées pour deux tranches. On montre que la firme la plus efficace ex-ante gagne le marché. Mais l’incertitude fait qu’elle ne l’est plus nécessairement ex-post. Nous évaluons par la suite le coût de l’incertitude lié au risque d’une allocation inefficace ex-post.