This diploma thesis deals with selected legal questions regarding artwork in Czech Republic. Author focuses on artwork from copyright and civil legal perspective, specifically author´s rights and copyright and its legal protection (civil, administrative and criminal). It also addresses questions concerning licenses and licensing agreements, relation between artwork and its material object, buying and selling artwork, purchase agreement and other types of contract that artists usually encounter. The aim of this thesis is to identify the current state of legislation in this matter and issues that need to be addressed. Among other methods, author used a comparative method and a research in a form of survey in this thesis.

Diplomová práce analyzuje možnosti vstupu Burda Auction, s.r.o. na filatelistický trh Spolkové republiky Německo. Obsahuje zhodnocení teoretických poznatků a používaných analytických metod, které jsou poté aplikovány při analýze německého trhu s filatelií a konkurenčního prostředí. A poté navrhuje vhodné strategie pro expanzi firmy Burda Auction, s.r.o. na německý trh.

<p>Contest outcomes often involve some mix of skill and chance.  In three essays, I vary the sources of noise and show how player actions either influence, or are influenced by, noise.  I begin with a classic multi-battle contest, the Colonel Blotto game.  Due to his disadvantage in resources, the weak player in this contest stochastically distributes resources to a subset of battlefields while neglecting all others in an attempt to achieve a positive payoff.  In contrast, the strong player evenly distributes his resources in order to defend all battlefields, while randomly assigning extra resources to some.  Because the weak player benefits from randomizing over larger numbers of battlefields, a strong player has incentive to decrease the range over which the weak player can randomize.  When battlefields are exogenously partitioned into subsets, or \textit{fronts}, he is able to do this by decentralizing his forces to each front in a stage prior to the distribution of forces to battlefields and actual conflict.  These allocations are permanent, and each subset of battlefields effectively becomes its own, independent Blotto subgame.  I show that there exist parameter regions in which the strong player's unique equilibrium payoffs with decentralization are strictly higher than the unique equilibrium payoffs without decentralization.</p> <p><br></p> <p>In my second paper, I show how sources of exogenous noise, what Clausewitz referred to as the ``fog of war," obscure developments on the battlefield from the view of a military leader, while individual inexperience and lack of expertise in a particular situation influence his decisionmaking.  I model both forms of uncertainty using the decentralized Colonel Blotto game from the first chapter.  To do so, I first test the robustness of allocation-stage subgame perfect equilibria by changing the contest success function to a lottery, then I find the players' quantal response equilibria (QRE) to show how individual decision-making is impacted by bounded rationality and noisy best responses, represented by a range of psi values in the logit QRE.  I find that player actions rely significantly less on decentralization strategies under the lottery CSF compared to the case of the all-pay auction, owing mainly to the increased exogenous noise.  Moreover, agent QRE and heterogeneous QRE approximate subgame perfect equilibria for high values of psi in the case of an all-pay auction, but under the lottery CSF, QRE is largely unresponsive to changes in psi due to the increase in exogenous noise.</p> <p><br></p> <p>Finally, I examine a potential method for introducing noise into the all-pay auction (APA) contest success function (CSF) utilized in the Colonel Blotto games of the first two chapters.  Many contests are fundamentally structured as APA, yet there is a tendency in the empirical literature to utilize a lottery CSF when stochastic outcomes are possible or the tractability of pure strategy equilibria is desired.  However, previous literature has shown that using a lottery CSF sacrifices multiple distinguishing characteristics of the APA, such as the mixed strategy equilibria described by Baye, Kovenock, and de Vries (1996), the exclusion principle of Baye, Kovenock, and de Vries (1993), and the caps on lobbying principle of Che and Gale (1998).  I overcome this by formulating an APA that incorporates noise and retains the defining characteristics of an auction by forming a convex combination of the APA and fair lottery with the risk parameter lambda.  I prove that equilibria hold by following the proofs of Baye et al. (1996, 1993) and Che and Gale (1998), and I show the new CSF satisfies the axioms of Skaperdas (1996).  While player and auctioneer actions, payments, and revenues in the noisy APA adhere closely to the those of the APA for low levels of noise, the effect of discounted expected payoffs results in lower aggregate payments and payoffs when noise is high.  Finally, I show the noisy APA is only noise equivalent to the lottery CSF when lambda = 0, i.e., the fair lottery.</p>

La presente tesis tiene como objeto de estudio a la empresa Fantastibox S.A.C que pertenece a la industria de la organización de eventos tales como onomásticos, graduaciones, eventos corporativos y alquiler de cabinas de fotos instantáneas. La principal motivación de este proyecto es abordar la problemática principal de la empresa que hace referencia a los tiempos elevados en la búsqueda y elección inadecuada de los proveedores; lo cual se produce por el manejo manual de información y una inversión de tiempo considerable para la aplicación de los criterios al momento de seleccionar al proveedor (precio, ubicación, años de experiencia en el servicio) necesarios para garantizar un evento exitoso. Esto conlleva, a que se produzcan pérdidas de oportunidades de negocio, una baja fidelización de sus clientes. Asimismo, no realizan el seguimiento adecuado a los proveedores con los que trabajaron en algún momento incurriendo en contrataciones fallidas. Después de identificar la problemática y analizar los procesos de la empresa se propone como objetivo del proyecto la implementación de un sistema web que logre la automatización del proceso de búsqueda de proveedores y la tendencia a la baja de precios con la subasta inversa. Asimismo, se plantea el uso de árboles de decisión para lograr elegir a los mejores proveedores por cada servicio solicitado por el cliente. La propuesta está alineada al objetivo de la empresa en cuanto a incrementar la respuesta al número de solicitudes de los clientes independientemente de la fecha del evento. / The present thesis has as object of study the company Fantastibox S.A.C that belongs to the industry of the organization of events such as onomastics, graduations, corporate events and rental of instant photo booths. The main motivation of this project is to address the main problem of the company that refers to the high times in the search and inappropriate choice of suppliers; This is produced by the manual handling of information and a considerable investment of time for the application of the criteria when selecting the supplier (price, location, years of experience in the service) necessary to guarantee a successful event. This leads to loss of business opportunities, low customer loyalty. Likewise, they do not adequately monitor the suppliers with whom they worked at some point, incurring failed contracts. Based on the identification of the problem and analysis of the company's processes, the project's objective is to implement a web system that achieves the automation of the supplier search process and the downward trend in prices with reverse auction. Likewise, the use of decision tree algorithms is proposed to be able to choose the best providers for each service requested by the client. The proposal is aligned with the company's objective in terms of increasing the response to the number of customer requests regardless of the date of the event. / Tesis

[pt] Buscando a manutenção de sua capacidade operacional e a racionalização dos seus meios, o Exército Brasileiro passou recentemente por uma renovação da sua frota de veículos, incluindo veículos blindados, viaturas administrativas, como ambulâncias e automóveis, e viaturas operacionais não blindadas sobre rodas, como jipes e caminhões. Este processo de renovação possibilitou que veículos mais antigos, com mais de 15 anos de uso, fossem levados a leilões. Ocorre que nem todos os veículos são comprados nos leilões realizados, por motivos diversos, como os elevados valores de recuperação e manutenção, o baixo valor comercial, etc, ficando armazenados em pátios em áreas militares por todo o país, categorizados como sucatas, aguardando a abertura de novos processos licitatórios. Geralmente esses novos processos têm o mesmo resultado negativo, a não venda. Diante das novas aquisições de veículos já realizadas e das futuras aquisições anunciadas, mais unidades veiculares serão inutilizadas, indicando um aumento do número de sucatas militares. Nesse contexto, este trabalho realizou um estudo para destinar sucatas militares para a indústria siderúrgica, apresentando a viabilidade legal para o desfazimento de viaturas, formulando um processo sustentável, por meio do conceito de economia circular, causando impactos positivos para o meio ambiente com a eliminação de sucatas, e gerando, com esse projeto, receitas da ordem de 3,6 milhões de reais para o Exército. / [en] Seeking to maintain its operational capacity and rationalize its means, the Brazilian Army has recently undergone a renewal of its fleet of vehicles, including armored vehicles, administrative vehicles such as ambulances and automobiles, and unshielded operating vehicles on wheels, such as jeeps and trucks. This renovation process allowed older vehicles with more than 15 years of use to be auctioned. Not all vehicles are purchased at auctions held for various reasons, such as high recovery and maintenance values, low commercial value, etc., and are stored on patios in military areas throughout the country, categorized as scrap, awaiting opening of new bidding processes. Usually these new processes have the same negative result, not selling. Faced with new acquisitions of vehicles already made and future acquisitions announced, more vehicular units will be rendered useless, indicating an increase in the number of military scrap. In this context, this work carried out a study to assign military scrap to the steel industry, presenting the legal viability for vehicle depletion, formulating a sustainable process, through the concept of circular economy, causing positive impacts to the environment with the elimination of scraps, and generating, with this project, revenues in the order of 3.6 million reais for the Army.

Die Büchersammlung des Göttinger Universitätsprofessors und reformierten Pastors Lüder Kulenkamp (1724-1794) bildet mit über 9.000 Handschriften, Abschriften, Inkunabeln und Drucken ab 1501 die viertgrößte private Gelehrtenbibliothek Göttingens im 18. Jahrhundert. Die Sammlung ist ausschließlich über den 1796 gedruckten Auktionskatalog sowie zwei, mit Käufer- und Preisangaben versehene durchschossene Exemplare dokumentiert. Über inhaltliche Aussagen hinaus, die den hybriden Charakter der Sammlung als Arbeitsinstrument und bibliophile Kollektion zugleich offenlegen, versucht die Arbeit, unter Einbeziehung von Marginalien und handschriftlichen Einträgen Kulenkamps sowie von in Vorlesungen benutzten bzw. in eigenen Publikationen zitierten Titeln, ein Bild des gelehrten Büchersammlers und -lesers an seinem Standort und zu seiner Zeit zu vermitteln. Die durchschossenen Exemplare des Versteigerungskatalogs bilden quellenorientiert die Basis für bibliothekarisch motivierte Käufe seitens der Bodleian Library, der herzoglichen Bibliothek Gotha und der Universitätsbibliothek Göttingen sowie für privat motivierte Käufe seitens Studenten, Buchantiquariaten und akademischen Sammlern, die das Erstellen gesellschaftlicher und individueller Rezeptions- und Leserbiographien ermöglichen. Der in Bibliotheken gelangte Bestand der Büchersammlung wird darüberhinaus im Sinne einer Provenienzaufarbeitung per Autopsie erschlossen. / The private library of the university professor and reformed pastor Lüder Kulenkamp (1724-1794) forms with over 9.000 manuscripts, transcripts, incunables and printed books the fourth largest private book collection in Göttingen during the eighteenth century. The collection is documented by an auction catalogue printed in 1796, of which two interfoliated copies have been located that provide useful information about buyers and prices. The dissertation delves into each of the titles within Kulenkamp’s library, while pointing out the hybrid character of the collection, which was both an instrument for teaching and research and the result of the owner’s bibliophilia. A careful consideration of Kulenkamp’s marginalia and handwritten notes, his course announcements and the titles of the books he refers to in his writings provides a lively picture of how an erudite book collector and reader might have looked like in his place and time. The interfoliated exemplars of the auction catalogue were the basis for Kulenkamp’s books being the subject of library acquisitions that were decided for at the Bodleian Library, the Herzogliche Bibliothek Gotha and the Universitätsbibliothek Göttingen as well as for private acquisitions by students, book antiquarians and academic collectors. They are of great interest for the development of public and private book circulation and the shaping of readers’ biographies. In compliance with the requirements of provenance-research, all books of the collection of which we know they had been acquired by public libraries have been looked into by autopsy.

學年度：90 學期：2 校院：國立政治大學 系所：經營管理碩士學程 論文名稱：從兩岸入世論臺灣承銷商的發展契機 學位類別：碩士 研究生：陳慶洪 指導教授：杜化宇 關鍵詞：中國大陸、證券承銷、證券承銷商、發行人、配售方式、詢價圈購、公開申購、競價拍賣、世界貿易組織 中文摘要： 隨著中國大陸經濟的蓬勃發展，股票市場也在這個變動的社會中應運而生。股票市場做為溝通資金供需雙方的重要渠道，是傳統資本主義社會的重要表徵，最早發軔於西歐，臺灣和中國大陸也陸續引進這種商業型態的制度。隨著兩岸分別加入世界貿易組織，股票市場也必須積極地邁向國際化。當歐、美、日等國的投資銀行均已積極地進駐中國大陸，以搶佔其金融市場之際，國內業者受制於兩岸的政治氛圍卻顯得步履蹣跚。然而太晚進入大陸市場，將使國內證券承銷商處於不利的競爭地位。 在WTO的架構下，金融服務業必須受到服務貿易總協定的規範，兩岸都將適用最惠國待遇和多邊諮商原則，所以臺灣對中國大陸以及中國大陸對臺灣的經貿與金融政策都必須作大幅度的調整。臺灣地區的證券承銷商如何掌握此一發展趨勢，以開創華人世紀的新紀元，在在考驗著臺灣政府與業者的智慧。 摘要 回顧八零年代後期，中國大陸在鄧小平的主導下，踏上改革開放的試點工作，低廉的要素成本和政府的政策支持，吸引著外資源源不斷地注入，臺商得文化、地利之便，藉著轉移生產基地以延續產業生命並擴展生產規模。二十餘年來，西進的臺商從勞力密集，逐漸提升到資本密集與技術密集，對國內的經濟發展帶來相當大的衝擊。當臺商在異地逐漸站穩腳步，並於境外獲得資金供給的來源，對國內資本市場的依存度自然降低許多。做為資金供需雙方媒介的國內證券承銷商，遂因而陷入市場萎縮的困境。當兩岸次第加入世貿組織以後，國內承銷商是否有機會跟隨臺商腳步，將市場拓展至中國大陸，以延續生機並再創高峰，的確是一件值得深思的問題。 本研究的第二章、第三章分別介紹中國大陸和臺灣的承銷制度，依序分從 「證券商之分類及其業務範疇」、「承銷時機」、「承銷方式與資格」、「承銷作業程序」和「承銷價格訂定與配售方式」等五個面向加以探討，第四章則從比較制度的觀點，分析兩地承銷制度的異同。為了瞭解WTO入會架構將對兩岸承銷商帶來何等影響，本研究第五章首先介紹世界貿易組織的功能、理念與規範重點，其次則試圖探討兩岸入會後可能面臨的衝擊與因應之道。第六章則以建華金控為例，探討年前國內通過金融業者得以純粹控股公司形式跨業兼營的法令，將對證券承銷業者進軍中國大陸的努力帶來何等影響與可能的限制。 從制度面來看，由於臺海兩岸均係繼受歐美國家的先進體制，只是導入時期先後有別，除因政策性考量產生些許出入外，可說是大同小異。其次，兩岸分別在2001年11月間的卡達會議中獲准加入世界貿易組織，臺灣地區雖以已開發國家身份入世，因入世前長達九年的複邊磋商過程已陸續將相關要求內化，入世後應不致帶來太大的衝擊。而中國大陸係以開發中國家身份爭取入世，因此在國內市場的開放上有較多的調適時間，不過從其最近出台的《外資參股證券公司設立規則》來看，除了對於境外股東的持股比例，依其入世時承諾的進度設定限制外，可說是全面開放證券承銷市場；且該規則亦適用於香港、澳門及臺灣地區的業者。受限於兩岸政權迄今仍處於對立狀態，短期內恐無法假前述規則簽署證券監管合作諒解備忘錄，勢將嚴重斷喪臺灣承銷商西進的發展契機，徒將崛起的商機拱手讓與外資，國內政府誠應審慎考慮此一嚴肅課題，進而積極協助業者排除政治上的障礙，以延續並擴展臺灣業者的生存命脈。 / Academic year: 2001 Session:2 School: National Chengchi University Department: Executive MBA of Finance Title of Thesis: The Opportunity of The Underwriting Corporation in Taiwan After Attending WTO Degree: Master Author: Ching-Hung Chen Advisor: Professor Anthony Tu Keywords: Mainland China, securities underwriting, underwriter, issuer, offering method, book-building, fix-price, auction, WTO Abstract: As the economy of Mainland China is glooming, the stock market arises in the changing society. The stock market is an important channel to link the supply and demand, as well as a symbol of the traditional capitalist society. It has taken a long time for western countries to develop their stock systems. However, similar systems emerged in Taiwan and Mainland China. After Taiwan and Mainland China attending WTO, stock markets must be aggressively facing the globalization. When Europe, the United States, and Japan are going to compete to dominate the Mainland's financial market. Taiwan is moving at a slower pace and facing many restrictions. The late entry of Taiwan's underwriting corporations into the Mainland market will undermine their competitiveness. Under the WTO framework, the basic principles on the financial services sector are governed by the General Agreement on Trade in Services (GATS). Once Taiwan and the Mainland become WTO members, they must both accept all WTO regulations, including those on MFN treatment and multilateral negotiations. In light of these requirements, both Taiwan and the Mainland must make large adjustments in their cross-strait and financial policies toward each other. The underwriting corporations in Taiwan are willing to create a new era. How to grasp the developing tendency is a critical trial to the enterprises and government in Taiwan.

因應電子化交易興起而進行的一系列人機互動研究顯示, 縱使人類會透過學習而改善其表現, 電腦化的交易程式獲利能力還是遠勝於真人交易者之表現。本研究遂以遺傳規劃演算法作為學習型交易者之代表, 與一系列電腦化交易策略相競爭, 以探討學習的功效及其限制。 本研究採用離散型雙方喊價機制, 摒除了計算能力所造成之決策時間差異所會帶來的影響, 亦排除掉人類情緒、預期、相關知識不足等可能因子, 在計算能力對等的情況下, 單純地來評估學習與理性設計策略的結果。並且首次嘗試將影響學習至鉅的智商因子帶入模型之中, 實驗結果顯示學習具有相當的能力, 即使是在對環境缺乏認識的情況下, 隨著時間的經過其表現最終可凌駕理性設計的策略之上, 然而學習所需的時間是學習型交易者的一大弱點。同時, 本研究也顯示對於以遺傳規劃建構的學習型交易者而言, 其虛擬智商的參數愈高, 學習的效果也愈佳。此研究因此可作為未來在代理人基經濟學模型中, 更深入地探討智商水準不同所造成之行為差異的基礎。 / The study of a series of human-agent interactions as well as computerized trading tournaments in double auction markets has exhibited a general superiority of computerized trading strategies over learning agents. The ineffectiveness of learning motivates the study of learning versus designed trading agents in this research. We therefore initiates a series of experiments to test the capability of learning GP agents and rationally-designed trading strategies. The results shows that with the cost of time, eventually learning agents can beat all other trading strategies. At the same time, the notion of intelligence is introduced into the model to investigate the influence of individual intelligence on learning ability. We utilize the population size of the GP trader as the proxy variable of IQ which is a measure of general intelligence. The results show that individuals with higher intelligence can perform better than those with lower intelligence, which manifests its importance discovered in Psychological research.

Cette thèse est composée de trois essais en économie forestière. Les deux premiers s'intéressent à la fixation de la redevance optimale à laquelle fait face le propriétaire d'une ressource forestière dans un contexte d'information asymétrique. Le troisième analyse l'impact à long terme du recyclage sur la surface de terre affectée à la forêt. La gestion des ressources forestières implique souvent la délégation des droits de coupe par le propriétaire forestier à une entreprise exploitante. Cette délégation prend la forme d'un contrat de concession par lequel le propriétaire forestier octroie les droits d'exploitation aux compagnies forestières, en contrepartie d'une redevance (transfert monétaire). L'octroie des droits d'exploitation s'effectue généralement sous plusieurs modes, dont les plus répandus sont les appels d'offres publics et les contrats de gré à gré, où le propriétaire forestier et la firme exploitante spécifient entre autres la redevance dans les clauses d'exploitation de la forêt. Pour déterminer le mécanisme optimal (choix de la firme, âge de coupe et redevance), le propriétaire forestier a idéalement besoin de connaître les coûts de coupe et de reboisement. Or en réalité, les firmes sont mieux informées sur leurs coûts que le propriétaire forestier. Dans ce contexte d'information asymétrique, le mécanisme optimal doit donc prendre en considération des contraintes informationnelles. Les deux premiers essais caractérisent, sous ces conditions, l'âge de coupe optimal (la rotation optimale) et la redevance optimale. Le premier essai examine le contrat optimal quand le propriétaire forestier cède les droits de coupes à une firme par un accord de gré à gré ou par une procédure d'appel d'offre public au second prix. L'analyse du problème est menée premièrement dans un contexte statique, dans le sens que les coûts de coupe sont parfaitement corrélés dans le temps, puis dans un contexte dynamique, où les coûts sont indépendants dans le temps. L'examen en statique et en dynamique montre que la rotation optimale va satisfaire une version modifiée de la règle de Faustmann qui prévaudrait en information symétrique. Cette modification est nécessaire afin d'inciter la firme à révéler ses vrais coûts. Dans le cas statique, il en résulte que la rotation optimale est plus élevée en information asymétrique qu'en situation de pleine information. Nous montrons également comment le seuil maximal de coût de coupe peut être endogénéisé, afin de permettre au propriétaire d'accroître son profit espéré en s'assurant que les forêts non profitables ne seront pas exploitées. Nous comparons ensuite la redevance optimale en information asymétrique et symétrique. Les redevances forestières dans un arrangement de gré à gré étant généralement, en pratique, une fonction linéaire du volume de bois, nous dérivons le contrat optimal en imposant une telle forme de redevance et nous caractérisons la perte en terme de profit espéré qui résulte de l'utilisation de ce type de contrat plutôt que du contrat non linéaire plus général. Finalement, toujours dans le contexte statique, nous montrons à travers un mécanisme optimal d'enchère au second prix qu'en introduisant ainsi la compétition entre les firmes le propriétaire forestier augmente son profit espéré. Les résultats obtenus dans le contexte dynamique diffèrent pour la plupart de ceux obtenus dans le cas statique. Nous montrons que le contrat optimal prévoit alors que chaque type de firme, incluant celle ayant le coût le plus élevé, obtient une rente strictement positive, laquelle augmente dans le temps. Ceci est nécessaire pour obtenir la révélation à moindre coût à la période courante du véritable type de la firme. Comme implication, la rotation optimale s'accroît aussi dans le temps. Finalement, nous montrons qu'il y a distorsion en asymétrique d'information par rapport à l'optimum de pleine information même pour le coût le plus bas (la réalisation la plus favorable). La concurrence introduite dans le premier essai sous forme d'enchère au second prix suppose que chaque firme connaît exactement son propre coût de coupe. Dans le deuxième essai nous relâchons cette hypothèse. En réalité, ni le propriétaire forestier ni les firmes ne connaissent avec précision les coûts de coupe. Chaque firme observe de manière privée un signal sur son coût. Par exemple chaque firme est autorisée à visiter un lot pour avoir une estimation (signal) de son coût de coupe. Cependant cette évaluation est approximative. Ainsi, le coût de chaque firme va dépendre des estimations (signaux) d'autres firmes participantes. Nous sommes en présence d'un mécanisme à valeurs interdépendantes. Dans ce contexte, la valeur d'une allocation dépend des signaux de toutes les firmes. Le mécanisme optimal (attribution des droits d'exploitation, redevance et âge de coupe) est exploré. Nous déterminons les conditions sous lesquelles le mécanisme optimal peut être implémenté par une enchère au second prix et dérivons la rotation optimale et le prix de réserve dans le contexte de ce type d'enchère. Le troisième essai de la thèse analyse l'impact à long terme du recyclage sur la surface de terre affectée à la forêt. L'un des principaux arguments qui milite en faveur du recours au recyclage est que cela entraînerait une réduction de la coupe de bois, épargnant ainsi des arbres. L'objectif est donc d'aboutir à un nombre d'arbres plus important qu'en l'absence de recyclage. L'idée d'accroître le stock d'arbre tient au fait que les forêts génèrent des externalités: elles créent un flux de services récréatifs, freinent l'érosion des sols et des rives des cours d'eau et absorbent du dioxyde de carbone présent dans l'atmosphère. Étant donné la présence d'externalités, l'équilibre des marchés résulterait en un nombre d'arbre insuffisant, justifiant donc la mise en oeuvre de politiques visant à l'accroître. Le but de ce troisième essai est de voir dans quelle mesure la promotion du recyclage est un instrument approprié pour atteindre un tel objectif. En d'autres mots, comment le recyclage affecte-t-il à long terme la surface de terre en forêt et l'âge de coupe? Nous étudions cette question en spécifiant un modèle dynamique d'allocation d'un terrain donné, par un propriétaire forestier privé, entre la forêt et une utilisation alternative du terrain, comme l'agriculture. Une fois les arbres coupés, il décide d'une nouvelle allocation du terrain. Il le fait indéfiniment comme dans le cadre du modèle de Faustmann. Le bois coupé est transformé en produit final qui est en partie recyclé comme substitut du bois original. Ainsi, les outputs passés affectent le prix courant. Nous montrons que, paradoxalement, un accroissement du taux de recyclage réduira à long terme la surface forestière et donc diminuera le nombre d'arbres plantés. Par contre l'âge de coupe optimal va s'accroître. L'effet net sur le volume de bois offert sur le marché est ambigu. Le principal message cependant est qu'à long terme le recyclage va résulter en une surface en forêt plus petite et non plus grande. Donc, si le but est d'accroître la surface en forêt, il pourrait être préférable de faire appel à d'autres types d'instruments de politique que celui d'encourager le recyclage. / This thesis consists of three essays. The first two deal with the design of optimal royalty contracts for forestry exploitation under asymmetric information. The third examines the impact of recycling on the long-run forestry. The management of forest resources often involves the delegation of the harvesting operation by the forest owner to a harvesting firm. This delegation takes the form of a concession contract in which the forest owner leases logging rights to companies specialized in planting and harvesting, in return for preestablished royalty payments. The royalty (monetary transfers) can be set through different methods. For example, the forest owner can organize an auction among firms. Another way is to negotiate directly with a single firm the terms of the exploitation of the forest and hence the monetary transfers. To set the royalty schedule, the forest owner ideally needs to know the firms' costs, namely the harvesting and planting costs. In practice however firms are better informed about their costs than the forest owner. Under this asymmetry of information, the optimal royalty must therefore take into account informational constraints. The first two essays characterize the optimal royalty and the optimal rotation period under those conditions. The first essay analyzes the optimal contract under the assumption that the harvesting cost of each firm is perfectly known to itself but not to the forest owner. The problem is examined both in a static context, where the costs are perfectly correlated over time, and in a dynamic context where the costs are intertemporally independent. It is shown that both in the static and in the dynamic cases, the optimal rotation will satisfy a modified version of the Faustmann rule which holds under symmetric information, the modification being necessary in order to induce cost revelation on the part of the harvesting firm. As a result, looking first at the static case, the optimal rotation period will be longer in the asymmetric information case than in the symmetric information case. It is also shown how the cut-off cost can be endogenized, thus increasing the owner's expected profit by making sure that unprofitable forests are not exploited. Finally the comparison is made of the royalty in the symmetric and asymmetric information cases. Because forest contracts are in practice typically linear in the volume harvested, the optimal royalty is derived under the constraint that it is a linear function of the volume harvested and the loss in expected welfare from using a linear contract instead of the theoretically more general nonlinear contract is characterized. Finally, still in the static context, it is shown that the forest owner could raise its expected profit by allowing competition among firms through public auctions. It is shown in the dynamic context that, unlike in the static case, all firms, including the highest-cost type, get a strictly positive rent. It is also shown that the firm's rent rises over time. This is necessary in order to get revelation at a lower cost in the current period. Therefore, the optimal rotation increases over time as well. The optimal contract under asymmetry of information also has the effect of distorting the lowest-cost firm in this case. In the second essay, the assumption that the harvesting cost of each firm is perfectly known to itself is dropped. Indeed, in practice neither the forest owner nor the firms know the costs perfectly. Each firm only observes a signal of its cost. For example each firm may be allowed to survey a tract of forest to obtain an estimate (signal) of its cutting cost. Given that its observation is imperfect, a firm's cost will therefore depend on estimations (signals) by the other firms as well, which are private information. This second essay then raises the problem of auction design with firms whose values (costs) are interdependent. In this context, the value of an allocation will depend on the signals of all of the participating firms. The optimal contract is characterized and the conditions under which the optimal mechanism can be implemented by a second price auction are explored. The optimal rotation and the reservation price are derived under this auction mechanism. The third essay studies the effect of recycling on the land area devoted to forestry in the long run. Interest in recycling of forest products has grown in recent years, one of the goals being to conserve trees or possibly increase their number to compensate for positive externalities generated by the forest and neglected by the market. This paper explores the issue as to whether recycling is an appropriate measure to attain such a goal. We do this by considering the problem of the private owner of an area of land, who, acting as a price taker, decides how to allocate his land over time between forestry and some other use, and at what age to harvest the forest area chosen. Once the forest is cut, he makes a new land allocation decision and replants. He does so indefinitely, in a Faustmann-like framework. The wood from the harvest is transformed into a final product which is partly recycled into a substitute for the virgin wood, so that past output affects the current price. We show that in such a context, increasing the rate of recycling will result in less area being devoted to forestry. It will also have the effect of increasing the harvest age of the forest, as long as the planting cost is positive. The net effect on the flow of virgin wood being harvested to supply the market will as a result be ambiguous. An important point however is that recycling will result in less trees in the long run, not more. It would therefore be best to resort to other means if the goal is to conserve the area devoted to forestry.

Les Partenariats Publics Privés (PPPs) peuvent être un outil efficace pour optimiser et moderniser la commande publique dans un contexte où les besoins en investissement public ne cessent d’accroître. Les fréquences importantes de renégociation et les difficultés à estimer correctement les revenus futurs demeurent un défi majeur lors de la structuration financière des PPPs. Ce travail propose d’incorporer des clauses financières flexibles afin de remédier à ce problème. L’approche développée se base sur les théories d’options réelles et d’optimisation multi-objectif. Dans un premier temps, une méthodologie adéquate pour la gestion des risques est développée. La volatilité du projet est déterminée par le biais de la simulation de Monte Carlo et un déflateur stochastique est introduit afin de conduire les différentes valorisations d’options sous la probabilité historique. Ce travail développe dans un second temps, quatre formes de flexibilité qui permettent de réajuster l'équilibre financier du projet, si le revenu est insuffisant. Enfin une approche d’optimisation multi-objectif est développée afin de permettre de visualiser les différents compromis auxquels l’introduction de la flexibilité donne lieu. / Public private partnerships can be a solution to the dilemma of how to do more with less available funds that public entities are constantly financing in the last decades. If implemented properly, Public Private Partnerships can contribute to the modernization of public service provision and can constitute efficient vehicles for the delivery of optimal value for money. The high incidence of renegotiation as well as the difficulty of accurately predicting the future demand on the projects is a matter of concern when it comes to the financial structuring of Public Private Partnerships. This work proposes a real-option- based optimization framework to boost the financial viability of the projects. This is done by introducing flexible financial clauses. First, an adequate framework for risk management, where volatility is derived by Monte Carlo simulation and the valuation is made without switching to the risk neutral measure, is presented. Four families of flexible clauses are, afterwards, investigated. Such clauses are triggerred, if the revenue level of the projet is not sufficient to guarnatee its financiel viability. Finally, this work develops a multi-objective optimization approach in order to assess the different trade-offs that the introduction of flexibility leads to. The proposed optimization problem is solved via multi-objective evolutionary algorithms.