1. Department of Economics (CEDE) University of Los Andes, Bogotá, Colombia, and visiting fellow at Toulouse School of Economics Toulouse France
2. HEC Paris, 1 rue de la Libération Jouy‐en‐Josas France
3. Paris School of Economics (EHESS) 48 boulevard Jourdan Paris France
4. CY Cergy Paris Université, CNRS, THEMA and ESSEC Business School 3 Avenue Bernard Hirsch, BP 50105 Cergy95021France