First Author:   Alexis PARMENTIER Université Catholique de Louvain - Department of Economics parmentier@ires.ucl.ac.be         Second Author: Etienne LEHMANN ERMES - Université Paris 2, Université Catholique de Louvain - Department of Economics and IZA elehmann@u-paris2.fr         Third Author: Jean HINDRIKS Université Catholique de Louvain - Department of Economics and CORE hindriks@core.ucl.ac.be