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20 november: 2nd IAST Distinguished Lecture PDF
Professor John Aldrich  (Duke University) will present the second lecture of IAST Distinguished Lecture on  "Democracy really is the worst form of government, except all the others..." next Thursday 20 november 2014, Amphi Cujas, from 6pm to 8pm. 

TSE researchers: "random" interview PDF

Discussion with Mar Reguant on energy efficiency in California and football in Spain.

Campagne de communication de la ville de Toulouse et de la Métropole PDF
Toulouse Métropole et la Mairie de Toulouse ont pris l'initiative et financé une campagne de communication nationale et un affichage Place du Capitole pour saluer l’attribution du Prix Nobel d’économie à Jean Tirole.

TSE et Jean Tirole en sont très honorés.
17 november: JJ Laffont Memorial Seminar Series PDF
Marcel Boyer  (CIRANO - Montréal University) will give the 4th “Jean-Jacques Laffont Memorial” seminar on Monday 17 November from 11:00 to 12:30 in MS001 at TSE. The talk will be "The sharing of Liability for Environmental Accidents/Disasters : A tribute to Jean Jacques Laffont".

Find out more

TSE researchers: 12 May 2014 PDF

Paul joined TSE this academic year as assistant professor after completing his PhD at Princeton.

(1) Why did you choose to work at TSE?

I thought that TSE seemed to be the ideal place for a young researcher to develop his career. I was also attracted to Toulouse as a city. So far, the experience has far exceeded my expectations.

(2) How would you describe your research to the general public?

I work in empirical industrial organization, mainly applied to agricultural and environmental issues. Much of my current research focuses on land use change. I'm currently working with Eduardo Souza-Rodrigues and Myrto Kalouptsidi to assess land retirement programs, which involve the removal of land from agricultural production in order to preserve ecosystems. Such programs are widespread, but there are many concerns about their effectiveness. For example, if a land retirement program saves forests in one part of the world, does it just shift the deforestation to somewhere else? We're considering how land retirement programs could be better designed and implemented.

(3) How does this research impact on society?

In the case of environmental and agricultural issues, policy tends to run ahead of research; take biofuels as an example – policymakers implemented quotas for biofuel production without a clear picture of the damage such programs would cause through land use change. When governments increase demand for grains by mandating biofuels production, that's either going to lead to less food and feed consumption or increased grain production, and increased production probably means deforestation. My work aims to make these consequences more clear.

(4) A current or upcoming highlight in your work?

My first paper is currently under review for publication. At this early stage, this is very exciting.

(5) Who is your favourite painter?

My favorite painter is William Hogarth. I just bought a painting for my girlfriend by Janet Nelson, a Scottish artist specializing in seascapes.
A quoi sert la concurrence ? Nos chercheurs répondent. PDF
A travers un nouvel ouvrage collectif publié par la revue “ Concurrence “, 100 personnalités répondent à la question « A quoi sert la concurrence ? »: historiens, économistes, juristes, sociologues, hommes d’église, entrepreneurs et acteurs politiques… dont Claude Crampes et Thomas Olivier Léautier , chercheurs TSE spécialistes de l’économie de l’énergie, sur “ Industrie électrique : Des électrons libres dans un marché corseté ".

=> Lire l'article
=> Visitez le site et participez au quiz 
6 november: JJ Laffont Memorial Seminar Series PDF
TSE is holding this academic year a “Jean-Jacques Laffont Memorial” seminar series, to commemorate the 10th year since Jean-Jacques’ death. Antonio Estache from  Bruxelles university will be pesent a paper on  Thursday, 6 November 2014.

=> Find Out more
TSE researchers: 7 April 2014 PDF
Nicolas TREICH


PhD from the University of Toulouse in 1997, Nicolas Treich is Research Director within TSE’s environmental economics group.

1) Why did you choose to work at TSE?

First of all, I am from Toulouse and did most of my studies here. After a postdoc on climate change in Montréal, I was happy to obtain a research position at INRA. It was then natural for me to come back to Toulouse and be part of the environmental economics group here, the LERNA.

2) How would you describe your research to the general public?

My background is risk and decision theory. Namely, I study models describing how people make or should make decisions in face of risk. My applied work mostly concerns benefit-cost analysis, the standard method in economics for evaluating public policies. I adapt this method to deal with mortality and morbidity effects, and to better account for uncertainty, equity and bounded rationality.

3) How does this research impact on society?  

I believe we should evaluate public policies more carefully. Consider for instance the recent problems in France with air pollution. What should we do about this? There are countless policy options. If we produce careful evaluations of these various policies, this may help identify the best option. In all likelihood, a sound policy must weigh the health benefit of having less polluted air against the economic cost of having less cars on the roads, or at least less pollution per car.

Such policy evaluations may improve transparency in public decisions, and may in turn reduce industrial lobbying and political opportunism. I am working with policy makers to develop evaluation in France, in particular through a collaboration with the DG Trésor on the review Les Cahiers de l’Evaluation, with the Ministry of the Environment by organizing regular seminars, and recently with my contribution to the “Quinet” report produced for the French Prime Minister.  

4) A current or upcoming highlight in your work?

I have recently worked on the concept of “catastrophe aversion”. Compare two situations: i) a single accident that takes N lives, and ii) N accidents, each of which takes a single life. Most economic criteria are essentially indifferent between the two situations because everyone faces the same individual risk ex ante. But this indifference is violated if society is averse to catastrophe (think of climate change or nuclear risk).

This work is particularly exciting as it has opened up the path for interdisciplinary interactions with researchers from others fields; I have recently published a paper with Matt Adler (lawyer & philosopher at Duke University) and Jim Hammitt (risk specialist at Harvard University and TSE), and I am also working with Carole Bernard ( a statistician and actuary at Waterloo University) and Christoph Rheinberger (TSE).

5) What’s your motto?

"Oh what a tangled web we weave when first we practice to deceive!” A quote from Walter Scott that was passed on to me by an American colleague.

IMF lists 25 Brightest Young Economists PDF

The International Monetary Fund (IMF) has identified twenty-five young economists who it expects will shape the world's thinking about the global economy in the future.
We would like to congratulate three of them Nicholas BLOOM N°1 (Stanford University), Matthew GENTZKOW N°10(University of Chicago) and Jonathan LEVIN N°15 (Stanford University) for their implication in our partnership IDEI/TNIT who appear in this prestigious list.

=> Find out more

TSE researchers: 17 March 2014 PDF
Emmanuelle AURIOL


Emma carried out her PhD in economics in Toulouse with Jean-Jacques Laffont in the early 1990s before going on to become assistant then full professor at TSE and the University of Toulouse - Capitole. In 2003 she won the CNRS (French National Centre for Scientific Research) Bronze medal. 

(1) Why did you choose to work at TSE?

I realised during my PhD that I was surrounded by research giants, led by Jean-Jacques Laffont, in this exceptional research centre that was clearly on its way to becoming one of the best centres for research not only at the national but at the European scale. This was well before the TSE label was created, but it was clear to me that the potential was colossal and I wanted to be part of the adventure.   

(2) How would you describe your research to the general public?

I work in public and industrial economics. My main centre of interest is the role of the state in market economies. My work is applied to sectors that are non-competitive by nature, such as public utilities and infrastructures: energy, water, roads, telecommunications etc. For the past ten years I have concentrated on applying these questions to the study of developing economies. Examples of subjects include taxation policies, telecommunications reforms, infrastructure privatisations, corruption in public utilities, public procurement and rent-seeking, and social barriers to entrepreurship.

(3) How does this research impact on society?

In my view, one isolated piece of research work by a given researcher cannot have a direct impact. To be of influence, research first needs to be shared, adopted and developed within the wider scientific community in order to gain in reputation and potentially lead to some form of impact or social utility.

I enjoy trying to connect my research to society via articles and interviews in the press on subjects linked to my work.

(4) A current or upcoming highlight in your work?

I have an article underway on international Intellectual Property Rights (IPR). The article questions the extent to which imposing a shared “Western-style” framework for IPR (a.k.a. the TRIPS agreement) on all countries, both developed and developing, is a positive action. My paper claims, via an empirical analysis using data from 122 countries, that such an agreement may be a barrier to innovation for developing countries, limiting the possibility of technological learning through imitation. Such “copycat” learning has been to thank over the ages for the emergence of major innovators: the US in the 19th century, Japan, Taiwan or South Korea in the 20th century, and more recently China and India.

(5) Who is your favourite economist of all time?

Kenneth Arrow, for his marvellous contributions to economic theory and his intellectual elegance in the accomplishment of his work.

Tribute to our colleague Jean-Philippe LESNE PDF
Jean-Philippe Lesne, Dean of the TSE-UT1 Capitole School, passed away on 19 September after a courageous battle against illness. 

4 november: Final lecture Chaire Pierre de Fermat PDF
Jean-Marie Dufour (McGill University), the recipient of the Chaire Pierre de Fermat will give at TSE the final Lecture on November 4, 2014, 17h30-18h30, in room MS001. The title of the talk is "Identification, Testability and Macroeconomy".

TSE researchers: 10 February 2014 PDF


PhD from Lund University in his home country Sweden in 2005, Henrik worked for a few years at the Swedish National Road and Transport Research Institute before spending one year at Harvard in Jim Hammitt’s team and then moving to TSE in 2008 where he holds a Chaire d’Excellence (CNRS – UT1). 

(1) Why did you choose to work at TSE?

Mainly for the stimulating work environment: at TSE there are lots of things going on, many visitors, interesting colleagues… and Toulouse is also nice place to live, the quality of life is great here.

(2) How would you describe your research to the general public?

I mainly work in the areas of non-market valuation and pricing of non-market goods. Many environmental and health goods and services, such as clean air and water, wildlife populations, and reducing health risks, are usually not traded in markets. Their economic value - how much people would be willing to pay for them - is therefore often not revealed in market prices. The only option for assigning monetary values to them is then to rely on non-market valuation methods.

I have worked a lot on the transport sector. One particular study, for instance, focused on the value of reducing noise levels, using property prices to see how the values of house prices vary depending on the proximity of noisy transport infrastructures. These results were then used in another study to price noise so that those who pollute can be charged for their emissions. I work both with “stated preferences”, i.e. via questionnaires, and with “revealed preferences”, i.e. via actual market data, for instance from the property markets as in the case with the noise study.

(3) How does this research impact on society?

My main interest is in the methodological aspects of non-market valuation, but the next step is to identify monetary value in order to help decision-makers choose the most efficient investment or legislative policies. My work is related to valuing the different cost and benefits of these policy choices. For example, reducing speed limits will improve safety and reduce noise levels but will also mean people spending more time on the road, which is costly for them and therefore for society.

(4) A current or upcoming highlight in your work?

I am working on many different projects, which is a good and bad thing! I have just been asked to take part in a moose safety study in Canada – how much would people be willing to pay to reduce the risk of a moose accident? This is something I never imagined myself working on so it is exciting. I’m also involved in some projects looking at how the Chinese value environmental goods and services, for instance air pollution.

Another exciting project is the annual International Transport Economics Association (ITEA) conference that I am co-organising this year within the TIGER Forum at TSE on 2-6 June.  

 (5) What adjective best describes you?


Jean Tirole one of the world's "most influential minds" PDF
An international study identifies TSE President Jean Tirole as one of the world’s most influential scientific minds of 2014. The book, released by the intelligent information source Thomson Reuters, uses citation statistics to establish a list of those researchers “performing and publishing work that their peers recognize as vital to the advancement of their science”.

=> Find out more
23 October 2014: New Business Talk PDF
Audrey Mahuet, Director for Products Design and Customer Care at European Power Exchange, will held the next Business Talk on "The integration of the European electricity market: opportunities and challenges" on Thursday, 23 October 2014, Room MB II, 5 PM.

=> Find out more
TSE researchers: 3 February 2014 PDF


Astrid “fell into economics by chance”; after originally studying applied mathematics in Germany she enrolled for a Masters in economics at the University of Massachusetts. There she met the economists who would inspire her towards the fields of game theory and experimental economics. According to Astrid, “Before that I always thought I would start working in an insurance company or something boring like that, but they told me to do a PhD. I found experimental economics really fascinating, so I chose that for my PhD at the University of Amsterdam, followed by a Postdoc in Geneva before joining TSE in 2007.”

(1) Why did you choose to work at TSE?

Like much of my career path beforehand, coming to TSE was a combination of luck and circumstances; I fell into the position very much by chance, although the choice of applying for positions in France was motivated by personal reasons.

(2) How would you describe your research to the general public?

I am an experimental economist, meaning I do what you call controlled experiments to observe how people take economic decisions. I try to test out how people behave, working a lot with psychologists: for example how seeing or knowing the other person in an interaction effects behaviour in a bargaining situation. I have a number of studies underway, for instance trust games involving two people; one person can send money to the other, hence “trusting” them. This money gets multiplied by a certain factor but in the hands of the partner receiving it: it’s up to them to decide how the money is shared between the two players. It’s hence a situation to study if and how people will invest in some unknown other person. We are particularly interested in seeing how this changes if you can see the other person.

(3) How does this research impact on society?

I guess all researchers dream that what you do has some impact on society! Or at least that it will be of interest to someone. The trust games I described above are interesting in situations where you interact with someone over the Internet, for example when you buy something on eBay; you send money to an unknown person and you trust that they will send you the product or service ordered. There is a lot of discussion about how to improve trust in such situations.

I also think the lab games used in experimental economics help raise awareness about real-life decisions. For example, in “public good” games people have the choice between making selfish choices or choices benefiting the collective good. People quickly see for example that “oh this is like the kitchen in my shared flat, if nobody cleans up the dishes then everybody is worse off, including myself…”. They hence see real world dilemmas through the experiment, and think how to improve the situation for the public and individual good.

(4) A current or upcoming highlight in your work?

I think the very word “research” is not compatible with “highlights”! Not because it’s not exciting but because it’s so slow. It can take an incredibly long time to find something. So I would say the true highlights for me are when I can start something new, when you can bounce around ideas and brainstorm lots of possibilities about where the research can go. And then the long routine of writing and analysing starts…

I’m discussing new projects at the moment with psychologists here; the interactions with other disciplines made possible by the IAST are exciting.

(5) If you were a vegetable, what would it be?

An onion… because it has many layers.

Award of the "Best Young Economist Prize" PDF
Augustin Landier,  TSE researcher, has been awarded the 2014 Best Young Economist Prize by the French think tank Cercle des économistes and French journal Le Monde in partnership with the French Senate. Thus, Augustin Landier sees his pioneering work on the financial contracts of companies and their incentive properties, as well as the numerous insights it brings to public debate, rewarded.

Environment policy event with French minister & Chinese ambassador PDF
On 30 September, TSE and the Toulouse Capitole University hosted a high-level research and policy event on environmental & climate change issues.  

Among the special panel members expected at the roundtable were French Foreign Affairs Minister Laurent Fabius Chinese Ambassador in France, Zhai Jun Christian Gollier (GIEC member) and Jean Tirole from TSE.

=>  Watch the video (in French)

TSE researchers: 20 January 2014 PDF


Bertrand joined TSE in 2008 as assistant professor in economics. He had previously obtained his PhD at the University of Paris X followed by a year as visiting scholar at the University of Pennsylvania in Philadelphia.

(1) Why did you choose to work at TSE?

I guess my answer is going to sound similar to many others! But it’s true that the research environment at TSE is a real attraction, in particular for someone interested in theoretical economics as I am. Arriving here as a “baby” researcher as I did, and having the opportunity to “grow up” surrounded by some of the best researchers in microeconomics was such a great opportunity.

(2) How would you describe your research to the general public?

I am a micro-theorist, which means that I am interested in understanding how people behave or make decisions and how these decisions aggregate into some economic outcome. I approach these questions using theoretical models. More specifically, I study thin markets, so basically markets with few buying or selling orders, or markets where you have large buyers and sellers with strong influence on economic outcome because of their market power. For these markets I am especially interested in the effect of having different trading structures, or using a unique medium of exchange, or having fragmented markets, etc. This work is particularly relevant for industries where intermediate firms or middlemen come into play, for example.

(3) How does this research impact on society?

The models I have so far have not been built for a specific market, in part because I analyse economies with many markets, and this analysis is not limited to partial equilibrium. But my work tries to provide insight into how markets work, and one one could imagine a correlation with the trade in commodities, or energy, CO2 trading markets, for example. Also, the notion of segmented or fragmented markets, such as I study, is of relevance to financial markets.

(4) A current or upcoming highlight in your work?

At the moment I am working on another project which relates to the formation of collective beliefs and how this might shape group behaviour. For example, if you look at the history of financial crises, it shows that these crises usually follow economic bubbles driven by agents who come to believe with near certainty in a false hypothesis. This explains why warning signals may not be sufficient to break such “herding” group dynamics, by contrast to public events that strongly indicate that people may have been wrong. Robert Shiller, the recent Nobel prize winner, for instance referred to what he calls new era economic thinking, for example the new economy paradigm during the internet bubble. So one question is how to build a simple model to explain such a phenomenon, if one believes this is not simply due to irrational behaviour. 

(5) What is the last film you saw?

At home I recently re-watched Princess Mononoke, one of my favourite films by the well-known Japanese animated filmmaker Hayao Miyazaki whose work I like a lot!

TSE at the Novela Festival PDF
During the next edition at the Novela Festival in Toulouse, our TSE researchers Thomas Chaney, Frédéric CherbonnierChristian GollierAugustin Landier , Thomas-Olivier Léautier ,Patrick Rey  and  Jean Tirole  will be recognised for their university and academic awards obtained during the academic year.

=> Find out more (in French)
Appointment PDF
Friday, June 27th, Paul Seabright, Director of the IAST and a TSE researcher, was appointed to the new National Commission for the evaluation of innovation policies. The commission aims to evaluate the different components and dimensions of evaluation in terms of their economic impact policies; analyze them as a whole and make proposals to improve their effectiveness. It also aims to raise awareness of good practices in innovation policy, on the basis of a national and international oversight work.

=> Press Release  (in French)

TSE researchers: 13 January 2014 PDF

jullien.jpg After a PhD in Economics from Harvard (1988), Bruno spent the first decade of his career as a CNRS research fellow in Paris (CEPREMAP, CREST) before joining TSE as a Research Director in 1996.

(1) Why did you choose to work at TSE?

For a combination of professional and personal reasons. Firstly, I already knew Jean (Tirole, TSE Chairman) and Jean-Jacques (Laffont, IDEI founder), who invited me to join the I.O. team they were setting up in Toulouse in the 1990s. I was also close to Patrick (Rey, former IDEI director) who had decided to join the group. My first child had also been born a few years before and it just seemed the right time for the move.

(2) How would you describe your research to the general public?

I study market imperfections, information asymmetries and externalities. The general fields for my research are microeconomics and I.O., regulation theory and competition policy. I have mainly worked over the past 10 years on the economics of platforms, known as two-sided markets. That’s to say, platforms that bring two distinct groups of users into contact and enable direct interactions between these users. I study various economic questions linked to the interactions of users on platforms: asymmetrical externalities, platform design, tariff setting, competition policy, etc. I have particularly studied e-commerce, media and communications platforms, where there are many different business models.

(3) How does this research impact on society?

Much of my work can be of interest to regulators and competition authorities. As an example, recent work with Andrei Hagiu studies the neutrality of net platforms such as Amazon and Google that act as intermediaries between vendors and consumers for a wide range of products. Do such platforms incite the consumers towards the most relevant and interesting products, or rather do they incite the consumer towards the products that allow the platform to make the most profit? These practices are as yet little understood and unregulated, but certain investigations are underway at the Federal Trade Commission and the European Commission.

(4) A current or upcoming highlight in your work?

A “hot topic” that my colleagues and I are considering at the moment is the use and protection of personal data: what are the dangers and implications? It’s a field with many grey areas that need to be studied. Examples include the use of data by net giants such as Google and Facebook, but also data used by banks and insurance companies, or the security risk caused by the sharing of medical data among hospitals (data warehouses).

(5) If you were stranded on a desert island, what would you wish for?

My wife!

October 16: Academic talk PDF
Sébastien Pouget , TSE researcher, will present  to students a paper on "Can investors do well by doing good?", on Thursday, 16 October 2014. Room MB II (5.00-6.30 PM).

=>  See the schedule 2014-2015
2014 Edmond Malinvaud Prize PDF
Milo Bianchi, TSE researcher, and Matteo Bobba have been awarded the "Edmond Malinvaud 2014 Prize" for their article "Liquidity, Risk, and Occupational Choices" published in the Review of Economic Studies. This prize rewards the best scientific article authored by young economists published in the EconLit journal.

TSE researchers: 6 January 2014 PDF
François POINAS

poinas_f.jpg PhD in economics from the University of Lyon, François joined TSE in 2010 where he holds an Assistant Professor position and is a member of the research group in mathematical & quantitative economics (GREMAQ).  

(1) Why did you choose to work at TSE?

I was looking for a stimulating environment for scientific activities and this is definitely the case at TSE. In particular, the strong structural econometrics group attracted me. The quality of life in Toulouse was also a determining factor in my choice.

(2) How would you describe your research to the general public?

I work in applied microeconomics, mainly on questions linked to labour and education economics. I am interested in questions such as the impact of education on early career contracts: for example, how does a person’s education level affect the transition from a temporary to a permanent contract? I also research the effect of technical education diplomas on early career salaries. Another subject is promotions in corporations: to what extent do promotions depend on the rate at which an individual has been promoted in the past within the corporation? I work with data from Germany, France and the USA to study these various questions.

(3) How does this research impact on society?

In order to guide their policy-making, decision-makers need to understand how individuals make decisions in terms of education, and what effects these decisions have on the labour market. For example, should policies concentrate on the educational system or on the individual’s endowments and environment? My work aims to provide some guidance in this area.

(4) A current or upcoming highlight in your work?

I am currently working on a research project with German data investigating how an individual’s degree of risk aversion and his beliefs about future revenues will influence his choice between following either technical or general higher education. The data we have access to contains detailed information on the educational choices and personal characteristics (family environment and measures of risk aversion, cognitive and non cognitive skills) observed before individuals make their decisions.

(5) What was your favourite Xmas present?

A box set of fine wine from the Rhône Valley. I grew up in the heart of the St Joseph area in the Northern Rhône wine region, so I am always happy to open a bottle from the region. I have already enjoyed a very good Cornas and I am looking forward a promising Châteauneuf du Pape!

2013 Annual Report PDF
TSE has published its new annual report. More than 60 pages of highlights about the scientific life (publications, awards, debate, conferences...) the educational life of the school  and the business partnerships during the last year.

=> Annual report  (PDF in French)
September 26th: the European Researchers' Night PDF
TSE will attend the 9th edition of the European Researchers' Night to be held on Friday, September 26, 2014 at the Cité de l'Espace in Toulouse. Astrid Hopfenstiz and Sylvain Chabé-Ferré will share their passion for research with all participants, about "The Experience" national theme and participate in speed searching.

=> Find out more (in French)

TSE researchers: week 51 PDF
16 December 2013: Robert ULBRICHT


PhD in economics from the University of Munich, Robert joined TSE this year as assistant professor.

(1) Why did you choose to work at TSE?

Mainly for the academic environment. I am working in theoretical macroeconomics, which made TSE with its strong macro and theory groups look like a perfect match. And I still feel that way!

(2) How would you describe your research to the general public?

I currently work on understanding the consequences of information frictions for aggregate economic activity. The general idea behind information frictions is that firms or households (or government institutions) face some uncertainty about current business conditions and the activity of other agents, but can reduce their uncertainty by learning from certain sources of information. In my job market paper, I tried to understand how the ability of agents to learn is affected by financial conditions. Specifically, I argued that tight financial constraints may undermine the ability to learn from the business sector, explaining why uncertainty may spurt during financial crisis.

(3) How does this research impact on society?

At this stage, my work is mainly theoretical, but it still suggests some important implications. For example, we know that in many situations investors dislike taking risks. So if business conditions appear more risky, this may depress economic activity. Understanding the mechanisms that create uncertainty therefore seems important for designing policies aimed at stimulating the economy.

(4) A current or upcoming highlight in your work?

Having just finished my PhD and joined the faculty, this is a big change that I still find very exciting.

(5) What book are you currently reading?

Right now I’m reading Madame Bovary, trying to catch up on some French literature. Although I must admit I’m reading it in German…


IAST Distinguished Lecture PDF
Frans de Waal, psychologist and world-renowned primatologist will be the first speaker of the second annual Distinguished Lecture of the IAST (theme of 2014 "Political Motivation"). Prof. de Waal will present "Our Inner Ape: War, Peace & Politics"on September 25, 2014 from 6pm to 8pm at the Amphitheatre Cujas University Toulouse 1 Capitole.

=> Find out more
Franck Portier: appointment PDF
Franck Portier has been appointed  Senior Member of the French authority "'Institut Universitaire de France" for 5 years by the French ministry of Research and Higher Education. This prize is intended for faculty members whose research quality is internationally recognized and may be extended for an other five years.

TSE researchers: week 50 PDF
9 December 2013: Abdelaati DAOUIA


PhD from the Toulouse doctoral school of mathematics, Abdelaati is assistant professor in applied mathematics at the University of Toulouse 1 Capitole, and member of the GREMAQ research centre within TSE.

(1) Why did you choose to work at TSE?

When I carried out my PhD in mathematical statistics at Paul Sabatier University, I worked alongside four GREMAQ researchers on some applications to econometrics. It was therefore natural for me to accept the subsequent offer of a permanent position within the GREMAQ statistics group. Before that, when I initially came to France to continue my higher education, I chose Toulouse for the exceptional quality of life offered by this city.

(2) How would you describe your research to the general public?

My research combines statistics and econometrics.  More specifically, I am interested in various intersections involving conditional extremes, robustness theory, M-quantile regression and nonparametric estimation under shape constraints. Combining these fields is essentially applied in order to analyse efficiency and productivity, and more recently to assess the reliability of nuclear reactors. I am also interested in issues of optimal positioning from geo-referenced data, where probabilistic modelling can help to identify theoretical and empirical optimal positions.

(3) How does this research impact on society?

The building of a bridge between frontier models in econometrics and extreme value theory ​​in mathematical statistics has opened new opportunities for research, as reflected by the recent literature on theoretical and applied aspects. In an unrelated field of research,  we were recently able to identify and estimate the optimal positioning of a new fire station in the Toulouse region  based on  a database of emergencies in the area, with associated characteristics, under the constraint that the number of firemen and the construction cost do not exceed some given thresholds.

(4) A current or upcoming highlight in your work?

I am looking forward to organizing an invited session on the topic "Nonparametric boundary regression" at the International Workshop on Applied Probability (IWAP 2014).

(5) What is your favourite dish ?  

I love lasagne! But I’m not very good at making it, I’m better at tagines, a traditional dish from my country, Morocco.


TSE Jobmarket placement PDF
Christian Hellwig, PhD Officer is happy and proud to congratulate all our Job Market candidates for their very good placement. Most of them will join prestigious universities for the next academic year.

=> Upload the final results
Practical information for new TSE students PDF
The Ecole TSE will welcome new students (Bachelor students- Licence 3) on Monday 1ft September at 9 am in the Manufacture des tabacs (Building MB II).
 For Master 1 and Master 2, the fall will be held on Monday 8th September. Also for undergraduate students (Licence 1 et 2) the fall will be held on  Monday 8th September.

=> New term information for freshers
TSE researchers: week 49 PDF
2 December 2013: Guillaume PLANTIN

plantin_g.jpg Guillaume is Professor of finance at the University Toulouse 1 Capitole (IAE - CRM) and member of the TSE finance group. He was recently nominated member of the French Conseil d’Analyse Economique, a group of 15 economists that meets regularly with the French Prime Minister to advise the government in its economic policy decisions. He also holds a prestigious European Research Council (ERC) Starting Grant for his frontier research project “RIFIFI”: Risk Incentives in Financial Institutions and Financial Instability.

(1) Why did you choose to work at TSE?

To have the opportunity to work in one of the best research centres in the world for applied theory… I guess that’s reason enough! 

(2) How would you describe your research to the general public?

I’m interested in understanding the determinants of financial stability and liquidity, or equivalently to understand financial crisis and instability. I try to develop theoretical frameworks that help describe the crises or issues we observe in financial markets so we can try to design regulations and other ways to overcome them and identify the deep sources of instability. More precisely, lately I’ve been interested in imperfect enforcement, that’s to say the fact that the government cannot always do what it would like to do. This is a very established topic, developed in particular in Toulouse by Laffont, Tirole and Martimort, that I have applied more specifically to tax avoidance by high net worth individuals and regulatory arbitrage by banks, because I think that these are very important questions for financial stability.

(3) How does this research impact on society?

My field is an exciting one to research these days, because the last financial crisis triggered lots of new questions. My general  audience would be central banks and regulators. There are lots of regulations being discussed that have not been tested yet, such as the liquidity requirements for banks. It’s when you’re in such unchartered territories that theory is particularly useful, because there’s no past history or data you can rely on, so the best you can do is to rely on models. For example, a few years before the financial crisis I worked on the destabilising effect of market-to-market accounting. This work was reported in the popular press, but only once the crisis had started, showing that when you do research you should not focus too much on the short term impact of what you say - if I had been worried about that then I would never have worked on that topic.

(4) A current or upcoming highlight in your work?

Jean Tirole and I are currently trying to develop an economic framework to analyse the economics of accounting standards. I’m very excited about that, firstly because it’s very exciting to work with Jean, and second because I think the accounting system is a very central ingredient of capitalism and market economies. Surprisingly, economists have not researched this question very much, so there’s a lot of potential.

(5) When you were a child, what job did you dream of doing when you grew up?

Even before living in America, I was always fascinated by the big US cities I discovered through TV shows. So I guess as a child I probably wanted to be a cop or a gangster in New York or in Chicago…

Tax implications in the Digital markets PDF
May 6, 2014, co-driving with the French Digital Council , the General Commission for Strategy and Foresight (CGSP) announced the official launch of an academic study on the tax implications of of the new business models originated by the Digital Economy. J. Crémer , H.  Cremer and JM. Lozachmeur have been appointed to join this group of researchers who will develop several models and simulations. A report will be submitted before the end of 2014.

=> About the French Digital Council

Conference on Trading in electronic market on September 11-12, 2014 PDF
Bruno BIAIS et Sophie MOINAS, TSE researchers, organize a workshop on "Trading in electronic market ". The workshop is sponsored by the ERC and the chair IDEI/FBF , and it will take place from September 11 to September 12. Its objective is to bring together several researchers, who will present their recent work on various issues linked with trading in electronic markets, like risk sharing, pricing competition, trading frequency, and transaction taxes.

=> Visit the webpage of the conference
TSE researchers: week 48 PDF
25 November 2013: Sophie MOINAS

PhD in finance from the HEC School of Management, Sophie joined TSE in 2006. She holds an associated professor of finance position at the Toulouse 1 Capitole University Graduate School of Management (IAE). Research-wise, she is also member of IDEI and the CRM.

Why did you choose to work at TSE?

Because of the research environment! Not just its reputation, but also the fact that everything seemed so stimulating with the activity and the liveliness you find here. To be honest, I think that research is really all about meeting people and, during my visit at the end of my thesis, I was made to feel so welcome that I knew right away it would be a pleasure to work with the members of the group. Another thing that attracted me was the fact that Toulouse represented an alternative to the Anglo-American system, with its own history and an original approach, but with the same emphasis on excellence. I really liked the idea of playing a part in the construction of a new model for the world of French academia! What’s more, the town itself and life in Toulouse are pleasant, and that certainly counts, especially for the family.

(2) How would you describe your research to the general public?

I am interested in how prices are set in financial markets. Most of my work is in the field of the microstructure of financial markets. I focus on understanding how regulators organise the exchanges, the mechanisms and the technology used by companies that trade in the markets, and how these influence the cost of transactions for investors and, therefore, the cost of capital to businesses. I also work on how speculative bubbles arise.

In general, I like to combine several methodologies to find answers. In my field, we are fortunate to have a huge amount of data, as the financial markets became automated in the late 1980s, and it is often possible to test the validity of a hypothesis by taking an empirical approach. If that is not possible, or if the question requires more precise data, as is the case for our work on speculative bubbles, it is also possible to resort to an experimental approach. However, to me it is unthinkable to take an empirical approach if you don’t know what you’re looking for and checking and which hypotheses to test, so it is often necessary to take a theoretical approach at first.

(3) What effects does your research have on society?

The issues I research are generally the result of observing how exchanges are organised. For example, the changes made by the companies that trade or the regulators are particularly interesting events to study, because they represent ‘natural experiments’. It is therefore possible to directly measure the effect of a change or a new rule on the behaviour of investors and financial institutions, or on the way the markets work, by comparing before / after. So, you obtain not just a clear answer about the impact of the event being studied on the markets, but also an answer that comes with explanations about the economic mechanisms that underlie the final outcome. Whereas ‘society’ is more interested in the first part, the explanations are what makes it possible to identify the conditions required for a measure to have the desired effect.

As researchers, we also have a duty to address fields that are not often explored or not yet understood, because our timing is not the same as that of society in general; we started to work on so called ‘high frequency’ trading in 2009, before it became an issue, or rather a concern or at least suspicious, for society.

(4) Could you tell us about a current or future highlight in your work?

Every new result is a highlight! The most interesting aspect is trying to understand what we have just discovered…The next highlight that my co-authors and I cannot wait for is the end of the processing of the database of intra-day, high frequency transactions. The computers have been running day and night for several months...

(5) An unforgettable experience from your research or during a seminar or conference?

It’s difficult to describe. It’s that - very rare - impression you get when all the little building blocks you have patiently produced suddenly fit together perfectly to form a coherent whole that makes sense…


Calling all Europeans: scientists need your votes! PDF
In the run up to the European Parliament elections on 22-25 May 2014, TSE researchers invite you to take part in a unique online voting experiment.
=> Vote online 

Workshop on 4-5th September on food markets PDF
TSE will hold in Toulouse a new workshop "Producer’ Organizations (Pos) In Agricultural Markets" on September 4-5 th 2014. The objective of the workshop is to discuss recent theoretical and empirical contributions on the role of producers’ organizations for the functioning of food markets.
This conference is organized by  Zohra Bouamra-Mechemache and Angelo Zago.

=> Find out more
TSE researchers: week 47 PDF
18 November 2013: Eve LECONTE

Graduate of the Saint Etienne Ecole Nationale Supérieure des Mines engineering school, Eve holds a Ph.D. in applied mathematics with a focus on biostatistics from the University of Paris XI. She is a lecturer in applied mathematics at the University of Toulouse 1 Capitole since 1996 and a member of GREMAQ.

(1) Why did you choose to work at TSE ? 

In 1996, when I completed my thesis at INSERM (national institute for health and medical research), located in Villejuif in the Paris suburb, I decided to accept the assistant professor's position that I was offered by the Toulouse 1 Capitole University. The methods I had worked on in the field of medicine also had applications in economics. It was only natural to join the statistics team at GREMAQ and then TSE.  

I have to admit that Toulouse is a town I really love and so does my husband: we got to know it when we met while studying advanced mathematics at the Lycée Pierre de Fermat. We were also delighted to be leaving Paris because of the quality of life offered outside the Paris area.

(2) How would you describe your research to the general public?

I propose new methods of statistical analysis for data that correspond to durations (the lifetime, an unemployment spell, the length of a marriage...). The characteristic of these time data is that they are not completely known for some individuals. The  event of interest (death, finding a job, divorce...)  may not occur during the period under observation or the individual might even be lost from follow-up. This is what we call “censoring”. If a duration is right censored, we know only that it is superior to a known value (the patient survived at least 5 years after his operation, the individual remained unemployed for at least 2 years, the marriage lasted at least 3 years...). Censoring must be taken into account by the methodology in order to avoid bias in the estimates. 

In the general framework of censored data, I am interested in a number of issues.  

- The first aspect of my work concerns survey theory. When a survey is conducted, only one part of the population is questioned. If one has an extra piece of information that is known to all individuals in the population and is related to the duration of interest, it is possible to reconstruct the missing information for the individuals who have not been questioned, thereby improving the estimators produced.

-  The second aspect concerns the case of competing risks, a case that occurs when an individual is at risk of several types of mutually exclusive events (more than one cause of death, being hired on a short or long term employment contract, being divorced or widowed...).  

- Finally, my third area of research is devoted to the selection of variables: when we have a lot of variables which could potentially explain the duration of interest, how to determine which of those variables are truly significant? 

(3) How does this research impact on society ?

My work with Sandrine Casanova on surveys has, among other things, made it possible to estimate the distribution of unemployment spells by counties in the Midi-Pyrénées region, an estimate that could be useful for reviewing employment policies.

My work on competing risks is currently being applied to oncology, in partnership with a researcher at the Claudius Régaud Institute, the cancer center in Toulouse. When a patient has been treated for cancer, it enters  a post-therapeutic follow-up  phase and is at risk of several types of recurrence. Until now, the total duration and frequency of patient's follow-up were based on a standard schedule, which varies from country to country. There are more and more initiatives that attempt to make monitoring specific to the patient in order to be able to take into account individual characteristics. The aim is to detect recurrences as early as possible, at an asymptomatic stage where the treatment has the greatest chance of being effective. The specific monitoring of individuals is more effective and has repercussions for the health of those individuals, but also financial consequences because unnecessary visits are avoided. Our PhD student has proposed an optimised monitoring schedule. We hope we can plan a clinical trial to compare this schedule with the standard schedule under real conditions.

The selection of variables has also applications for oncology: with the sequencing of the genome, a colossal amount of genetic information is now available to clinicians. Which genes or combination of genes might be the best predictor of the survival of cancer patients? A good estimate of the survival duration helps to adapt the treatment to the patient.

(4) A current or upcoming highlight in your work?

Concerning the selection of variables, we worked with two other teams at the Paoli-Calmettes Instistute in Marseille – one is in biostatistics and the other  in molecular oncology- to respond to an appeal made by the Public Health Research Institute for "Support for mathematical and statistical research applied to oncology" projects. Our project, entitled "A novel algorithm for predicting survival data with application to personalised treatment decisions", was selected. The kick-off meeting for the project, which brought together the three teams involved for the first time, took place in Toulouse on Tuesday 12 and Wednesday 13 November.

(5)  A country where you would love to spend your holidays?

I love swimming, particularly in the ocean. So far, the top site I have ever swum in  has been the beach at Ixtapa, on the Pacific coast of Mexico, with its 34 degree water, its beautiful waves and its palm trees. But the part of the world where I dream of swimming is definitely Polynesia, with its exotic sounding islands: Tahiti, Moorea, Huahine, Tuamotu, Bora Bora... 
Vol 3 of the fifth report of the GIEC PDF
On Monday April 14, the GIEC will held a press conference for the last issue of the The fifth assessment  report "Mitigation of the climate change" of the Intergovernmental Panel on Climate Change.Christian Gollier , co-author of the report (chapter : "Social, economic and ethical concepts and methods" will be present to answer questions from journalists.

=> Find out more

Conference in honour of JJ Laffont PDF
Xinzhu Zhang, a former doctoral student of Jean-Jacques Laffont and currently Deputy Director of the "Institute of Quantitative & Technical Economics" in China, organized on June 10th and 12th, 2014, a conference in NanChang in honor of Jean-Jacques Laffont (1947-2004). The conference on  "Mechanism Design and Industrial Organization" brought together several researchers including Jean Tirole from TSE who presented a public lecture on "Have Regulatory Reforms Made Banks Safer?".

=> Find outmore

TSE researchers: week 46 PDF
11 November 2013 : Sébastien POUGET

Sébastien POUGET holds a Ph.D. from University of Toulouse and is currently a member of IDEI. He is a Professor of Finance at IAE &TSE.

(1) Why did you choose to work at TSE?

I am a Toulousain, born and brought up in Toulouse, and I did my studies at Toulouse University. I have travelled around: spent a year and half in Naples, Italy, during my Ph.D., worked in Atlanta, USA, at Georgia State University, as an Assistant Professor of Finance for three years, and recently was as a visiting Professor of Economics at the Bendheim Center for Finance, Princeton University, for the 2010-2011 academic year. But, overall, having an economic school as great as TSE at ‘HOME’ is a real treat and I enjoy the fantastic intellectual life it brings to the city.

(2) How would you describe your research to the general public?

My research focuses on understanding financial markets from different perspectives –relying on insights from economics as well as from different sciences such as history and psychology... So the idea is to understand what may be the good properties of financial markets (related to risk sharing, financing of economic activities,…) and what institutions might best promote these good properties. But I am also interested in understanding the frictions that can impede  the appropriate functioning of the financial markets, related to asymmetric information, moral hazard or psychological dispositions.

Recently, I have, for example, worked on speculative bubbles with Sophie Moinas. We have designed a new experimental framework that we called the ‘Bubble game’, which enables to study individuals’ propensity to speculate. We used behavioral game theory to offer insights on why investors participate in speculative bubbles.

I am also co-director of a research center on Sustainable Finance and Responsible Investments, the Chaire FDIR, joint with Ecole Polytechnique in Paris, and financed by a dozen of asset managers and institutional investors. This center studies the behavior of investors who take into account not only financial information but also extra financial factors related to environmental or social externalities. Hence, this is another way of looking at how financial markets may be helpful to promote sustainable development.

(3)  How does this research impact on society?   

My research tries to identify or design market organizations or financial institutions that are beneficial for the society. I am currently working, with 
Christian Gollier , on a model of financial market with responsible investors. We characterize an investment strategy that may generate profit for the investor and, at the same time, may improve corporate behavior. We named it the ‘Washing Machine’ strategy. The idea is to invest in ‘dirty’ companies, at low prices because some responsible investors ignore these companies, and to turn them into ‘clean’ companies in order to sell them back at better prices. We show what are the conditions for this strategy to be successfully implemented by investors: they need to have a long-term horizon and to have a credible preference for ‘clean’ companies. We thereby hope to inspire some investors to adopt such strategies in an attempt to induce changes in corporate behavior when needed. This is not a complete utopia since, as shown by emerging empirical evidence, some investors are already implementing strategies that are in the spirit of the ‘Washing Machine’.

(4) A current or upcoming highlight in your work?

From Nov 13 to 15, a conference  on sustainable finance is jointly organized in Paris by the ‘Principles for Responsible Investments’ and the ‘Caisse des Depots et Consignations’. The Chaire FDIR  is in charge of the academic organization so we have selected some of the papers to be presented. Moreover, the Chaire has invited jean Tirole to give a keynote speech on his paper ‘Bonus Culture: Competitive Pay, Screening, and Multitasking’. The speech will be followed by a roundtable on the topic: ‘Compensation and Corporate Social Responsibility: Incentives for Long-Term Risk Management?’. 

(5)  A passion other than research that you would like to share  

I enjoy practicing Tai Chi, an internal martial arts where you are in search of the continuous move. Not only is it a physical exercise but also a form of meditation. It has also a nice intellectual twist as it reminds me of a feature that we have in dynamic economic and finance models, namely continuous time … I always ear my mathematician colleagues talking about the difficulties of going from discrete to continuous time. Even if I do not develop these models in my research, I try to converge to continuous time in my leisure time and it is not easy either ;-)

Best financial paper for Sophie Moinas & Sébastien Pouget PDF
Sophie Moinas and Sébastien Pouget has been awarded the best financial article for the publication "The bubble game : an experimental analysis of speculation" by the French Europlace Institute of Finance (IEF) on march 27, 2014, in Paris. This prize was presented as part of the 7th edition of the Financial Risks International Forum, organized by the french Institute Louis Bachelier.

=>  Find out more (in french)
IAST conference "Climbing the Social Ladder: Social and Geographic Mobility over Time" PDF
Mohamed Saleh , history program director of the IAST will organize on June 26-27 the first history workshop series on "Climbing the Social Ladder: Social and Geographic Mobility over Time". Joseph Ferrie from Northwestern University will open the event by addressing the issue of socioeconomic mobility in the U.S. across four generations..

=> Visit the conference webpage
TSE researchers: week 45 PDF
4 November 2013 : Jean-Marie LOZACHMEUR

PhD in economics from Universityof Liège, Jean-Marie LOZACHMEUR  is the Directeur of GREMAQ at TSE.

(1) Why did you choose to work at TSE?

It is in 2003 that I decided to come to Toulouse in order to work with Helmuth Cremer. I started with a Post-Doc contract and then I became CNRS researcher in 2005. Thereafter, I chose to stay at TSE. Before arriving in Toulouse in 2003 I was unaware of the Brand TSE and its international reputation ... I continued to stay here because the environment is excellent. Not just the intellectual environment, but even the people here are very friendly and everyone gets along well. Moreover, the city of Toulouse is pleasant.

(2) How would you describe your research to the general public?

My research interest lies in the domain of public finance. In particular, my work focuses on taxation and redistribution of income and more recently on issues related to health insurance. It’s essentially applied theory.

For example, what tools to use in the field of health insurance in order to reimburse medicines in lines with the problems related to price regulation etc...



(3) How does this research impact on society?

The impact of my work on the society is fairly direct! For instance, my work on public finances generally puts the tax system at issue or in question. Hence, it can serve as an advice to the government, policy makers and others involved...

Same goes for my work in the domain of health economics, it can have an impact on how the reimbursements for the medicines are considered or treatment in general. This work may prove to be of interest to the regulation authorities’ as it can to the private insurers.


(4) A current or upcoming highlight in your work?

I will soon present a paper (Differential Optimal Taxation with Occupational

Choice: The Role of Production Inefficiencies redistributive) in Munich. I am working with Renato Gomes on this paper. The core of the discussion in this paper is whether a system of income and sales taxes should or should not encourage workers to occupy a sector where his productivity is lower. This is a work that focuses on the principle of productive efficiency.

The fundamental question is whether productive efficiency should be the rule in case of a system of income redistribution? Especially, whether there should be subsidization of sectors in comparison to others either directly through income taxation or indirectly through specific taxation on goods produced by these sectors.

It's exciting because this annual conference is organized by the "Norwegian Center for Taxation at NHH" based in Oslo, Norway. This is mainly for the Scandinavians and Germans but this year we are invited to present.

(5)  Would you like to share something that not many know about you ? 

1.    I am a huge fan of music: I equally like death metal as much as the contemporary jazz music. I also I have a passion for the platypus ...

2014 June, 20: next IAST conference PDF

On Friday 20th June 2014, a new conference on "Shifting Attitudes" will be organized by Robert Barsky , invited professor of Literature at IAST  and Paul Seabright ,TSE researcher and IAST Director.

=>  visit the conference webpage
Note CAE : réforme de l'assurance-maladie PDF
cae-note.jpgLe Conseil d'Analyse Economique publie une nouvelle note sur l'assurance-maladie. En cause, des inégalités importantes dans l'accès aux soins et aux complémentaires santé et un système d'assurance faisant intervenir plusieurs acteurs, ce qui ne permet pas une maîtrise efficace de la dépense. Brigitte Dormont, Pierre‐Yves Geoffard et Jean Tirole dressent un état des lieux et formulent quatre grandes recommandations.

=> Lire le communiqué de presse
=> Lire le rapport
TSE researchers: week 44 PDF
28 octobre 2013 :  Guillaume CHEIKBOSSIAN

PhD in economics from EHESS, Guillaume CHEIKBOSSIAN  is a research fellow at TSE.

(1) Why did you choose to work at TSE?

I received the aggregation in 2000 and I then chose the Perpignan university. At the same time I met with Jean-Jacques Laffont in Toulouse in the perspective of a link with GREMAQ. It was already at that time a research center recognized worldwide and extremely dynamic and I did not hesitate when I had the opportunity to join the research team. It was difficult to imagine that the center would still grow considerably at all levels to become TSE as it exists today.

(2) How would you describe your research to the general public?

My research is in the field of new economic policy (NEP). The starting point is to consider that economic policies are decided and enforced not by a benevolent social planner who would maximize the welfare of the representative agent, but by policy makers , who have incentives that are their own ( such than being re-elected) . A lot of my work using this approach as an application issues in public economics and international economics . Indeed, one of the main issues of my work is to study how the internal politics ( eg between government and pressure groups ) affects the game between governments ( national or regional ) - including fiscal policy and tax - and vice versa. I also work on the impact of competition between groups - to enforce a certain policy or an annuity - the coordination and cooperation within the Group.

(3) How does this research impact on society?

What we used to call the economy or economics was called by the founding fathers of the discipline as Smith and Ricardo "Political Economy" with the main issue: how policy affects the economy? The new political economy , which has grown considerably over the past two or three decades, and to return to sources and especially to better understand what are the political constraints at work in any economic policy decision . In particular, in the context of modern democracies, it is to better understand how interest groups organized on one side and the public (or median voter) on the other affected public decisions. Ultimately, this should foster proposals for institutional reforms for the decisions and the decisions themselves are more democratic. For example, a topical issue that economists have invested for some time is to know specifically what are the advantages and shortcomings of concurrent elective ( especially in the case of a national mandate and a local office held by the same person) .


(4) A current or upcoming highlight in your work?

Of the highlights in my work, there were several and I hope there will be many more. To give an example I remember taking part in a European Science Foundation conference on "Identity and territories" which brought together thirty ethnologists, anthropologists and sociologists. I was the only economist I planned to present a specific argument of local public economy (in a context where people have preferences or conflicting goals) on the "small model" based one. I expected an outcry more or less violent in response to formalization. Instead, it was one of my presentation where I had the most reactions, and many more came to see me at the end of the presentation, saying in substance that the shape of my presentation was very unusual but it was interesting and that background we talked about the same thing. This reinforces my belief that the economy is foremost a social science that is not so different in its objectives and approach of other social sciences as one could (or would) believe. 

(5) If you had the choice to re live your life, which country woul dyou like to choose and why?

If I had the choice to live my life over, I would choose as a country ... Savoy. It is true that today is a French territory but as Lyonnais I have felt that it was in fact a "country” in itself. Why? Because, I would want to become a Skier.

"Who looks... finds" video on electoral economics PDF
screen_shot_2014-03-31_at_14.06.43.pngKarine Van Der Straeten studies political economics, particuarly via experiments to study electoral behaviours and test different voting systems. Science Animation Midi Pyrénées recorded a special outreach clip with Karine on her work.

=> Watch the video (in French) 
June 17th: last meeting of Global IQ PDF
Global IQ, European Project on Climate Change will organize its last meeting on June 17th in Bruxelles. This one-day conference will present and discuss the findings of a major three-year collaborative research project involving eleven partners located in eight EU members states, led by the Toulouse School of Economics.C.GOLLIER will deliver the Keynote lecture.

=> Find out more

TSE will held on August 25-29, 2014 the 29th annual congress of the European Economic Association 68th European Meeting of the Econometric Society . The scientific program will include numerous contributed sessions, 18 invited sessions and 6 plenary lectures. The EEA Women in Economics (WinE) will also be repeating the very successful WinE Retreat, held for the first time during EEA-ESEM Gothenburg 2013.

=> Register now!
TSE researchers: week 43 PDF
21 octobre 2013 : Yassine LEFOUILI

PhD from Paris School of Economics, Yassine LEFOUILI  is an Assistant professor at TSE.

(1) Why did you choose to work at TSE?

In some ways, my connection with TSE dates back to before I joined the department. Some of my colleagues today were my teachers in Paris. Others have served on my thesis committee. Finally, the research I've done as a PhD student rested partly on seminal articles by several members of the industrial organization group in Toulouse. Because of all this, when I was offered in 2010 a job as an assistant professor at TSE, I was already fully convinced that it was a department where I could develop myself on a scientific level.

(2) How would you describe your research to the general public?

My research focuses primarily on the economic effects of  innovation, competition and energy policies. I studied, for example, the effects of granting patents whose validity is uncertain on the diffusion of innovations. I also looked at the effects of the leniency programs used by a large number of competition authorities in their fight against cartels. Finally, more recently, I worked with Claude Crampes, on how the level of feed-in tariffs paid to photovoltaic power producers affects the structure of the market for photovoltaic equipment.

(3) How does this research impact on society?

My work aims to foster the public debate by identifying the potential effects, both desirable and undesirable, of a given public policy. Let’s take a concrete example. Today, licensing agreements between two competitors are exempted from antitrust control in the E.U. and the U.S. as soon as the collective market share of the firms is not more than 20%. My recent work with Doh-Shin Jeon on the competitive effects of cross-licensing highlights the potential adverse effects of such an exemption on consumers.

(4) A current or upcoming highlight in your work?

On December 5 and 6, I am participating in a round table on "patent wars" in the 2013 Competition Summit in Brussels. The majority of participants in this conference are lawyers working either in law firms or legal departments of major companies. I look forward to discussing a complex and hot topic with legal practitioners who will probably adopt an angle of analysis different from mine.

(5)  Given the opportunity, which language (other than French & English) would you like to take up ?

I have basic knowledge of Spanish but I'd like to one day be fluent in the language

Les bouleversements du secteur des télécommunications PDF

Avec Marc IVALDI , Télé Toulouse 12 mars 2014
>> Voir la vidéo

TSE researchers: week 42 PDF
14 octobre 2013 : Marie-Françoise CALMETTE

Ex Directrice de l'école TSE (2011-2012), Officier des Palmes académiques et Chevalier dans l’Ordre National du Mérite, Marie-Françoise CALMETTE est actuellement chercheur TSE-ARQADE

(1) Pourquoi avez-vous choisi de travailler à TSE  ? 

Vous savez sans doute que TSE est l’aboutissement d’un long parcours qui a commencé il y a maintenant plus de 30 ans. C’est en effet à cette époque  que Jean-Jacques Laffont décidait de revenir dans sa ville natale, Toulouse, après avoir fini son doctorat à Harvard et travaillé quelques années à Paris. Ne se résignant pas au retard de l’université française en économie, il a entamé la construction de ce qui est devenu un des  meilleurs centres de recherche en économie d’Europe. Au côté de Jean-Jacques, il y avait une petite équipe d’économistes de l’Université Toulouse1 Capitole, spécialisés essentiellement en économie théorique et en organisation industrielle, dont Michel Moreaux, Claude Crampes, Bernard Belloc, André Grimaud, Jacques Le Pottier, Jean Fraysse et moi-même. Cette équipe, très vite rejointe par Jean Tirole, était initialement regroupée au sein de l’Institut d’Economie Industrielle (IDEI). Je n’ai donc pas « choisi » de travailler à TSE : j’étais au départ de son histoire et, sans doute comme les collègues que j’ai cités, j’en ai toujours ressenti un peu de fierté, même si ma contribution a été bien modeste. J’ai bien sûr été ravie de rester dans cette équipe aujourd’hui diversifiée, enrichie de plus de 120 enseignants- chercheurs réunis sous la dénomination TSE et je suis avec admiration son évolution jalonnée de reconnaissances nationales et internationales (label de RTRA , LABEX, différents prix prestigieux).

(2) Comment décririez-vous vos travaux de recherche au grand public?

Mes travaux s ‘inscrivent dans le cadre théorique de ce qu’on appelle traditionnellement l’Economie Internationale. Plus précisément, il y a encore quarante ans les flux du commerce international étaient expliqués par les caractéristiques des pays, leurs « avantages comparatifs ». Ceci est encore vrai pour quelques rares exemples (un pays dispose, ou pas, de ressources naturelles, de gaz etc et donc les exporte, ou les importe). Mais depuis le dernier tiers du 20ème siècle les échanges sont essentiellement le fait de firmes dont la localisation est libre et le commerce des biens est le résultat combiné de la stratégie des firmes et des gouvernements. Une partie de mes recherches vise à comprendre les conséquences de ces stratégies et mes travaux utilisent donc à la fois les concepts de l’économie internationale et de l’économie industrielle. Par exemple les stratégies environnementales des gouvernements ont des effets sur la compétitivité des entreprises qui peuvent répondre en délocalisant. Autre exemple : davantage de libre échange signifie davantage de concurrence mais les entreprises peuvent alors adopter des stratégies de fusions (nationales ou internationales) pour tenter de maintenir leur pouvoir de marché. Etant dans un laboratoire de recherche dédié au développement, je travaille aussi sur ce thème : je m’intéresse particulièrement au rôle des infrastructures dans les pays émergeants.

(3) Quels sont les effets de ces travaux de recherche sur la société ?

La société se pose beaucoup de questions sur les effets de la mondialisation et ces travaux peuvent aider à donner des réponses. Ils peuvent par exemple éclairer les débats sur l’instauration d’une TVA sociale ou d’une taxe carbone et leurs effets sur la compétitivité des entreprises nationales et donc les flux commerciaux internationaux. Ils aident également à analyser et comprendre les déterminants des localisations des entreprises exportatrices et donc les effets incitatifs des politiques publiques dans ce domaine. Ils peuvent enfin donner un éclairage théorique aux autorités de la concurrence sur le comportement anti- concurrentiel ou prédateur de certaines entreprises.

(4) Pouvez-vous nous citer un temps fort, actuel ou à venir, de votre travail?

Depuis 2009 et jusqu’à l’année dernière j’ai été très occupée par la fondation de l’Ecole d’économie de Toulouse, son ouverture et sa direction en 2011-2012. J’ai également été cette année là porteur et responsable du projet FREDD qui a été labellisé IDEFI par le jury des investissements d’avenir. Ce fut très exaltant et je pense que comme Christian Gollier, Jacques Cremer et Joel Echevarria qui m’ont aidée à défendre FREDD devant le grand jury,  je ne suis pas prête d’oublier ce court moment excitant de ma carrière. Depuis un an je me suis remise avec bonheur pleinement à la recherche. Je travaille actuellement, avec deux autres chercheurs de TSE, sur un modèle de commerce international de biens différenciés par la qualité. La question posée est comment peut-on expliquer la capture de tout un marché comprenant des consommateurs prêts à payer pour un haut niveau de qualité par des firmes n’offrant que des produits de basse qualité ?. Cette éviction d’un marché de la firme produisant la haute qualité (et donc de ses consommateurs qui finalement se retournent vers la basse qualité) n’est pas un résultat traditionnel en économie industrielle où on considère la plupart du temps qu’une nouvelle firme entrant sur un marché n’aura jamais intérêt à évincer du marché la firme déjà en place. Une première version de ce papier doit être présentée par un co-auteur  au North American Regional Science Congress  (NARSC) à Atlanta en novembre et je suis très impatiente d’avoir des premiers retours sur ce travail.

(5)  Qu’est-ce que vous appréciez le plus à la ville rose ?

Je gare ma voiture tous les jours dans le parking de l’Arsenal puis je me rends à pieds à la Manufacture des tabacs en longeant la Garonne. Je ne me lasse pas du spectacle de ce fleuve somptueux et m’émerveille tous les jours de la vue sur l’Hotel-Dieu et la chaussée du Bazacle. Selon l’heure, le temps ensoleillé ou non, le débit de la Garonne ( elle est tellement belle quand elle est furieuse), les couleurs et les impressions sont différentes mais me donnent toujours du tonus pour la journée.

Jean Tirole receives the 2014 Erwin Plein Nemmers Prize in Economics PDF
The prize is among the major awards in the United States for outstanding achievements in economics. The 2014 prize marks the 11th time Northwestern has awarded the prize.Tirole’s  award of the 2014 Erwin Plein Nemmers Prize in Economics is “based on his various contributions to economic theory and its application to finance, industrial organization and behavioral economics.”

Read the Press Release
Tiger Forum J - 10 PDF
Joel Echevarria , TSE Chief Operating Officer gave an interview to the French media  Objectifs News and presented the next edition of the Tiger Forum, held from 2 to 6 June. The opportunity to "mix during  5 days economic policy makers and researchers."
=> watch the video (in French)
=> Visit the TIGER website

TSE researchers: week 41 PDF
7 October 2013 : Sumudu KANKANAMGE

After completing his Ph.D. from Paris School of Economics, Sumudu KANKANAMGE , joined TSE as an Assistant Professor. He is attached to the GREMAQ laboratory.

(1) Why did you choose to work at TSE?

During my PhD I was aware of the quality of research in Toulouse and how it was one of the best places to be for an economist in Europe. So when I was offered a position, I could simply not refuse. Plus I love the fact that Toulouse as a city has so much to offer and all of it in a tight and small package.

(2) How would you describe your research to the general public?

My main field of work is Macroeconomics and I focus on economic policy in incomplete markets with heterogeneous agents. This had led me to work on fiscal policy and public debt issues as well as on issues related to the labor market and unemployment insurance policies. Part of my work is quantitative. That is why I also spend some of my time thinking about computational issues.   

(3) How does this research impact on society?

An important focus of my research deals with the distributional implications of policy. For instance, I analyzed these implications in the context of public debt and business cycles. This is a small contribution in a decade long effort by researchers to position individual households in the center of Macroeconomic models. A lot of economic models used in policy-making institutions are not up to date with these developments. So it is motivating to contribute in that direction.

(4) A current or upcoming highlight in your work?

I am finishing a paper on the time consistency of unemployment insurance policies. With my co-author Thomas Weitzenblum  , we show how a significantly positive unemployment insurance replacement ratio can be sustained because of the interplay between successive governments and the short and long run gains/losses that are at stake. 

(5)  Which is your favorite place in Toulouse?

I won’t single out one place but many with a theme because my answer would be “a restaurant in Toulouse”. I like the fact that one can almost always sit down in a restaurant at random in Toulouse and have a delicious experience. I don’t seem to have the same satisfaction in other cities. Magret de canard and “all you can eat” foie gras might have something to do with it.

"A better route to tech standards" PDF
In today's edition of the leading journal Science, JeanTirole & J.Lerner published a new arcticle "A better route to tech standards" in which they propose to reform the standardization rules and prevent smartphone and other related litigation.

>> Read the article

The 2nd Toulouse Economics and Biology Workshop PDF
Recent years have witnessed a surge in empirical and theoretical research that establishes connections between economics and biology. IAST will held the second edition of the annual meeting "Economics and Biology workshop" on May 22-23 bringing together economists and biologists from international universities.

This conference is co-organized by  Ingela Alger (TSE-IAST) and Jörgen Weibull (SSE-IAST)
=> Find outmore
TSE at Futurapolis 2014 PDF
Futurapolis, annual forum dedicated to innovation in all areas of daily life, will be held in Toulouse from 15 to 17 May 2014. 

Four TSE researchers David Alary , Claude Crampes ,Nicolas Treich and  Karine Van der Straeten , will tke part in differents sessions during the three days at the Pierre Baudis convention centre. 

=> More info 
TSE researchers: week 40 PDF
30 septembre 2013 : Sylvain Chabé-Ferret

Sylvain Chabé-Ferret  first studied at AgroParisTech. He holds a PhD in economics from the University of Auvergne. He spent a post-doctoral year visiting Cowles Foundation and the Department of Economics at Yale University and worked at IRSTEA, a government-run research center focused on environmental policies, before joining TSE. 

(1) Why did you choose to work at TSE?

I was born and raised in Toulouse, I even studied here in high school, my family still lives close by, but this only played a very marginal role in my decision to come to TSE. It was even rather of a downside, since my wife is from Paris and coming to Toulouse after leaving in Clermont-Ferrand meant switching from a place where we lived at an equal distance from our families to what is now a very unbalanced situation. I thank my wife every day for being so supportive and understanding.
The main reason I came here is because this is a very exciting place to do research in economics. It’s a very stimulating place. In my field of econometrics, the colleagues are extremely strong. We have a lot of visitors and seminars. I can receive frequent quality feedback on what I’m doing, I’m encouraged to aim for the best research that I can do, and this is crucial for me a as a young Assistant Professor.
More broadly, the intellectual diversity here is amazing: there are lots of different groups, and there are all extremely strong, so that I can nurture my interests in environmental economics, development economics, behavioral economics... With the IAST, we also have access to top research in biology, political science, psychology. There is always something exciting going on here. There are not a lot of places in the world like TSE.
Finally, an even deeper reason for me to come to TSE is that I profoundly believe in what I call the Laffont project of setting up an autonomous elite research and teaching institution within the French University system. I think that what Jean-Jacques and his continuators have achieved is astounding, and there is still a lot to be done to fully implement this great vision. I am really excited and proud to be a part of it. 

(2) How would you describe your research to the general public?

My work falls within the field of treatment effects analysis. This is basically a toolbox of methods that can be used to infer causal relationships from empirical data. Causal inference is a very difficult undertaking, especially in the social sciences, because we deal with conscious individuals that make decisions in their best interest. As a consequence, we end up with empirical data where it is very hard to identify the effect of treatments. Let’s take the example of a medical treatment: patients who feel sick will tend to go to the doctor, doctors will give the treatment to the sicker patients. Eventually, if you see that the treated patients do worse than the untreated, is it because they were initially sicker, or because the treatment has hurt them? How can you infer from these data how much of an improvement the treatment has brought? This is the very basic but profound insight that correlation does not imply causation. 

In my field, we start from this insight, and we try to build methods that separate the spurious correlation from the true causal effect. One way to do this is to set up a randomized control trial. But even this is not bullet proof, since conscious people might react to the randomization if they know about it. That’s why doctors came up with placebos, for example. Moreover, you cannot always implement RCTs in real life for ethical or political reasons, or because it’s too late, the treatment has already been implemented. The focus of my current work is on the methods we can use when no RCT has been implemented.

I try to make clear the behavioral underpinnings that generate spurious correlation between the treatment and the outcomes, in order to either understand the properties of existing estimators or to propose new ones. I’m especially working on how to use information on pre-treatment characteristics and outcomes: we know that they contain information on the factors that generate spurious correlation, but we still do not exactly know how to best extract that information. 

(3) How does this research impact on society?

What’s great with my field is that it’s not difficult to answer that question. Everything can be seen as a treatment! Public policies are a case in point. If you are a policymaker looking for evidence on what works and what does not, it is highly likely that most of the information you’re going to find builds on these methods. The more accurate the methods, the better the policy decisions.

Traditionally, in economics, these methods have been extensively used to study labor policies, as Job Training Programs, educational policies, like the effect of education on earnings, but also to study the effects of class size, teacher quality, class composition on students’ achievement. But because these methods provide a very useful way to think about causality, especially in the social science, they are now widely applied in every field in economics, and outside of economics. There is a very important and active field of applications in development economics and environmental economics. Several recent papers also use these methods to look at the effect of monetary and fiscal policies, a very important and highly debated topic nowadays. 

But the relevance of these methods is not limited to public policy. A lot of decisions within firms (managerial decisions, pricing decisions, entry into markets, financing decisions) can be viewed as treatments. We have seen a lot of applications of treatment effects methods in these fields recently. These methods are also used in biology, medical science, political science, psychology…

In my own applied research, I have mostly focused on environmental issues. While at IRSTEA, I have conducted an in-depth extensive study of the effect of green payments  of farmers’ behavior. The aim of these payments is to incentivize farmers to adopt greener practices. But because the payments are only given to voluntary farmers, there is a large scope for spurious correlation. Maybe the farmers with initially greener practices are going to volunteer for receiving the subsidy: it is less costly for them since they already comply with the requirements. So correlation might exaggerate the true causal effect. This is an instance of adverse selection: payments go to the farmers that are less impacted by them, they earn windfall income, but, from the policymaker’s perspective, this is a waste of money. We indeed found sizable windfall effects, to the point that some of the payments did not seem to be efficient: the gain they brought to society was much lower than the cost of the policy. Just to end on a positive note here, we did find that some policies, as for example subsidizing conversion to organic farming, were extremely cost effective.

(4) A current or upcoming highlight in your work?

I am very excited to present a completely revised version of my first genuinely methodological paper at the French econometrics conference that will be held here at TSE, November 14-15. 

(5)  In your opinion, has the social network like twitter reached the researchers in France and changed their way of expression?

You spotted me on twitter, huh! (@sylvainCF) I try not to spend too much time on Twitter, but I really like the very synthetic up-to-date informational flow it gives me. I also like to share what I find interesting with friends and colleagues.

There is a now a small but somewhat active community of French economists on twitter, and some of them, like Alexandre Delaigue (@adelaigue) and Philippe Waechter (@Philwaechter) are extremely active. Twitter is mostly used to point to lengthier contents, as blog posts or more traditional journal articles. 

Overall, be it in France or abroad, the economics blogosphere mainly oscillates between presenting research results to a larger audience and discussing “hot” policy topics. The perfect synthesis of these might be the voxeu blog, where top policy-relevant research is summarized and presented by the authors themselves. 

I have the feeling that we are only scratching the surface of the potential that blogs and twitter have for disseminating research results. I think even research that does not seem immediately policy relevant should be disseminated as blog posts. It would make what we are doing much more accessible and concrete to laypeople. And for researchers not familiar with the field, it gives a useful summary of what the field is trying to achieve, what are the main questions, and where do we stand. Blog posts, because they target a very wide audience, have this virtue of being extremely clear on what are the aims of the research. This is sometimes lacking in scientific papers, because we assume that people reading our papers already know about this. And even to researchers familiar with the field, published papers may appear dry and require a lot of investment to understand the paper deeply. Mathematical proofs, for example, are the outcome of a long back and forth, trial and error process. The intuition that started the paper is generally lost because the proof has to accommodate special cases, etc. Sometimes, just giving the intuition, however incorrect, might help the reader understand why all the technical apparatus is required. Nowadays, this intuition is mostly given during seminars, conferences, face to face meetings. Blog posts could be a way to deliver this intuition more broadly. 

But blogging takes time, a blog post is a public good, and, as scientists, we are absolutely not incentivized to contribute to that public good. 

The Euro in the currency war PDF
Guillaume Plantin  and the co-authors Agnès Bénassy-Quéré, Pierre-Olivier Gourinchas et Philippe Martin have published a new note to the Council of Economic Analysis on the Euro in the currency war.

=>Read the article
TSE researchers: week 39 PDF
23 September 2013 : Emmanuel THIBAULT


Emmanuel is a Professor of Economics at the University of Perpignan and member of the Toulouse School of Economics (TSE). He is also a columnist (monthly) for the daily Les Echos. His research interests are in Public Economics and Macroeconomics. He is the thesis award winner (interdisciplinary) from the University of the Mediterranean in 2000, winner of the Europlace Institute for the project "Financial Choice and duration of uncertain life" in 2008 amongst others…

(1) Why did you choose to work at TSE?

After completing my thesis in 2001, I chose to accept the position of a Lecturer offered by the Toulouse 1 Capitole University. For three years I enjoyed and appreciated the quality of this prestigious place. In 2004 I won the competition: Agégration des Universités. In order to continue to conduct my research at Toulouse (TSE) with the Gremaq lab, I thus chose Perpignan as the host university.

(2) How would you describe your research to the general public?

My work is theoretical and revolves mainly around three axes. The first relates to the study of motivations that leads an agent to transmit or not (physical or human capital) and the repercussions of this decision on the impact of public policies of redistribution between generations. The second is to examine the implications of intergenerational transfers and fiscal policies on the accumulation and distribution of wealth. The third is to study how the uncertainty on the duration of one’s life and/or on one’s state of health, can influence the financial choices and efforts to build an individual.

(3) How does this research impact on society?

The intergenerational transfers both public (pension system, public debt, ...) and private (bequest, family aid, ...) are at the heart of economic policy debates. Let's take a concrete case. The French government promises a future reform of the financing of long term care needs. This is a complex issue that affects both taboos: money and death. Together with Pierre Pestieau and Chiara Canta, we studied how the joint interaction of the family, the market and the state influences the dynamics of capital accumulation and therefore economic growth. The aim of my research is to invite the public decision-maker to intervene with caution, measurement and relevance.

(4) A current or upcoming highlight in your work?

I just presented the paper that I mentioned on the reform of the financing of long term needs at La Rochelle last week at the event of "Days of Economic Dynamics". Besides its intergenerational and dynamics aspects here is a typical subject for which the consideration of interactions between the family, the state and the private sector is essential. This topic is more than a part of the economy and has become a public health challenge. Elderly spousal caregivers (aged 66-96) who experience caregiving-related stress have a 63% higher mortality rate than noncaregivers of the same age! Upstream, it is also important to act. With Catarina Goulao, we have recently published an article on how the state should promote physical activity in order to delay entrance into dependency.

(5) Emmanuel Thibault if not a researcher/professor then… 

Knowing the profits that the monopolists can make in France, I would have certainly chosen to set up my own business and opt for "taster southerly winds". A healthy business, considering it is outdoor, and moreover in a natural surroundings of great beauty. From Toulouse to Perpignan, including Marseille, I already appreciate the different First Growth of  Autan,  Tramontane or, my favorite, Mistral.

Annual Financial Econometrics conference: May 16 &17, 2014 PDF
TSE is holding its annual financial econometrics conference on 16-17 May in Toulouse. The TSE specialists on the subject will be joined by internationally-renowned peers to present and discuss recent work and developments.

This conference is organized by Nour Meddahi

==> Find out more

Sexonomics PDF
The book  "Sexonomics " by Paul SEABRIGHT (Director of the Institut for Advanced Study in Toulouse and Professor of Economics at TSE is now available in pocket sized (Editions Flammarion). He provides a reflection on the economic and social inequalities between men and women. In particular, he explores the use of networks by both sexes and finds great inequality.
TSE researchers: week 32 PDF
15 April 2013: Thomas CHANEY

32-chaney-t.jpgThomas began his studies in France (ENS Paris) before carrying out his PhD in economics (2005) at MIT. He then held an assistant professor position at Chicago before joining TSE in 2012 as professor of economics.

(1) Why did you choose to work at TSE?

People ask me if I chose TSE to return to my native country of France. On the contrary, it is rather awkward for me to come back to France after 12 years abroad, and in fact I chose TSE entirely for the academic environment and the colleagues. I have always been very impressed by the quality of TSE’s intellectual environment and the overall excitement that you can feel in the place. This is quite rare, even in the top US departments.

(2) How would you describe your research to the general public?

I work mostly in international trade and lately I have been interested in the network of connections between either individuals or firms. Unlike the classic view we have of markets where more or less everyone has access to information about others, in the real world the actual interactions people or firms have are very limited, creating pockets or islands of information that are isolated but also connected via a vast network of connections between the islands. I have been trying to understand if this kind of economic system with millions of firms and workers is stable; if a micro shock hits one pocket of the system it will eventually cascade to the whole system. The speed and strength of this cascade effect depends on how economic agents are connected to each other, and this is what I am trying to shed light on.   

(3) How does this research impact on society?

This work on networks is pretty theoretical at this stage, but the general study of the stability of network-based economic systems can give an idea of how often to expect big crises. Take for example the 2008 financial crisis which was initially very local, beginning in the housing market in the US, hitting first the US financial market and then propagating to the whole world. Once we start to understand how local micro shocks cascade, we can start to think about the kinds of regulation that can be put into place to alleviate the frequency or severity of potential crises.

(4) A current or upcoming highlight in your work?

I’m organising a conference in Chicago this summer on networks in macroeconomics and finance. I have also applied for funding to extend this work in Toulouse. Fingers crossed!

(5) If you could, whose head would you put on a banknote?

milton-friedman.jpgflowers.jpgjohn-maynard-keynes.jpgMilton Friedman
on one side and Keynes on the other would make for interesting discussions. But it’s probably better to just put flowers instead.
Project "Informational Rents and Real Estate Markets" PDF
Frédéric Cherbonnier, TSE researcher and Professor at  IEP in Toulouse took a fellowship from the  Institute Europlace in Finance  to study on « Informational Rents and Real Estate Markets ». Augustin Landier and  Julien Sauvagnat from TSE will also work on this new project.

 => Read the abstract
TSE student workshop: April 18, 2014 PDF
The objective of the TSE Student Workshop is to increase the contact between researchers and PhD students and to introduce work done by TSE students to other students and researchers at TSE. Simon Fuchs and  Shekhar Tomar will organize the day, supervised by Jean-Marie Lozachmeur  and Vincent Réquillart .

=> Find out more
TSE researchers: week 31 PDF

8 April 2013: Marti MESTIERI

mestieriMarti holds a junior chair (assistant professorship) at TSE. He began his studies at the Universitat Autònoma de Barcelona before carrying out his PhD in economics at the MIT. Marti joined TSE in 2011.

(1) Why did you choose to work at TSE?

TSE seemed like the best place where I could grow as an economist and learn from my peers. I really liked the atmosphere here. 

(2) How would you describe your research to the general public?

Within the field of macroeconomics, I study various issues linked to technology and how the use of technology generates winners and losers. To give three main examples:

1. I have looked at how technologies have been diffused across countries since the industrial revolution and how the adoption of these technologies can be held accountable for current-day inequalities between richer and poorer countries.

2. I consider trade, looking at how the IT revolution has affected the types of goods that are being traded and how certain labour forces have been modified and displaced as a consequence. For example, one observes more middle-skilled workers being displaced in rich countries than before the IT revolution. 

3. I study how educational systems should be designed depending on the wealth distribution of a particular economy and the differing values people attach to education. I have been recently studying how the potential mismatch of people to educational paths (and jobs) makes countries poorer and potentially create long-lasting inequality.

(3) How does this research impact on society?

Before the industrial revolution the wealth gap between rich and poor countries was less than 2-fold. Today it is 7- or 8-fold. The benefits of the industrial revolution have been heterogeneous across countries, and we document that the late and slow diffusion of technology in poor countries accounts for most of these differences. I believe this analysis may help to centre the debate on the relevant policies to help poor countries become richer. We document that the technology channel is very important, and we are currently in discussions with a large NGO in Peru that is trying to implement new technologies to improve methods of agriculture and light manufacturing.

(4) A current or upcoming highlight in your work?

I am very pleased to be a member of the Human Capital and Economic Opportunity group, initiated by the Nobel prize-winning economist Jim Heckman (University of Chicago) with the aim of bringing together theoreticians and empiricists to work together on models of human capital. This is an exciting project and in June I will spend one week with the group in Capri thinking about models – I am expecting it to be a very fruitful week.

(5) Crema catalana or Crème brûlée?

crema-catalana.jpgCrema catalana! That said, I don’t really know what the difference is, perhaps the addition of lemon peel and cinnamon in the crema catalana. In any case, this dessert is very special to me as in my region it is typically eaten at the time of Sant Josep, and as my father’s name is Josep it has always been a family tradition to prepare Crema Catalana together for that occasion!

Suzanne Scotchmer, 1950-2014 PDF
scotchmer.jpgTribute to our dear friend & colleague

We have received terrible news which has brought great sadness to our community. Suzanne Scotchmer, professor of economics and law at Berkeley, passed away on 30 January.

Suzanne had been a great friend of TSE for a long time. She had been sitting on our Scientific Council from the start in 2007. She always made a point of attending the meetings despite working at Berkeley. She also was among those whose input was the most valuable. Suzanne was also a Toulouse Network on Information Technologies (TNIT) member from 2005 to 2012, to which she made many great contributions. 
10-11 April: conference on elections PDF
A two-day conference on Elections and electoral institutions co-organised by the CIRPÉE, TSE, the IAST and the IUF bringing together economists and political scientists using a variety of approaches, including theoretical modelling, empirical analysis and experiments.

Featuring an opening lecture by Gary Cox (Stanford University) on "Electoral rules, mobilization and turnout.”

=> Find out more
TSE researchers: week 30 PDF
25 March 2013: Jean-Paul AZAM

30-azam-jp.jpg Jean-Paul began his studies in Toulouse before carrying out his MSc and PhD (1980) at London School of Economics (LSE). After a 13-year position as Professor of economics at the University of Auvergne (Clermont Ferrand), Jean-Paul came to TSE in 1997 on the request of Jean-Jacques Laffont in order to found the ARQADE research group in development economics, which he directed until 2010. Jean-Paul is director of the Public Policies & Development Masters programme at TSE.

(1) Why did you choose to work at TSE?

The project that Jean-Jacques invited me to lead was very exciting: the creation of an imaginative, independent centre of applied development economics. For this rather crazy project Jean-Jacques knew he could count on me to take up the challenge!

(2) How would you describe your research to the general public?

An underlying theme to my work is the economics of peace, war, and violence in developing countries. At the moment I am in a transition phase: having spent much time working on terrorism, I am now working on the link between infrastructures and peace; how infrastructures, notably transport networks, create obligations for different groups to peacefully cohabit.

In a recent paper I studied the unexpected democracy that recently developed in Somaliland. After the secession from (former Italian) Somalia, the nation organised itself, without international aid, in an exemplary manner, creating efficient and safe transport infrastructures such as the road into the Middle East via the port of Berbera. My work used a simple game-theoretic model to explain why the home-grown democratic institutions that developed in Somaliland are a key factor for sustaining an efficient political equilibrium.

(3) How does this research impact on society?

In the Somaliland example, local tribes play a significant role in the efficient functioning of the democracy. This is an important point that I try to bring to the attention of the international aid organisations; we have a lot to learn from the people of the countries we aim to “help”, and sometimes intervention is not the best solution, and it’s important to recognise the democratic structures such as the tribes that provide health and educational services, rather than trying to impose an external, bureaucratic organisation that is not in phase with the country’s needs, like an elephant in a china shop! 

In 2010 I published a paper showing that while foreign aid potentially reduces terrorist attacks, military interventions are liable to increase them. Just after publishing the paper, I was invited to Washington to present this work directly to the U.S. Agency for International Development in front of the National Security council and the Defence department. These discussions directly influenced the reform of the U.S. military strategy.

(4) A current or upcoming highlight in your work?

In April I will present a recent paper at a conference held by the European Public Choice Society.  The paper exposes a conflict affecting an indigenous population in India, victims of violence, terrorism and state corruption.

(5) I hear you are passionate about wine?

The passion comes from my roots. My grandfather produced wine in the Gaillac region, close to Toulouse, and when I had the opportunity to return to my native region and rediscover its vines, I was delighted. I am proud to be Vice-Chancellor of the “Brotherhood of the Divine Gaillac Bottle”, an activity which brings me great pleasure.

TSE Job Market Candidates 2014 PDF
9 PhD TSE Candidates to the Job Market 2014.

 => See all Candidates
Placement Officer : Christian Hellwig
3-4 April: Postal Economics conference PDF
la-poste.pngIDEI and TSE are co-organising the 8th bi-annual Postal Economics conference on E-commerce, Digital Economy and Delivery services sponsored by the La Poste Group. The objective of the conference is to discuss recent research contributions to the conference topics whether theoretical, econometric, or policy oriented. It is intended to foster exchanges between professionals and academic researchers.
TSE researchers: week 29 PDF
18 March 2013: Bruno BIAIS

29-biais-b.jpg Bruno is Director of Research in finance (CRM-CNRS) and member of the finance research group at TSE. PhD in finance from the École des hautes études commerciales de Paris (HEC), Bruno had been in Toulouse since 1994, carrying out various visiting positions over the years (Carnegie Mellon, Yale, ECB, New York Stock Exchange, Oxford…).

(1) Why did you choose to work at TSE?

Thanks to a chance meeting with Jean-Jacques Laffont at DELTA (now PSE) in the 1990s. Jean-Jacques suggested I should come to Toulouse. I was thrilled, as I was very interested intellectually by the work of his group in Toulouse, involving a number of researchers that I was keen to work with: Jean Tirole, Jacques Crémer, Jean-Charles Rochet, Eric Renault… so I jumped at the opportunity!

(2) How would you describe your research to the general public?

I work on finance from an economist’s perspective: trying to understand the economic mechanisms of the financial system in order to identify the extent to which the system plays a useful role for society. The relevance of this kind of questioning was brought sharply into light by the financial crisis which began in 2007, and it’s even more crucial today to identify and correct any anomalies in the financial system.

To give a specific example, today I am studying an important technical question: the role of clearing houses, or central counterparties. When financial firms carry out transactions with one another, for example over complicated products such as credit default swaps, there is a risk that a firm may fail to honour its obligations towards the others, because it goes bankrupt or in financial distress. This failure has direct repercussions on the other firms involved in the transaction, and these negative consequences can spread to the entire financial system, creating systemic risk. One of the roles of clearing houses is to provide insurance against potential failure of the other parties. My co-authors and I are studying how to structure these insurance systems and organise the clearing houses in order to reduce risk for the financial system and allow optimal risk sharing.

(3) How does this research impact on society?

After the crisis, it was suggested that rather than a bilateral or decentralised clearing system, it would be wise to centralise clearing in order to better control risks. This is a real policy issue today as this proposal is yet to be put into practise. Our research addresses this issue, and we have regular exchanges with different actors of the regulatory debate such as the IMF, the French Autorité des marchés financiers (AMF), the Banque de France, the ECB, and the Federation Bancaire Française (FBF). 

(4) A current highlight in your work?

Two activities in particular spring to mind: the first is my role as Editor of the Journal of Finance since 2012, and the second is my role as Program Chair of the upcoming European meeting of the Econometrics Society, to be held in Gothenburg on 26-30 August 2013. Both of these roles generate a lot of work; for example over the past 3 days I have received 1018 papers submitted to the congress which I have had to allocate to 78 referees.

(5) What is your favourite dish?

I very much enjoy cooking, so I would say my favourite dish is one I will have prepared in my own kitchen, without a recipe, testing out new, original ingredients. And if it’s good then the greatest pleasure is to share it with friends!

Bruno Biais appointed to the Advisory Board of the AMF PDF
Bruno Biais , Research Director (CRM-CNRS) and TSE Researcher  has been appointed to join the new Advisory Board of the French "Autorité des Marchés Financiers " (AMF). The board provides the AMF with information on ongoing academic research in the financial field, identifies developments that may have an impact on the AMF's areas of activity and undertakes research projects related to issues of concern to the regulator.
=> Find out more
Modelling Consumer Behaviour PDF
Fabian BERGÈS and Sylvette Monier-DILHAN are heading up a Scientific Outreach event on modelling consumer behaviour on Thursday 13 February 2014 at 20:15 at the Météo France International Conference Centre in Toulouse. 

=> Find out more
TSE researchers: week 28 PDF

11 March 2013: Jacques CREMER

28-cremer-j.jpg Jacques is Director of Research (CNRS) in economics within the TSE-GREMAQ research centre, and Scientific Director of TSE. He is also member of the IDEI, which he directed from 2002 to 2007. After obtaining his PhD in economics from the MIT in 1977, Jacques began his career at the Laboratoire d’Econométrie of the Ecole Polytechnique in Paris and then undertook an assistant professorship at the University of Pennsylvania, followed by a professorship at Virginia Tech until 1989, when he took up his position in Toulouse.

(1) Why did you choose to work at TSE?

I came to Toulouse for a sabbatical year on the invitation of Jean-Jacques Laffont, who was setting up the IDEI at the time. My family and I came for the year, and when I realised how exciting Jean-Jacques’ project was, we decided to stay for good! 

(2) How would you describe your research to the general public?

As TSE Scientific Director, I’m currently a bureaucrat! But when I can concentrate on my research, I essentially work in two areas:

  1. The internal organisation of firms: why are they structured in a certain way and why are different stages of production within a particular firm integrated, separated or subcontracted?
  2. The economics of networks & the internet: at the moment, I am working with Gary Biglaiser (Univ. North Carolina) on competition within network industries, looking at the effect of new market entrants on the existing players. An example is the mobile phone industry: when Apple entered the market a few years ago, this considerably altered the structure of the network and its competition model.

(3) How does this research impact on society?

My work on the economics of networks should lead to a better understanding of competition mechanisms in industries where firms tend to have a monopoly but are nevertheless under pressure from potential competitors. An example is Facebook: as yet, there seem to be no serious competitors threatening this monopoly. But to a certain extent, Facebook is obliged to pay particular attention to its consumers’ interests in order to try to prevent market entrants from breaking its monopoly. Our findings should facilitate the decisions of regulators, competition authorities, and legislators. 

(4) A current or upcoming highlight in your work?

My colleague Paul Seabright and I are currently organising the 7th bi-annual conference on the economics of intellectual property, software and the internet; the most reputed academic conference in Europe within this field. This year the conference is to be held within the exciting new TIGER Forum organised by TSE on 5-8 June 2013. 

(5) What lessons do you think one can learn from the American higher education system?  

Firstly, the USA invests an enormous amount of resources into its higher education system, which I think stems from the fact that intellectual life is taken more seriously than in France, where we tend to separate theory from application. Secondly, the professionalism of the US university system is very impressive in comparison to the sometimes amateurish management of French research and higher education institutions. TSE is of course an exception to the rule!

Grant Air Force PDF
Jérôme BOLTE , TSE researcher has been awarded by the american government a new Grant "Air Force" for his research project on Forward-backward splitting for nonconvex optimization problems. It will start on February 2014 until 2017.
The interactions between Economics and Biology PDF

During the last event "La Novela", Ingela ALGER, CNRS Research Director and Director Program of the Institut for Advanced Study in Toulouse   gave an interview on research on Economics and Biology. She  came back on recent discoveries on the strong interactions between Economics and Biology.

 => Watch the video (in French).
The challenges of the French Agricultural Pogram PDF
Vincent Réquillart,  Research Director at INRA, specialist of agricultural and food policies and Professor of Economics at TSE, will host a conference on the European Agricultural Policy and the challenges of the French Agriculture on January 18th, 2014  at the Hotel Pedussaut, Saint Gaudens (31). This event is organized by the French Association GREP Midi-Pyrénées, in Toulouse.

>>Read the presentation  (in French)

Proprietary trading project PDF
Fany Declerck , TSE researcher and Professor of Finance  (IAE) has been awarded a research grant EIF (Institut Europlace Finance) for her  new research project « Proprietary trading ».

The project will start on February 2014.

TSE researchers: week 27 PDF
18 February 2013: Alban THOMAS

Alban Thomas
Alban is an INRA Research Director in economics within the TSE-LERNA research centre. He is also member of the IDEI, and Deputy-head of the INRA Social Sciences Division since 2004. PhD in economics from the University of Toulouse in 1989, Alban has carried out his whole career in Toulouse.

(1) Why did you choose to work at TSE?

I studied for my PhD in Toulouse long before the existence of TSE, in the 1980s with Jean-Pierre Florens, at the time when the economics group in Toulouse around Jean-Jacques Laffont was just beginning to develop. So the question for me is really “why Toulouse”? Originally from Paris and having lived in London and Montpellier, this small but dynamic group in an attractive city offered a good combination of theoretical and applied research, and the chance to combine different fields of economics that were of high interest to me. 

(2) How would you describe your research to the general public?

I work on agricultural and environmental economics, with an underlining application in the field of development. Overall, this work involves a microeconomic approach applying and testing econometric methods aimed at policy recommendations. 

The keyword to my research is water, the main theme of my work since the 1990s. I have focused on two main areas: firstly looking at the efficiency and performance of public policies aimed at reducing the gap between high water demands and scarce water resources. A recent example is how the current social water tariff in Cote d’Ivoire could be improved. I have also studied the regulation of effluent emissions via economic instruments such as taxes, quotas and contracts between environmental regulators and polluters, for example modelling the dynamics of cropping systems to show that adapting crop rotations can yield a larger reduction in nitrogen pollution of water than a tax on fertiliser.

(3) How does this research impact on society?

Mainly via qualitative recommendations to decision-makers regarding the best economic instruments to be implemented in a specific context. For example, in Brazil I worked closely with the regional authorities in Rio on the control of drinking water demands. In Egypt and Lebanon last year I advised a think tank on the best instrument-based environmental policies in Middle and Near Eastern countries. Closer to home, in France I have had various interactions with Ministries and stakeholders, including via the Salon de l’Agriculture!

(4) A current or upcoming highlight in your work? 

One aspect of current environmental policy designed to combat climate change has significantly increased demand on our already scarce water resources: the introduction of biofuels, which imply land use changes and increased agricultural production in order to meet fuel incorporation mandates.

How can we increase production despite the fact that climate change requires us to limit water use? Finding answers to this kind of question requires an interdisciplinary approach combining different sciences to identify the best policies to apply. I have just launched a big project in India combining economics, hydrology and crop science to try to plan production of irrigated crops and design water sharing rules in a watershed south of India, with the aim of reducing water use. This project, funded by CEFIPRA, will run over the coming three years. 

(5) A current affairs topic or news item that affected you recently?

While at an international conference last July, my Indian colleagues described to me how the electricity grid of the whole North-east of India had been cut off for several days, due to farmers who were pumping too much water to feed their crops because of the late arrival of monsoons. Half of the Indian population suffered from this excessive, badly managed consumption. So, in its own modest way, I hope that our new project in a small part of India may help to avoid this kind of situation in the future. 

SCOR next meeting 16 january 2014 PDF
A new SCOR meeting  on "Long term care" will be held on January 16th, 2014 at the headquarters of the SCOR in PARIS.It is funded by the Chair "Market Risk and Value Creation" , a research initiative of SCOR. This morning will be an opportunity for researchers from Longevity risk, long term care and (social) insurance TSE / SCOR Group to present their research to representatives of the Department of SCOR research but also managers of insurance products.
>> Read the programme (in French) 
Jean Tirole appointed member of the Strategic Research Council PDF
Jean TIROLE has been appointed member of the new Strategic Research Council by the French Minister of Research and Higher Education. One of the first tasks will be to identify a limited number of major scientific and technological priorities to prepare and build the France of tomorrow.

=> Read the Press Release (in French)
TSE researchers: week 26 PDF
11 February 2013: Pierre DUBOIS

Pierre is Professor of Economics at the University of Toulouse 1 Capitole. Research-wise, he is a member of the TSE-GREMAQ laboratory and the IDEI. PhD from the EHESS Paris, Pierre joined TSE in 2000 as INRA researcher before taking up his professorship in 2009. He has held various positions of responsibility within the University, notably as Deputy director of GREMAQ and then as Director of the DEEQA doctoral programme.

(1) Why did you choose to work at TSE?

After my PhD in Paris, I was offered an Assistant Professor position within the University of Montréal’s Department of Economics. I was pleased to accept their offer, but very shortly after I was also offered a research position at INRA Toulouse. At that time research positions in France were scarce, and this particular opportunity to work within the attractive research environment created by Jean-Jacques Laffont was too great to refuse. What’s more, at the time I was doing research on applied contract theory in development and agricultural economics, and Toulouse offered one of the best environments for these fields.

(2) How would you describe your research to the general public?

In a broad sense, I work on empirical microeconomics, from development economics, household behaviour and agricultural contracts to industrial organization, health and pharmaceutical economics. I like to maintain a certain diversity in my research areas and always try to link the theory to data and empirical facts.

Three main focuses of my work at the moment include:

  1. Household behaviour: developing new food shopping demand models in order to better understand consumer decisions and their determinants.
  2. Health and pharmaceutical economics: estimating the effects of price-setting regulations on innovation and the functioning and efficiency of pharmaceutical markets.
  3. Risk-sharing in developing countries: studying how poor households manage the high risks presented in their everyday lives, in order to improve their welfare by adapting mechanisms aimed at smoothing income and consumption to very risky environments.  

(3) How does this research impact on society?

It depends on the projects. Some of my research aims to improve empirical methodology, but I usually like to start projects with policy questions in mind. For example, my research on food demand is useful for designing policies aiming to reduce the numerous health problems related to food consumption (junk food taxation etc.) 

My recent research on pharmaceutical economics highlights the effect on demand of prescription drug price regulation in France, and indicates the actual savings brought about by the regulation. It could be used by the French national health insurance to identify the best regulatory policies to reduce pharmaceutical drug spending.

(4) A current or upcoming highlight in your work?

With co-authors from IFS London, I am currently working on the impact of public health information campaigns on food consumption and diet. Such campaigns exist in the UK and France and it appears they haven’t had the expected effects.  

(5) If you could trade places with any other person for a week, famous or not famous, living or dead, real or fictional, with whom would it be?

I guess I would have a different answer each time you ask but today I would enjoy being a mountain guide for the job of hiking, climbing, skiing in wonderful landscapes.

Prestigious award for Christian Gollier PDF

On 2 December, Christian Gollier received the 2013 Institute of France "Édouard Bonnefous Foundation" PrizeThis distinguished prize is awarded in recognition of his overall contribution to economic sciences. According to the Institute, "Through his scientific work, Christian Gollier helps motivate the current generation to take responsibility for future generations. This is fully in the spirit of the Edouard Bonnefous Prize".
 => Find out more  
SCOR Conference 10 january 2014 PDF
The conference "Extreme Events and Uncertainty in Insurance and Finance" funded by "Market Risks and Creation Value " a research initiative from SCOR has the objective to bring together the best academic experts on the topics of research: extreme risks and model uncertainty. The aim of the conference is to present the recent advances and discuss policy implications in the insurance industry.
> Read the program
TSE researchers: week 25 PDF
4 February 2013: Pascal BÉGOUT

Pascal is Assistant Professor of Mathematics at the University Toulouse 1 Capitole and member of the CeReMath research lab. He obtained his PhD in Applied Mathematics at the University of Paris VI in 2001, and then undertook various post-doc and teaching positions in France and in Madrid before taking up his UT1 position in 2008.

(1)   Why did you choose to work at TSE? 

Shortly after I joined UT1 the CEREMATH research lab in mathematics offered the possibility for its members to become affiliated with TSE. I hadn’t previously had any contact with economists, but the idea of developing maths applied to economics was very appealing. I have since discovered that there are many areas where maths and economics are intrinsically intertwined. Maths are everywhere!  

(2)   How would you describe your research to the general public? 

I work on Schrödinger equations, which is a branch of maths linked to physics named after an Austrian physicist who developed a number of fundamental results in the field of quantum theory. The basic aim is to use equations to reconstruct a clear picture from a limited amount of information. Imagine you are standing in front of a wall which reflects a partial view of a car behind you. From this blurred, incomplete image, you need to deduce the colour, make, model, and other technical specifications of the car. In my field, certain properties are known to physicists and mathematicians use equations to see if we can rebuild complete images from those properties.

(3)   How does this research impact on society? 

By definition, pure mathematics is the study of entirely abstract concepts, and the notion of application is rather far down the chain from my work. To quote Cédric Viliani, laureate of the Fields Medal in 2010, “My work impacts other mathematicians whose work in turn impacts other mathematicians whose work in turn impacts other mathematicians whose work in turn impacts engineers, whose work in turn impacts society!” I’d like to think my work can have this kind of effect, in its own modest way. 

(4)   A current or upcoming highlight in your work?

I have just submitted two papers co-authored with Jesus Ildefonso Diaz of the Universidad Complutense of Madrid, the fruit of many months of work together.

(5)   If you had not chosen to be a Professor in Mathematics, what would you have done?    

Musician or oenologist! 

IAST Distinguished Lecture PDF
Walter SCHEIDEL, Classical Historian from Stanford University and invited by the laboratory IAST( Institute for Advanced Study in Toulouse), will present a new lecture on "The Origins of Inequality",next Thursday 19th December  at 18.00 in the Amphithéâtre Cujas, Anciennes Facultés, 2 rue des Puits-Creusés.

=> Find out more

We need your support! PDF
The Jean-Jacques Laffont Association promotes access to higher education in economics, in particular for students from emerging countries, via Lasters & PhD scholarships. You can support the association by making a donation.

TSE researchers: week 24 PDF
28 January 2013: Stéphane STRAUB

24-straub-s.jpgStéphane is Professor of Economics at the University Toulouse 1 Capitole and director of the TSE-ARQADE research lab in development economics. Before entering academia, Stéphane embarked on a “first life” involving a 10-year residence in Paraguay in the 1990s, with positions as varied as rural saw-mill owner, NGO advisor, and economic advisor to the planning minister. He then undertook a PhD (2002) with Jean-Jacques Laffont on “Incentives, Institutions and Development”, followed by visiting professor and lecturer positions at the University of Michigan (2002-3) and the University of Edinburgh (2003-8). In 2008 Stéphane joined TSE, becoming ARQADE director in 2010.

(1)   Why did you choose to work at TSE? 

For the size and diversity of the research centre; there are many researchers here working on a wide array of economics specialities, and one can constantly exchange and interact via the numerous seminars. It’s much more stimulating than in a small research department such as I had previously worked in. In development economics alone, we have a considerable group here that is thriving. 

(2)   How would you describe your research to the general public? 

In a general sense, I study the behaviour of economics actors, notably businesses, in developing countries. In a developed economy we can reasonably assume that all parties will respect the legal context and obligations of a business contract. However, in a country with a relatively low level of development there can be imperfections, caused by legal loopholes and corruption, which complicate the application of contracts. I study the impact of this kind of environment on business behaviour. 

My work in this area looks for example at public-private partnerships in the infrastructure sector: what happens when weak or corrupt states try to enter into contracts with private agents for long-term construction projects such as transport, water and electricity networks? How can contracts be successfully negotiated and regulated? What is the impact on society and citizens?

(3)   How does this research impact on society? 

I am currently working with a public structure in Brazil, the IPEA, to try to develop and implement rules to regulate corruption in public procurement. We are looking for evidence of “revolving door” practises, where employees of public administrations in charge of procurement of goods or services (pencils, computers, milk for schools, road construction…) have been found working, often years later, in firms that won public tenders at an earlier stage, or vice-versa. We have access to a large database in Brazil and are capable of linking individual career paths to public procurement operations with specific firms. 

(4)   A current or upcoming highlight in your work?

Another exciting project underway at the moment in Brazil studies the impact of road construction since the 1970s at the local level: how have aspects such as the concentration and geographical spread of local economic development and of population evolved over time as a result of the road constructions? We are organising a workshop on this subject on 14-15 March here in Toulouse.

(5)   What is the main difference you noticed between life in Paraguay and in France?    

Rather curiously, in Paraguay I never felt this kind of exhaustion at the end of a working day that I feel in France, nor a real need for regular holidays. People there seem to be carefree, less stressed, despite very long working hours and very few holidays. One cannot say the same in France!

I recall many souvenirs of my 10 years spent in Paraguay in my book, Frontières

Conference in honour of Professor Grimaud PDF
A conference in honour of Professor André GRIMAUD will be held on December 20th, 2013. The event will include academic presentations, followed by a round table where Professor Grimaud and colleagues will present their views on teaching economics in France.

=> Read the program
TSE researchers: week 23 PDF

21 January 2013: Christine THOMAS-AGNAN

christine_thomas_agnan.jpgChristine is Professor of Statistics at the University Toulouse 1 Capitole and member of the TSE-GREMAQ research centre. After studies in Mathematics at the Ecole Normale Supérieure and the University of Paris 6, Christine initially embarked on a high school teaching career in the 1980s across different regions of France before completing a PhD at the University of California in 1987. Christine then returned to France to take up a lecturer-researcher position at UT1 in the late 80s, becoming a full professor in 1994.

(1)   Why did you choose to work at TSE? 

After completing my PhD in the USA I was keen to come back to France with my family. Toulouse was a natural choice for us, as I am originally from Béziers and my husband is from Bordeaux, so it’s a good halfway house between our two origins! What’s more, Toulouse is an active, dynamic city with three Universities and the work environment here is very attractive.   

(2)   How would you describe your research to the general public? 

I try to provide support for decision-making when data and figures need to be handled and analysed before decisions can be reached.

To give an example, I am currently working with a PhD student, Do Van Huyen, on a method known as spatial interpolation. More concretely, public administration bodies today manage vast socioeconomic databases, and within the French decentralised administrative system each regional or local body has it’s own data with different but potentially overlapping geographical areas of application. When the authorities try to merge different data sets into one, problems arise. Our work is hence to find a method for merging the information in a relevant way to be able to analyse it statistically and facilitate decision-making. One solution is to draw a regular grid across the full geographical area and integrate the different data sets into this grid, but one needs to apply statistical methods to break down and reunite the data that doesn’t necessarily fit into a square of the grid, according to the relative size of the data sources and the grid squares.

(3)   How does this research impact on society? 

Most of my research is inspired directly by real-life problems brought to me by businesses and administrations, notably via the TSE Masters programme in Statistics and econometrics, which I direct. Via real-life case studies, the students are brought into direct contact with businesses, and these exchanges can lead to research projects with a ”from the field => through the lab => to the field” ethic. For the work highlighted above, we are in direct collaboration with the DREAL, the Regional Directorate of Environment, Planning and Housing, to improve their database management. 

(4)   A current or upcoming highlight in your work?

I am President of the organising committee of the French Society of Statistics 45th annual summit, to be held in Toulouse from 27 to 31 May 2013. This is a lot of hard work but a big honour to preside this event which will bring together more than 400 researchers, teachers and practitioners.

(5)   I hear you are a big music lover?   

Yes! I love all kinds of musical genres: classical, traditional, rock... and I have played the violin since my youth, firstly classical and then traditional style (fiddle) for many years. The Toulouse 1 Capitole University has given me the opportunity to take up classical violin again with the creation of its orchestra in 2011.

Season's Greetings PDF
Season's Greetings and a Happy New Year from all at TSE.
13-14 december: next TSE conference PDF
The workshop"Recent Advances in Set Identification: Theory and Applications" organized at TSE on december 13 and 14 will gather researchers from various places in the USA and Europe (Caltech, Cornell, PennState, UCL, TSE, etc.) who are working on the theory of this topic or developing empirical applications".. Thirteen papers are presented.
The conference is co-organized by Christian Bontemps and Thierry Magnac

=> Find out more
TSE researchers: week 22 PDF
 14 January 2012: Patrick REY 

22-rey-p.jpg Patrick is Professor of Economics at the University Toulouse 1 Capitole (PhD/HDR 1992). After completing studies in Engineering, Economics & Statistics at École Polytechnique and ENSAE, Patrick spent the first decade of his career at INSEE (Department of Economic Analysis), ENSAE and CREST, before joining UT1 as Professor of Economics and member of the Institut D’Économie Industrielle (IDEI), which he directed from 2007 to 2011. He is also a senior member of the Institut Universitaire de France and Professor at Ecole Polytechnique.

(1)  Why did you choose to work at TSE? 

It was Jean-Jacques Laffont’s fault! During an EARIE conference in the 1990s we had a poolside discussion about the sabbatical year I was keen to take, and Jean-Jacques invited me to come to Toulouse for the year. I took up his offer, and ended up staying permanently in Toulouse. It was a family decision and we have never regretted our choice, both in terms of lifestyle and of course the work environment at the IDEI & TSE.

(2)   How would you describe your research to the general public? 

From a theoretical point of view, I study the implications of private information for the functioning of markets. From an applied perspective, I work on industrial organization, building on the theory to examine business incentives and the strategic behaviour that firms adopt to gain competitive advantages. I approach the question from a business perspective, in order to guide company strategy, but also from a regulatory standpoint, so as to provide a scientific foundation for the industry supervision and the regulation operated by competition authorities or specific sector regulators, such as ARCEP for telecoms. 

As an example, I have extensively studied questions of vertical integration within markets, that’s to say when different levels of a supply chain are owned and managed by the same group. What is the impact of this integration on competition and markets, particularly when sensitive information needs to be exchanged between firms, suppliers and customers? Is vertical integration a good thing? What are the risks and the efficiency gains?

(3)   How does this research impact on society? 

My work on competition policy and regulation is inspired by real-world debates and aims to feed back into the debate to provide guidance and develop policies. I am also involved in a number of advisory commissions for competition policy and regulation, and with colleagues from TSE have written various reports for the European Commission, for example on the economics of tacit collusion or unilateral effects. I notably coordinated a group of experts on abuse of dominant positions, leading to a modernization of the enforcement of the well-known Article 102 of EU Competition law.  

(4)   A current or upcoming highlight in your work?

With Zhijun Chen I am currently working on a series of papers that examine the relationships between different consumer behaviours and retailer strategies. Consumers do not have identical behaviour and understanding their behaviour is important for designing marketing and commercial strategy, and price policy. For example, large supermarkets attract “one-stop” consumers, who can buy all the products they need under one roof, whereas consumers who prefer “multi-stop” shopping will prefer a higher number of smaller, more specialised stores. Up to now, there has been little research on this area, whereas our initial results indicate serious consequences on companies and markets.

(5)   A great inspiration in your career?   

Working with jurists on competition law! Confronting law and economics has always fascinated me, and, thanks to Frédéric Jenny, since the very beginning of competition law in France I have had the chance to work with great judges such as Guy Canivet, and great legal scholars such as Bill Kovacic, both enthralling sources of intellectual inspiration.

EDF &TSE win prestigious EFMD “Excellence in Practice” award PDF
EDF & Toulouse School of Economics (TSE) are delighted to announce that they are prize-winners of the 2013 European Foundation for Management Development (EFMD) Excellence in Practice (EIP) awards, in recognition of their outstanding learning & development programme “Corporate Turnaround: Focusing, Aligning and Building for Success”.

=> Read the Press Release
Stefan Ambec: appointement PDF
Stefan Ambec, Research Director at INRA and TSE Researcher, has been appointed co-editor of the scientific journal "Environmental and Resource Economics ".The journal publishs papers which develop and apply new theory and methods for the application of economic principles to aid local to global decision-making in environmental protection, natural resource utilisation and ecosystem management. 


TSE researchers: week 21 PDF
7 January 2012: Fany DECLERCK

21-declerck_f.jpg Fany is Professor of finance at the Toulouse 1 Capitole University Graduate School of Management (IAE). Research-wise, she is a member of TSE, the IDEI and the CRM. PhD from the University of Lille, Fany joined TSE in 2001 and has since held various positions of responsibility within the University, notably Director of the Finance department (2005-09) and Director of the Arts & Culture service (2009-12). She is currently Director of the Master in financial markets and risk evaluation.

(1)   Why did you choose to work at TSE? 

During my PhD I held a visiting researcher position at Euronext, the Paris stock exchange, where I met Bruno Biais and discussed research possibilities in his team at Toulouse. The opportunity of working alongside Bruno, Catherine Casamatta, Jean-Paul Décamps and Jean-Charles Rochet, the four members of the finance group at the time, was very exciting, and I jumped at the chance. The finance team has since grown considerably but the close-knit, dynamic environment and team spirit are ever present.   

(2)   How would you describe your research to the general public? 

In a broad sense, I empirically work on the design of financial markets from a microeconomic perspective: in a context of moral hazard and adverse selection, what is the optimal market structure to maintain liquidity and reduce costs?

Within this context, I am currently working on a paper with Sophie Moinas which considers the optimal fees that should be paid to submit an order on the stock exchange network. One can draw a parallel with credit card use – in a grocery store, should it be the customer and/or the shopkeeper that pays the credit card transaction fees when a purchase is made on the card, and how much should this fee be to ensure that the payment card system attracts both merchants and cardholders? On a financial market, there are two types of investors – a trader who places a market order, executed immediately at current market prices, hence consuming the liquidity of the market, and a trader that places a limit order, only executed above a specific limit price, hence injecting liquidity into the market. Of these two traders, who should pay the order fees, and how much, so that market liquidity is guaranteed?

(3)   How does this research impact on society? 

In theory, the financial market regulators should be the most interested in our findings on optimal financial design. In the USA it is the case: the Securities and Exchange Commission (SEC) regularly refers in its reports to a paper I published on why markets should not necessarily reduce tick size, that’s to say the smallest increment (tick) by which the price of stocks can move. In the EU, however, the regulators remain distant and it is rather the stock exchanges and the banks that approach us to fully understand our work. This has begun to change recently, and my colleagues and I are now engaged in regular discussions with the AMF, the French regulator. 

(4)   A current or upcoming highlight in your work?

Although my upcoming projects are mainly in the empirical corporate finance field, another current area of focus is High Frequency trading (HFT). In that context I am organising a conference with Bruno Biais on 18-19 April 2013, held at the NYSE-Euronext exchange in Paris. HFT is a powerful and sophisticated trading strategy which has been subject to much controversy since its apparition, and through the conference we aim to bring together researchers, practitioners and regulators in order to mutually further the understanding of the impact of HFT on market quality. The AMF, for example, is trying to regulate HFT, and is interested in the scientific community’s knowledge of the practise in order to establish effective policy.

(5)    Is financial market regulation preventing or provoking another crisis? 

Rather paradoxically, the increased financial market regulation implemented by the EU has reduced transparency, enhanced OTC market design, and made access to data increasingly difficult. For a finance researcher like myself, it is crucial to have access to data in order to analyse and understand how the markets work, if we are to be able to raise the alarm for future weaknesses. 

Business Networking Day 2013 PDF
The TSE teaching faculty organised on Friday 29th November the second edition of its Business Networking Day: a real opportunity for students to discover jobs, internship opportunities and talk with companies from different sectors. At the event, the faculty welcomed over 35 companies from many sectors (consulting, aeronautical , finance, banks, development, energy...).

=> Find out more
TSEconomist N°5 PDF
A new Chief Editor, Ildrim Valley, for the fifth edition of the TSEconomist, student magazine. In this new issue, an interview with Timothy Besley, Professor of Economics & Political Science at London School of Economics, an interview with Benoît Coeuré of the European Central Bank and also the lecture of the President of TSE Jean Tirole...  More than 40 pages to go!

=> Read the magazine online
Appointment PDF
The French Minister of Research and Higher Education Genevieve Fioraso has created a new Economics Expert Panel, involving Franck Portier, professor of economics at TSE. This committee should develop and propose recommendations for the role of economic science in higher education. Reports are expected by March 2014.
TSE researchers: week 20 PDF
4 June 2012: James HAMMITT

20-hammitt-j.jpg James is professor of economics and decision sciences at Harvard University, within the department of health policy and management. He is currently on a multi-year scientific visit to the TSE-LERNA research centre, leading a team of doctoral and post-doctoral researchers. His initial education was in applied mathematics and he obtained his PhD from Harvard (1988) in public policy. A former mathematician at the RAND Corporation, James is a prominent researcher in risk analysis and has published over one hundred articles in publications such as Nature, Science, and top economics journals. He is director of the Harvard Centre for Risk Analysis, fellow of the Society for Risk Analysis (SRA), and member of the U.S. Environmental Protection Agency science advisory board.

(1)   Why did you choose to work at TSE? 

I came to TSE for a sabbatical year in 2005-06, and the reasons then were the same as now: interesting colleagues and research subjects, a wonderful environment at the school, a good region for my family to live, and a nice place to sail our boat to! The intellectual pull for me comes from the TSE colleagues doing great research on risk – especially Christian Gollier and Nicolas Treich . I owe a lot to Louis Eeckhoudt, a prominent Belgian risk economist, who introduced me to the French risk economists.

(2)   How would you describe your research to the general public? 

In a broad sense, I study how we as individuals, societies and groups should make decisions, bearing in mind that there is always uncertainty about the future. I use scientific models to predict the consequences of different decisions, representing the uncertainty as probabilities of different outcomes occurring.

I can give three main examples of my current work in decision analysis & risk assessment:

1) Global change and climate change: we know that we’re emitting greenhouse gases to the atmosphere, but we are uncertain about the effects of these emissions and how costly it would be to reduce them. My work helps to decide what level of emissions we should permit now in order to find the right balance between environmental preservation and mitigation costs.

2) Health risks linked to food consumption: in our choice of diet, we often make risk trade-offs, choosing to eat something for its potentially positive health benefits, despite other potential harmful effects. For example, eating fish is known to be beneficial for preventing heart attacks, but it can also be harmful due to the exposure to mercury, particularly for babies. So is eating fish good or bad?

3) Value of life: individuals and groups may choose to take action to reduce health risks such as accidents, heart attacks etc. These mitigating actions often involve costs, so how much should we spend on them, given that we also have other things to spend our money on?

(3)   How does this research impact on society? 

My risk assessment research often feeds directly into public policy, particularly in environmental health and safety regulations, to help governments decide how to set standards for food safety, atmospheric emissions, etc. In the US there is a well-developed process of risk assessment in public policy, which I am involved in. In France and in the EU, this process is generally less developed, but with my French colleagues we are trying to improve this.

(4)   A current or upcoming highlight in your work?

I am organising a conference on 12-13 July with Christian and Nicolas in honour of Louis Eeckhoudt, a 2-day event bringing together colleagues to present scientific papers and celebrate Louis’ contributions over the years.

(5)   Sailing is your passion. Where is you favourite place to sail to?

Corsica! It’s warm, sunny, the water is warm and clear, it never rains, it’s never foggy, and the scenery is spectacular.

November 21: the 2nd IAST Distinguished Lecture PDF
The second IAST Distinguished Lectures series in the social sciences will be held next Thursday November 21, from 18.00 to 20.00, at the University Toulouse 1 Capitole, amphi Cujas. Tim CLUTTON-BROCK an internationally renowned zoologist from Cambridge University will talk on "The Origins of Society".

Find out more
TSE researchers: week 19 PDF
21 May 2012: David SALANT

19-salant_d.jpg David has been an associate TSE researcher since 2007 and is currently on a 2-year full-time visit, based in Toulouse from 2011 to 2013. He received a PhD in economics from the University of Rochester in 1981 before embarking on a 30-year professional career combining research positions and senior consulting roles, particularly within the telecommunications industry (Bell Laboratories, GTE Laboratories, State University of New York at Buffalo). For the past 5 years David has been teaching a yearly course at the TSE school, "Topics in Applied IO".

(1) Why did you choose to work at TSE? 

I met Patrick Rey, TSE researcher and previous director of the IDEI, in 1991 at the EEA annual congress at the University of Cambridge. At that time, Patrick was working at the CREST in Paris and invited me to visit him there. After Patrick moved to Toulouse and the IDEI, we stayed in regular contact, working on a number of research collaborations over the years.

(2) How would you describe your research to the general public? 

My work is mainly focused on industrial organisation, regulatory economics and, in particular, auction design. Over the years I have developed significant theoretical knowledge and skills in the area, through my research positions developing economic simulation models of wireless networks. I have also gained much knowledge of real-life auction implementation, through my extensive experience in the energy and telecommunications sectors. I therefore don’t fit into any particular box, as I work in both academic and industrial worlds!

(3) How does this research impact on society? 

The theory I develop in auction design is often directly inspired by my own actual experience in real-life auctions I have implemented and patented. So one could almost say it’s society that impacts on the research! Take for example work I have carried out on auction design in the energy sector. I have set up procurement systems to ensure reliable electricity provision to customers at competitive prices, with the aim of avoiding blackouts. I have then developed models to formalise these proven solutions to procurement problems.

(4) A current or upcoming highlight in your work?

Market issues and auction design theory in the telecoms and energy sectors are still advancing. This is therefore a sector I am concentrating on during my stay in Toulouse. I am, for example, helping my TSE colleagues to set up an energy conference in January 2013. I am also working on experimental / behavioural auction design projects for the telecoms sector, with Roberta Dessi.

I am also currently working on a book, for MIT press, based on the class I teach at TSE: A primer for auction theory design management and strategy. The aim of the book is not to provide a comprehensive overview of the subject, but rather to provide the basics of what one needs to know about the workings and design of an auction. Working on the book feels like being in a long Swiss tunnel, but I am starting to see the light at the end of that tunnel!

(5) Your permanent residence is in San Francisco. Tell us about that.  

My family and I have been based in San Francisco for 15 years, and we love it. What I particularly appreciate about the city is the beauty and scope of the nature: there are many conservation areas very close to the city centre, such as the Marin headlands just north of the Golden Gate bridge, and the islands in the bay such as Alcatraz (the real one!) and Angel island…  

Jean Tirole awarded The Third Ross Prize PDF
During his meeting at Stanford University for the fourth Annual Conference FARFE (Foundation for the Advancement of Research in Financial Economics) held last October 18-20, 2013,  Jean Tirole   has been officially awarded  the Rozz Prize with Bengt Holmstrom  for their research article "Public and Private Supply of Liquidity"  published in the refereed Journal of Political Economy.  

==> Read the Press Release
Homo economicus et homo socialis PDF
Dans le cadre du nouveau forum lancé par le CNRS "LES FONDAMENTALES" (15- 16 novembre 2013; 9 000 participants, 35 débats, 115 chercheurs), une carte blanche était donnée à Jean Tirole pour exposer sa vision de l'économie comportementale et son essor depuis ses 20 dernières années. Ce débat était animé par Stéphanie Lecocq du CNRS.

=> A propos des Fondamentales
FDIR/PRI Conference PDF
The next academic conference PRI (Principles for Responsible Investment) will be held in Paris on 13, 14 and 15 November 2013 in partnership with IDEI / FDIR Chair . The conference will take the form of a forum that will bring together academics, students and professionals who wish to present their research, develop and create relational networks.Jean Tirole will present a Key Note Lecture "Bonus culture: competitive pay, screening, and multitasking".

=> Visit the Conference website

TSE researchers: week 18 PDF

7 May 2012: Michel SIMIONI

18-simioni-m.jpg Michel is an INRA research director within the TSE-GREMAQ research centre, and a member of the IDEI. He obtained his PhD in finance at GREMAQ in 1984 and entered the INRA shortly after, where he has carried out his entire career, initially at the regional INRA regional centre in Auzeville (Toulouse outskirts), and after 20 years back within GREMAQ, when the INRA Agricultural Economics department moved to TSE.

(1) Why did you choose to work at TSE? 

After leaving GREMAQ in 1984, I maintained strong links with a number of GREMAQ researchers. I also had the chance to work with Jean-Jacques Laffont, a mentor for me, alongside Quang Vuong. My return to TSE-GREMAQ in 2007 was hence like a homecoming, the occasion to formalise a number of fruitful INRA-GREMAQ collaborations carried out over the years.  

(2) How would you describe your research to the general public? 

I consume and decode data! More specifically, I work in econometrics applied to agricultural and food markets. The guiding principle of my research is to use the most recent econometric tools to shed light on issues related to these markets.

The past ten years, one of my main research themes was asymmetric price transmission along food marketing chains. My work addressed the following question: when the cost of raw products increases, do food chain intermediaries (mainly retailers) transfer these increased costs to consumers more quickly than they would transfer a reduction in costs? Using econometric tools, I showed that price transmission was most often symmetric in the French fruit and vegetable market. This result was in total contradiction with general assumptions, but consistent with results found by researchers in other countries.

(3) How does this research impact on society? 

My research on asymmetric price transmission was funded by the French Ministry of Agriculture and was presented during sessions of the Observatoire des prix et des marchés, an assembly made up of producers, manufacturers, and retailers involved in food marketing channels in France. Presenting my results to this assembly was a real challenge, as my results were somewhat controversial and led to serious debate within the assembly. I felt somewhat cast to the lions! Luckily, the tomato producers refrained from throwing their goods at me…

(4) A current or upcoming highlight in your work?

I am currently working on several projects linked to the productivity of firms in the food industry.

Within one project, funded by the French Research Agency (ANR), I propose a novel methodology using econometric tools to assess the impact of sanitary or environmental regulations on the productivity of food industry firms. Several of my GREMAQ and LERNA colleagues are involved in this project.

With French and Italian colleagues, I have recently begun to study the impact of pollution abatement investments on the performance of firms in the food industry.

(5) What do you do to escape research?

I sing! I’m a bass in two Toulouse-based choral groups. One of the groups is focused on classic pieces (renaissance, baroque), and the other, a group of 6 male voices, has a more varied repertoire, including Hallelujah, Stand by Me, Leonard Cohen, Schubert…

Patrick REY ERC "Advanced Grants" PDF
Patrick Rey ,TSE Researcher and Professor of Economics  received European Research Council  funding for his research whose acronym is "COOPETITION" (Cooperation and competition in vertical relations: the business strategies and industry oversight of supply agreements and buying pattern).

==> Read  the abstract of the research
TSE researchers: week 17 PDF
30 April 2012: Pepita MIQUEL-FLORENSA

17-miquel-florensa_p.jpgPepita is an assistant professor of economics at the University Toulouse 1 Capitole (UT1), and researcher within the TSE-ARQADE group. Originally from the Catalunya region of north-eastern Spain, she grew up on the island of Mallorca and studied in Barcelona before moving to New York to complete a PhD in Economics at Columbia University. She worked at York University (Canada) for a while before taking up her UT1-TSE position in 2009.

 (1) Why did you choose to work at TSE? 

One of my PhD advisors, Bernard Salanié, suggested that my profile would fit well here. He was right! The work of my colleagues in ARQADE fits perfectly with my research interests, and I feel like part of the development family here!

(2) How would you describe your research to the general public? 

I work in development economics, focusing on what could be done to improve the effectiveness of development aid. For example, I have studied the mechanisms behind contracts established for development aid projects run by bilateral or multilateral aid agencies, such as the Inter-American Development Bank (IADB). I am interested in the incentive problems that ultimately determine the conditions of the contract, at all stages of the project cycle. I also study the reasons for project success or failure linked to these contracts.

(3) How does this research impact on society? 

Research on development issues is always policy oriented and close to real world problems. For example, I am currently studying the behaviour of coffee farmers in Costa Rica, with Astrid Hopfensitz. The aim is to see how the farmers’ environment (with respect to cooperative rules, certifications,…) affects their behaviour, via a lab-based public good game. While this project is still work in progress, it should allow us to establish the effects of certifications (i.e. fair trade) on the governance of coffee cooperatives.   

(4) A current or upcoming highlight in your work?

I would like to continue working on coffee producers and certifications, extending the analysis to other countries with very different market structures, such as Ethiopia and Colombia.

I am now also working on voting issues in multilateral aid institutions. As new donors enter or increase their participation in such agencies, the subsequent redistribution of power may have an impact on the effectiveness of fund allocations.  

5) So, do you actually like coffee?! 

I love it! When I wake up it’s the most important thing… in my view, the best is Ethiopian coffee.

14-15 November 2013 : French Econometrics Conference PDF
The 5th  Conference will take place in Toulouse on 14 and 15 November 2013. This conference aims at gathering researchers in theoretical and applied econometrics based in France or visiting French universities. This year, the three invited speakers are : Bruce Hansen  (University of Wisconsin), Emmanuel Guerre  (Queen Mary University) and Ariel Pakes  (Harvard). 40 speakers will present or discuss their research works.  
This conference is organised by Christian Bontemps

European COEURE Project PDF
TSE will coordinate COEURE (COoperation on EUropean Research in Economics), a three-years project financed by the European Commission under the FP7 with a 1.6 million euros budget and intended to bring together the key stakeholders in the European economic research space – scientists, users of research in the policy community and the private sector, and funders of research- in a process of stocktaking, consultation and stakeholder engagement that will led to the formulation of an Economic Research Agenda for Europe.

4th Summit of Accounting Research PDF
Jean Tirole will take part in the fourth Suumit of Accounting Research on November 14th at the "Maison de la Chimie" in Paris. He will present recent advances of accounting research in partnership of the French authority  "Autorité des Normes Comptables", the "Caisse des Dépots" and the "Institut d'Economie Industrielle" .
More information on this event is available on the website of the "'ANC".

TSE researchers: week 16 PDF
23 April 2012: Céline BONNET

bonnet_c.jpg Céline is an INRA researcher who has been a member of the TSE-GREMAQ research centre since studying for her PhD, which she obtained in 2004 under the supervision of Michel Simioni. She then took up a position at the regional INRA research centre (Auzeville, near Toulouse), returning to GREMAQ in 2007 when part of the INRA Agricultural Economics department moved its base to TSE. Over recent years Céline has carried out a series of visiting researcher positions at the University of California (Berkeley), as well as at the Institute for Fiscal Studies (London).

 (1) Why did you choose to work at TSE? 

The decision was collective, alongside my INRA colleagues working in agricultural economics. Our department was somewhat isolated within the regional INRA centre, so coming to TSE brought us closer to other economists and econometricians in order to further our similar research topics.

(2) How would you describe your research to the general public? 

My work aims to improve our understanding of the food industry, with two main focuses: 1) what determines consumer choices linked to food consumption, and 2) how do firms in the industry coordinate and compete amongst themselves. Within the food industry, I have studied these two aspects applied to various markets, including mineral water, soft drinks, coffee, and diary products.

I’m also currently working on the impact of food consumption on health issues, in particular obesity prevalence concerns.

(3) How does this research impact on society? 

My current work on the impact of soft drink taxes on consumption is of particular interest to the French Ministry of Health, who recently introduced such a tax in order to reduce illness rates, within the framework of the national nutrition and health plan (PNNS). The Ministry invited me to present my research assessment of the foreseen measures, and to belong to a special commission in charge of examining the actual impact and efficiency of the tax following its implementation.

Various food industry stakeholders also take an interest in this research, with regard to both consumer choices and competition within the industry. For example, consumer groups are interested in the impact of the tax on the retail price, in order to defend the interests of consumers faced with rising prices. Similarly, manufacturers and retailers need to understand what influences consumer choice, in order to identify how to differentiate their products to continue attracting consumers despite the new tax.

(4) A current or upcoming highlight in your work?

Several of my colleagues and I are involved in a new project[1] financed by the French research agency (ANR) which brings together a network of researchers to study the links between consumption, health and environmental concerns. The overall aim of the project is to build an economic model for sustainable nutrition, and my role is mainly to evaluate the efficiency of public policies designed to meet this objective.

This project will allow me to continue studying the impact of the soft drink tax on health, and also investigate other linked topics such as the health benefits of fruit and vegetable awareness campaigns. We aim to identify the extent to which the different actors of the food chain (manufacturers, retailers, consumers) have a role to play in the knock-on price, competition, and consumption effects of taxes and campaigns that aim to reduce health problems.

5) Football or rugby? 

Football! In fact, until the end of my PhD I played football in the French amateur premier league. My team was league champion several times, and reached the semi-finals of the European champions league. I stopped a few years ago in order to concentrate on work, and also on family, which is very important to me.

[1] The project, named OCAD, was launched in March 2012 and will run for 4 years.

Just arrived! 14 new researchers... PDF


The new batch of researchers who will further enrich the reputation of TSE (Toulouse School of Economics) and 
IAST (Institute of Advanced Studies in Toulouse) have arrived this fall 2013 in Toulouse. Once again, the recruitment campaign was rich and diverse: 14 researchers from 14 various prestigious universities, representing 8 nationalities and covering 9 disciplines.

=> Discover their profiles (press release)

November 13 : Conference "Recent Developments in the Statistics of High Frequency Data" PDF
TSE will organize on 13 November 2013 "Recent Developments in the Statistics of High Frequency Data"Conference in Toulouse. This event co-organized by Nour Meddahi (Toulouse School of Economics) and George Tauchen (Duke University) will bring together researchers working on the statistics of High Frequency Data.

=> Find out more
TSE researchers: week 15 PDF

2 April 2012: Christophe BISIÈRE

15-bisiere_c.jpgChristophe is Professor of Finance at the University Toulouse 1 Capitole (UT1), within its Institut d’Administration des Entreprises (IAE). He is a member of the CRM research centre, and a member of the IDEI. He obtained his doctorate in economics at the University of Aix-Marseilles II in 1994 before taking up an Assistant professor position at UT1 until 1998 when he became a full Professor at the University of Perpignan. During his years at Perpignan he chaired the Department of Economics and Management, from 1999 to 2002, when he returned to Toulouse to take up his current position.

 (1) Why did you choose to work at TSE? 

During my time in Perpignan I was highly involved in administrative roles, investing much time and energy in developing the Economics research department there. This was a great and fulfilling challenge, but I never lost contact with my research colleagues in Toulouse, and after a certain period I was keen to come back to the dynamic, high-standard research environment we have here.

(2) How would you describe your research to the general public? 

I work in a branch of finance known as market microstructure, which is concerned with the ways in which the structure, rules and organisation of a financial market affect its qualities, notably in terms of liquidity and efficiency. This is very much empirical work - theory on market mechanisms is tested in real or simulated market situations in order to identify the most efficient trading structures and mechanisms.

(3) How does this research impact on society? 

My applied research results can help market regulators in their decision-making, in order to identify and analyse the impact of different microstructure rules on markets. For example, in 2005 I was invited to undertake an 18-month visiting position as Economic Fellow at the U.S. Securities and Exchange Commission in Washington, which is responsible for regulating the U.S. stock exchanges. This collaboration was very enriching from a research perspective, allowing me to apply theory to existent market data and analyse the impact of real-life rules enforced by the Commission on the markets. 

(4) A current or upcoming highlight in your work?

I completed an in-depth study in 2010 with Bruno Biais and Chester Spatt on competition between different trading platforms and the consequent impact on liquidity supply. We specifically considered the competition between NASDAQ, the world’s second-largest stock exchange, and ISLAND, a small electronic trading platform which emerged in the early 2000s. Our results suggest that perfect competition cannot be taken for granted, even on transparent open limit order books. It is rather competition at the platform level which tends to push down rents.

Among other ongoing projects, I am currently working on a paper with my colleagues Bruno Biais and Sebastien Pouget on the impact pre-opening can have on liquidity. This allows us to involve our Masters students in our research, as we create an experimental market in our TSE finance lab, and invite the students to play the role of traders in our experimental auction.

5) What’s your favourite thing about Toulouse? 

For me, Toulouse is a very open city. On the one hand, it has a very distinct cultural identity (strong accents, rugby pride, gastronomy, colours…), but it also opens its doors to its many temporary, foreign residents and makes them feel at home here. I think we all feel “Toulousain” in our own way!

Jean Tirole, Honorary Fellow at RSE PDF
Since its establishment in 1783, the prestigious association "The Royal of Society of Edinburgh", elects new members to the Fellowship of the insitution. Jean Tirole  was declared the Honorary Member, which is an esteemed recognition given the criteria on which the members are elected. In 2013, only three Honoray Fellows were announced by the RSE.

TSE researchers: week 14 PDF
26 March 2012: Nicolas PISTOLESI

14-pistolesi_n.jpgNicolas is assistant Professor of Economics at the University Toulouse 1 Capitole and member of the TSE-GREMAQ research centre. He carried out his studies in the Paris region, obtaining his PhD in Economics at the University of Cergy-Pontoise before joining TSE in 2007.

(1) Why did you choose to work at TSE? 

I didn’t hesitate to accept the position I was offered in Toulouse, for both professional and personal reasons. The exceptional research environment at TSE and the quality of life offered by the region were highly attractive. And after 5 years here I am sure I made the right decision!

(2) How would you describe your research to the general public? 

My research is essentially focused on the study of inequalities, looking in particular at the correlation between disparities in earnings and opportunities. Many economic tools already exist in order to measure differences in income, such as the Gini index. However, there are few tools available to measure the inequality of opportunities that can stem from differences in gender, race, social origins etc. I have developed and applied tools to measure these inequalities and study the potential link to income inequalities.

(3) How does this research impact on society? 

I have applied this work to various developed countries, mainly France and the USA, and also other EU member states, allowing me to compare inequalities in different countries and make observations which can be interesting from a redistributive perspective. For example, I found a positive correlation in Nordic countries, where both the income and opportunity inequalities tend to be low. The correlation is not always so clear, for example in France one observes slightly under average inequality of earnings, but slightly over average inequality of opportunities.

(4) A current or upcoming highlight in your work?

I have recently been awarded a 3-year research grant from the French Research Agency (ANR), which will allow me to extend my current research to collaborations on an international level. I hope to invite colleagues from the USA, Spain and Belgium to TSE to work with me on new projects, thanks to this funding. 

(5) Your position combines teaching and research. What are the advantages and disadvantages of such a job? 

From the research perspective, I particularly appreciate the total independence and freedom one is given to lead and develop projects in an autonomous manner.

Combining teaching and research is a real challenge, as the skills required by the two activities are very different. To be a good teacher one must be able to explain concepts in a clear, simple way to an large audience, putting oneself in the students’ shoes, and mastering a broad spectrum of subjects. To be a good researcher, one must develop sharp, precise knowledge on a very specific topic, generally only understood by a small number of colleagues. So it is not always easy to switch between the two occupations!

10 idées qui coulent la France PDF
Augustin LANDIER (TSE) & his co-author David THESMAR  (HEC) sign a new book "10 idées qui coulent la France " where the authors denounce "against truths that have acquired the status of absolute truth in public debate" & argue for a more dematerialised economy and service society

Edition Flammarion.

23 Octobre : Conférence débat à TSE PDF
L'Institute for Advanced Study in Toulouse   (IAST) et le Centre du Droit des Affaires (CDA) de l'Université Toulouse 1 Capitole organisent  une Conférence Débat le  Mercreci 23 Octobre 2013 de 17h00 à 19h00 dans les locaux de TSE (Amphi MS001 Manufacture des Tabacs) sur "Les enjeux économiques du droit des faillites "qui sera animée  par Jean Tirole (Président de TSE et  co-auteur du rapport du conseil d'analyse économique et avec la participation entre autres de  Frédéric Cherbonnier (Chercheur TSE et Professeur à l'Institut d'Etudes Politiques de Toulouse).

==>  Voir liste complète des intervenants et modalités d'inscription 

TSE researchers: week 13 PDF
12 March 2012: Norbert LADOUX

ladoux_n.jpg Norbert is Professor of Economics at the University Toulouse 1 Capitole, member of the TSE-LERNA research centre, and member of the IDEI. He obtained his PhD within the GREMAQ research centre under the supervision of Jean-Jacques Laffont in 1982, in collaboration with the French Commissariat à l’Energie Atomique (CEA). He then undertook a 4-year research position at the Centre d’Etude et de Recherche Economiques sur l’Energie (CEREN), followed by an economist position at the CEA in Paris until 1995, when he returned to Toulouse to take up his professor position.   

(1) Why did you choose to work at TSE? 

I was invited to come back to Toulouse in the 1990s by Jean-Jacques Laffont. We created together the “LEMME” research hub, bringing together researchers from the CEA, UT1 and IDEI in a dynamic environment. I was also highly involved in the development of the IDEI, coordinating major research projects with partners within the field of energy (AREVA, EDF,GDF…).

(2) How would you describe your research to the general public? 

My research field is, broadly speaking, economics applied to energy and environmental questions.

My first major project, during my time at the CEA, was the economic and environmental analysis of the French nuclear programme. I then worked extensively over a number of years on production econometrics, and for almost 15 years I have concentrated on the optimisation and redistributive effects of energy taxation policies, with Helmuth Cremer and Firouz Gahvari.

(3) How does this research impact on society? 

The tax design analysis is of interest to both public and private decision makers. For example, I have presented this work to energy producers, who are interested in understanding how to optimise environmental taxation, and to the French Ministry of the Environment, who are concerned with the redistributive impact on consumers.

(4) A current or upcoming highlight in your work?

At the moment I am working on two new projects. The first, with André Grimaud, aims to combine theory and application in order to test different instruments designed to mitigate climate change, including R&D incentives to improve energy efficiency.

The second project investigates whether oil price shocks (sudden and significant increases in prices) should be compensated by a reduction in energy taxes to mitigate the impact on consumer prices, for redistributive reasons.  

(5) Nuclear, renewables, fossil fuels… how do you foresee the energy mix for the future?

It seems unreasonable to me that one can consider ending nuclear energy production. It is clear that renewable energy sources, intermittent by nature, cannot produce enough for the world’s growing needs, in particular given the industrial boom in China and India. Without nuclear we will be forced to use polluting fossil fuels, with severe consequences for the planet.

ERC Starting Grants 2013 PDF
Thomas Chaney , who joined TSE in 2012, received European Research Council  funding for his research whose acronym is "FiNet" (Firm Networks Trade and Growth). The general theme of his research is to introduce the concept of network economics on a large scale in the mainstream of economy, especially in macroeconomics & international trade flow.

Visit of the Indian Ambassador to France PDF
Mr. Arun Kumar Singh, the Indian Ambassador to France is visiting Toulouse during 2 days (Oct 21 & 22) over economic matters and will visit TSE on Tuesday, October 22, & shall address the students and staff on the Indian Economy.

  Manufacture des Tabacs, Amphi MBII 5pm

= > About Mr. Arun Kumar Singh

TSE researchers: week 12 PDF
5 March 2012: Vincent REQUILLART

Vincent is an INRA senior research fellow in economics, member of the TSE-GREMAQ research centre, and member of the IDEI. He obtained his PhD at the Institut National Agronome (INA) in Paris in 1984, and then took up his permanent INRA position, initially in the Paris region, and then from 1994 onwards at the INRA campus near Toulouse, where he directed the “Agricultural Economics” unit for nine years, before joining TSE in 2006.

(1) Why did you choose to work at TSE? 

I was keen for the INRA “Agricultural Economics” research group to integrate TSE in order to allow us to develop the already close collaborations we had established over the years with certain IDEI and GREMAQ research teams. These interactions are natural given that our research is based on a number of industrial economic tools used within TSE.

(2) How would you describe your research to the general public? 

I work on various themes linked to agricultural and food market analysis.

Over previous years my work was highly focused on the development of economic simulation tools to model the impact of the EU dairy policy on industries, markets and consumers, providing information to the European Commission in order to aid their decision-making concerning the policy design and development.

More recently, I turned my attention to studying the effect of different nutrition policies on health. My colleagues and I have developed a simulation tool which combines economic and epidemiologist models in order to analyse which policies aimed at increasing fruit & vegetable consumption have the most positive cost-benefit impact on health, measured via reduced illness rates. Examples of different policies that one can compare are tax reductions, voucher incentive schemes, information campaigns, etc. 

(3) How does this research impact on society? 

The dairy policy research described above led me to coordinate a number of reports and studies that directly fed into EU decision-making. I hope that our ongoing nutrition policy research will have a comparable impact in future years, potentially at the global scale.

(4) A current or upcoming highlight in your work?

Continuing the theme of links between nutrition and health, I am currently investigating with my colleague Céline Bonnet the impact of the recent French soft drink tax on consumption, and consequently on health (potential reduction in obesity rates). Initial simulations point to a significant drop in consumption following the introduction of the tax.

(5) Does your research on food and health have an impact on your personal life?

It certainly provides food for thought, but I’d like to think I already led a healthy lifestyle including a balanced diet… without sugary soft drinks! 

Spaengler IQAM Prize 2013 PDF
Augustin LandierAugustin Landier and his co-authors J. Sauvagnat, D. Sraer, D. Thesmar have been selected by the Review of Finance as the winners of the Spaengler IQAM Prize at EFA 2013 for the best paper in the last year’s issues for “Bottom-Up Corporate Governance ”.
October 12 & 13 : Liberation Forum Toulouse MP PDF
The Forum Libération Toulouse Midi Pyrénées  will take place on October 12 &13 at the Université Toulouse I Capitole  with the participation of 4 TSE Researchers, Claude CrampesChristian Gollier , Thomas-Olivier Léautier  & François Salanié  on the theme "Energy!".The entry is free but registration is strongly recommended.

TSE researchers: week 11 PDF
27 February 2012: Renato GOMES


Renato is an assistant professor of economics at the University Toulouse 1 Capitole, and a junior chair within the GREMAQ research centre. He began his higher education in his home country, Brazil, before undertaking a PhD in Economics at Northwestern University in Chicago, USA. He came directly to Toulouse after completing his PhD in 2010. 

 (1) Why did you choose to work at TSE? 

The research department here was attractive for the topics I work on, and also for the potential new collaborations with colleagues working on other subjects. It was also the chance to learn French!

(2) How would you describe your research to the general public? 

My PhD and early work was concentrated on online selling mechanisms. For example, internet search engines often use auctions to sell advertising space, and they have to design auction rules that generate revenue but at the same time select advertisers that internet users find useful.

More recently, I have begun to study the effect of different taxation policies on the choice of professions within a society (with Jean-Marie Lozachmeur). Taxation can affect occupational choices directly (as different professions are subject to different tax treatments) as well as indirectly (as  relative wage rates are distorted by the tax system).

(3) How does this research impact on society? 

Taking the example of the work on taxation, our findings could influence government decisions on income and payroll tax design. If they wish, for example, to encourage people to enter a particular profession, they could design their tax policy in such a way as to provide financial incentives towards that particular profession. This can help to meet government redistributive goals.

(4) A current or upcoming highlight in your work?

I will shortly be presenting a current paper on price discrimination (with Alessandro Pavan, Northwestern) at a conference in Gerzensee, Switzerland. I am looking forward to that, especially as it is to be held at a lakeside location and the food is supposed to be fantastic!

(5) If you were stranded on a desert island, what item would you wish for?

Some cigarettes!

TSE article selected by "The Review of Economic Studies" PDF
This journal ranked in the top 5 international journals for economics is celebrating 80 years of publication. The article of Jean Tirole  and Roland Benabou (Princeton University et affilié à l'IAST ) “Intrinsic and Extrinsic Incentives” was selected as one of eleven of the most influential papers in the journal's 80-year history. 

=> Read more
Bioenergy: Challenges and Distrust PDF
As a part of the ongoing Festival Novela 2013Vincent Réquillart  ,TSE researcher and Director of research INRA, will moderate a panel discussion on "Bioenergy:Challenges and Distrust" after the screening of "Renewable Energy,the return of Biomass" on Thursday October 10, from 14:00 to 18:00 at the Jardin du Grand Rond, Toulouse.

TSE researchers: week 10 PDF
13 February 2012: Vincent REBEYROL

rebeyrol.jpg Vincent is an assistant professor of economics at the University of Toulouse 1 Capitole, and a member of the TSE-ARQADE research centre. He completed his PhD in economics at Paris School of Economics in 2008 before taking up a 2-year postdoctoral position at the European University Institute in Florence. He joined TSE in 2010 for his assistant professor position.

(1) Why did you choose to work at TSE? 

I chose to come to TSE because it’s one the best economics departments in Europe. It was also an advantage for me to be situated not too far from Paris to be close to friends and family, and to stay in a warm climate after getting used to the nice weather in Florence!

(2) How would you describe your research to the general public? 

My work mainly focuses on the analysis of international trade. I study in particular how firms differing in efficiency and size behave differently in the export market and the consequences of this heterogeneous behaviour on aggregate trade patterns. For example, recently I have been studying the practice of offshoring production. I show that firms that choose to relocate their production are not necessarily the most nor the least efficient within their sector, and that these offshoring decisions tend to increase the elasticity of trade flows with respect to trade costs.

(3) How does this research impact on society? 

I will take another example. I have been studying the heterogeneous impact that non-tariff measures can have on firms depending on their size. The introduction of a new regulation that is costly for all firms will cause difficulties for SMEs, whilst having a positive impact on large firms. This disparity in impact can explain why there is so much debate within the WTO about the harmonisation of standards and the possible protectionist consequences of such standards depending on the size distribution of firms between countries.

(4) A current or upcoming highlight in your work?

I am currently working on a new paper with Nicolas Bernam on the investment behaviour of new exporters. Of those who attempt to enter new markets, generally only 50% succeed after one year, which highlights the high uncertainty associated with this new activity. We are interested in studying the extent to which success during these first years gradually reduces the uncertainty associated with exporting, in turn fostering new investments and ultimately leading to future firm growth. We will present this ongoing work in two conferences in May 2012. 

(5) What’s your next holiday destination?

I am going to Singapore this summer for a friend’s wedding. It’ll be my first trip to Asia so I’m looking forward to this new cultural discovery.

TSE at the next economic forum of Chamber of Commerce & Industry of Toulouse PDF
The Chamber of Commerce and Industry of Toulouse will host Thursday, September 26, 2013 its third edition of the annual forum dedicated to the entrepreneurship and competitivity with experts, economists and French "entrepreneurs".
Jean Tirole will host one of the three round tables on the topic "How to adopt an offensive strategy for the competitiveness of busines?"
4.00 pm - 5.30 pm  Entiore (Registration required).

=> Find out more
French translation of the book "A theory of Incentives in Procurement and Regulation" PDF
This classic book initiatly written in English in 1993 by Jean Tirole and the late Jean-Jacques Laffont is now available in French under  the title "Théorie des Incitations et Règlementation", Economica Edition.
No doubt that it will rapidly complete the bibliography of Economics for the french speakers in all university libraries.
TSE researchers: week 9 PDF
6 February 2012: Takuro YAMASHITA

09-yamashita_t.jpgTakuro is an assistant professor of economics at TSE. He began his higher education at Hitotsubashi University in Tokyo, Japan, before undertaking a PhD in economics at Stanford University. He obtained his PhD in 2011, and then took up his TSE position at the beginning of the current academic year.

 (1) Why did you choose to work at TSE? 

I work in mechanism design theory (a.k.a. implementation theory or contract theory), and TSE is very famous for that field – there are many good faculty members working on related topics, so it was a natural choice for me to come here.

(2) How would you describe your research to the general public? 

The aim of mechanism design theory is to design rules (or “mechanisms”) in order to reach a specific objective for situations where people want to make economic decisions to further their own interests, such as sellers and buyers who want to trade on a market. So, for example, if the aim is to improve trading efficiency, we want to design rules for the transactions that will incite people to make decisions that will improve the chances of an efficient outcome being attained.

(3) How does this research impact on society? 

A government, for example, might be interested in designing rules to ensure transaction efficiency in some markets. Similarly, a private auctioneer selling a good might be interested in designing auction rules to achieve the highest revenue possible. Mechanism design theory allows us to identify the optimal rule properties in order to achieve such objectives.

(4) A current or upcoming highlight in your work?

In the standard mechanism design literature, strong assumptions are made on the behaviour of the economic agents involved. I am currently working on robust mechanism design, which aims to find rules to achieve an objective when it is not possible to make those strong assumptions, and hence the rules can only be designed using weak assumptions on the potential behaviour of the agents. An example would be the online auction designer eBay, where there are many potential buyers and sellers who do not know each other and hence it may not be reasonable to make strong assumptions about their behaviour.

(5) What is the main cultural difference you find between Japan and France?

I find French people more energetic and communicative than the Japanese! The Japanese tend to keep themselves to themselves more.

Appointment of Jacques Cremer to a new commission PDF
The French Government is committed to make available the Broadband to all in the next 10 years. To acheive this objective, the French Ministry in charge of SMEs, Innovation and the Digital Economy has appointed a commission to analyze the economic, technical, legal and social aspects of the gradual shift of the copper network to the fiber optic networks. The Minister appointed Jacques Cremer to join this committee, the final report should be made before the end of 2014 the Minister Fleur Pellerin.
Launch of IAST Distinguished Lectures PDF
IAST  is delighted to announce the launch of a new "Distinguished Lectures" series in the social sciences. This year the topics will be "The Origins".
The first Lecture will be held on September 19, from 18.00 to 20.00, at the University Toulouse 1 Capitole, Amphi Cujas, 2 rue des Puits-Creusés.
Robert BOYD, an internationally renowned anthropologist from UCLA and Arizona State University will talk on “How culture transformed human evolution”.


TSE researchers: week 8 PDF

30 January 2012: Carole HARITCHABALET

08-haritchabalet_c.jpg Carole is an associated TSE researcher within the GREMAQ group. She obtained her PhD in Economics here in 1998, under the supervision of the TSE director Christian GOLLIER, and then spent a year as Assistant Professor at the Institut d’Anàlisi Econòmica in Barcelona before coming back to take up an Assistant Professor position within GREMAQ. In 2006 she became Professor of Economics at the University of Limoges, remaining associated to TSE for her research activities.

 (1) Why did you choose to work at TSE? 

As you can see, I am Toulousaine born and bred, and I carried out all my studies here. I am attached to Toulouse both personally and professionally, hence my wish to remain associated with TSE for my researcher on taking up my Professor position at the University of Limoges. This entails much organisation but for me it is worth it.

(2) How would you describe your research to the general public? 

My work essentially addresses the notion of risk, insurance and industrial economics applied to highly innovative sectors. My research themes include questions related to the financing, insurance, pricing and knowledge acquisition of new products. In particular, the objective is to identify the price that should be set for a new product whose future value is unknown.

 (3) How does this research impact on society? 

My research is applied to innovative industries. A few concrete examples include: the capital risk sector, focusing on the financing strategies of innovative start-ups; the space industry, considering the risk linked to new rockets such as Ariane 5; and the pharmaceutical sector, looking at the strategies that regulatory bodies such as the FDA (U.S. Food & Drug Administration) use when designing market access authorisation procedures for new medicines.

(4) A current or upcoming highlight in your work?

I am currently working with Isabelle Dubec from TSE on the interaction between regulatory instruments such as taxes or educational campaigns in the context of consumer misinformation about new products.

 (5) Is there a particular city in the world that you admire?

I have visited San Francisco a few times and really love that city, for its colourful atmosphere, seafront location, and general open and friendly environment.

Sophie Moinas receives the Josseph de la Vega 2013 prize PDF
Sophie Moinas (Toulouse School of Economics) and Laurence Lescouret (ESSEC Business School) received the Josseph de la Vega 2013 prize for their research paper "Liquidity Supply across Multiple Trading Venues”. Every year the FESE (Federation of European Securities Exchanges) rewards the best academic research in securities markets in Europe. 

=> Read the Press Release (in FR)
EARIE 2013 : 40 ème congrès annuel PDF
L'association européenne sur la recherche en économie industrielle (EARIE) fêtera ses quarante ans et se réunira du 30 août au 1er septembre 2013 à l'université d'Evora au Portugal. 4 chercheurs de TSE sont membres du comité scientifique de cette conférence internationnale : Pierre Dubois ,  Bruno Jullien ,   Doh-Shin Jeon  et  Patrick Rey  .

TSE researchers: week 7 PDF
23 January 2012: Ingela ALGER

alger-i.jpg Ingela joined TSE last year as a CNRS Research Director within the LERNA research group. She was already very familiar with the University of Toulouse 1 Capitole, having completed her PhD in Economics here in 1997, before undertaking a series of research positions in the UK and North America: Boston University (1997-98), LSE (1998-99), Boston College (1999-2007), and finally Carleton University. 

 (1) Why did you choose to work at TSE? 

First of all, TSE offers an outstanding research environment. Secondly, my new position has a quite particular flavour to it – I am meant to promote dialogue between different fields of research, with a special focus on biologists and economists. Finally, being here brings me closer to family in Europe.

(2) How would you describe your research to the general public? 

Much of my research challenges the presumption in economics that people are selfish and care only about their material wellbeing. My current research combines existing theory from economics and biology to provide novel insights on the evolution of preferences. 

(3) How does this research impact on society? 

This approach can hopefully help economists understand the evolutionary foundations for the assumptions they make in models. It can also help to better understand how the environment in which a society evolves may impact its culture and preferences. For example, our research so far shows that we should expect evolution to lead to pure selfishness only in rare circumstances.

(4) A current or upcoming highlight in your work?

I am particularly excited about the new insights we recently discovered on the evolution of moral preferences. I will present this work, joint with Jörgen W. Weibull (Stockholm School of Economics), at a conference on experimental and behavioural economics in Spain in March.

(5) What makes you proud about your native country of Sweden?

The sheer number of Swedish products that one finds abroad… from cars to vacuum cleaners to paper to food to music… and need I mention Bergman movies and the Nobel prize?!

A.B.C of modern economics PDF
The exhibition "The Economy: crash, boom, transform" presented at the Museum of Science and Industry since March 2013 will continue all through the summer until the end of 2013. On this occasion, a collective work to democratize the economy and make it accessible to a wide audience was made: "ABCs of modern economics." Augustin LANDIER ,TSE researcher and scientific expert of the exhibition is co-author of this book.

=> TO KNOW MORE on his book ; on the exhibition
Reforming French Bankruptcy Law PDF
Jean Tirole , Guillaume Plantin and David Thesmar(HEC) members of the French Council of Economic Analysis (CAE) published recently a new public report on  "Reforming French Bankruptcy Law".

=> Read the report 
TSE researchers: week 6 PDF

16 January 2012: Christoph RHEINBERGER

rheinberger-c.jpg Christoph is an INRA postdoctoral research fellow working at the Laboratoire d'Economie des Ressources Naturelles (LERNA ) within TSE. Originally from Liechtenstein, he carried out his higher education in Switzerland, obtaining an engineering diploma in environmental sciences at the Swiss Federal Institute of Technology (ETH) in Zurich in 2004, and then undertaking a PhD and post-doctoral studies in environmental economics at the WSL Institute for Snow and Avalanche Research (SLF) in Davos, from 2005 to 2009.

In 2010 he held a Swiss National Science Foundation (SNSF) research fellow position at the Harvard Centre for Health Decision Science (CHDS), before taking up his TSE-LERNA position in 2011.

(1) Why did you choose to work at TSE? 

After my PhD and post-doc at the SLF in Davos I was keen to work on the value of statistical life, and to work in particular with James Hammitt, Professor of Economics and Decision Sciences at Harvard. I was awarded a SNSF fellowship to work with Jim, who agreed to host me, but as he himself was about to take up his Professor position at TSE, the deal was that I would come with him! The INRA offered me a 3-year position after my SNSF fellowship to stay here and continue my work with Jim. 

(2) How would you describe your research to the general public? 

My research focuses on the economics of environmental and health risks, and more particularly on food safety, looking at the economics of health benefits and risks linked to fish consumption. Typically the benefits come from fatty acids, and the risks come from mercury content, potentially dangerous for pregnant women. We are using actual fish consumption data from the US National Health and Nutrition Examination Survey to simulate the health benefits and risks and finally to look at how to monetise these effects.

(3) How does this research impact on society? 

Our studies can provide information to regulatory bodies, to help them maximise social welfare by assessing what society wants them to spend on health risks, and how people perceive these risks; essentially whether they worry about them or not. Thus, we hope that our results will eventually provide feedback to help public decision-makers improve their choices.

(4) A current or upcoming highlight in your work?

I am currently working on a stated preference survey, designing a choice experiment in order to simulate how French consumers perceive the general health risks linked to fish consumption. Would consumers be prepared to pay a premium in order to have better control of fish at the point of sale, such as an on-the-spot freshness test or mercury test? 

As always, the survey involves a lot of preparatory work, in order to ensure the underlying statistical design is comprehensive and robust enough to mimic a real market, allowing us to assess the trade-offs that people make between food risks and prices.

(5) How does living in France compare to Switzerland?

Life is cheaper in France!  My family and I very much enjoy living in Toulouse, as we just live across the Garonne and can walk to work. We hardly ever use the car, which is great, and we have a nice food market in our area.

Having grown up in the mountains I do miss that; I used to ski at least 3 days a week. Here we have the Pyrenees but they’re a 1-hour drive away, and the snow is rather rare!

The Jean-Jacques LAFFONT Prize 2013 PDF

The Jean-Jacques Laffont  Prize was awarded June 6, 2013 to Professor Eric Maskin (Nobel Prize in Economics in 2007). In partnership with the City of Toulouse, Hervé Ossard, Director of IDEI (Institut d'Economie Industrielle), presented the award to E.Maskin in the famous room "Salle des Illustres" of the Town Hall of Toulouse.
Before the ceremony, Eric Maskin presented a Lecture : "
How should the President of France be elected?".

EAERE 2013, now! PDF
TSE host the 20TH annual conference of the EAERE 2013 (The European Association of Environmental and Resource Economists) from 26 to 29 June 2013. This major event dedicated to the environmental economics will bring together nearly 700 participants, economists, intellectuals, climatologists, biologists, psychologists, students from leading international universities.

This conference is co-organized by TSE and the Laboratory LERNA with David Alary (associate professor at UT-Capitole) , Nicolas Treich (research director) and François Salanié, (director of the LERNA).

=> Read the Press Release (in French)
TSE researchers: week 5 PDF

9 January 2012: Pascal LAVERGNE

lavergne_p.jpg Pascal is Professor of Econometrics at the University of Toulouse 1 Capitole (UT1), and member of the GREMAQ research group within TSE. He completed his PhD in 1993 at the Institut National de la Recherche Agronomique (INRA) of Toulouse, where he then undertook a full-time research position until becoming professor at UT1 in 2003. Pascal carried out a 5-year associate professor position at the Simon Fraser University in Vancouver, Canada, from 2005 to 2010, after which he returned to Toulouse & his TSE professor position.

(1) Why did you choose to work at TSE? 

I applied for professor positions in 2003 and I was offered a position at the UT1. At that time, TSE did not yet exist.

(2) How would you describe your research to the general public? 

I work in theoretical econometrics, which is essentially statistics applied to economics. I am developing new methods for estimating economic models & verifying the hypotheses they are based on. For instance, I have recently focused on a new approach to regression checks with many variables, testing whether a postulated relationship among variables is correct.

(3) How does this research impact on society? 

My “one for all and all for one” regression check method, developed with my colleague Valentin Patilea, can be used, for example, to test the popular economic model that links GDP growth to population growth, human capital, investment, etc. I also have another paper that develops new methodology to “confirm” some basic economic hypotheses, such as constant returns to scale in an aggregate production function.

(4) A current or upcoming highlight in your work?

I am currently on a 6-month sabbatical teaching leave awarded by the Conseil national des universités (CNU) in order to work full-time on a number of ongoing research projects.

(5) You worked for 5 years in Canada. How was that experience?

Professionally, I very much appreciated the organisation, simplicity and efficiency of the Canadian University system and infrastructures. The governance is transparent and very collegial. It was difficult to adapt back to the typically French rather bureaucratic and hierarchical system, although it is improving in the right direction! In Canada I enjoyed the beauty of the nature, but in Vancouver one feels a little isolated due to the insular landscape and the long distances to other cities.

June 28th: IAST and TSE workshop PDF
Robert Barsky , professor of Literary Theory at the University of Vanderbilt and visiting scholar at the IAST,  will organize a workshop "Shifting Attitudes: Radical Upheaval and its Legacies" on June 28, 2013 at TSE (The Manufacture des Tabacs, Room MF 323).

=> Download the programme

Christian Gollier Lecture PDF
Watch the video of C. Gollier of his Lecture presented in honor of Kenneth J. Arrow (Nobel Prize 1972) at the University of Columbia, last April 2013. C. Gollier focused on his recent book, "Pricing the planet's future: The economics of discounting in an uncertain world" (Princeton University Press).

=> Watch the video
Sexonomics PDF
Watch the video of Paul Seabright  interviewed by Objectifnews who explains the objectives of his latest book "Sexonomics". He provides a reflection on the economic and social inequalities between men and women. In particular, he explores the use of networks by both sexes and finds great inequality.

=> Watch the video (in French)
TSE researchers: week 4 PDF

2 January 2012: Anne RUIZ-GAZEN

Anne RUIZ-GAZEN Anne is originally from Toulouse, and she carried out her higher education at the University of Toulouse III Paul Sabatier, from her Masters degree in pure & applied mathematics (statistics major), to her PhD in statistics, obtained in 1993. She then took up an assistant professor position at the University Toulouse I Capitole (UT1), where she became a full professor in 2008. Anne is a member of the GREMAQ research group, and is currently head of the University’s mathematics department. 

 (1) Why did you choose to work at TSE? 

When I was offered the assistant professor position in 1993, I had received other offers, but I was keen to join UT1 in order to apply statistics to economics and social sciences, rather than to physics etc. I became a member of TSE when the school was created in 2007; a decision motivated by the enthusiasm and the high level of the TSE research teams. I was already involved in a number of international collaborations, but joining TSE allowed me to be able to work in a dynamic international research environment on a daily basis.

(2) How would you describe your research to the general public? 

I will take one of my current research themes, robust statistics, as an example. Statistical procedures are often based on hypotheses which may prove to be flawed. In these cases, robust statistics will attempt to offer alternatives so that the procedures can continue to function optimally. For example, a hypothesis may state that a set of data will be pure, with no atypical observations known as outliers, which deviate markedly from other members of the data set. When outliers do in fact appear in a data set, then robust statistics can help to identify them.

Another element of my work is survey sampling theory, where statistics are applied in order to create random representative samples of particular populations, and then to estimate, with the best possible precision, certain parameters of interest, such as the percentage of voters that may vote for a particular candidate in an election. Other more complex parameters of interest are inequality and poverty measures from income survey data.

(3) How does this research impact on society? 

The robust statistics work has been patented and is currently being applied in the automobile industry, where we have been asked to work with an engineer in order to identify outliers in electronic chip production.

The survey sampling theory I am working on can be applied to measure and improve the precision of complex parameter estimation from any survey. For example, an INSEE (French National Institute for Statistics and Economic Studies) study on household wealth recently stated that the Gini index (a measure of concentration), had increased by 1.4% between 2004 and 2010. But in order to assert the significance of the increase, we need to measure the precision of the estimation.

(4) A current or upcoming highlight in your work?

I am currently working with colleagues on methods to increase precision when estimating inequality or poverty measures such as the Gini index or the at-risk-of-poverty rate. Our research provides a method that can be applied by national institutes in order to measure and optimise the precision of these estimations. Ideally, we would like our method to be applied to a current EU survey on income and living conditions in European countries.

(5) How do you feel about the current TSE education reforms?

 As you know, the “Ecole TSE” was launched this academic year. As a member of the teaching staff, I feel that it’s a real challenge, this creation of a structure that is completely revamping the economics educational scene in France. It’s an opportunity for positive change, and I hope to implement active learning in order to further involve the students in the process. It’s an exciting adventure that I’m really pleased to be actively involved in!

EAERE 2013: pre-conf events PDF
tige.png Two pre-conference events linked to the EAERE 2013 congress and organised by the local organising committe will be held on Wednesday 26 June at TSE (Manufacture des Tabacs):

 - "Hotelling resources on the eve of resource transitions", conference in honour of Michel Moreaux organised by Marcel Boyer and Alain Ayong le Kama. 14h00-17h00 MS 003.

- "Trade and species dispersal - a dialogue between economists and ecologists ", conference organised by Ingela Alger. 14h30-16h00 MS 001.

=> Visit EAERE website
TSE researchers: week 3 PDF

19 December 2011: Farid GASMI


Farid is Professor of Economics at the University Toulouse 1 Capitole, and researcher at the Atelier de Recherche Quantitative Appliquée au Developpement Economique (ARQADE). He has been a member of the Institut d’Economie Industrielle (IDEI), TSE’s industrial research branch, since its creation in 1990 by Jean-Jacques Laffont, and held a position within the Groupe de Recherche en Economie Mathématique et Quantitative (GREMAQ), one of the TSE founding research groups, for 14 years before moving to the ARQADE group in 2007.

 (1) Why did you choose to work at TSE? 

Thanks to Jean-Jacques Laffont! After my schooling in Algeria I went to the US for my Masters & PhD (1988) in economics, both at the California Institute of Technology (CalTech). During my last year of graduate school, Jean-Jacques visited CalTech and I was lucky enough that the topic I was working on in empirical industrial organisation attracted his interest. We then began to collaborate on applied economics research projects during a period that lasted more than 12 years. When Jean-Jacques founded the IDEI in Toulouse in 1990, he naturally invited me to join the team. I initially came as a visiting researcher from Bell Communications Research (NJ - USA), where I was working at the time, and never left!

(2) How would you describe your research to the general public? 

My research was initially rather theory-oriented, but when I met Jean-Jacques I was significantly inspired by his strong desire to test theory in a rigorous way by applying econometric methods to real-life economic situations. I now always strive, as far as possible, to find an application for my reasoning. In the early days at the IDEI my work concentrated on infrastructure economics, notably via telecommunications and energy networks. Since joining the ARQADE group, I have extended this area of expertise to development economics – to determine, for example, the extent to which our understanding of how telecommunications and energy networks have developed in advanced economies can be transferred to developing countries.

(3) How does this research impact on society? 

One example is the guidance this research can give to international financial institutions such as the World Bank in providing funds for the development of infrastructure sectors in third-world countries. More concretely, it can help to identity the areas of these countries’ economies (both in the infrastructure industries themselves and in the institutions that support them) that aid should focus on in order to generate the highest gains in terms of development for the countries in question.

(4) A current or upcoming highlight in your work?

Although applied research occupies most of my time, I regard teaching as a very important part of my work. I must say that over the past few years during which I have been in charge of one our Masters programmes at TSE ("Economics of Markets and Organisations"), I have come to realise how excellent the training our students receive at TSE is, and how successful they are in the job market. This makes me particularly proud. You too right?

(5) A few words on your origins?

I was born in Algiers where my parents settled in the beginning of the 20th century coming from Kabylie, or Tamurt Idurar ("Land of Mountains") in the northern part of Algeria, which is the homeland of the Kabyle people, a Berber or Amazigh community in the Atlas Mountains. Needless to say, I am proud to share some roots with these people who managed (a miracle!) to preserve many aspects of their culture (language, living customs, music) across space (from the Egyptian Siwa Oasis in the East to the Canary islands in the West) and time (over 2000 years).

Torsten Persson elected President of the TSE Scientific Council PDF
During the last meeting of the Scientific Council, Torsten Persson  has been elected President of the Scientific Council. He replaces Richard Blundel and joins the Scientific Committee which has 16 members, including four Nobel Laureates in Economics: Amartya Sen (1998), Roger B.Myerson & Eric S.Maskin (2007) et Thomas J.Sargent (2011).
June, 24-25: The 9th Toulouse Lectures in Economics PDF
Professor Viral  V.Acharya (New York University & Stern School of Business) Junior Prize TSE-BDF 2011 , will present in Toulouse the 9th Toulouse Lectures in Economics, on June, 24-25 2013.Viral Acharya's extensive contribution to the analysis of systemic risk in the financial sector distinguishes him as one of the most influent financial economists based outside Europe.

=> Read the programme 
TSE researchers: week 2 PDF

12 December 2011: Jérôme BOLTE

Jérôme BolteJérôme joined TSE in 2010 as Professor of Mathematics at the University of Toulouse 1 Capitole. He studied for his PhD in Applied Mathematics at the University of Montpellier II (2003), followed by a year of post-doctoral positions at the University Simon Fraser (Vancouver) and the University of Chile. Before coming to TSE he held lecturer-researcher positions at the University of Paris 6 (2004-07, 2008-10) and the École Polytechnique (2007-08).

(1) Why did you choose to work at TSE? 

 When I came to look for Professor positions, I was attracted to TSE by a certain number of potential colleagues who were working on interesting mathematics questions applied to economics, within the “M@D” group, which deals with decision mathematics.

Coming from Paris, I was also impressed by the dynamic research environment in Toulouse, and pleased with the quality of life in the area.

(2) How would you describe your research to the general public? 

I look at dynamic processes which can help to optimise decision-making. Imagine an ant on top of a mountain that must reach the valley by its own means. The ant needs to decrease its altitude, but faces the barrier of not knowing the exact geographical configuration of the mountain, and hence is not sure which path to take. I can therefore use algorithms to help the ant to make optimal local choices in order to find the best direction towards the valley, rather than having to reply purely on its own intuition. Applied to the industry, this optimisation process could help reduce costs, in the same manner that the ant was able to reduce its altitude, via optimal local choices.

(3) How does this research impact on society? 

There are a number of potential fields of applications of this research. For example, it can be applied to signal processing, to compress/deblurr images or sound, or to the aeronautical industry, to design planes with reduced emissions, whether it be sound or fuel.   

(4) A current or upcoming highlight in your work?

I have been invited to present my research at an upcoming conference on imaging science in Philadelphia. Whilst this is not my speciality, I am pleased that this field of research is interested in my work, and I am curious to see their reactions to it.

(5) Why did you choose to work in research?

That’s a mystery! In fact, even from an early age I have always made choices in order to continue doing mathematics! But I never thought that research could become my career, as I simply didn’t even know it was possible to be a professional researcher in maths. I hence began my career by teaching maths, and I then realised that I seriously missed the intellectual challenge of research that I had glimpsed during my first Masters degree. At that point a friend advised me to undertake studies in applied mathematics and I have never looked back since!

Jean Tirole receives two "honoris causa" degrees PDF

Jean Tirole , president of TSE, receives two prizes of "Doctor Honoris causa" :
- the first on May 27th, from the president of the University of Hitotsubashi  (Tokyo) , Susumu Yamauchi (opposite picture).
- the second, on May 30th, from the Faculty of HEC Lausanne ,

June, 20-21: Conference "New advances in Law and Economics" PDF
On June 20-21, Simone M. Sepe, and Jean Tirole will host the First Law and Economics Conference, titled "New Advances in Law and Economics". The Conference will include a main session on Corporate Governance and Financial Regulation and two additional sessions on The Law and Economics of the Decision Making Process and The Law and Economics of Public and Private Order.

=>  Read the programme

TSE researchers: week 1 PDF

5 December 2011: Alexander GÜMBEL

Photo Alexander GümbelAlexander is Professor of Finance at the University Toulouse 1 – Capitole (IAE). He completed his PhD at the European University Institute in Florence in 2000, and held a faculty position at the Saïd Business School of Oxford University from 1999 to 2009. He has been a member of TSE since 2008, when he took leave from his Oxford position to take up a TSE Senior chair, before joining TSE permanently in 2009.

(1) Why did you choose to work at TSE? 

The main aspect was the fantastic research environment, which allows me to combine finance with economics. In addition, I found the working environment in Toulouse to be very friendly and cooperative with many people collaborating on joint research projects. I was also attracted by Toulouse itself, for the lifestyle offered by the city & the region.

(2) How would you describe your research to the general public? 

With difficulty! My research covers a number of finance concepts, but I can highlight one example, which is basically how information is aggregated into prices on financial markets. One finds a number of speculators trading on the markets, such as hedge funds and institutional investors, and they all hold different opinions and information. The question I ask is to what extent does the information provided by these varying speculators affect the market prices, and then what is the consequent knock-on effect on firms? This is known as the feedback effect, and we have shown that this can generate market manipulation. For example, in certain cases speculator trading can cause a severe feedback effect on sensitive firms, even leading to firm bankruptcy, via loss of investor confidence and falling share prices. 

(3) How does this research impact on society? 

In the wake of the financial crisis many regulators banned short sales, because they arguably drive down stock prices and lead to negative feedback effects. At the time, the regulators were faced with a situation requiring quick decisions, and little guidance was available from research at the time. The research I described above provides a clear argument for when banning short sales might be desirable. Regulators could hence use the findings of my research to help them come to decisions.

(4) A current or upcoming highlight in your work?

I’m currently working on a paper on financial contagion in the international context, with Oren Sussman of the University of Oxford. The paper looks at constraints on capital mobility across borders.

(5) What do you miss about Germany, your home country?

My friends & family!

Europlace Institute of Finance award PDF
After  Augustin LANDIER in 2011, four TSE researchers, Jean-Paul DECAMPS, (professor of Mathematics),Thomas MARIOTTI (Senior researcher at CNRS), Jean-Charles ROCHET (University of Zurich) and Stéphane VILLENEUVE (professor of Mathematics) have received the award of the best article published for "Free Cash Flow, Issuance Costs, and Stock Prices " by the Europlace Institute of Finance.

=> About  Europlace Institute of Finance
June, 20-21: workshop in macroeconomics PDF
The next workshop in macroeconomics will be held at TSE on June 20-21,2013. This event is organized by  Patrick Fève , TSE researcher and director of the TSE doctoral program.

=> Find out more

June, 11-12: Conference NGO PDF
The Institute IAST ( the Institute for Advanced Study in Toulouse) will held at TSE the next conference  "Non-Profits, Governments, and Organizations ", organized by Emmanuelle Auriol, TSE researcher on development economics.

=> Visit the IAST website for more details 
Discover through the lens... PDF
TSE is pleased to announce the launch of its new video. Take a closer look at the TSE world through the camera lens!
Feel free to subscribe to our TSE YouTube channel to be kept informed of upcoming videos.

=> Discover the video
TIGER Forum: now! PDF
"Economic growth: challenges for regulatory change". Topic that will be discussed extensively during the TIGER FORUM 2013. With the participation of  Olivier Blanchard (IMF), Eric Maskin (Harvard and Nobel Prize for economics in 2007), Jean-Claude Trichet (Honorary Governor of the Banque de France), André Chieng  (Vice-President of the France-China Committee) and Jean Tirole (President of TSE).

=> Full programme
TIGER Open Survey 2013 PDF
Take part in the TIGER Forum Open Survey on Economic Growth: Challenges for Regulatory Change. The purpose of the survey is to encourage debate on economic policy.
Send your answers before 6 June 5pm and try your luck to win a magnum of fine French wine!
Follow the results of the survey live on twitter #TIGERForum2013 .

Jean-Jacques Laffont Foundation - TSE annual report 2012 PDF

The Jean-Jacques Laffont Foundation - TSE has just published its 2012 activity report. 
TSE marks again its excellence by the growth of publications, events, awards and many projects funded..

  => Annual report (in French)
June 4th: visit of Professor Philippe Aghion PDF
Philippe Aghion, Professor of economics at Harvard  University and new member of the scientific council will visit TSE and will present a seminar "Optimal Capital versus Labor Taxation with Innovation-Led Growth" , on Tuesday 4 june 2013.

From 11:30 to 12:45, Room  MS 001 (Manufacture des Tabacs).

=> Philippe Aghion Vitae

A.B.C. of modern economics PDF
babaeco.jpgThe French Museum of Science and Industry in Paris is holding a new exhibition from March 2013 to January 2014: "The Economy: crash, boom, transform?"

To accompany the exhibition, a
collective handbook to economics has been published: The A.B.C. of modern economics.
Augustin LANDIER, TSE researcher and curator of the scientific exhibition, is co-author of the new book.

on the book / on the exhibition (in French)
May 27-31: 45th Days of Statistics PDF
In partnership with TSE, the French Society of Statistics (SFdS) organise the 45th Days of Statistics  held in Toulouse on May 27-31, 2013. This event brings more than 400 researchers, teachers and practitioners together. This is the most important French-speaking statistics event.
Christine Thomas-Agnan
, Professor of Mathematics and Director of MASTER 1 & MASTER 2 in Econometrics and Statistics is head of the organizing committee. 

=> Find out more
Doh-Shin Jeon' s award PDF
Doh-shin Jeon has been awarded the Anacom Prize for his paper "Dominance and Competitive Bundling" written with S.Hurkens and D.Menicucci. The award recognizes the best article presented during the last annual conference "on the Economics of ICTs " of Evora University.
30 mai : Les Femmes et les Hommes, coopération réussie ? PDF
Dans le cadre du lancement du réseau KPMG Women for Business, Paul Seabright , Directeur de l'IAST et chercheur TSE, participera le jeudi 30 mai 2013 à la conférence ""Les Femmes et les Hommes, coopération réussie ?", à partir de 18h30  au Muséum d'Histoires naturelles de Toulouse.
Ouvert à tous sur inscription avant le 24 mai.

=> Plus d'informations
NEW! Online video library PDF
videos-tse.png Watch all the filmed presentations of the TSE scientific conferences via our new dedicated online video library:

=> Visit the Scientific conference channel

May 28: DigitalPlace at TSE PDF
DigitalPlace (local french digital commission) organize in partnership with TSE researchers and local companies the "third meeting SME/Laboratories", on Tuesday, May 28, 2013. This day is an opportunity to bring together researchers and local business leaders to address issues such as the development of their R & D or how to gain in competitivity.

=> Find out more
TSEconomist: new website PDF
The TSE student magazine, The TSEconomist, has just launched a new website to showcase the magazine which aims to act as a platform for interaction between all members of the TSE community; students, professors, researchers and staff.

The website includes access all print editions of the magazine, as well as bonus online-only interviews 
on various research topics.

=> website:
May 23-24: The Toulouse Economics and Biology Workshop PDF
Biology is the natural foundation for any science that seeks to understand the behavior of living beings. Recent years have witnessed a surge in empirical and theoretical research that establishes connections between economics and biology. IAST and LERNA are proud to present several of the key contributors to this research at a workshop "The Toulouse Economics and Biology Workshop", to be held in Toulouse, May 23-24, 2013.
This workshop is organized by Ingela Alger (TSE & IAST) and Jörgen Weibull (Stockholm university and IAST)

=> Find out more
20 March: Lecture on Keynes for journalists PDF
Organised by the French "Association of economic and financial journalists" (AJEF), Franck PortierTSE researcher, will give a lecture entitled "Keynes: ce qu'il nous dirait sur le chômage" (what would Keynes say about unemployment) this Wenesday 20th March at 8pm at the Parisian high school Louis-le-Grand.
Annual Financial Econometrics conference: May 17 &18, 2013 PDF
TSE is holding its annual financial econometrics conference on 17-18 May in Toulouse. The TSE specialists on the subject will be joined by internationally-renowned peers to present and discuss recent work and developments.
This conference is organized by Nour Meddahi

==> Find out more 
Jean Tirole receives Ross Prize PDF
Jean Tirole and his peer Bengt Holmstrom (MIT) have just been awarded the 3rd Ross prize, created in honour of the renowned finance researcher Steve Ross. This award pays tribute to the article "Public and Private Supply of Liquidity" published in the Journal of Political Economy. This paper investigates the impact of credit market imperfections on macroeconomic policy.
"L'investissement socialement responsable : une opportunité pour l'entreprise ?" PDF
La CCI Midi-Pyrénées et le club des dirigeants durable organisent le 17 mai prochain un "petit déjeuner" sur le thème : "L'investissement socialement responsable : une opportunité pour l'entreprise ?"
A cette occasion, Sébastien Pouget ,Professeur de Finance à l’IAE de Toulouse et chercheur TSE, spécialiste des investissements, répondra à cette question.

=> Plus d'informations
L'économie de l'eau PDF
A l'occasion d'un débat organisé par l'ARPE sur la valeur économique de l'eau, Jean Pierre Amigues, chercheur TSE et responsable du projet européen Global IQ , revient sur la manière de mieux appréhender la valeur économique de l'eau.

=> Voir l'interview vidéo
Conference on Standards-Essential Patents: May16th, 2013 PDF
In recent years, issues related to standard setting and to the so-called FRAND commitments have been prominent in policy discussions around Intellectual Property rights. The conference will address such questions as: What is a FRAND royalty and how should it be determined?  Under what circumstances, if ever, are injunctions appropriate? Under what legal theories should the FRAND obligation be enforced? Should purchasers of patents bound by prior FRAND commitments be subject to those commitments? What is the proper role of SSOs and should their rules be updated? What should be the role of government regulators?”. This conference is organized by Jacques Crémer and Paul Seabright .

==> Find out more
Managing Editor of International Journal of Industrial Organization PDF
Pierre Dubois , TSE researcher and professor of economics at the University of Toulouse 1 Capitole, has been appointed Managing Editor to "International Journal of Industrial Organization ". This new responsability will complete others editorial missions as Associate Editor for the European Economic Review and the Annals of Economics and Statistics .
TSE student workshop : May 15, 2013 PDF
The objective of the TSE Student Workshop is to increase the contact between researchers and PhD students and to introduce work done by TSE students to other students and researchers at TSE.

This year, the third annual workshop is supervised by  Karine Van Der Straeten and Philippe Bontems .

=> Find out more
ERC article on Augustin Landier's project PDF
Check out the ERC's latest newsletter (page 5) for an overview of Augustin Landier Starting Grant project "SOLSYS" (Systemic Risk and Financial Vulnerabilities: Diagnosis and Solutions ), project date : 2012 until 2017.

=> Read the newsletter online
=> Download the PDF
25 avril: Gollier lecture at Columbia PDF
Christan Gollier, TSE Director, is invited to give the 2013 Kenneth J. Arrow lecture at the Columbia University of New York. This prestigious lecture in honour of the 1972 Nobel prize-winning economist Arrow will be focused on C. Gollier's recent book: "Pricing the planet's future: The economics of discounting in an uncertain world"

=> More information on the lecture
Season's Greetings PDF

Season's Greetings and a Happy New Year from all at TSE.
Recent debate: Water, source of conflict? PDF
conf-eau.pngIf you missed the debate at the Museum of Toulouse on 11 April, visit the twitter feed #EauTlse for a full account of the evening's discussions.

The debate, presented by Joel Echevarria, COO of TSE, included expert views from two TSE economists, Stéphane Straub and Stefan Ambec.

=> Details of the roundtable 

Christian Gollier appointed at Academia Europaea PDF
Further to his recent election as Fellow of the Econometric Society,  Christian Gollier, TSE director, has been appointed Member of the  "Academia Europaea". The academy's members are scientists and scholars who collectively aim to promote learning, education and research.
Jeudi 11 avril : Internationalisation et Performance des Entreprises PDF
Table ronde : Quels sont les obstacles principaux rencontrés par les entreprises Pierre Fabre et Airbus dans leur développement à l’international ?

Jeudi 11 avril  : 16h30-18h00 / Amphithéâtre Max Cluseau - Toulouse Business School

Marc Ivaldi, Directeur d’Etudes EHESS, Professeur d’économie à TSE participera au débat collectif en répondant à la question des  problématiques d'internationalisation rencontrées par les grandes entreprises de la région.

Plus d'information sur la conférence
Christian Gollier Fellow at the Econometric Society PDF
Christian Gollier, TSE Director, has been elected Fellow of the Econometric Society, the most prestigious learned society in the field of economics. Becoming a fellow is an honorary designation highly valued by members of the economics profession, and this election rewards Gollier's significant and orginial contributions to economic theory.

=> Read more 
March 28th, Conference debate PDF
Paul Seabright , author of the recent book "Sexonomics", will host a conference-debate entitiled «Sexonomics : Hommes, femmes, depuis la Préhistoire jusqu'à l'entreprise moderne», in partnership with Toulouse area Grep Midi-Pyrénées , next Thursday 28th march at at Espace Palumbo of Saint-Jean city.
Plantin appointed to Prime Minister's advisory board PDF
Guillaume Plantin, TSE researcher specialised in finance, has been newly appointed to the French Council of Economic Analysis (CAE). He joins Jean Tirole, member of the CAE for many years. This important Council aims to shed light upon economic policy issues, especially at an early stage, before government policy is defined. It also contributes to the public debate through its reports, which are public.

TIGER Forum 2013: website open! PDF
The TIGER Forum, major economic summit launched by TSE, has just opened its website. Visit the site for full information on this exciting event on June 5-8, 2013.
17-18-19-20 Dec at 17:55: listen to Seabright on France Culture PDF
From Monday 17th to Thursday 20th December, tune into France Culture at 17:55 to listen to Paul Seabright on the French-speaking show "Les Carnets de l'Économie". Seabright delivers four chronicles of three minutes about his work and ideas on "Economic inequalities between men and women, are we still primates?"

=> Find out more (in French)
6-7 April 2013: CSIO conference PDF
TSE will host the 12th CSIO Conference (Centre for the Study of Industrial Organization) on 6-7 April 2013 in Toulouse.

This conference, organized by
Doh-Shin Jeon, will bring together researchers and PhDs from the University of Northwestern with TSE researchers and PhD working on Industrial Organization (IO) research topics.

=> Conference programme
18-19 March: Magistère Eco-Stat 25th birthday PDF
The Magistère of economics and statistics is celebrating its silver jubilee on Monday 18th and Tuesday 19th  March 2013. The event will include round table discussions, conferences and an evening ceremony on Monday. Eric Maskin (2007 Nobel laureate in economics), Paul Champsaur and Roger Guesnerie will be the guest lecturers.

=> Download the programme

Consumer Protection: Bounded Rationality and Regulation PDF
Report by Xavier Gabaix, Augustin Landier (TSE) and David Thesmar

TSE senior researcher Augustin LANDIER has just co-authored a new report on consumer protection for the French Council of Economic Analysis (CAE).

=> Read the English summary of the report.
New video PDF
Watch the video of Christian Gollier explaining the objectives of his latest book "Pricing the planet's future: the economics of discountingin an uncertain world" (Princeton University Press).

==> Watch the video

Upcoming Job Market seminar PDF
IAST will be receiving Mr. Sheheryar Banuri on 13th March 2013 for presenting his Job Market paper.
His seminar will take place in the Auditorium (S001) from 14:00 to 15:30
Here a link to his CV & his Job Market Paper.
New research lab in honor of Jean-Jacques Laffont PDF
The University Of Southern California (USC) has just created "The Los Angeles Behavioral Economics Laboratory" (LABEL) in honour of Jean-Jacques Laffont (1947-2004), founder of the GREMAQ and the IDEI, and initiator of the scientific excellence in economics that led to the creation of TSE in 2007.
14-15 March: Workshop "Procurement & Infrastructure" PDF
procurement-infrastructure.jpgThis workshop organized by Stephane Straub will gather, over two days, researchers from academia and international organizations working on the topics of infrastructure and procurement, with a focus on the particular issues of developing and emerging countries. The programme will include research papers, practitioners’ presentations and PhD sessions.

=> Read the programme
TSE launches its Mag PDF
tse-mag-en TSE is pleased to announce the launch of its new quarterly magazine, "TSE Mag", bringing you a dynamic, diverse and thought-provoking insight into our activities: scientific research, current affairs, events, news from the "Ecole TSE", new faculty members, economic history & culture...

The first edition showcases Richard Blundell, world renowned researcher at the crossroads between economics and econometrics, and currently Chairman of the TSE Scientific Council.

=> Read the mag online
=> Download the PDF

Seabright at government conference PDF
Paul Seabright will take part on Tuesday 5 February 2013 in an international conference organised by the French government: "Planning and building new frameworks for the design of tomorrow's economic policies." Paul will take part in the "Think economics differently" roundtable.

=> Read more
Transfop Conference PDF
Vincent Réquillart, TSE researcher in charge of the EU project TRANSFOP (Transparency of Food Prices), is organising the network's annual confernece on 31 January - 1 February, at TSE in Toulouse. The event will bring together 13 partner universities and research institutes from 10 EU countries.

=> Read the programme
2nd issue of TSE student magazine PDF
The 2nd issue of TSEconomist, our student magazine, has just been published! Take a look through its pages for in-depth, punchy information about hot academic topics, students activities, job market opportunities and the research work of our PhD students. Your comments and suggestions are very welcome and will help the students to improve the content of the magazine!!

  => Discover the new issue N°2 (Autumn 2012)
Conference videos now online! PDF
Missed the last TSE conference? Catch up via the new video streaming service, beginning with the recent  conference "Behavioral Environmental Economics", organised by Nicolas Treich on 11 & 12 October,  combining research in various disciplines: economics, environment, psychology and public policy.
Economics of Energy Markets Conference: 17-18 Jan PDF
The IDEI and TSE are organising the 8th conference on the Economics of Energy Markets on 17-18 January. Highlights: energy and environmental issues, smart grids and auctions.

The conference, organised by Claude Crampes, Thomas-Olivier Léautier and Jean Tirole, will take place at the hôtel Mercure Atria.

=> Read the programme
IAST new website PDF
Drawing on TSE’s expertise and located within the Université Toulouse 1 Capitole, the aim of the IAST is two-fold: to develop an international network of cutting-edge interdisciplinary research in social sciences, in response to important current social issues, and to encourage the transfer of knowledge to aid decision-making in the public and private sectors.

==> Visit the new website
17-18 December: Econometrics & I.O. of Food & Nutrition PDF
nutrition-label.jpgThis ANR-ESRC Workshop, organised by Pierre Dubois on 17-18 December 2012 in Toulouse, will bring together international researchers around the latest advances in econometrics and industrial organisation applied to food and nutrition.

=> Read the programme
New book by TSE Director PDF
gollier-pricing-2012.gifPricing the planet's future:
 the economics of discounting in an uncertain world
Christian GOLLIER : Professor of economics at University Toulouse 1 Capitole and director of TSE.
Princeton University press

Through his new book, Christian Gollier provides a solid framework for decision-making in the field of environmental economics, applying the economic theroy known as "discounting" to meet sustainable development objectives for the future of the planet.

Submission deadline: EAERE 2013 PDF
The 20th Annual Conference of the European Association of Environmental and Resource Economists (EAERE) will be held in Toulouse on 26-29 June 2013.

This event is coordinated by TSE and the LERNA laboratory.

The deadline to submit papers is 1 February 2013

=> Information on submissions
Award for Jean Tirole PDF
Jean Tirole has been awarded the "Grand Prix de l'Académie 2012" from the Academy of Occitaa nie: French Academy of Arts, Letters, Sciences and Popular Traditions in the south of France.
Social sciences research days PDF
jrss.jpgTSE is holding on 13-14 December 2012 the 6th INRA - SFER - CIRAD meeting on Social Science research. This event brings together the French-speaking scientific community in economics, humanities and social sciences to address agriculture-related questions, including diet, environment, territories, fisheries and forests.

=> Read the programme
Dix propositions pour faire (enfin) entrer l’industrie electrique française dans le XXIème siècle PDF


Le gouvernement français lance à l’automne 2012 un grand débat sur la transition énergétique qui aura nécessairement de forts effets structurants et organisationnels sur le secteur de l’électricité. 

A travers leur livre blanc "Dix propositions pour faire (enfin) entrer l’industrie électrique française dans le XXIè siècle" Claude Crampes et Thomas-Olivier Léautier, chercheurs TSE experts en économie de l'énergie, exposent le point de vue de micro-­économistes afin d'éclairer le débat.

=> Lire le livre blanc

Third workshop on macroeconomics: 30 November 2012 PDF
The third Joint French Macro Workshop, sponsored by the Foundation Banque de France, will take place in Paris on 30 November 2012. Six high-quality papers in various fields of macroeconomics will be presented.

=> Read the programme
FISR 2012 best paper Awards PDF
Stefan Ambec , TSE researcher and member of the Chaire FDIR , received from the Forum Investissement Socialement Responsable (FISR) the award for the "2012 best research article" for "Environmental Policy, Innovation and Performance: New Insights on the Porter Hypothesis " recently published in "Journal of Economics and Management Strategy". This article has been co-authored by Paul Lanoie (HEC Montréal), Jérémy Laurent-Lucchetti (université de Berne) and Nick Johnstone (OCDE).

=> Read the article
=> Read the press release (in French)
Workshop BEE November 29th 2012 PDF
This annual workshop brings together PhD students from TSE and from the Gate Laboratory of Lyon University to present and discuss their latest  research in Behavorial and Experimental Economics.

From 9 to 5 pm Room MS001- Manufacture des Tabacs.

=> Download the programme
Job market training seminars PDF
5 TSE "job market" candidates will present their papers to TSE researchers on 28th November from 9 to 4.30pm (room MF 323).

=> Download the programme
=> The candidates' CVs
Augustin Landier: a new ERC for TSE PDF
ERCAugustin Landier notches up TSE's ERC project count to 9 with his project "Systemic Risk and Financial Vulnerabilities: Diagnosis and Solutions"

This success comes despite serious competition: only 11% of the 5000 starting grant projects submitted in 2012 were selected, of which 1.5% in France.

=> List of selected projects
=> ERC Press release
=> Fuil list of TSE ERC projects
Workshop on long-term care: 22 November 2012 PDF
The aim of this workshop, organised by Emmanuel Thibault, is to present the latest theoretical and applied advances in the field of long-term care, a major issue of current concern. Amongst the aspects considered is the changing role of insurance in managing the risk of long-term dependance, taking into account questions of public vs. private financing.  

==> Download the programme
Just arrived! 10 new researchers... PDF

tse-new-researchers-2012.pngThey have come from Chicago, Berkeley, Northwestern and elsewhere to join TSE & the IAST at the start of the 2012 academic year!

A total of 10 international researchers from the best universities worldwide have just arrived in Toulouse and are already working hard to further the international reputation of TSE and the IAST.

=> Discover the 10 full profiles

Academic Talk on Thursday 22 November PDF
Three researchers TSE will discuss this evening with TSE students about works done by two brilliants economists who had been awarded with the Nobel Prize in economics. Michel Le Breton and Jérôme Renault (TSE) on Shapley’s work, and  YingHua He  (TSE) on Roth’s work.