IDEI Researcher
Member of the Toulouse School of Economics (TSE)
Professor of Economics, University Toulouse I

Contacts

Secretary

Links

Biosketch (PDF file, 13 Kb)
Biosketch (french) (PDF file, 24 Kb)
Long CV (PDF file, 135 Kb)

Research Interests

Economics of Uncertainty
Finance
Consumption
Environment

Professional experiences

Current positions

Former positions

Education

Grants and awards

Work in progress

Articles in working paper series

• "Shareholder Activism and Socially Responsible Investors: Equilibrium Changes in Asset Prices and Corporate Behavior", IDEI Working Paper, n. 573, September 2009.

  (with Sébastien Pouget)

  [ Full text (PDF file, 158 Kb) ]

• "Portfolio Choices and Asset Prices: The Comparative Statics of Ambiguity Aversion", IDEI Working Paper, n. 357, July 2009.

  [ Full text (PDF file, 289 Kb) ]

• "Cyclicality and Term Structure of Value-at-Risk in Europe", IDEI Working Paper, n. 587, May 2009.

  (with Frédérique Bec)

  [ Full text (PDF file, 202 Kb) ]

• "Finance durable et investissement responsable", IDEI Working Paper, n. 586, February 2009.

  [ Full text (PDF file, 70 Kb) ]

• "Socially Efficient Discounting under Ambiguity Aversion", IDEI Working Paper, n. 561, November 2008.

  (with Johannes Gierlinger)

  [ Full text (PDF file, 312 Kb) ]

• "The Determinants of the Insurance Demand by Firms", IDEI Working Paper, n. 468, July 22, 2007.

  [ Full text (PDF file, 231 Kb) ]

• "Optimal expectations with complete markets", IDEI Working Paper, n. 463, July 4, 2007.

  [ Full text (PDF file, 284 Kb) ]

• "Understanding Saving and Portfolio Choices with Predictable Changes in Assets Returns", IDEI Working Paper, n. 430, February 2007.

  [ Full text (PDF file, 255 Kb) ]

• "Assets Returns Volatility and Investment Horizon: The French Case", IDEI Working Paper, n. 467, July 4, 2006, revised November 30, 2008.

  (with Frédérique Bec)

  [ Full text (PDF file) ]

• "An Evaluation of Stern's Report on the Economics of Climate Change", IDEI Working Paper, n. 464, 2006.

  [ Full text (PDF file, 38 Kb) ]

• "Does Flexibility Enhance Risk Tolerance?", IDEI Working Paper, n. 390, June 2005.

  [ Full text (PDF file, 309 Kb) ]

• "Study on Competition Policy in the Portuguese Insurance Sector: Econometric Measurement of Unilateral Effects in the CAIXA / BCP Merger Case", Autoridade da Concorrência Working Papers, n. 7, March 2005.

  (with Marc Ivaldi)

  [ Full text (PDF file) ]

• "Optimal Illusions and Decisions under Risk", IDEI Working Paper, n. 340, January 2005.

  [ Full text (PDF file, 263 Kb) ]

• "Collective Investment Decision Making with Heterogeneous Time Preferences", IDEI Working Paper, n. 198, 2003.

  (with Richard Zeckhauser)

  [ Full text (PDF file, 355 Kb) ]

• "Optimal Prevention of Unknown Risks: A Dynamic Approach with Learning", IDEI Working Paper, n. 139, 2002.

  [ Full text (PDF file, 1 Mb) ]

• "Are Independent Optimal Risks Substitutes?", IDEI Working Paper, n. 128, 2001.

  (with Louis Eeckhoudt)

  [ Full text (PDF file, 238 Kb) ]

Mimeos

• Discounting, Inequalities and Economic Convergence, June 2010.

  [ Full text (PDF file, 346 Kb) ]

• Individual Decisions under Risk, Risk Sharing and Asset Prices with Regret, February 2006.

  (with Bernard Salanié)

  [ Full text (PDF file, 254 Kb) ]

• Réparation du préjudice et équité, 2006.

• Investissement public et bien être: le problème du long terme, September 2004.

Forthcoming

Articles in refereed journals

• "Optimal Choice and Beliefs with Ex Ante Savoring and Ex Post Disappointment", Management Science, 2010.

  (with Alexander Muermann)

  [Forthcoming]
• "How Should the Distant Future be Discounted When Discount Rates are Uncertain?", Economic Letters, 2010.

  (with Martin L. Weitzman)

  [Forthcoming]

• "Information and the Equity Premium", Journal of the European Economic Association, 2009.

  (with Edward Schlee)

  [Forthcoming]

Publications

Articles in refereed journals

• "Ecological Discounting", Journal of Economic Theory, vol. 145, n. 2, March 2010, p. 812-829. doi:10.1016/j.jet.2009.10.001.
• "Expected Net Present Value, Expected Net Future Value, and the Ramsey Rule", Journal of Environmental Economics and Management, vol. 59, n. 2, March 2010, p. 142-148. doi:10.1016/j.jeem.2009.11.003.

  [ Final Version_Working Paper (PDF file, 183 Kb) ]

• "Should we Discount the Far-Distant Future at its Lowest Possible Rate?", Economics: The Open-Access, Open-Assessment E-Journal, vol. 3, n. 2009-25, June 2009.

  [ Full text ]

• "Discounting with Fat-Tailed Economic Growth", Journal of Risk and Uncertainty, vol. 37, n. 2, December 2008, p. 171-186.

  [ Restricted access (PDF file) ]

• "Declining Discount Rates: Economic Justifications and Implications for Long-Run Policy", Economic Policy, vol. 23, n. 56, October 2008, p. 757-795.

  (with Phoebe Koundouri and Theologos Pantelidis)

  [ Abstract ]

• "Resource Allocations when Projects have Ranges of Increasing Returns", Journal of Risk and Uncertainty, vol. 37, n. 1, September 2008, p. 1-33. doi:10.1007/s11166-008-9044-y.

  (with Catherine Bobtcheff and Richard Zeckhauser)

  [ Papers (PDF file) ]

• "Intergenerational Risk-Sharing and Risk-Taking of a Pension Fund", Journal of Public Economics, vol. 92, n. 5-6, June 2008, p. 1463-1485. doi:10.1016/j.jpubeco.2007.07.008.

  [ ScienceDirect© ]

• "Non à une régulation court-termiste!", Revue Banque, n. 259, May 2008, p. 13-14.

• "Understanding Saving and Portfolio Choices with Predictable Changes in Asset Returns", Journal of Mathematical Economics, vol. 44, n. 4/6, April 2008, p. 445-458. doi:10.1016/j.jmateco.2007.10.006.

  [ ScienceDirect© ]

• "Assets Relative Risk for Long-Term Investors", Life & Pensions, n. 1, January 2008.

• "Liquidité, incertitude et crise", Revue d'économie financière, Hors série, 2008, p. 12-133.

  [ Web Page ]

• "Whom Should We Believe? Aggregation and Heterogeneous Beliefs", Journal of Risk and Uncertainty, vol. 35, n. 2, October 2007, p. 107-127.

• "The Consumption-Based Determinants of the Term Structure of Discount Rates", Mathematics and Financial Economics, vol. 1, n. 2, July 2007, p. 81-101.

  [ Abstract ]

• "Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns", American Economic Review, vol. 97, n. 2, May 2007, p. 159-165.

  (with Markus K. Brunnermeier and Jonathan A. Parker)

• "Investisseurs socialement responsables : quelle rationalité pour quelles perspectives ?", Les Cahiers Français, n. 337, April 2007, p. 90-97.

  (with Jean-Louis Nakamura)

• "Effet de serre : vers une vérité actuarielle", Risques - Les Cahiers de l'Assurance, vol. 69, March 2007, p. 54-59.
• "Une culture des partenariats privés à  l'université de Toulouse", Risques - Les Cahiers de l'Assurance, vol. 69, March 2007, p. 106-110.

• "Comment intégrer le risque dans le calcul économique?", Revue d'Économie Politique, vol. 117, n. 2, 2007, p. 209-223.
• "La finance durable du rapport Stern", Revue d'Économie Politique, vol. 117, n. 4, 2007, p. 467-477.
• "Notre responsabilité sociale envers les générations futures confrontées au risque", Les Actes de Savoirs, n. 2, IUF/PUF, 2007, p. 45-48.

• "Psychologie et économie du risque: Vers de nouveaux paradigmes de comportement face au risque?", Risques - Les Cahiers de l'Assurance, n. 67, December 2006, p. 71-75.
• "Réparation du préjudice et efficacité", Risques - Les Cahiers de l'Assurance, vol. 68, December 2006.

• "Increased Risk-Bearing with Background Risk", Topics in Theoretical Economics, vol. 6, n. 1, 2006.

  (with Edward Schlee)

  [ Abstract ]

• "The Impact of Prudence on Optimal Prevention", Economic Theory, vol. 26, n. 4, Springer Berlin / Heidelberg, November 2005, p. 989-994.

  (with Louis Eeckhoudt)

  [ Abstract ]

• "Aggregation of Heterogeneous Time Preferences", Journal of Political Economy, vol. 113, n. 4, August 2005, p. 878-896.

  (with Richard Zeckhauser)

  [ Abstract ]

• "Choice of Nuclear Power Investments under Price Uncertainty: Valuing Modularity", Energy Economics, vol. 27, n. 4, Elsevier, July 2005, p. 667-685.

  (with David Proult, Françoise Thais and Gilles Walgenwitz)

  [ ScienceDirect© (PDF file) ]

• "Optimal Consumption and the Timing of the Resolution of Uncertainty", European Economic Review, vol. 49, n. 3, Elsevier, April 2005, p. 761-773.

  (with Louis Eeckhoudt and Nicolas Treich)

  [ ScienceDirect© (PDF file) ]

• "Coût de l'inassurabilité et coûts de l'assurance", Revue d'économie financière, n. 80, 2005, p. 39-52.

  [ Abstract ]
• "Les déterminants socio-économiques des comportements face aux risques : commentaire", Revue Économique, vol. 56, 2005, p. 417-422.
• "Quel taux d'actualisation pour l'avenir ?", Revue Française d'Économie, vol. 19, 2005, p. 59-82.

• "Debt Contract, Strategic Default, and Optimal Penalities with Judgement Errors", Annals of Economics and Finance, vol. 2, n. 5, Peking University Press, November 2004, p. 357-372.

  (with David Alary)

  [ Abstract ]
• "Misery Loves Company: Equilibrium Portfolios with Heterogeneous Consumption Externalities", International Economic Review, vol. 45, n. 4, November 2004, p. 1169-1192.

  [ Abstract ]

• "Maximizing the Expected Net Future Value as an Alternative Strategy to Gamma Discounting", Finance Research Letters, vol. 1, n. 2, June 2004, p. 85-89.

• "Optimal Dynamic Portfolio Risk with First-Order and Second-Order Predictability", Contributions to Theoretical Economics, vol. 4, n. 1, 2004.

  [ http://www.bepress.com/bejte/contributions/vol4/iss1/art4/ ]

• "Preserving Preference Rankings under Background Risk", Economic Letters, vol. 80, n. 3, September 2003, p. 337-341.

  (with Harris Schlesinger)

• "Daniel Kahneman et l'analyse de la décision face au risque", Revue d'Économie Politique, vol. 3, May-June 2003, p. 295-308.

  (with Denis Hilton and E. Raufaste)

• "Decision-Making under Scientific Uncertainty: The Economics of the Precautionary Principle", Journal of Risk and Uncertainty, vol. 27, 2003, p. 77-103.

  (with Nicolas Treich)

  [ Article ©Journal (PDF file) ]

• "Time Horizon and the Discount Rate", Journal of Economic Theory, vol. 107, n. 2, December 2002, p. 463-473.

• "Time Diversification, Liquidity Constraints, and Decreasing Aversion to Risk on Wealth", Journal of Monetary Economics, vol. 49, n. 7, October 2002, p. 1439-1459.

• "Time Horizon and Portfolio Risk", Journal of Risk and Uncertainty, vol. 24, n. 3, May 2002, p. 195-212.

  (with Richard Zeckhauser)

  [ Article ©Journal (PDF file) ]

• "Discounting an Uncertain Future", Journal of Public Economics, vol. 85, 2002, p. 149-166.
• "Changes in Risk and Asset Prices", Journal of Monetary Economics, vol. 49, n. 4, 2002, p. 761-795.

  (with Harris Schlesinger)

• "Wealth Inequality and Asset Pricing", Review of Economic Studies, vol. 68, 2001, p. 181-203.

  [ Jstor© ]

• "Assurance et prévention optimale", Revue d'Économie Politique, vol. 110, n. 2, March 2000, p. 181-205.

  (with Carole Haritchabalet)

• "Scientific Progress and Irreversibility: an Economic Interpretation of the Precautionary Principle", Journal of Public Economics, vol. 75, 2000, p. 229-253.

  (with Bruno Jullien and Nicolas Treich)

• "A Note on Portfolio Dominance", Review of Economic Studies, vol. 64, 1997, p. 147-150.

  [ Jstor© ]
• "Trade Credit and Credit Rationing", The Review of Financial Studies, vol. 10, 1997, p. 903-937.

  (with Bruno Biais)

  [ Jstor© ]
• "Investment Flexibility and the Acceptance of Risk", Journal of Economic Theory, 1997, p. 219-242.

  (with J. Lindsey and Richard Zeckhauser)

• "Changes in Background Risk, and Risk Taking Behaviour", Econometrica, vol. 64, 1996, p. 683-690.

  (with Louis Eeckhoudt and Harris Schlesinger)

  [ Jstor© ]
• "Risk Vulnerability and the Tempering Effect of Background Risk", Econometrica, vol. 64, 1996, p. 1109-1124.

  (with J. W. Pratt)

  [ Jstor© ]
• "Repeated Optional Gambles and Risk Aversion", Management Science, vol. 42, 1996, p. 1524-1530.
• "Arrow's Theorem on the Optimality of Deductibles: A Stochastic Dominance Approach", Economic Theory, vol. 7, Springer Berlin / Heidelberg, 1996, p. 359-363.

  (with Harris Schlesinger)

• "The Comparative Statics of Changes in Risk Revisited", Journal of Economic Theory, vol. 66, 1995, p. 522-536.

• "Risk Sharing on the Labour Market and Second-Best Wage Rigidity", European Economic Review, vol. 37, Elsevier, 1993, p. 1457-1482.

  (with Jacques Dreze)

Books

• Competitive Failures in Insurance Markets: Theory and Policy Implications, MIT Press, 2006.

  (with Pierre-André Chiappori)

  [ http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10883 ]

• Economic and Financial Decisions under Risk, Princeton University Press, February 2005.

  (with Louis Eeckhoudt and Harris Schlesinger)

  [ http://www.pupress.princeton.edu/titles/7945.html ]

• The Economics of Risk and Time, MIT Press, 2001.

  [ http://mitpress.mit.edu/0262072157 ]

Contributions to books

• "A Merger in the Insurance Industry: Much Easier to Measure Unilateral Effects than Expected", in Cases in European Competition Policy : The Economic Analysis, Bruce Lyons (eds.), Cambridge University Press, 2009, p. 293-311.

  (with Marc Ivaldi)

  [ Full text (PDF file, 446 Kb) ]

• "Optimal Portfolio Management for Individual Pension Plans", in Pensions Strategies in Europe and the United State, Georges DE MENIL et Pierre PESTIEAU (eds.), MIT Press, 2007.

• "Insurability", in Encyclopedia of Actuarial Science, J.L. Teugels and B. Sundt (eds.), vol. 2, Wiley, 2004, p. 899-903.

Contributions to reports

• "Copenhague 2009: incertitude et prix du carbone", Politique climatique: une nouvelle architecture internationale, Rapport pour le Conseil d'Analyse Economique, La Documentation Française, 2009, p. 93-114.

  [ Full text (PDF file, 152 Kb) ]

• "Some Aspects of the Economics of Catastrophe Risk Insurance", Large-Scale Disasters: Lessons Learned, Part I, Chapter I, OECD Publishing, April 2004.

Articles in the Press

• "Au lieu de taxer, ne serait-il pas tout aussi efficace d'imposer des normes environnementales à l'industrie?", La Tribune, March 11, 2010.

  [ Full text ]

• "Quel est le bon taux de taxation pour réduire les émissions de CO2?", La Tribune, March 4, 2010.

• "Vers l'éclatement de la bulle verte? Un avantage exorbitant pour le solaire", Le Monde, January 27, 2010.

  [ Full text (PDF file, 18 Kb) ]

• "Taxe carbone: de Charybde en Scylla?", Les Echos, January 6, 2010.

  (with Jean Tirole)

  [ Full text (PDF file, 261 Kb) ]

• "Taxe carbone: de la théorie à la pratique", Les Echos, December 4, 2009.

  (with Christian de Perthuis)

  [ Full text (PDF file, 287 Kb) ]

• "Comment prévoir l'imprévisible?", Pour La Science, n. 385, November 2009.

• "Comment répondre à l'impératif écologique de façon rationnelle?", Le Monde, September 8, 2009.

  (with Jean Tirole)

• "Après Hadopi", Les Echos, June 24, 2009.

  (with Jacques Crémer)

  [ Full text (PDF file, 79 Kb) ]

• "Vers une finance plus responsable", Les Echos, May 13, 2009.

  (with Jacques Crémer)

  [ Full text ]

• "Ne jetons pas le bébé avec l'eau du bain de la crise !", Les Echos, April 8, 2009.

  (with Jacques Crémer)

  [ Full text ]

• "La vertu solidaire de l'assurance-vie", Les Echos, March 4, 2009.

  (with Jacques Crémer)

  [ Full text ]

• "Comprendre le prix du pétrole", Les Echos, January 28, 2009.

  (with Jacques Crémer)

  [ Full text ]

• "La myopie triomphante des pessimistes", Les Echos, December 17, 2008.

  (with Jacques Crémer)

  [ Full text (PDF file, 79 Kb) ]

• "Mauvaises et bonnes régulations", Les Echos, November 13, 2008.

  (with Jacques Crémer)

  [ Full text (PDF file, 84 Kb) ]

• "Pour que le plan Paulson fonctionne bien ...", Les Echos, October 10, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "TVA à 5.5%: une victoire à la Pyrrhus", Les Echos, July 17, 2008.

  (with Jacques Crémer)

  [ Full text | Réaction d'un restaurateur (PDF file, 39 Kb) ]

• "La vérité des prix", Les Echos, June 19, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "L'université, l'argent et l'autonomie", Les Echos, April 24, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "La faute à l'incertitude", Les Echos, March 20, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "Les réformes, toujours demain?", Les Echos, February 14, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "Meilleurs voeux rationnels pour 2008!", Les Echos, January 10, 2008.

  (with Jacques Crémer)

  [ Full text ]

• "Google-Double Click, une fusion à  regarder de près", Les Echos, November 29, 2007.

  (with Jacques Crémer)

  [ Full text ]

• "Grenelle: incitation ou obligation?", Les Echos, October 18, 2007.

  (with Jacques Crémer)

  [ Full text ]

• "Comment numériser la justice", Les Echos, September 20, 2007.

  (with Jacques Crémer)

  [ Full text ]

• "Gare aux grosses universités !", Les Echos, June 7, 2007.

  (with Jacques Crémer)

  [ Full text ]

• "Pour une dépense publique plus efficace", Les Echos, April 26, 2007.

  (with Jacques Crémer)

  [ Full text ]

• "La valeur de l'existence", L' Expansion, n. 701, October 2005.

  [ Full text (PDF file, 57 Kb) ]

• "Dans le public aussi, tout salaire mérite travail", L' Expansion, n. 680, November 2003.

  [ Full text (PDF file, 39 Kb) ]

• "Alerte au risque zéro", L' Expansion, n. 644, May 2001.

  [ Full text (PDF file, 72 Kb) ]