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The Economist, the Market and the Nobel Prize Specia� Issu� Editor�’ Messag� #8 Content� THE TOULOUSE SCHOOL OF ECONOMICS MAGAZINE Living economics #8 SPRING 2015 Nutritional taxes: do they work? AXA makes a pledge for research French economists: a view from Boston The Bank of France rewards the best researchers The Economist, the Market and the Nobel Prize Specia� Issu� Editor�’ messag� #8 Content� begins with a particularly challenging poli- New� & Event� 2015 tical and economic climate: Eurozone crisis, concerns about stagflation, energy gluts, unemployment, low 4 Expertise rewarded growth rates, unsolved global warming challenges, wars and 5 Events: Business Networking Day terrorism... In this context, the role of academic economists in supporting decision makers with science-based analysis is 6 Announcement of the Jean-Jacques Laffont Chair increasingly critical. Researchers must strive more than ever in Digital Economics � inker� to provide timely, solid information on the nature and magni- 6 Save the date 8 Taxes to fight obesity? tude of the different phenomena in order to help industries Vincent Réquillart and Céline Bonnet adapt and policy-makers formulate appropriate policy res- 7 Lending to SMEs: targeted measures ponses. TSE members aim to give their best to this collective 11 Quality, a Chinese puzzle endeavour towards optimal policy-making. Marie-Françoise Calmette et al. These times of radical changes and global crises also bring to light the need to adapt economics 12 The client is king teaching to the world we live in, and provide our economists in training with new tools to analyse � � Nobe� Andrea Attar, Thomas Mariotti and François Salanié the world they will soon be contributing to. Specia� The Toulouse economists have endeavoured since the creation of the TSE School in 2011 to broa- den our curriculum and embrace new methods. Thanks to the close links forged with the business / Issu� policy world over the past 25 years, our professors have been able to put into place a number of actions to connect our students to the real world. Examples include our weekly series of business Actor� talks, our annual business networking day, our project-based learning programme, our international 22 AXA: Research and Protection internship opportunities and our active alumni network. We also involve our students in interac- 14 The event Administrator, Deputy CEO, AXA in charge tive experiments, and send them out to companies to see the problem business leaders are facing. 15 The portrait of Finance, Strategy and Operations There is no better way to learn how markets work and how regulators manage them than to see it with one’s own eyes. 16 The figures 24 French economists stand out from the crowd Our students particularly appreciate evidence-based economics, which notably helps 17 The analysis Fabien Fieschi, French Consul General them to handle data (BIG data!) and filter the information they find there. As our TSE Daniel Garrett to Boston. colleague Paul Seabright recently pointed out, economics teachers today are no longer The TSE community is proud 18 The stories “gurus” but rather “gatekeepers” to information. A challenging but fascinating shift for to present you the all-new TSE mag, 26 Target: the top of the league table! the teaching community to adapt to. with a revamped design and broader, 19 The history Anne Le Lorier, first Deputy-Governor more in-depth contents. We hope Hervé Ossard of The Bank of France Our focus also needs to reach out beyond economics into the other sciences. As our you’ll enjoy it! 27 The Winners 2014 - Prize for societies today show increasing signs of altruistic behaviour, both our research and 21 Make way for Monetary and Financial Economics teaching communities need to link up to sociology, psychology, politics, history, reli- the artists! gion, biology, and many other disciplines to help build and test our economic models, taking a leave from the traditional view of rational agents. At TSE, we work closely with our associated research centre, the Institute for Advanced Study in Toulouse (IAST), with this in mind. Some fascinating and unexpected synergies are being born of these collaborations. Our economics understanding can only be richer for these exchanges. Campu� Our teaching faculties can also learn from other disciplines, notably biology, that excel 28 Independant learning in providing a multi-faceted understanding of today’s realities. Philippe Alby Magazine trimestriel de Toulouse School of Economics 21, allée de Brienne - 31 015 Toulouse Cedex 6 - FRANCE - Tél. : +33 (0)5 67 73 27 68 29 Thinking outside the box Christian Gollier, Director - Toulouse School of Economics Directeur de la publication : Christian Gollier - Directeur de la rédaction : Joël Echevarria Rédactrice en Chef : Jennifer Stephenson - Responsable de Production : Jean-Baptiste Grossetti 30 Training tomorrow’s experts Jean Tirole, Chairman - Toulouse School of Economics Ont également participé à ce numéro : Eunate Mayor - Claire Navarro - Priyanka Talim Conception graphique et rédaction : Yapak - Crédits photos : © Fotolia - © Studio Tchiz Couverture : Niklas Elmehed © Nobel Media - P.6 : © MCC / Thibaut Chapotot Dossier Nobel : © Holger Motzkau 2010, Wikipedia / Wikimedia © Marco Borggreve - © Niklas Elmehed - © Alexander Mahmoud - © Nobel Media AB This magazine has been funded by a P. 22 : © Patrick Messina - P. 24 : © French Embassy in the U.S. - P. 27 © Banque de France French government subsidy managed by the Agence Nationale de la Recherche Tirage : 1 200 exemplaires. Imprimé sur papier offset labellisé PEFC. under the framework of the n° ISSN en cours d’enregistrement. investissements d'avenir programme 2 www.tse-fr.eu reference ANR-11-LABX-0052 www.tse-fr.eu 3 New� & Event� Expertise Rewarded Events More and more companies attending TSE’s Business Networking Day Thierry Magnac Bruno Jullien Nicolas Treich 42 companies came to meet our students at the 3rd edition of the Forum elected to the Council & Thomas appointed co-editor-in-chief of the organised by TSE last November. There were opportunities for jobs and internships. of the Econometric Society Geneva Risk and Insurance Review The wide range of talks and presentations given by professionals throughout the (GRIR). day gave the students invaluable insight into the work of the companies they Mariotti may join later. Bruno Jullien and Thomas Mariotti, both Published twice a year, this international CNRS research directors at TSE, have also journal provides a forum for exchange on Forum 2014 in video: recently been elected as fellows of the all aspects of risk and insurance economics, youtube.com/TSEchannel Econometric Society. with emphasis on theoretical, empirical Our congratulations to all three! and experimental research in these fields. Director of Research at INRA, member of www.econometricsociety.org LERNA and of IDEI, Nicolas Treich is joining his colleagues Christian Gollier and Bruno Jullien as co-editor-in-chief of this journal. Christian Hellwig His research focuses on the theory of risk and decision making, environmental eco- elected to the Board of nomics and the analysis of the cost-benefit the European Economic Association ratio. He has published several scientific articles, notably on the precautionary principle, the value of a statistical life and climate policy. He has organised several international congresses and written The Econometric Society is an international various articles and reports for general learned society which publishes the jour- readership, on risk-management policy. nal “Econometrica” as well as two other journals dedicated to economic sciences (Quantitative Economics and Theoretical Economics). It organises major internatio- nal congresses such as the EEA-ESEM, the The class of 2014 in the spotlight annual summit of European economists and econometrists, held jointly with the “The graduation ceremony marks the end of your studies... and the beginning European Economic Association (EEA). of your career!” highlighted the patron of the 2014 class, Anne-Juliette Hermant, “The Board discusses congresses, the nomi- The European Economic Association (EEA) Director of Development and Training at AXA, on 29 November, during the nations of editors and the development of is the biggest association dedicated to eco- Yinghua He ceremony led by Bruno Sire, President of l’Université Toulouse 1 Capitole and Jean Tirole, Chairman of the Jean-Jacques Laffont Foundation - TSE. the Econometric Society” Thierry Magnac nomic sciences in Europe. It publishes the awarded “the Young Researcher explains, “It meets once or twice a year around Journal of the EEA and organises congresses, in Economics prize 2014” the time of the American or European confe- notably the EEA-ESEM, organised by TSE The ceremony in pictures: rences. I will be part of that process and it is in 2014 with 1500 participants. On 27th November last year, the youtube.com/TSEchannel essential for TSE that one of its members be Having obtained his PhD at the London Banque de France Foundation awarded in a position to pass on the opinions of the School of Economics in 2002, Christian the Young Researcher in Economics TSE community about the developments in Hellwig was Assistant Professor at UCLA prize to Yinghua He for his research the main learned societies of our profession.” before joining TSE as Professor of Macroe- work on “Answering policy questions Thierrry Magnac is a member of TSE and a conomics, in 2010. He was elected for a 5 with carefully designed empirical professor at l’Université Toulouse 1 Capi- year term, during which he will take part strategies“. tole. His research focuses on empirical in decision making by the Council of the questions in the economics of education, association as a representative of TSE. www.banque-france.fr work or consumerism and on methodo- Nicolas Treich logy in microeconometrics. www.eeassoc.org TSE / INRA researcher Affi liated researcher at CESifo Group Munich 4 www.tse-fr.eu www.tse-fr.eu 5 New� & Event� Announcement Lending to SMEs: of the Jean-Jacques targeted measures China has overtaken the USA to become the world’s Laffont Chair in Digital Since the beginning of the crisis, business insolvencies have shot up by 25%.
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