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Development Economics THE TOULOUSE SCHOOL OF ECONOMICS MAGAZINE Living economics Specia� issue Development economics Mariacristina Daniel Garrett Esther Dufl o & Jerôme Bolte De Nardi on on overbooking Abhijit Banerjee on the future the origins of in the airline on fi ghting of optimisation inequality industry poverty algorithms Editor�' message #12 Content� he new term 2016-17 has brought New� & Event� bustling academic life back to our 4 Appointment & Prizes Manufacture campus, and some ex- T 5 Strengthening French venture capital citing developments. We have launched our new international masters programme taught 6 Newcomers 2016-17 in English, welcoming 135 students for the 7 Save the date first year. We have also welcomed four new faculty members: Johannes Hörner, one of the most gifted economic theorists of his genera- tion, who joins us as full professor from Yale University, and three new assistant profes- � inker� sors. Isis Durrmeyer, Ana Gazmuri and Tim 8 What shapes inequality? Lee, whose profiles you can discover on page Specia� issue Mariacristina De Nardi 5. These arrivals bring our tenure-track junior DEVELOPMENT 10 Why do airlines overbook? faculty base to 17, a record for us. ECONOMICS Daniel Garrett 12 An outstanding counter-example A remarkable confirmation of the high calibre of our tenure-track faculty came Bruno Ziliotto in September with the award of two prestigious ERC starting grants to Takuro Yamashita and Daniel Garrett, two of our assistant professors in theoretical 14 The experts economics and industrial organisation. Congratulations to them both! TSE development team 18 The field Actor� In this issue you’ll find a special dossier featuring our research activities in “Development economics has been one of the most Esther Duflo & Abhijit Banerjee 26 Big data & the military development economics. Understanding economic development has been Jérôme Bolte exciting and innovative areas at the heart of our field ever since Adam Smith wrote The Wealth of Nations, 22 The study of economic research in recent drawing inspiration from his long stay in Toulouse where he witnessed first- Emmanuelle Auriol, years, at the forefront of the Josepa (Pepita) Miquel-Florensa hand the world’s largest infrastructure project at the time, the Canal de Midi. use of new empirical tools” Development economics has been one of the most exciting and innovative 24 The future areas of economic research in recent years, at the forefront of the use of new TSE PhD students Campu� empirical tools such as randomized control trials, discussed in this issue. Going 28 Masters in public policy 25 The figures back to TSE’s forefather Jean-Jacques Laffont who had a keen interest in the and development field, our thriving development group has made great contributions, as the ar- Jean-Paul Azam ticles featuring the work of Emmanuelle Auriol, Matteo Bobba, Pepita Miquel 30 TSE Inaugural lecture 2016-17 Florensa and Stéphane Straub show. This summer, the group brought some Alexandre de Cornière of the world’s most eminent researchers in the field together in Toulouse for 31 TSE Polls a state-of-the-art workshop, including Abhijit Banerjee and Esther Duflo, and we’re delighted to offer you interviews with them in this special issue. Wishing you an enjoyable read, and hope to see you soon, Trimestrial magazine of Toulouse School of Economics 21, allée de Brienne - 31 015 Toulouse Cedex 6 - FRANCE - Tél. : +33 (0)5 67 73 27 68 Ulrich Hege, TSE Director Publication Director: Ulrich Hege - Managing Editor: Joël Echevarria Editor in chief: Jennifer Stephenson - Production Manager: Jean-Baptiste Grossetti Jean Tirole, TSE Chairman With the help of: Claire Navarro - James Nash Graphic design and layout: Yapak Pictures: ©Studio Tchiz, ©Peter Tenzer, ©US Air Force, ©Fotolia, ©Shutterstock 1000 magazines printed on offset paper from renewable forests. ISSN number incoming. tse-fr.eu 3 News & Events Appointments & Prizes Strengthening French Jean-François Michel Moreaux venture capital work honoured by the EAERE Bonnefon Marie Ekeland (Paris School of Economics), Augustin Landier Michel Moreaux (TSE - UTC) received work published in Science (TSE-UTC) and Jean Tirole (TSE) have submitted the following the 2016 Lifetime Achievement Award recommendations to the Economic Analysis Council with the Are you ready to drive a car that's pro- in Environmental Economics from aim of reinforcing French venture capital: grammed to kill you? That is the question the European association EAERE that Jean-François Bonnefon (TSE-IAST (Association of Environmental and 1 Clarify and streamline the objectives and investment -CNRS-CRM) and his co-authors Iyad Resource Economists). Rahwan (MIT) and Azim Shariff (Uni- policies of Bpifrance and the “Investissements d'Avenir” versity of Oregon) answer in their study, The prize rewards his enormous scientific programmes. unveiling a moral paradox related to using productivity over more than 30 years, which driverless cars. helped to develop current knowledge in envi- 2 Rethink the operation of the French Public Investment ronmental economics. Bank (Bpifrance) as an industrial policy aiming at the emergence of an autonomous venture capital industry. 3 Assign Bpifrance a governing body that ensures its tse-fr.eu/people/michel-moreaux independence and long-term responsibility, in line with the best international practices. Articulate its strategy with other key actors to optimize public intervention and Emmanuelle Auriol joins its assessment. Marc Ivaldi the Institut Universitaire 4 Develop and encourage links between the scientific (TSE-EHESS) named Vice-President community and entrepreneurial industry in France. of the International Transportation de France Economics Association (ITEA) By order of the Minister of National 5 Clarify the fiscal situation for foreign investors in French Education, Higher Education and Research venture capital, whether they are individuals or In June, Marc Ivaldi became the Vice- on 11 April 2016, Emmanuelle Auriol was institutions, and simplify their access to these funds. tse-fr.eu/people/ President of this association dedicated to promote the development and application appointed as a senior member of the jean-francois-bonnefon Ensure the tax structure for entrepreneurs encourages of transport economics. The annual ITEA Institut Universitaire de France as of 1 6 reinvestment of capital gains in the ecosystem. conference was hosted by Toulouse School October 2016, for a five year period. of Economics in 2014. Teaching researchers appointed at the Institut 7 Assess the efficiency of current public policy (both fiscal Universitaire de France continue to work at their and industrial) on venture capital to get the most out of Emmanuelle Auriol "home" institution and are discharged of two- the budget for creating an autonomous entrepreneurial thirds of their teaching duties. ecosystem. winner of the Grand Prix du livre tse-fr.eu/people/marc-ivaldi éco 2016 Emmanuelle Auriol, TSE-UTC professor, won the first Grand Prix BFM BUSINESS Maddalena Ferranna 15 other TSE professors are also IUF members: du livre éco (BFM BUSINESS Grand Prize for Economics Books) for her book "Pour wins prize • Jean-Paul Azam • Augustin Landier en finir avec les mafias - sexe, drogue et Doctoral candidate Maddalena Ferranna won the prestigious • Bruno Biais • Michel Le Breton • Helmuth Crémer • Thierry Magnac clandestins : et si on légalisait ?” (Put- 2015 Ernst Meyer Prize from the Geneva Association • Pierre Dubois • Michel Moreaux ting an end to mafias - sex, drugs and for her thesis on decision-making. This prize is awarded • Patrick Fève • Franck Portier people smuggling: what if we legalised every year and recognises particularly promising doctoral • Jean-Pierre Florens • Patrick Rey them?) published by Armand Colin in May. theses in risk and insurance. Christian Gollier (TSE-UTC) was her PhD supervisor. • Christian Gollier • Jean-Charles Rochet • Christian Hellwig tse-fr.eu/people/emanuelle-auriol 4 tse-fr.eu tse-fr.eu 5 News & Events Newcomers 2016-17 Save the date A warm welcome to our new TSE faculty members: TSE is also proud to welcome five long-term visitors this year: Professor Johannes Hörner Assistant professors Yale University 17 17-18 Visiting researchers Postdoctoral research fellows Specialised in economic theory, NOVEMBER NOVEMBER Johannes Hörner has been 2016 2016 a professor at Yale for the last nine years. Ana Gazmuri Wharton School Conference on Sustainable Specialised in Industrial Alessandro Bonatti Jean Tirole's book Agro-food Sectors Organisation, Ana Gazmuri MIT Sloan School of Management works mostly on education and Public Policies inequalities. Isis Durrmeyer Tim Lee University of Mannheim University of Mannheim Specialised in Empirical Industrial Organisation, Tim Lee’s work in 6 most of Isis Durrmeyer’s research deals with macroeconomics focuses Mikhail Drugov 16-17 the automotive industry and French regulation. on inequalities. DECEMBER DECEMBER New Economic School, Moscow 2016 2016 Health Economics European Simone Maciel Antoine Hochart Pinar Keskin Workshop Conference of Cuiabano École Polytechnique Wellesley College, USA the Econometrics Zheng Chen CADE, Brazil Antoine Hochart’s research Community Université Paris Sud, Orsay Specialised in Industrial is mainly dedicated to game Zheng Chen’s main domain Organisation, Simone theory, as well as work of research is applied Maciel Cuiabano is Stefan Lamp on nonlinear analysis and mathematics. He recently interested in cartels and Yale University optimisation and optimal
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