Axis 1: Contracts, markets and regulations
The research carried out in the axis "contracts, markets and regulation" focuses on the analysis of market regulation policies when those markets present, for instance, failures related to information asymmetries. They can be related to normative economics, i.e., they aim at defining optimal policies, e.g., when the regulator cannot observe the characteristics and/or behaviors of economic agents. They can also provide an analysis of concrete regulatory policies in several fields of the economy:
- Health care
- Regulation against fraudulent behavior in markets
- Auction mechanisms
Coordinator of the research axis: François Maréchal
Faculty members (primary affiliation): Vincent Bertrand, Karine Brisset, Jihad El Naboulsi, François Maréchal, Michel Mougeot, Florence Naegelen, Sandrine Ollier, Lionel Thomas.
Faculty members (secondary affiliation): Christian At, Julie Beugnot, Marc Deschamps, Yves Oytana, Emmanuel Peterle.
Axis 2: Individual and collective decisions
The axis studies individual and collective decision making, based on game theory (which models interaction situations) and social choice theory (which studies the aggregation of individual preferences) and carries out:
- fundamental research, notably via axiomatic, probabilistic and equilibrium approaches;
- experiments (Experimental Economics Laboratory, created in 2017, or field experiments) to test the validity of the models, which are based on strict protocols to control the environment, and thus isolate the causal impact of different factors;
- applications to the fileds of law and economics, voting, and recruitment in the labor market.
Faculty members (primary affiliation): Sylvain Béal, Julie Beugnot, François Cochard, Marc Deschamps, Mostapha Diss, Fabienne Oguer, Yves Oytana, Emmanuel Peterle, Eric Rimbaux.
Faculty members (secondary affiliation): Karine Brisset, François Maréchal, Florence Naegelen.
Axis 3: Finance, banking and macroeconomics
That axis studies finance in its many forms: corporate finance, green finance, public finance, participatory finance and microfinance. It also studies economics of banking and macroeconomics, both in the financial and real spheres.
The main research themes of this axis are the following:
- Corporate and bank governance: role of shareholders in corporate governance; role of transparency in bank governance.
- Banking and participatory finance: microcredit and microfinance; SMEs financing; financing the low-carbon transition.
- Market finance and energy markets: commodity markets (including oil markets), carbon finance.
- Public finance: disparities and efficiency of local government spending.
- Monetary policy and its links with financial markets: analysis of central bankers' speeches; impact of monetary policy on the stability of financial markets.
- Real macroeconomics: determinants and location choices of foreign direct investment.
The axis proposes regular workshops. Members also offer their expertise to many institutes such as the Consultative Committee on Financial Legislation and Regulations, the ECON Committee of the European Parliament for its monetary dialogue with the ECB or the IFO World Economic Survey Expert Group.
In addition, this axis has a very close link with university training: in partnership with ESbanque and on a work-study basis, the Bachelor's degree in Banking (Licence Pro Banque) enables students to train for commercial jobs in bancassurance. The Master's degree in Banking and Finance aims to train generalist banking and finance executives by providing them with practical and conceptual skills in many fields. The Master's degree in Bank Officers, in partnership with ESBanque and on a work-study basis, enables students to train for the job of customer service advisor.
Coordinator of the research axis: Catherine Refait-Alexandre
Faculty members (primary affiliation): Christian At, Jean-Baptiste Bonnier, Marie-Line Duboz, Fabien Labondance, Maria Mansanet-Bataller, Zaka Ratsimalahelo, Catherine Refait-Alexandre.
Faculty members (secondary affiliation): Sylvain Béal, Vincent Bertrand.