Publications of the Chair

Time-consistent stopping under decreasing impatience

2018
Authors :
Yu-Jui Huang, Adrien Nguyen Huu.

Under non-exponential discounting, we develop a dynamic theory for stopping problems in continuous time. Our framework covers discount functions that induce decreasing impatience. Due to the inherent time inconsistency, we look for equilibrium stopping policies, formulated as fixed points of an operator. Under appropriate conditions, fixed-point iterations converge to equilibrium stopping policies.

National Carbon Reduction Commitments: Identifying the Most Consensual Burden Sharing

2017
Authors :
Gaël Giraud, Hadrien Lantremange, Emeric Nicolas, Olivier Rech

How could the burden of GHG emission reduction be shared among countries? The article address this arguably basic question by purely statistical methods that do not rely on any normative judgment about the criteria according to which it should be answered.

Macroéconomistes and the stagflation – Essays on macroeconomy’s transformation in the 1970’s

2017
Authors :
Aurélien Goutsmedt

This thesis' goal is to study the influence of New Classical economists on macroeconomics in the 1970s, by appealing to an historiographical framework which puts at the heart the role played by the stagflation, and by confronting the results of this work to the standard narrative.

Stagflation and the crossroad in macroeconomics: the struggle between structural and New Classical macroeconometrics

Authors :
Aurélien Goutsmedt

The article studies the 1978 macroeconomics conference titled “After the Phillips Curve”, where Lucas and Sargent presented their fierce attack against structural macroeconometric models, “After Keynesian Macroeconomics”. It aims at enlarging the comprehension of changes in macroeconomics in the 1970s.

Using Output-Based Allocations to Manage Volatility and Leakage in Pollution Markets

2017
Authors :
Guy Meunier, Juan-Pablo Montero and Jean-Pierre Ponssard

Output-based allocations (OBAs) are typically used in emission trading schemes to mitigate leakage in sectors at risk. Recent work has shown they may also help to stabilize prices in markets subject to supply and demand shocks. We extend previous work to simultaneously include both leakage and volatility.

Output-based allocations in pollution markets with uncertainty and self-selection

2017
Authors :
Guy Meunier, Juan-Pablo Montero, Jean-Pierre Ponssard.

The paper studies pollution permit markets in which a fraction of permits are allocated to firms based on their output. Output-based allocations, which are receiving increasing attention in the design of carbon markets around the world are shown to be optimal under demand and supply volatility despite the output distortions they may create. 

Research initiative on sustainable mobility

Depuis 2015
Authors :
Jean Pierre Ponssard (coordinator)

This article presents all the Chair Energy & Prosperity's production developped in the framework of its Research Initiative on Sustainable Mobility: publications, working papers, PhD Thesis & Masters, workshop reports and medias.

Energy capture, technological change, and economic growth: an evolutionary perspective

2017
Authors :
Victor Court

The goal of this article is to formulate a clear, pragmatic, and thorough report of the knowledge that a thermo-evolutionary perspective can bring to enlighten the economic growth process. It is shown that during the entire human history, energy has systematically been central to direct the successive phases of technological change and economic development.

Debt and Investment in the Keen model: a Reappraisal of Modeling Minsky

2017
Authors :
Adrien Nguyen-Huu, Antonin Pottier.

We examine to which extent the Keen model (Keen 1995) is a faithful modelling of Minsky's Finance. We conclude that the Keen crisis has few Minskian flavours.

Mobility solutions for the energy transition – Cahier de l’Institut Louis Bachelier

2017
Authors :
Cahier de l'ILB realised with Jean-Pierre Ponssard

Realised with Jean-Pierre Ponssard, this "Cahier de l'ILB" is dedicated to sustainable mobility. It deals with various subjects : how driving restrictions affect urban pollution, carbon footprint of motor vehicles in the United States, hydrogen vehicles, the importance of strong regulation to reap the full benefits of innovation in mobility.