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Agents' Behavior and Interest Rate Model Optimization in DeFi Lending
No full textInternational audienceABSTRACT Contrasting sharply with traditional money, bond, and bond futures markets, where interest rates emerge organically from participant interactions, DeFi lending platforms employ rule‐based interest rates that are algorithmically set. Thus, the selection of an effective interest rate model (IRM) is paramount for the success of a lending protocol. This paper investigates the modeling of agents' behaviors on lending platforms and proposes a theoretical framework for formulating optimal IRMs. We show that, under perfect information, an optimal control model with a state constraint generates an optimal interest rate policy that has a shape similar to that of popular markets. Furthermore, we formally analyze interest rate policies based on PID controllers, which work efficiently based on fewer assumptions. Using public data of popular markets on the Ethereum blockchain, we analyze agents' behavior, build a realistic simulation environment, and highlight the main tradeoffs in the design of interest rates for decentralized lending platforms
Les licenciements financiers existent-ils ? Le cas Ascometal
No full textThe ConversationCette contribution a exploré la financiarisation et son impact sur la réduction des effectifs en prenant pour exemple la société Ascometal. Historiquement, cette entreprise a traversé plusieurs restructurations, changements de propriétaire et redressements judiciaires, souvent exacerbés par de lourdes dettes et des décisions de gestion orientées vers la satisfaction des attentes financières à court terme. Nous avons détaillé le contexte de la réduction des effectifs, montrant que les décisions économiques et financières motivées par la restauration de la rentabilité sont souvent les principales raisons des suppressions d’emplois. La financiarisation, avec son influence croissante sur la gestion des entreprises, promeut un environnement où les raisonnements financiers dominent, menant à des pratiques comme les licenciements et les restructurations pour améliorer les performances à court terme
L'économie des accords commerciaux profonds : Trois essais en économie internationale
No full textThis thesis contributes to the study and understanding of preferential and regional trade agreements. The first chapter examines a specific provision establishing an investor-state dispute settlement mechanism. I show that this mechanism is effective, particularly for large firms and for riskier investment destinations. The second chapter focuses on the architecture of trade agreements and, more precisely, on a determinant that has been little studied so far: countries' trade exposure, both directly and indirectly through value chains.My results suggest that dependence on imports from another country leads to the signing of so-called deep trade agreements. However, the reverse mechanism is also at play, namely the signing of agreements with third-party countries to diversify the risk arising from trade dependence. These effects are particularly strong when the risk of trade disruption is high in the exporting country. The third chapter explores the gains and characteristics of deep trade agreements, with an application to the African continent. Using a general equilibrium model, I show that the welfare gain associated with the deepening of the African Continental Free Trade Area agreement could yield GDP gains of around 0.7%. Finally, using recent feature attribution methodologies, we show that provisions limiting trade defense mechanisms and, improving the enforceability of agreements, are important determinants for an agreement to be effective and considered 'Deep'.Cette thèse contribue à l'étude et à la compréhension des accords commerciaux préférentiels et régionaux. Le premier chapitre examine une disposition spécifique établissant un mécanisme de résolution des différends entre investisseurs et Etats. Je montre que ce mécanisme est efficace, et plus particulièrement pour les entreprises de grande taille et pour les destinations d'investissement les plus risquées. Le deuxième chapitre se concentre sur l'architecture des accords commerciaux et plus précisément sur un déterminant jusqu'alors peu étudié : l'exposition commerciale des pays de manière directe et indirecte via les chaînes de valeur. Mes résultats suggèrent que la dépendance aux importations vis-à-vis d'un autre pays donne lieu à la signature d'accords commerciaux dits profonds. Cependant, le mécanisme inverse est aussi à l'œuvre, c'est-à-dire la signature d'accords avec des pays tiers afin de diversifier le risque de dépendance commerciale. Ces résultats sont d'autant plus fort que le risque d'interruption du commerce est fort dans le pays exportateur. Le troisième chapitre explore les gains et les caractéristiques des accords commerciaux profonds, avec une application au continent africain. En utilisant un modèle d'équilibre général, je montre que le gain de bien-être associé à l'approfondissement de l'accord de libre échange continental africain permettrait un gain de PIB de l'ordre de 0,7%. Enfin avec des méthodologies récentes d'attribution de caractéristiques, nous montrons que des mesures limitant l'utilisation d'instruments de défense commerciale ainsi que des mesures améliorant la force exécutoire des accords sont des déterminants importants pour qu'un accord commercial soit efficace et considéré comme profond
Les marchés de quotas d'émissions dans les mixes politiques
No full textClimate change mitigation requires not only technological innovation but also transformative shifts in policy design and governance. Among the most prominent tools for decarbonization, Emissions Trading Systems (ETSs) have emerged as flexible and cost-effective instruments for reducing greenhouse gas emissions. However, as climate policy frameworks become increasingly complex, ETSs rarely operate in isolation. Instead, they interact—sometimes synergistically, sometimes redundantly—with a variety of other policies, such as carbon taxes, subsidies, and regulatory standards. This dissertation investigates the integration of ETSs within broader climate policy mixes, examining both their regulatory interactions and potential for expansion.Through a combination of theoretical modeling and empirical analysis, the dissertation addresses three overarching research questions: (1) How do ETSs interact with complementary or overlapping policies within and beyond their regulatory scope? (2) How do these interactions influence policy effectiveness and sectoral decarbonization outcomes across jurisdictions? (3) What design principles can guide the development of coherent and efficient climate policy mixes?Structured in four chapters, the dissertation first develops a novel methodology for measuring policy stringency at the sectoral level. The second chapter focuses on Carbon Contracts for Difference (CCfDs), assessing their role in enhancing ETS effectiveness. The third chapter analyzes the short-term impacts of the new EU ETS2, highlighting equity and effectiveness concerns. The final chapter explores the applicability of cap-and-trade to municipal solid waste. Together, these contributions offer a framework for understanding how ETSs function within complex policy landscapes and how to design more coherent, equitable, and efficient climate strategies.La lutte contre le changement climatique exige non seulement des innovations technologiques, mais aussi des transformations profondes dans la conception, l’articulation et la gouvernance des politiques publiques. Les Systèmes d’Échange de Quotas d’Émission (SEQE) se sont imposés comme des instruments centraux dans les stratégies de décarbonation, en raison de leur flexibilité et de leur efficacité économique. Toutefois, ces systèmes n’évoluent presque jamais isolément : ils interagissent avec un ensemble croissant de politiques complémentaires ou concurrentes — taxes carbone, subventions, normes sectorielles — qui peuvent renforcer, affaiblir ou rediriger leurs effets. Cette thèse examine l’intégration des SEQE au sein de politiques climatiques mixtes, en s’appuyant sur une combinaison d’analyses empiriques et théoriques. Elle s’articule autour de trois questions clés : (1) comment caractériser les interactions entre SEQE et politiques additionnelles, à la fois dans et hors de leur périmètre réglementaire ? (2) quels effets ces interactions produisent-elles sur les comportements et les réductions d’émissions selon les juridictions ? (3) comment concevoir des politiques climatiques plus cohérentes, efficaces et justes, combinant marché du carbone et instruments complémentaires ?Organisée en quatre chapitres, la thèse propose d’abord une nouvelle méthode de mesure de la rigueur des politiques climatiques à l’échelle sectorielle. Le deuxième chapitre explore le rôle des Contrats Carbone pour Différence dans la décarbonation industrielle, notamment pour l’hydrogène. Le troisième chapitre évalue les effets à court terme du SEQE européen EU ETS2 pour les bâtiments et les transports, en insistant sur les enjeux d’équité. Le dernier chapitre étudie l’applicabilité du “Cap and Trade” à la gestion des déchets municipaux. L’ensemble offre un cadre pour concevoir des politiques climatiques plus cohérentes, efficaces et justes
Antibiotic resistance and antibiotic use in companion animal veterinary medicine: A qualitative study in Southwestern France
No full textSource Agritrop Cirad (https://agritrop.cirad.fr/614719/)International audienceAntibiotic resistance (ABR) is a major global health threat and its connection to antibiotic use (ABU) in animals has been less explored in companion animals compared to food animals. To better understand how French companion animal veterinarians perceive ABR and reduce ABU, we conducted semi-structured interviews with 23 veterinarians (20 practitioners in Southwestern France and 3 institutional officials). Participants noted substantial progress in ABR awareness over the past two decades, despite the low incidence of ABR cases in routine non-referral companion animal care. They considered veterinarians had significantly reduced ABU, driven by concerns over prescription/sale decoupling and efforts such as awareness campaigns, regulations, and best practice guidelines. Personal factors, including values, life experiences, interest in alternative medicine, career paths, and practical experience, also played an important role. However, certain best practices remain inconsistent, particularly antimicrobial susceptibility testing and avoiding peri/post-operative ABU or first-intention cefovecin use in cats. Several factors were widely agreed upon as influencing ABU, including type of pathology, geographic location, veterinary peer influence, and client factors (particularly compliance and financial capacities). Yet, perceptions diverged regarding the impact of pharmaceutical inspections by health authorities, generational differences among practitioners, work pressure, and the corporatization of veterinary practices. While progress has been made, companion animal veterinarians recognized there is still room for ABU improvement. Looking ahead, they called for health authorities to trust veterinarians' clinical judgment, balance required efforts between veterinary and human medicine, avoid punitive actions or unnecessary restrictions, and focus on sensitization (awareness-increasing) through accessible, evidence-based, and context-dependent recommendations
FROM DATA COLLECTION AUTOMATION TO SEQUENCE ANALYSIS: A GENERAL METHODOLOGY ENABLING DATA ANALYSIS OF CORPORATION CAREERS
No full textInternational audienc
Conforming virtual element method for nondivergence form linear elliptic equations with Cordes coefficients
No full textInternational audienceWe propose and analyze an -conforming Virtual Element Method (VEM) for the simplest linear elliptic PDEs in nondivergence form with Cordes coefficients. The VEM hinges on a hierarchical construction valid for any dimension . The analysis relies on the continuous Miranda-Talenti estimate for convex domains and is rather elementary. We prove stability and error estimates in , including the effect of quadrature, under minimal regularity of the data. Numerical experiments illustrate the interplay of coefficient regularity and convergence rates in
Problematizing digital sovereignty, constructing Europe: Warfare, regulation and enemization through digital devices
No full textInternational audienceThe chapter examines the constitutional order that emerged in Europe through the quest for digital sovereignty. Drawing on policy documents and an ethnographic investigation of a French diplomatic unit, I explore two problematizations of digital sovereignty. The first, which originates with NATO and the East StratComm task force, is grounded on the assumption of an emerging threat and the constitution of Russia as a common enemy. The idea that Europe must take part in an information war is based on the supposition that a technological arrangement can be stabilized. Along with this, and in reaction to it, the EU has built a problematization of digital regulation processes. A moral economy has been embedded in a regulatory framework, with the understanding that digital service platforms have also become enemy figures. The elicitation of these problematizations introduces a critical perspective on digital sovereignty as a way to define Europe through technologies and knowledge that suppose a common enemy. I call this “constitutionalism through the enemy”
Pricing without martingale measure
No full textInternational audienceFor several decades, the martingale measures have played a majorrole in the nancial asset's pricing theory. Here, we follow an approach based onthe conditional support of the asset price increments. We propose a numericalillustration on real data from the French CAC 40 index
Considération des impacts liées aux risques de l'industrie hydrogène dans une perspective de cycle de vie: une revue systématique
No full textInternational audienceOne solution envisioned to reduce the anthropogenic pressure on climate, and eventually meet the needs of the NZE scenario, is to develop massively the low-carbon hydrogen industry (IEA 2024). As of today, low-carbon hydrogen represents 1% of the global production, whereas it should represent more than 95% to achieve the NZE ambitions (IEA 2024). Yet such deployment rates would require special attention for decision makers. Indeed, given the specificities of the hydrogen industry, sustainability assessment methods, such as Life Cycle Assessment (LCA) and Risk Analysis (RA), have key roles to play in the decision-making process. Until now, both methodologies have been developed and used for distinguished purposes: environmental impactassessments and safety cases. We believe it is necessary to broaden the scope of impact assessment as standardized LCA does not cover the whole spectrum of potential environmental damages that could be induced by the hydrogen industry: chronical risks (leakage, membrane degradation in fuel cells, …) and exceptional risks (accident, sabotage, natural disaster, …). These risks may induce environmental impacts, e.g. hydrogen fugitive emissions have an indirect negative impact on climate change (Sand 2023), as well as safety issues – quantifying their occurrence and their consequences would provide enriched environmental assessment. Facing those concerns, a systematic literature review has been carried out, notably to better understand how chronical and exceptional risks are accounted for in different methodologies. The ultimate goal of this study is to facilitate future integration of impacts related to “unexpected” events into environmental studies. The review identified a large lexical field referring to the different kinds of risks, that will be presented and discussed. Furthermore, insights and guidelines on the treatment of chronical risks in LCAs (as background data, as a sensibility parameter, as uncertainty, …) will be provided