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The Local Impact of University Decentralization in France
No full textWe measure the effects on the local human-capital accumulation of the "New Universities"created as part of the U2000 Plan implemented in France in the early 1990s. Using the syn-thetic control method, we show that, on average, the opening of "new universities" has led to asignificant increase in the local share of higher-educated people (not including those in school)by 4 points within 27 years (17% increase from the counterfactual level), though the positiveimpact seems not automatic and differs across cases. These effects did not occur from a regional displacement effect and imply attraction mechanisms of higher-educated population that go beyond a mere students’ decision to stay in the zone where they went to university. Exploring local implications in terms of employment and demographics, we show that local human capital accumulation in treated areas comes with employment growth and an increase of the young population, plus gains in skilled employment
The Impact of Climate Change Risk on Long-Term Asset Allocation
No full textInternational audienceThe authors propose a framework for long-term cross-asset portfolio choice in which the estimation of the covariance matrix is subject to climate risk. They model the future volatility and correlation of assets as a linear function of three types of forward-looking variables: the long-term future average, climate-aware projections of economic indicators, and scenarios for the temperature anomaly. They analyze the shifts from a baseline 60/40 equity/bond allocation when taking climate risk into account. The takeaways are the following: 1) these changes are small and mostly favorable to bonds if the focus is on the estimation of risk components; 2) including climate-driven expected returns in the optimization substantially alters the compositions but to the benefit of equities; 3) in all cases, the risk-adjusted returns decrease, often significantly, when taking climate impact into account.<br/
Intermittently coupled electricity markets
No full textInternational audienceAuctions of transmission rights between neighbouring countries are becoming increasingly active. In a parallel development, the introduction of market coupling frequently leads to smaller price differences between such countries. Indeed, if two countries are completely coupled, the price of a given hour of electricity will be identical in each country, resulting in a price spread of zero. Clearly, it is important to take this market coupling into account when evaluating transmission rights, as neglecting it would lead to a significant overvaluation of these rights. In order to address this issue, we introduce a general regime-switching mechanism that can be applied to many models in the literature. In particular, we focus on extending the model proposed by Cartea and González-Pedraz (2012). We describe the model estimation procedure in detail, and compare model and market prices of European spread options. We observe a dramatic paradigm shift in our data set at the end of the summer of 2021, and show that this shift has a strong effect on the model parameters. We also see that the reliable pricing and trading of spread options becomes problematic in such a volatile and uncertain market environment.<br/
Réparer la rupture métabolique de l’Anthropocène à travers une économie circulaire des excréta humains
No full textNational audienceFood and agriculture are old subjects for all human societies. At first glance, the questions they raise seem uninteresting and anachronistic in the light of certain contemporary challenges such as the conquest of space, artificial intelligence, blockchain, energy and the extension of life expectancy... Yet the future of our species is at stake when it comes to our food. The foundations of the agricultural and food crisis we are experiencing today and which will worsen tomorrow stem from a metabolic breakdown. This metabolic breakdown is based on a simple observation that has been masked by several centuries of civilisation: some of the nutrients taken from the soil to produce our food do not return to the soil because of a disconnection between the places where our food is produced and the places where it is consumed and excreted. The soils in the countryside that produce our food are irreparably impoverished because they do not recover the macronutrients contained in human excreta, which are discharged into the sewers and treatment plants of towns and cities. In these conditions, only artificial fertilisers can maintain their fertility. This artificial looping of the nutrient cycle through synthetic fertilisers means a huge energy outlay and huge greenhouse gas emissions. A more logical and much less impactful solution would be to complete the nutrient cycle using a circular economy of human excreta.L’alimentation et l’agriculture sont des vieux sujets pour toutes les sociétés humaines. Les questions qu’elles posent semblent en première lecture peu intéressantes et anachroniques au regard de certains défis contemporains comme la conquête spatiale, l’intelligence artificielle, la blockchain, l’énergie, l’allongement de la vie… C’est pourtant l’avenir de notre espèce qui se joue autour de ce que nous mangeons. La production de notre alimentation est directement à l’origine de nombreuses nuisances sur le système Terre qui nous font basculer dans l’ère de l’Anthropocène (Michel, Saleilles & Valiorgue, 2023). Le contenu de nos assiettes participe directement et massivement à l’émission de gaz à effet de serre, à l’extinction des espèces et aux dépassements des limites planétaires (Valiorgue, 2020b; Willett et al., 2019). Cette participation active de l’agriculture et de l’alimentation à la destruction du système Terre tel que les sociétés humaines le connaissent depuis 10 000 ans provient d’une rupture métabolique dans le cycle des nutriments. Les fondements de la crise agricole et alimentaire que nous connaissons aujourd’hui et qui va s’aggraver demain proviennent de cette rupture métabolique. Cette rupture métabolique repose sur un constat simple mais masqué par plusieurs siècles de civilisation : une partie des nutriments prélevés dans les sols pour produire notre nourriture ne retourne pas dans ces sols du fait d’une déconnexion entre les lieux de production de notre nourriture et les lieux de consommation et de déjection. Les sols de la campagne qui produisent notre alimentation s’appauvrissent irrémédiablement car ils ne récupèrent pas les macronutriments contenus dans les excréta humains qui sont rejetés dans les égouts et les stations d’épuration des villes. Dans ces conditions, seul un apport de fertilisants artificiels peut maintenir leur fertilité. Ce bouclage artificiel du cycle des nutriments à travers des engrais de synthèse entraine une débauche énergétique et une émission gigantesque de gaz à effet de serre. Une solution plus logique et beaucoup moins impactante consisterait à boucler ce cycle des nutriments à partir d’une économie circulaire des excréta humains. C’est la thèse que nous soutenons dans ce chapitre. Nous proposons dans un premier temps de revenir sur la notion de rupture métabolique en étudiant ses origines conceptuelles dans les travaux de Karl Marx qui est le premier à avoir mis en évidence l’ampleur du phénomène au sein de son économie politique. Le détour par les travaux de Marx permet par ailleurs de positionner la rupture métabolique dans la dynamique plus large des économies capitalistes qui se généralisent à l’échelle planétaire. Dans un second temps, nous revenons sur les dimensions contemporaines de la rupture métabolique. Nous montrons que cette dernière est désormais globale et qu’elle est directement à l’origine de la grande bascule dans l’Anthropocène. Nous terminons le chapitre en évoquant la nécessité d’une économie circulaire des excréta humains pour boucler le cycle des nutriments de manière naturel et se faisant atténuer l’ampleur des transformations du système Terre auxquelles les sociétés humaines vont être confrontés
Natural disasters and voter gratitude: What is the role of prevention policies?
No full textInternational audienceNatural disasters and related prevention policies can affect voter decisions. In this study, we analyze how the occurrence of natural disasters changes voter behavior in municipal elections and how prevention policies can mitigate the impact of such catastrophic events on budget accounts and might potentially be rewarded by citizens in upcoming elections. We exploit original data on French municipalities where incumbents sought re-election between 2008 and 2020. To estimate the probability of re-election at the municipal level in the event of a natural disaster we apply a Heckman model based strategy to avoid selection bias. We find that the occurrence of a natural disaster significantly decreases the chances of re-election of incumbent mayors. However, although we show that natural hazard preven- tion plans can mitigate the impact of catastrophic events on budget accounts, they are not rewarded by citizens in upcoming elections. The myopia hypothesis is confirmed by our findings: voters reward incumbents for delivering investment spending or decreasing debt but not for investing in disaster preparedness
The Janus Face of Organizational Knowing
No full textInternational audienceThis article challenges our current understanding of the role of knowing for organizational participation by discussing how, and under which circumstances, knowing hinders participation instead of fostering it. Drawing upon 18 months of fieldwork at a social impact accelerator, I first show that showing that the knowing emerging from collective practices and interactions generates disengagement among actors. Second, I illuminate the role of the social relations for actors to imbue their experience of new meanings and, third, develop a model of “meaningful reengagement” explaining how they retain their participation beyond the negative implication of knowing for participation. This article advances existing knowing research by bringing to the fore the role of relational patterns for participation, strengthening its relational but underdeveloped ambition, and providing insights for research on business accelerators and practitioners alike.<br /
Beyond the paradigm of literacy - Developing a research agenda in entrepreneurship
No full textInternational audienceIlliteracy, the lack of ability to read and write, affects how people engage with entrepreneurship and the possible outcomes of entrepreneurial actions. Yet entrepreneurship as a discipline has paid little direct attention to illiterate entrepreneurs. We offer a glimpse of what recognition of illiteracy in entrepreneurship research might enable, and how it can challenge researchers to reach beyond our existing knowledge horizons to develop a future of impactful, integrative, and inclusive entrepreneurship scholarship.<br/
Rational housing demand bubble
No full textInternational audienceWe provide a unified framework with demand for housing over the life cycle and financial frictions to analyze the existence and macroeconomic effects of rational housing bubbles. We distinguish a housing price bubble, defined as the difference between the housing market price and its fundamental value, from a housing demand bubble, which corresponds to a situation where a pure speculative housing demand exists. In an overlapping generation exchange economy, we show that no housing price bubble occurs. However, a housing demand bubble may occur, generating a boom in housing prices and a drop in the interest rate, when households face a binding borrowing constraint. The multiplicity of steady states and endogenous fluctuations can occur when credit market imperfections are moderate. These fluctuations involve transitions between equilibria with and without a housing demand bubble that generate large fluctuations in housing prices consistent with observed patterns. We finally extend the basic framework to a production economy and we show that a housing demand bubble increases housing prices, which can still be characterized by large fluctuations
Crafting for oneself while considering others : How the relational design of work shapes job crafting
No full textInternational audience"Job crafting is a concept of increasing interest to human resource management (HRM), as it involves employees re-designing their jobs to maintain and increase their person-job fit. Job crafting is seen as an individual’s self-focused approach to his/her work, and the way other people influence and are influenced by these behaviors is understudied. We built on the relational work design theory and used focus group interviews of 44 employees and thematic analysis method to explore how job crafting is shaped by interactions with others at work. Our results show that relational work characteristics, namely contact with other people and impact on other people, shape the way jobs are crafted. Further, we find that jobs are crafted by mobilizing the relational work design and adapting to it. Based on these findings, we present a typology of four general job crafting strategies. We advance theory on how individuals craft their jobs to consider not just themselves but also others. This study has implications for job crafting theory and HRM by highlighting how the relational properties of work shape the way employees craft their jobs."<br/