Essec\Faculty\Model\Profile {#2237
#_index: "academ_cv"
#_id: "B00832579"
#_source: array:39 [
"bid" => "B00832579"
"academId" => 36606
"slug" => "le-grand-francois"
"fullName" => "François LE GRAND"
"lastName" => "LE GRAND"
"firstName" => "François"
"title" => array:2 [
"fr" => "Professeur"
"en" => "Professor"
]
"email" => "B00832579@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
"departments" => []
"phone" => ""
"sites" => []
"facNumber" => 36606
"externalCvUrl" => "https://faculty.essec.edu/cv/le-grand-francois/pdf"
"googleScholarUrl" => ""
"facOrcId" => "https://orcid.org/0000-0002-1505-5851"
"career" => array:1 [
0 => Essec\Faculty\Model\CareerItem {#2242
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2025-09-01"
"endDate" => null
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur"
"en" => "Professor"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2237}
}
]
"diplomes" => array:1 [
0 => Essec\Faculty\Model\Diplome {#2240
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2007"
"label" => array:2 [
"en" => "Doctorate, Economy, Economics"
"fr" => "Doctorat, Economie, Economie"
]
"institution" => array:2 [
"fr" => "EHESS - École des hautes études en sciences sociales"
"en" => "EHESS - École des hautes études en sciences sociales"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2237}
}
]
"bio" => array:2 [
"fr" => "<p>François Le Grand est professeur d’économie à l’ESSEC Business School. Il a auparavant occupé des postes de professeur au Rennes School of Business et à emlyon business school, et a été chercheur associé à l’ETH Zurich. Ses travaux de recherche établissent un lien entre la politique macroéconomique et la finance des ménages, avec un intérêt soutenu pour les interactions budgétaires et monétaires ainsi que pour la gestion de la dette publique. Ses recherches récentes ont été publiées dans la <i>Review of Economic Studies</i> et le <i>Journal of Political Economy</i>. Il est titulaire d’un doctorat en économie de l’EHESS/Paris School of Economics, ainsi que de diplômes de l’École Polytechnique et de l’ENSAE. Il possède également une expérience en banque d’investissement. Il a donné des cours de macroéconomie, de finance et de microéconomie aux niveaux licence et master. Il est basé sur le campus de l’ESSEC à Cergy, en France.</p>\n"
"en" => "<p>François Le Grand is Professor of Economics at ESSEC Business School. He previously held faculty positions at Rennes School of Business and emlyon business school and served as an associate researcher at ETH Zurich. His research bridges macroeconomic policy and household finance, with a sustained focus on fiscal–monetary interactions and public debt management. Recent work appears in the Review of Economic Studies and the Journal of Political Economy. He holds a PhD in economics from EHESS/Paris School of Economics and earlier degrees from École Polytechnique and ENSAE. He also has experience in investment banking. An experienced teacher, he has taught macroeconomics, finance, and microeconomics at the bachelor’s and master’s levels. He is based at ESSEC’s Cergy campus in France. </p>\n"
]
"department" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
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"distinctions" => []
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"theses" => []
"indexedAt" => "2026-06-04T11:23:00.000Z"
"contributions" => array:20 [
0 => Essec\Faculty\Model\Contribution {#2243
#_index: "academ_contributions"
#_id: "16485"
#_source: array:18 [
"id" => 16485
"slug" => "16485-managing-inequality-over-business-cycles-optimal-policies-with-heterogeneous-agents-and-aggregate-shocks"
"yearMonth" => "2022-02"
"year" => 2022
"title" => "Managing Inequality Over Business Cycles: Optimal Policies With Heterogeneous Agents and Aggregate Shocks"
"description" => "LE GRAND, F. et RAGOT, X. (2022). Managing Inequality Over Business Cycles: Optimal Policies With Heterogeneous Agents and Aggregate Shocks. <i>International Economic Review</i>, 63(1), pp. 511-540."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-25 14:26:52"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "511-540"
"volume" => "63"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
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"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
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"abstract" => array:2 [
"fr" => ""
"en" => ""
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"parent": null
}
1 => Essec\Faculty\Model\Contribution {#2241
#_index: "academ_contributions"
#_id: "16503"
#_source: array:18 [
"id" => 16503
"slug" => "16503-incomplete-markets-liquidation-risk-and-the-term-structure-of-interest-rates"
"yearMonth" => "2013-11"
"year" => 2013
"title" => "Incomplete markets, liquidation risk, and the term structure of interest rates"
"description" => "CHALLE, E., LE GRAND, F. et RAGOT, X. (2013). Incomplete markets, liquidation risk, and the term structure of interest rates. <i>Journal of Economic Theory</i>, 148(6), pp. 2483-2519."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Challe Edouard"
]
2 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:59:53"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "2483-2519"
"volume" => "148"
"number" => "6"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => ""
"en" => ""
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"parent": null
}
2 => Essec\Faculty\Model\Contribution {#2245
#_index: "academ_contributions"
#_id: "16275"
#_source: array:18 [
"id" => 16275
"slug" => "16275-optimal-fiscal-policy-with-heterogeneous-agents-and-capital-should-we-increase-or-decrease-public-debt-and-capital-taxes"
"yearMonth" => "2025-01"
"year" => 2025
"title" => "Optimal Fiscal Policy with Heterogeneous Agents and Capital: Should We Increase or Decrease Public Debt and Capital Taxes?"
"description" => "LE GRAND, F. et RAGOT, X. (2025). Optimal Fiscal Policy with Heterogeneous Agents and Capital: Should We Increase or Decrease Public Debt and Capital Taxes? <i>Journal of Political Economy</i>, 133(7), pp. 2320-2369."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-03-25 01:00:46"
"publicationUrl" => "https://doi.org/10.1086/734877"
"publicationInfo" => array:3 [
"pages" => "2320-2369"
"volume" => "133"
"number" => "7"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
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"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
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"abstract" => array:2 [
"fr" => "We analyze optimal fiscal policy in a heterogeneous-agent model with capital accumulation and aggregate shocks, where the government uses public debt, a capital tax, and a progressive labor tax to finance public spending. We first study a tractable model and show that the steady-state optimal capital tax can be positive if credit constraints are occasionally binding. However, the existence of such an equilibrium depends on the shape of the utility function. We also characterize the optimal dynamic of public debt after a public spending shock. We confirm these findings by solving for optimal policy in a general heterogeneous-agent model."
"en" => "We analyze optimal fiscal policy in a heterogeneous-agent model with capital accumulation and aggregate shocks, where the government uses public debt, a capital tax, and a progressive labor tax to finance public spending. We first study a tractable model and show that the steady-state optimal capital tax can be positive if credit constraints are occasionally binding. However, the existence of such an equilibrium depends on the shape of the utility function. We also characterize the optimal dynamic of public debt after a public spending shock. We confirm these findings by solving for optimal policy in a general heterogeneous-agent model."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
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+"parent": null
}
3 => Essec\Faculty\Model\Contribution {#2236
#_index: "academ_contributions"
#_id: "16278"
#_source: array:18 [
"id" => 16278
"slug" => "16278-uncovering-asset-market-participation-from-household-consumption-and-income"
"yearMonth" => "2025-03"
"year" => 2025
"title" => "Uncovering asset market participation from household consumption and income"
"description" => "CZELLAR, V., GARCIA, R. et LE GRAND, F. (2025). Uncovering asset market participation from household consumption and income. <i>Journal of Econometrics</i>, 248, pp. 105867."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Czellar Veronika"
]
2 => array:1 [
"name" => "Garcia René"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-03-25 09:08:54"
"publicationUrl" => "https://doi.org/10.1016/j.jeconom.2024.105867"
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"pages" => "105867"
"volume" => "248"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect inference to uncover individual asset market participation from individual consumption data and asset prices. Our model very accurately reproduces the proportions of stockholders in the Survey of Consumer Finances over three-year intervals, provides a reasonable estimate of stock market participation costs, and is able to price characteristic-based stock portfolios with the top decile of households identified as stockholders."
"en" => "We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect inference to uncover individual asset market participation from individual consumption data and asset prices. Our model very accurately reproduces the proportions of stockholders in the Survey of Consumer Finances over three-year intervals, provides a reasonable estimate of stock market participation costs, and is able to price characteristic-based stock portfolios with the top decile of households identified as stockholders."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
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+lang: "fr"
+"_score": 5.9853654
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1 => "abstract.fr.keyword"
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}
4 => Essec\Faculty\Model\Contribution {#2246
#_index: "academ_contributions"
#_id: "16483"
#_source: array:18 [
"id" => 16483
"slug" => "16483-should-monetary-policy-care-about-redistribution-optimal-monetary-and-fiscal-policy-with-heterogeneous-agents"
"yearMonth" => "2026-05"
"year" => 2026
"title" => "Should Monetary Policy Care about Redistribution? Optimal Monetary and Fiscal Policy with Heterogeneous Agents"
"description" => "LE GRAND, F., MARTIN-BAILLON, A. et RAGOT, X. (2026). Should Monetary Policy Care about Redistribution? Optimal Monetary and Fiscal Policy with Heterogeneous Agents. <i>Review of Economic Studies</i>, In press."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Martin-Baillon Alaïs"
]
2 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "Personal Income"
1 => "Wealth"
2 => "Incomplete Markets"
3 => "Monetary Policy"
]
"updatedAt" => "2026-05-26 16:45:52"
"publicationUrl" => "https://doi.org/10.1093/restud/rdag019"
"publicationInfo" => array:3 [
"pages" => ""
"volume" => "In press"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
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"abstract" => array:2 [
"fr" => "We present a method to determine optimal monetary policy in heterogeneous-agent economies with nominal frictions and aggregate shocks, under various assumptions regarding fiscal policy. We analyze models with either sticky prices or sticky wages. In the sticky-price economy, when fiscal policy is optimally set, optimal monetary policy implements price stability. Inflation volatility remains low when fiscal policy follows empirically relevant rules. The inflation response is more pronounced when the Phillips curve is steep and profits are skewed toward highly productive agents. In the sticky-wage economy, optimal price inflation becomes significantly more volatile, while wage inflation remains small. Under both types of nominal rigidity, agents with lower productivity tend to benefit more from optimal monetary policy."
"en" => "We present a method to determine optimal monetary policy in heterogeneous-agent economies with nominal frictions and aggregate shocks, under various assumptions regarding fiscal policy. We analyze models with either sticky prices or sticky wages. In the sticky-price economy, when fiscal policy is optimally set, optimal monetary policy implements price stability. Inflation volatility remains low when fiscal policy follows empirically relevant rules. The inflation response is more pronounced when the Phillips curve is steep and profits are skewed toward highly productive agents. In the sticky-wage economy, optimal price inflation becomes significantly more volatile, while wage inflation remains small. Under both types of nominal rigidity, agents with lower productivity tend to benefit more from optimal monetary policy."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
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1 => "abstract.fr.keyword"
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}
5 => Essec\Faculty\Model\Contribution {#2239
#_index: "academ_contributions"
#_id: "16484"
#_source: array:18 [
"id" => 16484
"slug" => "16484-optimal-policies-with-heterogeneous-agents-truncation-and-transitions"
"yearMonth" => "2023-11"
"year" => 2023
"title" => "Optimal policies with heterogeneous agents: Truncation and transitions"
"description" => "LE GRAND, F. et RAGOT, X. (2023). Optimal policies with heterogeneous agents: Truncation and transitions. <i>Journal of Economic Dynamics and Control</i>, 156, pp. 104737."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => array:5 [
0 => "Heterogeneous agents"
1 => "Optimal Ramsey program"
2 => "Transition approach"
3 => "Truncation approach"
4 => "Aggregate shock"
]
"updatedAt" => "2026-05-25 14:24:53"
"publicationUrl" => "https://doi.org/10.1016/j.jedc.2023.104737"
"publicationInfo" => array:3 [
"pages" => "104737"
"volume" => "156"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
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"support_type" => array:2 [
"fr" => "Revue scientifique"
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"countries" => array:2 [
"fr" => null
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]
"abstract" => array:2 [
"fr" => "We compare two approaches in their ability to solve for optimal Ramsey policies in heterogeneous-agent models, considering the optimal provision of a public good. First, the “transition” approach makes the problem tractable by assuming a constant path for the planner's instruments. Second, the “truncation” approach uses a Lagrangian technique, solving the Ramsey problem of a finite state space model that approximates the full model. The truncation approach is shown to compute quantitatively accurate estimates of the actual values of the planner's instruments, whereas a time-inconsistency issue is found to affect the transition approach."
"en" => "We compare two approaches in their ability to solve for optimal Ramsey policies in heterogeneous-agent models, considering the optimal provision of a public good. First, the “transition” approach makes the problem tractable by assuming a constant path for the planner's instruments. Second, the “truncation” approach uses a Lagrangian technique, solving the Ramsey problem of a finite state space model that approximates the full model. The truncation approach is shown to compute quantitatively accurate estimates of the actual values of the planner's instruments, whereas a time-inconsistency issue is found to affect the transition approach."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
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1 => "abstract.fr.keyword"
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}
6 => Essec\Faculty\Model\Contribution {#2244
#_index: "academ_contributions"
#_id: "16486"
#_source: array:18 [
"id" => 16486
"slug" => "16486-refining-the-truncation-method-to-solve-heterogeneous-agent-models"
"yearMonth" => "2022-06"
"year" => 2022
"title" => "Refining the Truncation Method to Solve Heterogeneous-Agent Models"
"description" => "LE GRAND, F. et RAGOT, X. (2022). Refining the Truncation Method to Solve Heterogeneous-Agent Models. <i>Annals of Economics and Statistics</i>, (146), pp. 65."
"authors" => array:1 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:18:23"
"publicationUrl" => "https://doi.org/10.2307/48674139"
"publicationInfo" => array:3 [
"pages" => "65"
"volume" => ""
"number" => "146"
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"type" => array:2 [
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"support_type" => array:2 [
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]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We present a refinement of the uniform truncation method of LeGrand and Ragot(2022) to solve heterogeneous-agent models with aggregate shocks. The method consists in providing a finite state-space representation of such economies by truncating idiosyncratic histories. The innovation compared to the uniform method is to allow for truncated histories of different lengths. This offers a finer representation when needed, while considerably reducing the model dimensionality. The method reproduces the steady-state distribution of any heterogeneous-agent model and solves for its dynamics in the presence of aggregate shocks. As with the uniform method, the refined method can be solved using perturbation methods and hence implemented with standard software, such as Dynare. We show that the refined truncation method provides accurate results that improve on those of the uniform method."
"en" => "We present a refinement of the uniform truncation method of LeGrand and Ragot(2022) to solve heterogeneous-agent models with aggregate shocks. The method consists in providing a finite state-space representation of such economies by truncating idiosyncratic histories. The innovation compared to the uniform method is to allow for truncated histories of different lengths. This offers a finer representation when needed, while considerably reducing the model dimensionality. The method reproduces the steady-state distribution of any heterogeneous-agent model and solves for its dynamics in the presence of aggregate shocks. As with the uniform method, the refined method can be solved using perturbation methods and hence implemented with standard software, such as Dynare. We show that the refined truncation method provides accurate results that improve on those of the uniform method."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
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+"parent": null
}
7 => Essec\Faculty\Model\Contribution {#2247
#_index: "academ_contributions"
#_id: "16487"
#_source: array:18 [
"id" => 16487
"slug" => "16487-sovereign-default-and-liquidity-the-case-for-a-world-safe-asset"
"yearMonth" => "2021-07"
"year" => 2021
"title" => "Sovereign default and liquidity: The case for a world safe asset"
"description" => "LE GRAND, F. et RAGOT, X. (2021). Sovereign default and liquidity: The case for a world safe asset. <i>Journal of International Economics</i>, 131, pp. 103462."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "Sovereign default"
1 => "Safe asset"
2 => "International liquidity"
]
"updatedAt" => "2026-05-26 09:22:01"
"publicationUrl" => "https://doi.org/10.1016/j.jinteco.2021.103462"
"publicationInfo" => array:3 [
"pages" => "103462"
"volume" => "131"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "This paper presents a positive and normative study of a world financial market when sovereign countries can default on their debt. We construct a tractable model that enables us to study sovereign default in general equilibrium. The amount of safe assets is thus endogenous and determined by international risk-sharing. We characterize the equilibrium structure and we show that the market equilibrium can generate multiple equilibria. In addition, the market equilibrium is not constrained-efficient because countries do not fully internalize the value of their debt being used as liquidity. We prove that a world fund issuing a safe asset increases aggregate welfare. The fund's relationship with the IMF's Special Drawing Rights is discussed."
"en" => "This paper presents a positive and normative study of a world financial market when sovereign countries can default on their debt. We construct a tractable model that enables us to study sovereign default in general equilibrium. The amount of safe assets is thus endogenous and determined by international risk-sharing. We characterize the equilibrium structure and we show that the market equilibrium can generate multiple equilibria. In addition, the market equilibrium is not constrained-efficient because countries do not fully internalize the value of their debt being used as liquidity. We prove that a world fund issuing a safe asset increases aggregate welfare. The fund's relationship with the IMF's Special Drawing Rights is discussed."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
8 => Essec\Faculty\Model\Contribution {#2248
#_index: "academ_contributions"
#_id: "16488"
#_source: array:18 [
"id" => 16488
"slug" => "16488-defaulting-firms-and-systemic-risks-in-financial-networks-a-normative-approach"
"yearMonth" => "2020-09"
"year" => 2020
"title" => "Defaulting firms and systemic risks in financial networks: a normative approach"
"description" => "HOUY, N., JOUNEAU, F. et LE GRAND, F. (2020). Defaulting firms and systemic risks in financial networks: a normative approach. <i>Economic Theory</i>, 70(2), pp. 503-526."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Houy Nicolas"
]
2 => array:1 [
"name" => "Jouneau Frédéric"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:24:10"
"publicationUrl" => "https://doi.org/10.1007/s00199-019-01217-4"
"publicationInfo" => array:3 [
"pages" => "503-526"
"volume" => "70"
"number" => "2"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We study systemic risk in an interbank market, employing an explicit axiomatization inspired by Eisenberg and Noe (Manag Sci 47(2):236–249, 2001) and Rogers and Veraart (Manag Sci 59(4):882–898, 2013). Instead of focusing on a clearing payment scheme, we characterize the smallest (in the sense of inclusion) set of ex post defaulting firms. This novel approach allows us to analyze the normative implications of the Eisenberg–Noe axioms. We first show that the Absolute Priority axiom, which states that defaulting firms must end up with zero net worth, has no impact on minimal default sets. Second, relaxing the Limited Payments axiom, which can be interpreted as allowing a central planner to transfer resources from rich firms to poor, does not further reduce the minimal default sets, although other default sets are possible. Our normative analysis sheds new light on the possible impacts of clearing mechanisms on default outcomes."
"en" => "We study systemic risk in an interbank market, employing an explicit axiomatization inspired by Eisenberg and Noe (Manag Sci 47(2):236–249, 2001) and Rogers and Veraart (Manag Sci 59(4):882–898, 2013). Instead of focusing on a clearing payment scheme, we characterize the smallest (in the sense of inclusion) set of ex post defaulting firms. This novel approach allows us to analyze the normative implications of the Eisenberg–Noe axioms. We first show that the Absolute Priority axiom, which states that defaulting firms must end up with zero net worth, has no impact on minimal default sets. Second, relaxing the Limited Payments axiom, which can be interpreted as allowing a central planner to transfer resources from rich firms to poor, does not further reduce the minimal default sets, although other default sets are possible. Our normative analysis sheds new light on the possible impacts of clearing mechanisms on default outcomes."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
9 => Essec\Faculty\Model\Contribution {#2249
#_index: "academ_contributions"
#_id: "16489"
#_source: array:18 [
"id" => 16489
"slug" => "16489-ambiguity-and-endogenous-discounting"
"yearMonth" => "2019-08"
"year" => 2019
"title" => "Ambiguity and endogenous discounting"
"description" => "BOMMIER, A., KOCHOV, A. et LE GRAND, F. (2019). Ambiguity and endogenous discounting. <i>Journal of Mathematical Economics</i>, 83, pp. 48-62."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
2 => array:1 [
"name" => "Kochov Asen"
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "Intertemporal choice – Ambiguity"
1 => "Correlation aversion"
2 => "Endogenous discounting"
]
"updatedAt" => "2026-05-26 09:39:09"
"publicationUrl" => "https://doi.org/10.1016/j.jmateco.2019.04.001"
"publicationInfo" => array:3 [
"pages" => "48-62"
"volume" => "83"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Existing work has shown that ambiguity averse agents dislike positive autocorrelation in their consumption profile. Remarkably, the same prediction can be generated by expected-utility models with endogenous discounting if one makes the common assumption of increasing marginal impatience. This paper disentangles the intertemporal predictions of ambiguity aversion from those of endogenous discounting by identifying a form of autocorrelation that is disliked by ambiguity averse agents only. The analysis is supplemented by two representation theorems. The first delivers a novel axiomatization of endogenous discounting without restricting beliefs to be expected utility. Leveraging our analysis of ambiguity aversion, the second result delivers a maxmin representation of beliefs."
"en" => "Existing work has shown that ambiguity averse agents dislike positive autocorrelation in their consumption profile. Remarkably, the same prediction can be generated by expected-utility models with endogenous discounting if one makes the common assumption of increasing marginal impatience. This paper disentangles the intertemporal predictions of ambiguity aversion from those of endogenous discounting by identifying a form of autocorrelation that is disliked by ambiguity averse agents only. The analysis is supplemented by two representation theorems. The first delivers a novel axiomatization of endogenous discounting without restricting beliefs to be expected utility. Leveraging our analysis of ambiguity aversion, the second result delivers a maxmin representation of beliefs."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
10 => Essec\Faculty\Model\Contribution {#2250
#_index: "academ_contributions"
#_id: "16492"
#_source: array:18 [
"id" => 16492
"slug" => "16492-perron-frobenius-theory-recovers-more-than-you-might-think-the-example-of-limited-participation"
"yearMonth" => "2019-01"
"year" => 2019
"title" => "Perron–Frobenius theory recovers more than you might think: The example of limited participation"
"description" => "LE GRAND, F. (2019). Perron–Frobenius theory recovers more than you might think: The example of limited participation. <i>Economics Letters</i>, 174, pp. 186-188."
"authors" => array:1 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "Perron"
1 => "Frobenius"
2 => "Arrow-Debreu securities"
3 => "Limited participation"
]
"updatedAt" => "2026-05-26 09:42:49"
"publicationUrl" => "https://doi.org/10.1016/j.econlet.2018.11.006"
"publicationInfo" => array:3 [
"pages" => "186-188"
"volume" => "174"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "In their seminal article, Hansen and Scheinkman (2009) proved that Perron–Frobenius theory helps to recover a probability measure that can be used to price long-term claims. In this paper, we show that the recovered probability also contains information about market structure. More precisely, we provide an example in which Perron–Frobenius theory can be used to measure the degree of limited market participation."
"en" => "In their seminal article, Hansen and Scheinkman (2009) proved that Perron–Frobenius theory helps to recover a probability measure that can be used to price long-term claims. In this paper, we show that the recovered probability also contains information about market structure. More precisely, we provide an example in which Perron–Frobenius theory can be used to measure the degree of limited market participation."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
11 => Essec\Faculty\Model\Contribution {#2251
#_index: "academ_contributions"
#_id: "16493"
#_source: array:18 [
"id" => 16493
"slug" => "16493-the-impact-of-risk-aversion-and-ambiguity-aversion-on-annuity-and-saving-choices"
"yearMonth" => "2022-08"
"year" => 2022
"title" => "The impact of risk aversion and ambiguity aversion on annuity and saving choices"
"description" => "ANDRÉ, E., BOMMIER, A. et LE GRAND, F. (2022). The impact of risk aversion and ambiguity aversion on annuity and saving choices. <i>Journal of Risk and Uncertainty</i>, 65(1), pp. 33-56."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "André Eric"
]
2 => array:1 [
"name" => "Bommier Antoine"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:45:03"
"publicationUrl" => "https://doi.org/10.1007/s11166-022-09386-9"
"publicationInfo" => array:3 [
"pages" => "33-56"
"volume" => "65"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We analyze the impact of risk aversion and ambiguity aversion on the competing demands for annuities and bequeathable savings using a lifecycle recursive utility model. Our main finding is that risk aversion and ambiguity aversion have similar effects: an increase in either of the two reduces annuity demand and enhances bond holdings. We obtain this unequivocal result in the flexible intertemporal framework of Hayashi and Miao (2011) by assuming that the agent’s preferences are monotone with respect to first-order stochastic dominance. Our contribution is then twofold. First, from a decision-theoretic point of view, we show that monotonicity allows one to obtain clear-cut results about the respective roles of risk and ambiguity aversion. Second, from the insurance point of view, our result that the demand for annuities decreases with risk and ambiguity aversion stands in contrast with what is usually found with other insurance products. As such, it may help explain the low annuitization level observed in the data."
"en" => "We analyze the impact of risk aversion and ambiguity aversion on the competing demands for annuities and bequeathable savings using a lifecycle recursive utility model. Our main finding is that risk aversion and ambiguity aversion have similar effects: an increase in either of the two reduces annuity demand and enhances bond holdings. We obtain this unequivocal result in the flexible intertemporal framework of Hayashi and Miao (2011) by assuming that the agent’s preferences are monotone with respect to first-order stochastic dominance. Our contribution is then twofold. First, from a decision-theoretic point of view, we show that monotonicity allows one to obtain clear-cut results about the respective roles of risk and ambiguity aversion. Second, from the insurance point of view, our result that the demand for annuities decreases with risk and ambiguity aversion stands in contrast with what is usually found with other insurance products. As such, it may help explain the low annuitization level observed in the data."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
12 => Essec\Faculty\Model\Contribution {#2252
#_index: "academ_contributions"
#_id: "16495"
#_source: array:18 [
"id" => 16495
"slug" => "16495-risk-aversion-and-precautionary-savings-in-dynamic-settings"
"yearMonth" => "2019-03"
"year" => 2019
"title" => "Risk Aversion and Precautionary Savings in Dynamic Settings"
"description" => "BOMMIER, A. et LE GRAND, F. (2019). Risk Aversion and Precautionary Savings in Dynamic Settings. <i>Management Science</i>, 65(3), pp. 1386-1397."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:46:42"
"publicationUrl" => "https://doi.org/10.1287/mnsc.2017.2959"
"publicationInfo" => array:3 [
"pages" => "1386-1397"
"volume" => "65"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We study the saving behavior of infinitely long-lived agents who face income uncertainty and deterministic interest rates. Using monotone recursive preferences, we prove that risk aversion unambiguously increases savings. The result accounts for possibly binding borrowing constraints and holds for very general specification of income uncertainty, which can follow any kind of stochastically monotone process."
"en" => "We study the saving behavior of infinitely long-lived agents who face income uncertainty and deterministic interest rates. Using monotone recursive preferences, we prove that risk aversion unambiguously increases savings. The result accounts for possibly binding borrowing constraints and holds for very general specification of income uncertainty, which can follow any kind of stochastically monotone process."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
13 => Essec\Faculty\Model\Contribution {#2253
#_index: "academ_contributions"
#_id: "16496"
#_source: array:18 [
"id" => 16496
"slug" => "16496-a-class-of-tractable-incomplete-market-models-for-studying-asset-returns-and-risk-exposure"
"yearMonth" => "2018-04"
"year" => 2018
"title" => "A class of tractable incomplete-market models for studying asset returns and risk exposure"
"description" => "LE GRAND, F. et RAGOT, X. (2018). A class of tractable incomplete-market models for studying asset returns and risk exposure. <i>European Economic Review</i>, 103, pp. 39-59."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:47:49"
"publicationUrl" => "https://doi.org/10.1016/j.euroecorev.2018.01.003"
"publicationInfo" => array:3 [
"pages" => "39-59"
"volume" => "103"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We present a class of tractable incomplete-market models, where agents face both aggregate risk and limited participation in financial markets. Tractability relies on the assumptions of small asset volumes and of a period utility function that is linear beyond a threshold, in line with Fishburn’s (1977) contribution in decision theory. We prove the existence of an equilibrium and derive theoretical results regarding asset prices and consumption choices. This small-trade model is able to reproduce a low safe return and a high equity premium, together with a realistic representation of household exposure to both idiosyncratic and aggregate risks."
"en" => "We present a class of tractable incomplete-market models, where agents face both aggregate risk and limited participation in financial markets. Tractability relies on the assumptions of small asset volumes and of a period utility function that is linear beyond a threshold, in line with Fishburn’s (1977) contribution in decision theory. We prove the existence of an equilibrium and derive theoretical results regarding asset prices and consumption choices. This small-trade model is able to reproduce a low safe return and a high equity premium, together with a realistic representation of household exposure to both idiosyncratic and aggregate risks."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
14 => Essec\Faculty\Model\Contribution {#2254
#_index: "academ_contributions"
#_id: "16499"
#_source: array:18 [
"id" => 16499
"slug" => "16499-existence-of-equilibria-in-exhaustible-resource-markets-with-economies-of-scale-and-inventories"
"yearMonth" => "2017-03"
"year" => 2017
"title" => "Existence of equilibria in exhaustible resource markets with economies of scale and inventories"
"description" => "BOMMIER, A., BRETSCHGER, L. et LE GRAND, F. (2017). Existence of equilibria in exhaustible resource markets with economies of scale and inventories. <i>Economic Theory</i>, 63(3), pp. 687-721."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
2 => array:1 [
"name" => "Bretschger Lucas"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:51:54"
"publicationUrl" => "https://doi.org/10.1007/s00199-016-0956-5"
"publicationInfo" => array:3 [
"pages" => "687-721"
"volume" => "63"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "The paper proves the existence of equilibrium in non-renewable resource markets when extraction costs are non-convex and resource storage is possible. Inventories flatten the consumption path and eliminate price jumps at the end of the extraction period, so that market equilibrium becomes possible. We distinguish between two types of solutions, one with immediate and one with delayed buildup of inventories. For both cases, we do not only characterize potential optimal paths but also show that equilibria actually exist under fairly general conditions. It is found that optimum resource extraction involves increasing quantities over a period of time. What is generally interpreted as an indicator of increasing resource abundance is thus perfectly compatible with constant resource stocks."
"en" => "The paper proves the existence of equilibrium in non-renewable resource markets when extraction costs are non-convex and resource storage is possible. Inventories flatten the consumption path and eliminate price jumps at the end of the extraction period, so that market equilibrium becomes possible. We distinguish between two types of solutions, one with immediate and one with delayed buildup of inventories. For both cases, we do not only characterize potential optimal paths but also show that equilibria actually exist under fairly general conditions. It is found that optimum resource extraction involves increasing quantities over a period of time. What is generally interpreted as an indicator of increasing resource abundance is thus perfectly compatible with constant resource stocks."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
15 => Essec\Faculty\Model\Contribution {#2255
#_index: "academ_contributions"
#_id: "16498"
#_source: array:18 [
"id" => 16498
"slug" => "16498-optimal-dynamic-regimens-with-artificial-intelligence-the-case-of-temozolomide"
"yearMonth" => "2018-06"
"year" => 2018
"title" => "Optimal dynamic regimens with artificial intelligence: The case of temozolomide"
"description" => "HOUY, N. et LE GRAND, F. (2018). Optimal dynamic regimens with artificial intelligence: The case of temozolomide. <i>Plos One</i>, 13(6), pp. e0199076."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Houy Nicolas"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:49:07"
"publicationUrl" => "https://doi.org/10.1371/journal.pone.0199076"
"publicationInfo" => array:3 [
"pages" => "e0199076"
"volume" => "13"
"number" => "6"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We determine an optimal protocol for temozolomide using population variability and dynamic optimization techniques inspired by artificial intelligence. We use a Pharmacokinetics/Pharmacodynamics (PK/PD) model based on Faivre and coauthors (Faivre, et al., 2013) for the pharmacokinetics of temozolomide, as well as the pharmacodynamics of its efficacy. For toxicity, which is measured by the nadir of the normalized absolute neutrophil count, we formalize the myelosuppression effect of temozolomide with the physiological model of Panetta and coauthors (Panetta, et al., 2003). We apply the model to a population with variability as given in Panetta and coauthors (Panetta, et al., 2003). Our optimization algorithm is a variant in the class of Monte-Carlo tree search algorithms. We do not impose periodicity constraint on our solution. We set the objective of tumor size minimization while not allowing more severe toxicity levels than the standard Maximum Tolerated Dose (MTD) regimen. The protocol we propose achieves higher efficacy in the sense that –compared to the usual MTD regimen– it divides the tumor size by approximately 7.66 after 336 days –the 95% confidence interval being [7.36–7.97]. The toxicity is similar to MTD. Overall, our protocol, obtained with a very flexible method, gives significant results for the present case of temozolomide and calls for further research mixing operational research or artificial intelligence and clinical research in oncology."
"en" => "We determine an optimal protocol for temozolomide using population variability and dynamic optimization techniques inspired by artificial intelligence. We use a Pharmacokinetics/Pharmacodynamics (PK/PD) model based on Faivre and coauthors (Faivre, et al., 2013) for the pharmacokinetics of temozolomide, as well as the pharmacodynamics of its efficacy. For toxicity, which is measured by the nadir of the normalized absolute neutrophil count, we formalize the myelosuppression effect of temozolomide with the physiological model of Panetta and coauthors (Panetta, et al., 2003). We apply the model to a population with variability as given in Panetta and coauthors (Panetta, et al., 2003). Our optimization algorithm is a variant in the class of Monte-Carlo tree search algorithms. We do not impose periodicity constraint on our solution. We set the objective of tumor size minimization while not allowing more severe toxicity levels than the standard Maximum Tolerated Dose (MTD) regimen. The protocol we propose achieves higher efficacy in the sense that –compared to the usual MTD regimen– it divides the tumor size by approximately 7.66 after 336 days –the 95% confidence interval being [7.36–7.97]. The toxicity is similar to MTD. Overall, our protocol, obtained with a very flexible method, gives significant results for the present case of temozolomide and calls for further research mixing operational research or artificial intelligence and clinical research in oncology."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
16 => Essec\Faculty\Model\Contribution {#2256
#_index: "academ_contributions"
#_id: "16500"
#_source: array:18 [
"id" => 16500
"slug" => "16500-on-monotone-recursive-preferences"
"yearMonth" => "2017-09"
"year" => 2017
"title" => "On Monotone Recursive Preferences"
"description" => "BOMMIER, A., KOCHOV, A. et LE GRAND, F. (2017). On Monotone Recursive Preferences. <i>Econometrica</i>, 85(5), pp. 1433-1466."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
2 => array:1 [
"name" => "Kochov Asen"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:53:02"
"publicationUrl" => "https://doi.org/10.3982/ECTA11898"
"publicationInfo" => array:3 [
"pages" => "1433-1466"
"volume" => "85"
"number" => "5"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We explore the set of preferences defined over temporal lotteries in an infinite horizon setting. We provide utility representations for all preferences that are both recursive and monotone. Our results indicate that the class of monotone recursive preferences includes Uzawa–Epstein preferences and risk-sensitive preferences, but leaves aside several of the recursive models suggested by Epstein and Zin (1989) and Weil (1990). Our representation result is derived in great generality using Lundberg's (1982, 1985) work on functional equations."
"en" => "We explore the set of preferences defined over temporal lotteries in an infinite horizon setting. We provide utility representations for all preferences that are both recursive and monotone. Our results indicate that the class of monotone recursive preferences includes Uzawa–Epstein preferences and risk-sensitive preferences, but leaves aside several of the recursive models suggested by Epstein and Zin (1989) and Weil (1990). Our representation result is derived in great generality using Lundberg's (1982, 1985) work on functional equations."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
17 => Essec\Faculty\Model\Contribution {#2257
#_index: "academ_contributions"
#_id: "16501"
#_source: array:18 [
"id" => 16501
"slug" => "16501-incomplete-markets-and-derivative-assets"
"yearMonth" => "2016-08"
"year" => 2016
"title" => "Incomplete markets and derivative assets"
"description" => "LE GRAND, F. et RAGOT, X. (2016). Incomplete markets and derivative assets. <i>Economic Theory</i>, 62(3), pp. 517-545."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Ragot Xavier"
]
]
"ouvrage" => ""
"keywords" => array:1 [
0 => "incomplete markets"
]
"updatedAt" => "2026-05-26 09:54:50"
"publicationUrl" => "https://doi.org/10.1007/s00199-015-0912-9"
"publicationInfo" => array:3 [
"pages" => "517-545"
"volume" => "62"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We analyze derivative asset trading in an economy in which agents face both aggregate and uninsurable idiosyncratic risks. Insurance markets are incomplete for idiosyncratic risk and, possibly, for aggregate risk as well. However, agents can exchange insurance against aggregate risk through derivative assets such as options. We present a tractable framework, which allows us to characterize the extent of risk sharing in this environment. We show that incomplete insurance markets can explain some properties of the volume of traded derivative assets, which are difficult to explain in complete market economies."
"en" => "We analyze derivative asset trading in an economy in which agents face both aggregate and uninsurable idiosyncratic risks. Insurance markets are incomplete for idiosyncratic risk and, possibly, for aggregate risk as well. However, agents can exchange insurance against aggregate risk through derivative assets such as options. We present a tractable framework, which allows us to characterize the extent of risk sharing in this environment. We show that incomplete insurance markets can explain some properties of the volume of traded derivative assets, which are difficult to explain in complete market economies."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
18 => Essec\Faculty\Model\Contribution {#2258
#_index: "academ_contributions"
#_id: "16502"
#_source: array:18 [
"id" => 16502
"slug" => "16502-too-risk-averse-to-purchase-insurance"
"yearMonth" => "2014-04"
"year" => 2014
"title" => "Too risk averse to purchase insurance?"
"description" => "BOMMIER, A. et LE GRAND, F. (2014). Too risk averse to purchase insurance? <i>Journal of Risk and Uncertainty</i>, 48(2), pp. 135-166."
"authors" => array:2 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 09:56:23"
"publicationUrl" => "https://doi.org/10.1007/s11166-014-9190-3"
"publicationInfo" => array:3 [
"pages" => "135-166"
"volume" => "48"
"number" => "2"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime risk aversion generates a significantly smaller willingness-to-pay for annuities than the one generated by a standard time-additive model. Moreover, the calibration predicts that riskless savings finance one third of consumption, in line with empirical findings."
"en" => "This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime risk aversion generates a significantly smaller willingness-to-pay for annuities than the one generated by a standard time-additive model. Moreover, the calibration predicts that riskless savings finance one third of consumption, in line with empirical findings."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
19 => Essec\Faculty\Model\Contribution {#2259
#_index: "academ_contributions"
#_id: "16504"
#_source: array:18 [
"id" => 16504
"slug" => "16504-comparative-risk-aversion-a-formal-approach-with-applications-to-saving-behavior"
"yearMonth" => "2012-07"
"year" => 2012
"title" => "Comparative risk aversion: A formal approach with applications to saving behavior"
"description" => "BOMMIER, A., CHASSAGNON, A. et LE GRAND, F. (2012). Comparative risk aversion: A formal approach with applications to saving behavior. <i>Journal of Economic Theory</i>, 147(4), pp. 1614-1641."
"authors" => array:3 [
0 => array:3 [
"name" => "LE GRAND François"
"bid" => "B00832579"
"slug" => "le-grand-francois"
]
1 => array:1 [
"name" => "Bommier Antoine"
]
2 => array:1 [
"name" => "Chassagnon Arnold"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2026-05-26 10:01:45"
"publicationUrl" => "https://doi.org/10.1016/j.jet.2010.10.015"
"publicationInfo" => array:3 [
"pages" => "1614-1641"
"volume" => "147"
"number" => "4"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We consider a formal approach to comparative risk aversion and apply it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974) [16], Selden (1978) [27], Epstein and Zin (1989) [10] and Quiggin (1982) [25] are well ordered in terms of risk aversion. Moreover, opting for this model-free approach allows us to establish new general results on the impact of risk aversion on savings behaviors. In particular, we show that risk aversion enhances precautionary savings, clarifying the link that exists between the notions of prudence and risk aversion."
"en" => "We consider a formal approach to comparative risk aversion and apply it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974) [16], Selden (1978) [27], Epstein and Zin (1989) [10] and Quiggin (1982) [25] are well ordered in terms of risk aversion. Moreover, opting for this model-free approach allows us to establish new general results on the impact of risk aversion on savings behaviors. In particular, we show that risk aversion enhances precautionary savings, clarifying the link that exists between the notions of prudence and risk aversion."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2026-06-04T11:23:33.000Z"
]
+lang: "fr"
+"_score": 5.9853654
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
]
"avatar" => "https://faculty.essec.edu/wp-content/uploads/avatars/B00832579.jpg"
"contributionCounts" => 20
"personalLinks" => array:1 [
0 => "<a href="https://orcid.org/0000-0002-1505-5851" target="_blank">ORCID</a>"
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"docTitle" => "François LE GRAND"
"docSubtitle" => "Professeur"
"docDescription" => "Département: Economie<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00832579.jpg"><span><span>François LE GRAND</span><span>B00832579</span></span>"
"academ_cv_info" => ""
]
+lang: "fr"
+"_score": 5.028257
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0 => "bio.en.keyword"
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}
