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Toulouse School of Economics - TSE Economics: a “living art” in Toulouse An education program supported by a top worldwide economics department The origins of the Toulouse School of Economics (TSE) can be traced back to the early 1980s, when Jean-Jacques Laffont began gathering economists with a common ambition of scientific excellence together in Toulouse. In 1990, the Toulouse economists created the Institut d’Economie Industrielle (IDEI) and began to establish long-term partnerships with corporations and develop innovative research topics that contributed to establishing the reputation of economists based in Toulouse. In 2007, a new step was taken when the French government and the Academy of Sciences chose TSE as one of 13 “Réseaux Thématiques de Recherche Avancée” (across all fields), enabling the creation of a private foundation, the Jean-Jacques Laffont Foundation - Toulouse School of Economics. This Foundation is building an endowment in order to secure long-term financing for a research centre that will attract students and researchers from all over the world. This economics group now gathers together around 160 senior and junior researchers affiliated with various research institutions (University of Toulouse, EHESS, CNRS, INRA) and about 100 doctoral students (70% international). We are now building on Jean-Jacques Laffont’s project by expanding and restructuring our undergraduate and graduate programs. Jean Tirole Chairman of the Board of Directors - Jean-Jacques Laffont Foundation Paul A. Samuelson Massachussets Institute of Technology, Professor of Economics, Nobel Prize 1970 The Toulouse economics unit has become really outstanding in recent years, at the level of French economics, at the level of European economics and at the level of world economics. Eric Maskin Institute for Advanced Study, (Princeton) Professor of Economics, Nobel Prize 2007 The launching of TSE will consolidate and enhance Toulouse’s position as one of the world’s great centers of research and teaching in economics. Michel Pébereau President of the Board of Directors - BNP Paribas The Toulouse economics group has set up long-term partnerships with corporations. Its research work published in the best economic journals provides decision-makers in the public and private spheres with “food for thought” on economics-related topics. Not only do the TSE economics programmes prepare students for scientific careers, they also allow students to have brilliant corporate careers. 2/ TSE offers undergraduate and graduate programs that aim to train economists to be qualified in analytical and quantitative economics. Courses focus on fundamentals in microeconomics, macroeconomics and econometrics, as well as on many application areas. From the Bachelor level to the Doctoral program, the main objective is to study the whole scientific field in economics: this includes an intensive two-year university foundation course preparing for the selective entrance in senior year Bachelor program, a two-year Master program, and a Doctoral program for students wishing to pursue an academic career. In Toulouse, you will find a faculty that is as dedicated to teaching as it is to research. It will do its utmost to provide you with the training you need to become a professional economist, whether in academia, government or private enterprise. The quality and reputation of our program is demonstrated by the success of our graduates in the labor market - in banks, insurance and other financial companies, consulting firms, small and big businesses, and international or national public and private institutions. You will, of course, work very hard, but we try to maintain an informal, relaxed environment and an international atmosphere. In your spare time you will be able to take advantage of a wonderful part of France and one of the great student cities of Europe. If you believe our programs may suit your needs, do not hesitate to apply. If you have further questions, please do not hesitate to ask. Marie-Françoise Calmette Head of the Economics Department The Jean-Jacques Laffont Foundation : a new and ambitious step in the development of the Toulouse economics research department Jean-Jacques Laffont (1947-2004), Professor at the University of Toulouse, was a leading figure in the development of modern economics in France. Thanks to him, one of the best research departments in economics in Europe is now located in Toulouse. The Toulouse School of Economics research team enthusiastically follows Jean-Jacques Laffont’s project of excellence in both research and teaching. TSE gathers together the members of three research centers: • ARQADE: Advanced Research in Quantitative Applied Development Economics • GREMAQ: Research Group in Mathematical and Quantitative Economics • LERNA: Laboratory of Natural Resources Economics 3/ One of the best economics departments in the world The Toulouse School of Economics regularly appears as number one in Europe in rankings based on publication records. Econphd.net ranked TSE among the best in Europe across all economics fields (first in the world in the economics of information, and second in the world in industrial organization). Faculty members are recognized as leaders in their fields and have published many books and articles in top academic journals. They are particularly prolific in industrial economics and regulation, microeconomic theory, public economics, theoretical and applied econometrics, finance and insurance as well as in environmental and development economics. Many faculty members are Fellows of the Econometric Society and the European Economic Association. TSE scholars have also received numerous national and international awards, including, nine CNRS medals - one gold, two silver, and six bronze medals (the highest scientific honour in France), the Yrjö Jahnsson Award (for the best European economist under 45) granted to Jean-Jacques Laffont, Jean Tirole and more recently to Gilles Saint-Paul, and in 2009, the BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management. A close relationship with corporations and institutions Through IDEI and the Jean-Jacques Laffont Foundation, economists from TSE have developed strong relationships with economic actors (regulators, public and private corporations and various other institutions). Since 1990, IDEI has built partnerships with companies in various sectors. This cooperation has initiated and inspired a great deal of original research. The creation of the Jean-Jacques Laffont Foundation has enhanced and extended partnerships that will guarantee additional financial support for continued research. Some of these partners also contribute to professional Masters programs, offer internships to our students or even recruit them to permanent positions. Student associations and alumni network: social and professional integration Two student associations have been created: the “TSE Students Association” and the “TSE Junior Etudes”. The first association aims at organizing events and creating team-spirit opportunities for students to meet and get to know each other (ski weekends, parties, sightseeing trips, etc). The Students Association has created its own website and also creates promotional goods using TSE Logo. The second association is a consulting entity dedicated to facilitate students’ integration into the labor market. The “TSE Junior Etudes” hire some of the TSE students to lead economic projects and studies for companies or research centers, for example. The alumni network is regularly activated to circulate information, for instance, on employment or internship opportunities. 4/ Welcome to Toulouse A dynamic city where studying is appealing Ideally situated in the heart of southern France, equi-distant between the Mediterranean Sea, the Atlantic Ocean and the Pyrenees mountains, Toulouse is emerging as a leading city in France for its quality of life. The School is housed in the “Manufacture des Tabacs” campus, a short walk from the “Place du Capitole” and the superb architecture of the historic town centre. Toulouse is a young and multi-ethnic city where students can easily enjoy the lively streets, cafés and restaurant terraces as well as a rich cultural and sporting environment. Toulouse is a centre of excellence for the European aerospace industry: Airbus, ATR, Alcatel Alenia Space are a few examples of such firms located in Toulouse. It also hosts a cluster of global innovative firms in other industries such as biotechnology (Pierre Fabre, Sanofi-Aventis, Ciba-Vision) and electronics (Continental Automotive, Motorola). Toulouse is the biggest French university city outside of Paris, with three public universities, some 350 research centers (about 10 000 researchers) and 12 engineering and business schools. 5/ PROFESSIONAL PLACEMENT (finance, bank, insurance, environment, development, consulting...) Doctorate • Economics of markets and organizations Master 2 Economics and competition law • Economic theory and econometrics • Financial markets and intermediaries • Environmental and natural ressources economics Statistics and econometrics • Developments economics and public policies Master 1 Economics and law Senior year bachelor Economics and law Économie (Economics) Economics Économie et statistique Economics and mathematics Economics and IT Economics and Society Y1+Y2 IAE Toulouse School of Management First two years of the bachelor program (without selection) With selection based on academic excellence 6/ Teaching program Undergraduate Junior years Bachelor program The first two years of the Bachelor program at the Toulouse School of Economics aim at preparing the student for selection, based on academic excellence, into the TSE Senior year Bachelor program and the Toulouse School of Management (IAE): • Years 1 and 2: economics and management • Years 1 and 2: economics and IT • Years 1 and 2: economics and law • Years 1 and 2: economics and mathematics. These multidisciplinary programs will allow students to familiarize themselves with various topics (economics, management, law, mathematics, IT, foreign languages, etc) and to help them choose further programs for the following years. Senior year Bachelor program TSE offers a senior year Bachelor program in economics (L3) aiming at developing and improving fundamental knowledge in economics and mathematics to prepare for more advanced studies (please note that for the time being, courses are in French only). An additional specialization in mathematics can be chosen. Three paths are offered: • BSc in economics: for students wanting to become specialized in quantitative economics, with two years of successful undergraduate experience in economics or in other areas. • BSc in mathematics and economics: for students wanting to acquire double skills in economics and applied mathematics, with two years of successful experience in economics including a strong math background. • Bsc in economics and law: for students wanting to acquire double skills in law and economics in order to apply for a Masters in economics and/or law. Gap year and internships Students wanting to complete a year-long internship in industry, humanitarian or complementary educational project abroad, can do so between the senior year Bachelor program and the Master 1 (or between Master 1 and Master 2). Depending on the chosen program, students may complete an optional or compulsory internship at different stages of the programs. www.tse-fr.eu 7/ Masters program Master in economics Master 1 The first year of the Masters program provides a rigorous training in the major fields of economics. It offers core courses in the main disciplines (microeconomics, macroeconomics and econometrics) as well as a broad choice of electives. These objectives are designed to enhance the students’ general economics culture and to prepare them for more quantitatively-oriented classes. Master 2 The Master 2 plays a central role in the TSE program. It is held at the same time as the second year of the Master curriculum and the preliminary year of the Doctoral program. There are five Master curricula in economics: • Economic theory and econometrics (ECOMATH): This Master program is designed specifically for students interested in economic theory, econometrics, industrial organization, macroeconomics and other theoretical and applied fields. It offers a large range of courses that allow students to begin a PhD in the best possible environment, particularly those students who have not yet chosen their research topic. • Economics of markets and organizations (EMO): This provides in-depth training in applied economics and econometrics, especially in industrial organization as well as in specialized courses in competition policy and network regulation. Students are trained to model industrial relationships and to develop a strong capacity to analyze and understand the functioning of markets and the behavior of market players. It is designed for students who seek a career as researchers, economists or consultants in the public or private sectors. • Financial markets and intermediaries (MIF): This option provides expert training in finance and insurance economics (quantitative modeling of financial markets, risk and insurance, economics of banking and corporate finance). This Master fits the needs of future researchers in finance and of mathematicians who are aiming for a career in quantitative finance. • Economics of the environment, natural resources, energy and agriculture (ERNEA): Environmental issues such as pollution, climate change and the conservation of biodiversity are currently in the headlines of economic debate. This Master provides students with the analytical skills to assess, analyze and recommend economic policies and strategies to tackle environmental issues and manage natural resources. Students will target jobs in natural resources management and sustainable development (large businesses, public institutions and local communities) or within international institutions, or will pursue an academic career. • Development economics and public policies (PP&D): Why are some countries so poor while others are so often more affluent? Development economics aims to provide an answer to this difficult question. The quest for this answer takes place either firstly, at the level of states and countries, looking at international issues as well as at the political economy of government failure in poor countries, or secondly, at the level of individuals and firms, with a view to understand how these microeconomic agents are able to cope in such difficult environments. The PP&D Master’s degree aims to equip students with the tools required to become part of that quest at the cutting edge. Master in economics and law Master 1 This Master follows on naturally from the Bachelor in economics and law. The first year of the Master in economics and law offers double training in economics and law that meets the needs of experts required to deal with complex issues related to both disciplines skills (and ways of thinking). Master 2 • Economics and Competition law (ECL): The objective of this Master program is to provide students with a high-level training in economics disciplines, as well as in law, in order for them to fully understand or enforce competition rules. Competition policy is mainly driven by the economic theory of firms’ strategic choices and is implemented through the judicial system by competition authorities. It is therefore crucial to understand how firms interact, how markets work and which rules are legal or not in order to ensure a fair competition between players, as well as protecting consumers’ interests. 8/ Master in economics and statistics Master 1 This first year of this Master aims to prepare professional experts in economics and database statistics analysis. Students will receive a solid training in economics, statistics and IT that will provide them with access to job opportunities as service industry executives. Master 2 • Statistics and econometrics: The objective of this Master is to provide students with a strong training in the main topics of applied statistics. Electives allow students to go deeper into application fields, for example those within the service sector. It is designed for students who seek employment within statistics or actuarial studies, or as a quantitative analyst or biostatistician in the financial/insurance, marketing, and service sectors. Jan Frederik Slijkerman (The Netherlands) PhD (The Netherlands) - Portfolio Manager High Yield Debt - AEGON - MIF Master 2000 The Toulouse School of Economics offered me the unique opportunity to study the microeconomics of finance with an excellent faculty in a very nice city. As I experienced, this theory is useful for regulators of the financial sector (in the Ministry of Finance), in science and in financial institutions such as AEGON Asset Management. Oscar Ponce De Leon Salas (Peru) Senior Analyst - Lima Airport Partners - EMO Master 2006 I was working on Industrial Organization issues and Toulouse has internationally recognized teachers on this topic. I improved my technical skills, specifically on maths and microeconomics. Also the Master‘s thesis was a good experience of research. The Master has helped me to make high-quality consultancy and research on regulation and competition topics. Katie Brewis (Royaume-Uni) Senior Associate Consultant Bain & Co (London) - EMO Master 2004 My Masters has been invaluable career-wise even outside a specialist economist role. I use the skills and knowledge I developed in Toulouse, such as thinking in a rigorous and logical way and­ erstanding incentives nearly every day. Apart from the economics, I loved the tremendous spirit of communality. I have made some brilliant and long lasting friends from all over the world and totally fallen for the beauty and warmth of the city! Jean Le Roux (France) Environmental Economist Scottish Environment Protection Agency (Scotland) ERNEA Master 2003 I actually wanted to work in the environment protection area. The ERNEA Master provided me with a good knowledge of fundamental economics methods and an overview of the main regulatory policies that were essential to start my carreer. www.tse-fr.eu 9/ Doctoral program A world-class Doctoral program Students begin the Doctoral program by following the Master 2 curriculum. During the Master 2 year, students complete five core courses (microeconomics, macroeconomics and econometrics). For those who choose to continue at Doctoral level, a second year of courses and advanced seminars provide students with a strong foundation for the writing of their thesis and for their future research career. At the end of the second year, students graduate with the “DEEQA” diploma (“Diplôme Européen d’Economie Quantitative”). First year Students can choose between the six curricula described in the Masters program. Economic theory and econometrics is more general. Other programs are suitable for students with a clear aim of specializing in industrial organization or in financial, environment or development economics. During this first year, students will also receive training in research techniques and will work one-on-one with a faculty advisor to complete a Master’s thesis that will be assessed by a jury of professors. Second Year At the end of the first year, there is a selection process for students to continue their PhD and to embark on a final year of advanced, specialized courses. Students should select six course topics (including core courses that were not taken in the first year), attend an annual research workshop (members meet on a regular basis during the year) and mini-courses taught by prominent visitors. They are also required to attend research seminars within the extensive seminar program that TSE offers with speakers from around the world. Students will also participate in a research group that meets on a regular basis throughout the year to research a specific topic. Emphasis is made on finding the right balance between diversification (to provide students with a solid general economics culture) and specialization (the need for effective research). An advisor and another faculty member assist students in the design of their plan of studies. In the autumn/fall of the following year, students must present some original research work (a preliminary paper) to a jury of three faculty members. Thesis years The two or three following years are devoted to full-time research and to the writing of the dissertation. Students are given the opportunity to mature and to develop their economist’s intuition and techniques. They will write their thesis within one of the TSE research center: GREMAQ, LERNA and ARQADE. PhD students participate fully in the life of the department, including seminars. They also present their research work in junior seminars and international conferences, and are encouraged to participate in specialized summer schools. The PhD degree is awarded after public presentation and defense of the dissertation in front of a group of professors, that includes at least two external referees. Mikhail Drugov (Russia) Post-Doc - Department of Economics and Nuffield College, University of Oxford - ECOMATH Master 2002 and PhD, TSE What I particularly liked about Toulouse is a very warm atmosphere among students and faculty. I also liked the relaxed way of doing things, which together with a very high quality of the faculty and the seminars gave an amazing combination and led to a very pleasant learning and work. Darío Maldonado (Colombia) Assistant Professor - Universidad del Rosario - ECOMATH Master 2000 and PhD, TSE I have chosen to study in Toulouse because TSE lays emphasis on microeconomic theory and particularly on the development of theory that could be useful for the analysis of policy design. Although at TSE you also have the standard courses of any other PhD program, the program also includes topics and research methods which are not common elsewhere… François Boldron (France) Economist - La Banque Postale - ECOMATH Master 97 and PhD, TSE At TSE I managed to reconcile two objectives: receive the best possible training for the PhD and maintain a link with the non-academic world. This was made possible by the close relationships between TSE and numerous private and public firms. TSE taught me how to analyse problems in a rigorous way, to think globally and to keep an open mind. 10/ Alessandro Pavan (Italy) Associate Professor - Northwestern University (USA) - MIF Master 1998 and PhD, TSE I particularly liked the second year of the PhD courses, the interactions with the other students, the possibility of discussing research ideas with various faculty members on a regular basis. The courses stimulated my interest in areas such as mechanism design, information economics, common agency, that are at the forefront of the research frontier. The supervision by Jean Tirole was simply unique.