PUBLICATIONS
— "The (Market) Value of State Honors", with Stéphane Benveniste and Marc Sangnier, 2026, Accepted at Journal of Law, Economics and Organization Working Paper (V1, 2022) | Working Paper (V2, 2025)
— "'Bad' Oil, 'Worse' Oil, and Carbon Misallocation", with Fanny Henriet and Léo Reitzmann, The Review of Economic Studies, 2025. Paper | Online Appendix | Working Paper | Replication files/Data | Media Brief | The Conversation FR
— "Political Connections and White-collar Crime: Evidence from Insider Trading in France", with Thomas Bourveau and Marc Sangnier, Journal of the European Economic Association, 2021, Vol. 19(5), pages 2543–2576. Paper | OpenAccessVersion | Online Appendix | Replication files/Data | Media Briefing | Press Coverage | The Conversation FR
— "Environmental Risk and the Anchoring Role of Mobility Rigidities", with Yanos Zylberberg, Journal of the Association of Environmental and Resource Economists, 2021, Vol. 8(3), pages 509–542. Paper | Online Appendix | Replication files/Data
— "Optimal Transition from Coal to Gas and Renewable Power under Capacity Constraints and Adjustment Costs", with Oskar Lecuyer and Adrien Vogt-Schilb, Environmental and Resource Economics, 2018, Vol. 73, pages 557–590. Paper
— "The Grey Paradox: How fossil-fuels owners can benefit from carbon taxation", with Fanny Henriet, Journal of Environmental Economics and Management, 2018, Vol. 87(C), pages 206–223. Paper | Op-ed La Tribune
— "The impact of political majorities on firm value: Do electoral promises or friendship connections matter?", with Marc Sangnier, Journal of Public Economics, 2014, Vol. 115(C), pages 158–170. Paper | Online Appendix | Working Paper | Press Coverage | The Conversation FR
WORKING PAPERS
— "The Welfare Economics of Oil Exploration", with France d'Agrain and Fanny Henriet, WP n° 2025-39 AMSE, December 2025 | Working Paper
Abstract: Despite growing calls to phase it out, oil exploration persists, often justified by the natural decline of existing fields and potential efficiency gains from discoveries. This paper quantifies the global welfare and environmental impacts of restricting oil exploration. We develop a global dynamic model calibrated to a granular dataset of 14,637 proven oil fields, accounting for heterogeneity in private extraction costs, capacity constraints, life-cycle carbon intensities of oil barrels, along with exploration dynamics and basin-specific estimates of yet-to-find resources. We find that exploration restrictions are an effective second-best climate policy. In the absence of a global carbon tax, a universal ban increases global welfare by 12.5 trillion dollars due to lower social costs of oil production and use, assuming a social cost of carbon of 200 dollars per tonne of CO2 equivalent. A partial ban by OECD and BRICS countries alone captures 66 percent of these gains. Under optimal carbon pricing, however, a global ban yields a modest 0.3 trillion dollar welfare loss, as it precludes access to lower social cost deposits and prevents the easing of short-run capacity constraints.
WORK IN PROGRESS (SELECTION)
— "The Climate-wise Values of Oil", with Fanny Henriet and Léo Jean.
— "Extraction of natural resources in conflict areas: evidence from Northern Myanmar".
POLICY REPORTS & OTHERS
— “Critical Minerals in the OECD to 2030”, with Simon Dietz, Maria Godunova, Thomas Bligaard Nielsen, OECD Report, June 2015. Report
— "Carbon price and optimal extraction of a polluting fossil fuel with restricted carbon capture", with Fanny Henriet, Working Paper, Banque de France n°322, March 2011. Working Paper