CORE Newsletter #13 by Center for Operations Research and Econometrics

NEWSLETTER 13 E V E R Y

F O U R

M O N T H S

S I N C E

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September 2015 | w www.uclouvain.be/core | @ core-newsletter@uclouvain.be | F core.ucl

CONTENTS

CORE@50

OUR SEPTEMBER EDITION IS PACKED WITH INTERESTING BITS ABOUT CORE'S LATEST ACTIVITIES, SO READ ON!

CORE WAS CREATED IN 1960. 50 YEARS LATER, WE ARE READY TO KICK OFF A FULL YEAR OF CELEBRATIONS AND HIGH-QUALITY EVENTS!

02 CORE@50 03 Dominique Peeters 04 Summer Schools 06 Scientific Events 09 Projects/Funding 09 Prizes and Awards 10 People at CORE 11 Seminars 12 Publications 16 Life at CORE

Read more on page 4.

CORE Newsletter #13 — Focus: CORE@50, Bridging Gaps

CORE@50 CONFERENCE BRIDGING GAPS CORE WILL CELEBRATE ITS 50TH ANNIVERSARY IN 2016. FOCUS ON THE YEARLONG FESTIVITIES.

ounded in 1966 in association with the Katholieke Universiteit Leuven, it has become a leading interdisciplinary research institute in the fields of economics, operations research, and econometrics. Since its inception, CORE’s main objectives have been: i. The development and dissemination of knowledge at the most advanced level. More than 60 research report and discussion papers are published each year, leading to numerous publications in top-level peer-reviewed journals. CORE members have been serving on editorial boards of many scientific journals, and have been awarded scientific distinctions. ii. The establishment of a forum for scientific exchange and cooperation at a national and international level. CORE receives every year more than a hundred visitors, professors, senior and postdoctoral researchers, mostly from abroad, for scientific visits ranging from a few days to a full year. Its weekly seminars allow CORE members and visitors to present their work and exchange ideas. iii. The training of young researchers and the diffusion of knowledge in the relevant professional circles, in both the private and public sectors. Over 20 young researchers stay every year at CORE for doctoral research. This has led to over two hundred PhD theses supervised by CORE members.

Maurice QUEYRANNE, CORE Research Director and Member of the Organizing Committee

>> >> >>

The 50 th anniversary celebrations will entail scientific and community events spanning the entire 2016 year, under the motto BRIDGING GAPS : bridging gaps between the first 50 years of CORE and its next 50 (and more) years; between generations; between scientific disciplines; as well as gaps within societies and economic systems, and between countries and between world regions. These celebratory events are grouped under the umbrella 50 DAYS@ CORE , and their centerpiece will be the CORE@50 CONFERENCE held from May 23 to May 27, 2016 in Louvain-la-Neuve. Former and present CORE members and CORE visitors, friends of CORE, and other interested persons, are invited to participate in the conference and celebratory events.

Currently planned 50 DAYS@CORE events include:

>> >> >> >>

>> >> >>

the ORBEL 30 Conference, January 28-29, 2016, see p.6 ; the 1st Belgium-Japan Public Finance Meeting, March 4-5, 2016; the 2nd Workshop on Industrial Organization in the Digital Economy, March 18-19, 2016; a Debate on Social Justice, between Marc Fleurbaey (Princeton University, UCL Doctor Honoris Causa), Philippe Van Parijs (Hoover Chair, UCL) and François Maniquet (CORE), moderated by Erik Schokkaert (KU Leuven), May 19 or 20, 2016; Bridging Gaps, the CORE@50 Conference, 23-27, May 2016, see below; an International Conference on Pensions, in Spring 2016; a CORE Lecture Series on Matching Models and Optimal Trans-

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port, given by Alfred Galichon (Sciences Po. Paris), early June 2016; a workshop on Bayesian Vector Autoregression, with Christopher A. Sims (2011 Nobel Prize in Economics), June 22, 2016; the STOCHMOD Conference 2016 of the Euro Working Group on Stochastic Modelling, July 11-13, 2016; the closing conference for the GDF Suez Chair, Fall 2016; a CORE Lecture Series on The economics of uncertainty: From general equilibrium with incomplete markets to macroeconomics, given by Jacques Drèze (CORE), Fall 2016.

As the centerpiece of the 50 th anniversary celebrations, the CORE@50 CONFERENCE will feature: >>

The award of UCL HONORARY DOCTORS (DHC) degrees to three distinguished former CORE members, Profs. Marc Fleurbaey (Princeton), Michel Goemans (MIT) and George Nemhauser (Georgia Tech). Four PLENARY LECTURES given by the three DHC recipients and by Prof. Victor Chernozhukov (MIT). Eight INVITED SCIENTIFIC SESSIONS on Social networks, theories and methods; Personal income tax; Integer non-linear optimization; Corporate income tax; Financial constraints, productivity, and growth; Cooperation and resource sharing for supply chain management; Computational challenges in energy; and Environmental and natural resources economics. CONTRIBUTED SCIENTIFIC SESSIONS , on the following subjects VV Economics and Game Theory, in particular: Industrial organization, Public economics, Political economy, Environmental economics, Welfare economics and social choice theory, General equilibrium, and Game theory; VV Econometrics, in particular: Financial econometrics, Time Series econometrics, Complex data analysis and stochastic models, and Bayesian methods;

Focus: Dominique Peeters — CORE Newsletter #13

LO U VA I N - L A - N E U V E , B E LG I U M AUDITORIUM AGORA

BRIDGING GAPS CO R E @ 5 0 CO N F E R E N C E May 23-27, 2016 Keynote Lectures

VV Operations Research, in particular: Linear and nonlinear optimization, Discrete optimization, Modelling and solution of industrial economics problems, and Supply chain management; VV Human and Economic Geography, in particular: Location-allocation models, Spatial data quantitative analyses, Transport geography in a sustainable mobility context, and Models in spatial analysis. CULTURAL AND SOCIAL EVENTS , including cocktails and a conference banquet.

Additional information on the 50 th anniversary celebrations can be found on the core@50 website: www.core50.be.

Victor CHERNOZHUKOV (MIT) Marc FLEURBAEY (Princeton) Michel GOEMANS (MIT) George NEMHAUSER (Georgia Tech)

Speakers Rein Ahas Andrea Attar Mariano Beguerisse Díaz Pietro Belotti Robin Boadway Michele Coscia Julio Dávila Rodolphe Dos Santos Ferreira Jan Eeckhout Johan Eyckmans François Gérard Christian Gollier Thomas Gresik Andreas Haufler Lancelot Henry de Frahan Jon Lee Miguel León-Ledesma MarieLouise Leroux Ben Lockwood Andrea Lodi Leonor Modesto Mirabelle Muûls Gaetan Nicodeme Anthony Papavasiliou Mario Pereira Nadine Riedel Guillaume Roels Céline Rozenblat Ingmar Schumacher Alexander Shapiro Andy Sun Jan Van Mieghem Matthew Weinzierl Robert Weismantel John Weymark Shmuel Zamir

www.core50.be

DOMINIQUE PEETERS FAREWELL, DOMINIQUE! AFTER A FRUITFUL CAREER AT UCL, PROF. DOMINIQUE PEETERS IS GETTING READY FOR A NEW ADVENTURE.

ith the academic year 2014-2015 behind us, Dominique Peeters, Professor of Geography, is now getting ready to retire. After more than 30 years aboard the UCL ship, Prof. Peeters is ready for another chapter of his life to start. We wish him all the best! In order to celebrate him and his academic career, friends and colleagues alike joined for a surprise farewell party on June 20 th, with an unforgettable cruise on the Upper-River Meuse. The idea came from Prof. Isabelle Thomas, his longstanding friend and colleague, who wanted to send him off in a memorable way. The afternoon started with a few rather emotional speeches followed by a walking dinner aboard the Sax, the boat then stopped in Freÿr where the group got to discover the castle and its gardens. People eventually parted ways in the early evening. Thank you Isabelle for the organization of such a memorable day and so long, Dominique!

Dominique and his wife, during the speeches

Justin Delloye, Arnaud Adam and Jonathan Jones, PhD students in geography

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CORE Newsletter #13 — Focus: Summer Schools@CORE

SUMMER SCHOOLS @CORE ECORES SUMMER SCHOOL ON MARKET POWER BRUSSELS, MAY 26-29, 2015

n May 26-29, we held the 2015 ECORES Summer School on Market power at ULB. The School consisted of keynote lectures and 36 short presentations by PhD students. We had three keynote lecturers. Paul Klemperer, from Oxford University, talked about the theory and design of multiobject auctions, Marc Melitz, Harvard University, about firm heterogeneity and trade-theory and empirics, and Ariel Pakes, Harvard University, about methodologies for empirical analysis in industrial organization. Around 100 students and faculty attended the event. The Summer School was sponsored by FNRS, the National Bank of Belgium, AG Insurance and la Fédération Wallonie Bruxelles. The high-level of the keynote speakers attracted students from many universities in Europe, but also from the US. Sebastian Fleitas, an Uruguayan researcher studying in Arizona, said he applied because "the papers of two of the keynote speakers are the main reference for my dissertation and I would have the chance to talk with them about these papers". The opportunity to present in front of an heterogeneous audience was also appreciated: "what I liked most was the fact that the conference was open to several topics of economics: I received feedback on my

work from different research perspectives", says Verena Nowak, from the Heinrich-Heine-Universität in Düsseldorf. The lectures by the keynote speakers were of course the highlight of the Summer School. The lectures by Paul Klemperer, a world expert in auction theory, were enriched by examples taken from his first-hand experience in designing public auctions. "Klemperer is an excellent speaker: he made auction design, a very complex topic, seem almost trivial" (Marco Serena, Universidad Carlos III de Madrid). "I discovered via his talk the many applications of auctions, beyond the well-known art market. I understood that auctions can help create an artificial market, when conventional markets are not functioning" (Benoît Decerf, CORE). "He provided a perfect example on how academic economic research can provide solutions to real world problems based on theoretical grounds" (Angelos Theodorakopoulos, Ughent).

by Valeria Forlin (PhD student) and François Maniquet (Professor)

Marc Melitz, whose well-known model of trade with heterogeneous firms has re-shaped the research in the field, went through the recent developments of his research, showing the fit of its model with the data and the great number of its applications. "I was impressed by the depth of the intuition on every small detail of his work", says Angelos.

Part of the PoRESP team during the Walking Dinner

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Ariel Pakes presented his novel approach to estimate moment inequality and its application in the field of empirical industrial organization. "Pakes is probably the economist that contributed the most to modern empirical IO, and even having these amazing previous contributions he is again shaping a new subfield of IO with a contagious enthusiasm that inspires us to do our best », says Sebastian. "The fact that the consistency of these econometric estimations may depend on equilibrium uniqueness gives me further reasons and motivations to go ahead with my work on equilibrium selection mechanisms" says Andrea Pirrone (CORE).

With more than 65 participants coming fro

Focus: Summer Schools@CORE — CORE Newsletter #13

PORESP SUMMER SCHOOL ON ANTI-POVERTY POLICIES & INDIVIDUAL RESPONSES BRUSSELS, JULY 6-9, 2015

he first PoRESP summer school was organized from July 6th to July 9 th 2015. The 65 participants, coming from all over Europe and even further,1 met at the University Foundation in Brussels to learn and discuss about Anti-Poverty Policies and Individual Responses. During the four days the participants had the chance to listen to lectures from Martin Ravallion (economist, Georgetown University), Martha E. Wadsworth (psychologist, Pennsylvania State University), Marianne Bitler (economist, UC-Davis) and Marc Gurgand (economist, Paris School of Economics). 2 No less than 21 selected Ph.D. students also presented their work in contributed sessions and at the poster session organized in Matongé at the bar l’Ultime Atome. The four keynote speakers presented research at the frontier of poverty issues with very different and complementary perspectives. Martin Ravallion gave a global overview of anti-poverty policies in developing countries and explored the impact of two very largescale policies in India and China. Martha E. Wadsworth explained the biological and psychological implications of being subjected to stress because of poverty as a child. Marianne Bitler talked about poverty safety net policies in the US and discussed their efficiency in periods of recession. Finally, Marc Gurgand explained how human capital formation is related to parental wealth and what kind of policy can partially counterbalance this phenomenon.

Poster session at l'Ultime Atôme

Last day of the Summer School

The presentations of Ph.D. students also covered a variety of topics on poverty, ranging from poverty measurement to social protection and including education, determinants of poverty, social norms, etc. It was also the opportunity for the foreign participants to discover a little bit of Brussels and Belgian culture, thanks to a walk and a beer tasting organized by the team! For more information on the summer school see http://www.uclouvain.be/en-503931.html. The PoRESP team thanks the European Research Council and CORE for funding. by Aditi Dimri (PhD student) and Véronique Gille (Postdoctoral Fellow) 1

We had the chance to welcome one Ph.D. student from India and one Ph.D.

student from the Philippines, whose travel expenses were covered by PoRESP. 2

The fact that the first name of the four keynote speakers begins with "Mar"is

pure coincidence.

om all over the world, the first PoRESP Summer School was a success.

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CORE Newsletter #13 — Next Scientific Events

SCIENTIFIC EVENTS BAEE RESEARCH WORKSHOP 4TH BAEE RESEARCH WORKSHOP ON ENERGY ECONOMICS LOUVAIN-LA-NEUVE, OCTOBER 30, 2015

4 th baee research WOrkshOp On energy ecOnOmIcs OctOber 30, 2015 CORE-UCL, Louvain-la-Neuve, Belgium

InfOrmatIOn and regIstratIOn

http://www.baee.eu/research-workshop-2015.html

he Benelux Association for Energy Economics (BAEE) is organizing its fourth Research Workshop on Energy Economics on Friday October 30 th, 2015. The workshop will take place at CORE. It offers Master and PhD students as well as experienced researchers from the Benelux the opportunity to present a paper on energy economics and to interact with colleagues. The workshop covers all topics related to energy economics, from environmental policy and reliability of energy networks to regulation and competition issues. Papers are accepted in economic theory, empirical work and economic policy, as well as interdisciplinary work such as techno-economic energy models or legal-economic analysis of energy policy. Master and PhD students are especially encouraged to submit their work. A scientific committee will review the papers. Additional information is available at the following website: http://www.baee.eu/research-workshop-2015.html. The event will be supported by the ENGIE Chair in Energy Economics and Energy Risk Management.

ORBEL30 CONFERENCE THE 30TH NATIONAL CONFERENCE OF THE BELGIAN OPERATIONAL RESEARCH SOCIETY LOUVAIN-LA-NEUVE, JANUARY 28-29, 2016

ORBEL 30 CONFERENCE

he 30 national meeting of SOGESCI-BVWB, the Belgian Operational Research society, is organized by CORE and will take place at UCL in Louvain-la-Neuve, on Tuesday and Friday JANUARY 28 AND 29, 2016 . th

The conference is a meeting place for researchers, users and potential users of Operational Research, Statistics, Computer Science and related fields. It provides managers, practitioners and researchers with a unique opportunity to exchange information on quantitative techniques for decision making.

JANUARY 28-29, 2016 A 5 0 DAYS @ CO R E E V E N T

CALL FOR PAPERS K E YN O T E LE C T U R E S

Eva K. LEE (Georgia Technology Institute) Yurii NESTEROV (Université catholique de Louvain) Laurence A. WOLSEY (Université catholique de Louvain)

VENUE Université catholique de Louvain AGORA Auditorium (Place Agora, B-1348 Louvain-la-Neuve, Belgium)

R E G IS T R AT IO N

As part of CORE’s 50th anniversary celebrations, ORBEL 30 will feature THREE PLENARY SPEAKERS : an international Health OR scientist, Prof. EVA K. LEE , the Director of the Center for Operations Research in Medicine and HealthCare, at Georgia Tech; and two of the best-known Belgian OR academics, Profs YURII NESTEROV and LAURENCE WOLSEY, of CORE.

To register or submit a paper, visit: http://www.orbel.be/orbel30

All researchers, practitioners, and students interested in quantitative methods for decision making are invited to participate in the conference and to present CONTRIBUTED PAPERS on their work in all fields of methodology and applications: >> >> >>

continuous, discrete or stochastic optimization, graphs and networks, multicriteria decision making, decision theory, game theory, simulation, queueing theory, complexity theory, data mining, ...; supply chain management, production planning, scheduling, project management, transportation and traffic management, energy management, DEA and performance management, financial modelling, ...; applications in industry, in the energy sector, in life sciences and in bioinformatics, in public services, in engineering, in health care, in banking, in telecommunications, in sports, in media and entertainment, ...

Additional information can be found on the ORBEL 30 conference website: http://www.orbel.be/orbel30/

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Past Scientific Events — CORE Newsletter #13

PAST SCIENTIFIC EVENTS MEQIN CONFERENCE

OR WORKSHOP

INTERNATIONAL MEQIN CONFERENCE ON WELL-BEING LOUVAIN-LA-NEUVE, MARCH 18, 2015

18TH CEMS WORKSHOP ON LOGISTICS AND SUPPLY CHAIN MANGEMENT BRUSSELS, APRIL 30, 2015

efining well-being is currently a hot topic in economics, partly due to the repeated criticisms towards using GDP per capita to measure it. The MEqIn project, funded in the frame of the Belgian federal BRAIN program (see CORE Newsletter #10) aims at advancing the theory and the empirics of well-being measurement. One big step in the project is the building of a data base of the Belgian population. On March 18, CORE hosted an international conference on well-being, organized by the MEqIn consortium. The morning sessions were devoted to the presentation of the questionnaire that will be the basis for the interview of the Belgian sample. The afternoon sessions gave the floor to three well-known researchers in the field, Marc Fleurbaey (Princeton University), Olivier Bargain (Aix-Marseille School of Economics) and Stéphane Luchini (Aix-Marseille School of Economics).

DOCTORAL WORKSHOP DOCTORAL WORKSHOP IN ECONOMICS LOUVAIN-LA-NEUVE, MAY 5-6, 2015

he Doctoral Workshop takes place twice a year, the Spring Session took place on May 5-6th at CORE. The Workshop in Economics is co-organized by the Université Catholique de Louvain, the Université de Namur and the Université Saint-Louis. It is intended for doctoral students in economics and related fields at any stage of their thesis to acquire experience in presenting their work to a broader audience and discussing it. During these 2 days plenty of presentations took place whose topic ranged from education economics through econometrics to macroeconomics chaired by post-doc students and by professors. A special presentation was given by Prof. Rigas Oikonomou about the academic job market. For the first time all PhD students in Belgium had the possibility to present their work and it proved to be a popular idea: almost third of the presenters were coming from other universities. The next Doctoral Workshop will take place in October at St.Louis, we hope to see you there.

Patrick Gagliardini and Eric Renault, SoFiE Spring School Lecturers

he 18 th CEMS workshop on Logistics and Supply Chain Management took place in Brussels on April 30, 2015. The talks were pretty varied and, as usual, interesting. Xavier Brusset (ESSCA) talked about assessing and hedging weather-sensitive sales. Paul Châtelain (UCL) debated the modelisation of a fair distribution of flyover. Other presenters, all from Erasmus University, discussed competitive fleet investment under uncertainty (Xishu Li) estimating performance in a mobile fulfillment system (Tim Lamballais Tessensohn) and analysis of static vs. dynamic batching in order-pick pperations (Debijt Roy). As usual the discussions between the 20 participants were animated and fruitful.

SOFIE SPRING SCHOOL SOFIE FINANCIAL ECONOMETRICS SPRING SCHOOL 2015 BRUSSELS, JUNE 1-5, 2015

n June 1-5, CeSAM, CORE, KULeuven, ULB, VUB and the National Bank of Belgium organized the first European edition of the SoFiE spring school. The SoFiE Financial Econometrics Schools are annual week-long research-based courses for Ph.D. students and new faculty in financial econometrics. For the first two years, the Summer School was held at Oxford University’s Oxford-Man Institute and in 2014 it moved to Harvard University. In 2015, a Spring School will be organized in Brussels. The lecturers and topics will differ between the two Schools. The event took place at the National Bank of Belgium and it covered the topic of “econometrics of option pricing”. The course was given by Prof. Patrik Gagliardini (Universty of Louvanne) and Prof. Eric Renault (University of Brown). The number of participant was limited to 45 and there were in more than 15 student presentations in the afternoon sessions. The next edition of the SoFiE spring school will be given by Prof. Kenneth Singleton (Stanford). Included in the program there was the first finance seminar series organized by the UCL together with all the other Belgian universities. The speaker was Lasse Pedersen from the NYU Stern and Copenhagen business school. Confirmed speakers for this seminar series for the coming academic year are John Campbell (Harvard) and John Cochrane (Chicago Booth).

Lasse Pedersen, Speaker of the 1st Finance Seminar

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CORE Newsletter #13 — Past Scientific Events

ES WORKSHOP NEW PATHS IN TIME SERIES ECONOMETRICS LOUVAIN-LA-NEUVE, JUNE 5, 2015

ébastien Van Bellegem (CORE) organized a workshop on "New Paths in Time Series Econometrics" on June 5, 2015, sponsored by FNRS and the ARC project CORE-ISBA. The invited speakers were Rainer von Sachs (ISBA), Hernando Ombao (University of California at Irvine), Rytis Bagdziunas (CORE) and Christian Hafner (ISBA and CORE). A common theme was the problem of high dimensionality in time series and dealing with it through various methods such as shrinkage, sparse and non-sparse dimension reduction, and multi-scale factor analysis. Moreover, the talk of Rytis Bagdziunas covered the topic of functional instrumental linear regression. The workshop was followed by the public PhD defense of Daniel Koch on "Multiscale methods for the analysis of high dimensional locally stationary time series".

CEMS COURSE 5TH CEMS PHD COURSE ON "MARKET LIQUIDITY" LOUVAIN-LA-NEUVE, JUNE 10-12, 2015

he Centre of Studies for Asset Management (CeSAM) and CORE organized the 5th CEMS doctoral course in Finance on June 10-12 th. The event took place at the National Bank of Belgium and was jointly organized with finance team of the KULeuven (AFI). This year the course covered the topic of “market liquidity” and was given by Prof. Marco Pagano (University of Neaples) and Prof. Thierry Foucault (HEC Paris). As for the previous editions, the course saw the participation of more than 60 Ph.D. students from all over the world and received an overall appreciation of 4.5/5 by the students. Next year, the 6th edition of the course will still be organized at the National Bank of Belgium.

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Projects/Funding | Prizes & Awards — CORE Newsletter #13

PROJECTS/FUNDING CREG BELGIAN ELECTRICITY AND GAS REGULATORY COMMISSION (CREG), DURATION OF THE PROJECT: JANUARY 2015 - JANUARY 2016

etween early September-mid October 2014, Belgium experienced an unscheduled outage of 4GW of nuclear capacity. Combined with the recent mothballing of conventional capacity in the country, the system faced a severe adequacy problem. Fortunately, favorable winter temperatures prevented involuntary load shedding in the country. Concerned by the ability of the country to serve domestic load, the Belgian Regulatory Commission for Electricity and Gas (CREG) assigned a one-year project to three UCL professors, Anthony Papavasiliou, Yves Smeers and Mathieu Van Vyve, with the purpose of assessing the impact of market design changes on future investment in domestic Belgian capacity. The specific proposition that the CREG wishes to explore is the implementation of operating reserve demand curves, originally proposed by Stoft, later popularized by Hogan, and currently implemented at the Electric Reliability Council of Texas (ERCOT). The goal of operating reserve demand curves is to introduce price elasticity in the procurement of capacity under conditions of scarcity, through adders in real time electricity prices that accurately represent the scarcity conditions of the system. The goal is to incentivize an appropriate level of investment in domestic capacity without resorting to highly unpredictable price spikes, which expose investors to risk and whose cause can oftentimes be attributed to the exercise of market power, rather than true scarcity. The UCL research team will deliver a final report to the CREG in early 2016 and will share their results through the CORE discussion paper series.

PRIZES&AWARDS ADITI DIMRI BEST POSTER AWARD ZÜRICH, MAY 2015

n May 10-15th 2015, ETH Zürich organised a conference on "Social Norms and Institutions: Model Building, Applications, and Empirical Corroborations". The conference offered a platform for the exchange of ideas for experts developing, testing, and applying theories of social norms and institutions across a diverse range of different social sciences. Invited participants were from a variety of countries and have many different disciplinary backgrounds. Aditi Dimri, PhD student on the European Doctorate in Economics Erasmus Mundus (EDEEM) Fellowship, doing a joint degree from CORE, Université Catholique de Louvain, Belgium and Paris School of Economics, France, had the oppurtunity to participate in the conference. She presented her paper titled Household Composition & Women Empowerment: Living with in-laws in India, for which she won the “ BEST POSTER AWARD ” (CHF 500 for a presentation in the poster session). Apart from getting valuable feedback on her work, it gave Aditi the chance to learn and engage with other social scientists working on similar topics. For more information, see: http://www.socio.ethz.ch/en/news-and-events/events/sni2015.html

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CORE Newsletter #13 — New: People @ CORE

PEOPLE @ CORE POSTDOCTORAL RESEARCHERS

ARINHO BERTANHA received his PhD in Economics from Stanford University in June 2015 under the supervision of Professors Han Hong, Caroline Hoxby, and Guido Imbens. His fields are econometrics and applied microeconomics, and his research focus on causal inference, bootstrap and spatial econometrics. After spending one year at CORE, Marinho becomes an Assistant Professor of Economics at the University of Notre Dame (Indiana, USA).

DELINE DECUYPER is finishing her PhD in mathematical engineering at UCL in September in the ICTEAM institute under the supervision of Vincent Blondel and Jean-Charles Delvenne. Her research interests are centered around big data analysis for modeling human behavior, big data for development, and in particular mobile phone and social networks. At CORE, she will work with Isabelle Thomas, Jean-Charles Delvenne and Arnaud Adam on the BRU-NET project, studying the relationships that exist between the Brussels region and its surroundings, through the lens of big data.

UTING MOU received his master degree in Control Science and Engineering from Zhejiang University, China. His thesis dealt with coordination of electric vehicles charging, under the supervision of Professor Minyue Fu and Zhiyun Lin. His research interests include demand-side management in smart grids and distributed optimization. At CORE, he will work in the area of power system operations and power system economics and conduct research in demand response business models, under the supervision of Professor Anthony Papavasiliou.

PHD STUDENTS

AËTAN MONTERO REDONDO recently graduated in geography (general orientation) at the Université catholique de Louvain. His thesis was about the identification of the residential segregation effects in the city of Santiago de Chile thanks to a socioeconomic approach and a fractal approach of the built-up area. As member of the BRU-NET project (Un nouveau regard sur les relations à l’intérieur de l’aire métropolitaine bruxelloise) (INNOVIRIS funding) led by professor Isabelle Thomas, his search at CORE focus on potentials relations between human communities and urban structures (socioeconomics – morphological – government) in the Région Bruxelles Capital.

ONIA TRABELSI graduated in geography, with a specialisation in spatial analysis and modelling, at the University of Luxembourg in summer 2015. In July she started her PhD at UCL, under the supervision of Professor Isabelle Thomas. Her research is linked to the GRESP-HEALTH project (BRAIN-be) on the association between closeness to green and blue areas on specific morbidity and mortality in Belgium. Her focus will be on the geographical and spatial side of the question. Specifically, attention will be drawn to the identification of green and blue areas, appropriate ways to measure them, considering also their relation with the surrounding environment and the users.

THESIS )

MIKEL BEDAYO (SEPTEMBER 21, 2015)

Essays on Financial and Economic Networks Supervisor: Vincent Vannetelbosch

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)

FEDERICO DE STEFANO (JANUARY 30, 2015)

Essays on Nash Equilibrium Refinements Supervisor: Vincent Vannetelbosch

)

STÉPHANE BOUCHÉ (NOVEMBER 27, 2014)

Essays on Growth and Sustainability: Discounting, Habits and Externalities Supervisor: Julio Davila

Upcoming Seminars — CORE Newsletter #13

UPCOMING SEMINARS BROWN BAG

ECONOMICS

SEPTEMBER 30, 2015, 12:45 P.M.

SEPTEMBER 21, 2015, 4:00 P.M.

Joniada Milla, CORE The Long-Term Differential Impacts of a Universal Voucher System

Alex Solis, Uppsala University Credit Access and College Enrollment

OCTOBER 14, 2015, 12:45 P.M.

Gianmario Impulliti, Nottingham University Globalization and Wage Polarization OCTOBER 5, 2015, 4:00 P.M.

OCTOBER 21, 2015, 12:45 P.M.

Anthony Papavasiliou, CORE Capacity Remuneration in the Belgian Electricity Market

Xi Weng, Peking University A Theory of Organizational Dynamics: International Politics and Efficiency OCTOBER 12, 2015, 4:00 P.M.

OCTOBER 28, 2014, 12:45 P.M.

Nicolas Scholtes, CORE Confidence crises in an agent-based network model of the interbank market.

ECONOMETRICS SEPTEMBER 18, 2015, 11:00 A.M. (JOINT WITH LSM)

Jean-Paul Renne, HEC Lausanne Staying at Zero with Affine Processes: An Applicationto Term Structure Modelling

Almut Balleer, Stockholm University Financial market imperfections and the pricing decision of firms: theory and evidence OCTOBER 19, 2015, 4:00 P.M.

Andreas Peichl, ZEW, Centre for European Economic Research Partnership patterns and long-term trends in US family earnings inequality NOVEMBER 9, 2015, 4:00 P.M.

OCTOBER 23, 2015, 11:00 A.M.

Laurens Cherchye, KU Leuven Household consumption when the marriage is stable NOVEMBER 6, 2015, 11:00 A.M.

Richard J. Smith, Cambridge University Additional Conditional Moment Tests NOVEMBER 12, 2015, 11:00 A.M.

Arthur Lewbel, Boston College Unobserved Preference Heterogeneity in Demand Using Generalized Random Coefficients

OCTOBER 13, 2015, 4:30 P.M.

Levent Tunçel, UWaterloo, Canada Primal-Dual Symmetric Interior-Point Methods for Convex Optimization OCTOBER 27, 2015, 4:30 P.M.

Filipe Brandão, Universidade do Porto Bin Packing and Related Problems: General Arc-flow Formulation with Graph Compression NOVEMBER 17, 2015, 4:30 P.M.

NOVEMBER 16, 4:00 P.M.

Andrea Attar, Toulouse School of Economics Multiple lenders, strategic default and covenants NOVEMBER 23, 2015, 4:00 P.M.

Ingvild Almas, Norwegian School of Economics Are Americans more meritocratic and efficiency seeking than Scandinavians?

OCTOBER 9, 2015, 11:00 A.M.

Marinho Bertanha, Stanford University & CORE Essays on the Econometrics of Causal Inference, Resampling and Spatial Dependence

OCTOBER 6, 2015, 4:30 P.M.

Jugal Garg, Max-Planck-Institute for Computer Science Complementary Pivot Algorithms for Market Equilibria

Sjur Didrik FlÅm, University of Bergen Emergence of Market Clearing Prices

OCTOBER 2, 2015, 11:00 A.M. (JOINT WITH LSM)

Oliver Linton, University of Cambridge Semiparametric Dynamic Portfolio Chance with Multiple Conditioning Variables

Bruno Scherrer, Université de Lorraine, and Thomas Duelhom Hansen, Aarhus University On the use of Non-stationary policies for infinite-horizon Markov Decision Processes An improved version of the Random-Facet pivoting rule for the simplex algorithm

Tim Lee, Mannheim University Managing a polarized structural change

SEPTEMBER 25, 2015, 11:00 A.M.

John Quah, Oxford University A revealed preference theory of monotone choice and strategic complementarity

SEPTEMBER 22, 2015, 11:00 A.M. (JOINT WITH CESAME SEMINARS IN SYSTEMS AND CONTROL)

OCTOBER 1, 2015, 12:45 P.M. (JOINT WITH IRES)

Bastien Chabé-Ferret, IRES Do Cultural Norms matter at all cost?

OPERATIONS RESEARCH

NOVEMBER 30, 2015, 4:00 P.M.

Matthew Ellman, IAE Barcelona Optimal crowdfunding design

ECORES

WELFARE ECONOMICS SEPTEMBER 21, 2015

Aditi Dimri, CORE Household Composition & Women Empowerment: Living with in-laws in India SEPTEMBER 28, 2015

François Maniquet, CORE Partial Responsibility for One's Preferences (joint with Marc Fleurbaey)

OCTOBER 26, 2015, 12:30 P.M.

OCTOBER 12, 2015

Marco Becht, ECARES, ULB Does mandatory shareholder voting prevent bad acquisitions? Jan De Loecker, KU Leuven Estimating market power. Evidence from the US beer industry Anthony Papavasiliou, CORE, UCL Study on the remuneration of capacity in conditions of scarcity in Belgium

Vladimir Shikhman, CORE Computation of Fisher-Gale equilibrium by auction (joint with Yurii Nesterov) NOVEMBER 16, 2015

François Maniquet, CORE Well-being, poverty and labor icome taxation: theory and application to Europe and the US (joint with Dirk Neumann) PAGE 11

CORE Newsletter #13 — Publications: New Books

NEW BOOKS PAUL BELLEFLAMME INDUSTRIAL ORGANIZATION: MARKETS AND STRATEGIES. SECOND EDITION (WITH M. PEITZ) CAMBRIDGE: CAMBRIDGE UNIVERSITY PRESS (2015)

horoughly revised according to classroom feedback, Industrial Organization: Markets and Strategies offers an up-to-date and rigorous presentation of modern industrial organization that blends theory with real-world applications and derives implications for firm strategy and competition policy. This comprehensive textbook acquaints readers with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. The second edition includes new and revised formal models and case studies. Formal models are presented in detail, and analyses are summarized in 'lessons' which highlight the main insights. Theories are complemented by numerous real-world cases that engage students and lead them to connect theories to real situations. Chapters include review questions, exercises, and suggestions for further reading to enhance the learning experience, and an accompanying website offers additional student exercises, as well as teaching slides.

JEAN-FRANÇOIS MERTENS REPEATED GAMES (WITH S. SORIN AND S. ZAMIR) CAMBRIDGE (2015)

hree leading experts have produced a landmark work based on a set of working papers published by the Center for Operations Research and Econometrics (CORE) at the Université Catholique de Louvain in 1994 under the title 'Repeated Games', which holds almost mythic status among game theorists. Jean-François Mertens, Sylvain Sorin and Shmuel Zamir have significantly elevated the clarity and depth of presentation with many results presented at a level of generality that goes far beyond the original papers - many written by the authors themselves. Numerous results are new, and many classic results and examples are not to be found elsewhere. Most remain state of the art in the literature. This book is full of challenging and important problems that are set up as exercises, with detailed hints provided for their solutions. A new bibliography traces the development of the core concepts up to the present day.

PAGE 12

Publications Reprints — CORE Newsletter #13

PUBLICATIONS REPRINTS

2655. David de la CROIX and Frédéric DOCQUIER. An incentive mecha-

ECONOMETRICS

INDUSTRIAL ORGANIZATION

2672. Matthieu DUVINAGE, Paolo MAZZA and Mikael PETITJEAN. Testing the profitability of contrarian trading strategies based on the overreaction hypothesis. Bankers, Markets & Investors, 33, 4-10, 2014.

2690. Per J. AGRELL, Peter BOGETOFT and Thor Erik GRAMMELTVEDT.The

2671. Matthieu DUVINAGE, Paolo MAZZA and Mikael PETITJEAN. The intra-day performance of market timing strategies and trading systems based on Japanese candlesticks. Quantitative Finance, 13(7), 1059-1070, 2013. 2651. Luc BAUWENS, Gary KOOP, Dimitris KOROBILIS and Jeroen V.K. ROMBOUTS. The contribution of structural break models to forecasting macroeconomic series. Journal of Applied Econometrics, 30, 596-620, 2015. 2649. Jacques DREZE. The Bayesian approach to simultaneous equations estimation. Chapter 41 in The rise of econometrics: critical concepts in economics - Vol. 3: Consolidation and expansion / ed. by D. Qin. Routledge, 2013, p. 3-62.

nism to break the low-skill immigration deadlock. Review of Economic Dynamics, 18, 593-618, 2014.

efficiency of the regulation for horizontal mergers among electricity distribution operators in Norway. In 2015 12th International Conference on the European Energy Market (EEM 2015), vol. 1, 1-5, 2015. 2659. Paul BELLEFLAMME and Thomas LAMBERT. Crowdfunding: some

empirical findings and microeconomic underpinnings. Forum Financier, Revue Bancaire et Financière 4, 288-296, 2014. 2654. Cristina PARDO-GARCIA and Jose J. SEMPERE-MONERRIS. Equilibrium mergers in a composite good industry with efficiencies. Series-Journal of the Spanish Economics Association, 6, 101-127, 2015.

MACROECONOMICS POLICIES 2686.Claude d'ASPREMONT , Rodolphe DOS SANTOS FERREIRA et Louis-André GERARD-VARET. Investissement stratégique et fluctuations endogènes. Revue Economique, 66(2), 351-368, 2015.

ENERGY ECONOMICS

MICROECONOMIC THEORY

2689. Hélène LE CADRE, Anthony PAPAVASILIOU and Yves SMEERS. Wind farm portfolio optimization under network capacity constraints. European Journal of Operational Research, 247, 560-574, 2015.

2683. Joshy EASAW and Pascal MOSSAY. Households forming macroeconomic expectations: inattentive behavior with social learning. The B.E. Journal of Macroeconomics, 15(1), 339-363, 2015.

2688. Jinil HAN and Anthony PAPAVASILIOU . Congestion management through topological corrections: a case study of Central Western Europe. Energy Policy, 86, 470-482, 2015.

2663. Koen DECANCQ. Copula-based measurement of dependence between dimensions of well-being. Oxford Economic Papers, 66, 681-701, 2014.

GAME THEORY

OPTIMIZATION METHODS AND OPERATIONS RESEARCH

2666. François MANIQUET and Massimo MORELLI. Approval quorums

dominate participation quorums. Social Choice and Welfare, 45, 1-27, 2015. 2653. Ana MAULEON, Jose J. SEMPERE-MONERRIS and Vincent VANNETEL-

BOSCH. Farsighted R&D networks. Economics Letters, 125, 340-342, 2014.

GROWTH AND DEVELOPMENT 2669. Thomas BAUDIN, David de la CROIX and Paula E. GOBBI. Fertility

and childlessness in the United States. American Economic Review, 105(6), 1852-1882, 2015. 2668. David de la CROIX and Fabio MARIANI. From polygyny to serial

monogamy : a unified theory of marriage institutions. Review of Economic Studies, 82, 565-607, 2015. 2667. David de la CROIX and Omar LICANDRO. The longevity of famous

people from Hammurabi to Einstein. Journal of Economic Growth, 20,263-303, 2015.

2687. Abdelrahaman ALY and Mathieu VAN VYV E. Securely solving classical network. In J. Lee and J. Kim (eds.), Information Security and Cryptology - ICISC 2014, Lectures Notes in Computer Science 8949, 205-221, 2015. 2684. Gérard CORNUEJOLS, Laurence WOLSEY and Sercan YILDIZ. Suf-

ficiency of cut-generating functions. Mathematical Programming Series A, 152, 643-651, 2015. 2682. Maguy TREFOIS, Paul VAN DOOREN and Jean-Charles DELVENN E. Binary factorizations of the matrix of all ones. Linear Algebra and its Applications, 468, 63-79, 2015. 2679. Anthony PAPAVASILIOU, Shmuel OREN and Barry ROUNTREE. Applying high performance computing to transmissions-constrained stochastic unit commitment for renewable energy integration. IEEE Transactions on Power Systems, 30(3), 1109-1120, 2015.

PAGE 13

CORE Newsletter #13 — Publications: Reprints & Discussion Papers 2674. Sophie HAUTPHENNE, Gautier KRINGS, Jean-Charles DELVENNE

and Vincent BLONDEL. Sensitivity analysis of a branching process evolving on a network with application in epidemiology. Journal of Complex Networks, 10.1093/comnet/cnv001, 2015. 2673. Jean-Charles DELVENN E, Renaud LAMBIOTTE and Luis E.C. RO-

2648. Mathieu LEFEBVRE, Pierre PESTIEAU, Arno RIEDL and Marie Claire VILLEVAL. Tax evasion and social information: an experiment in Belgium, France, and the Netherlands. International Tax and Public Finance, 22 (3), 2015.

CHA. Diffusion on networked systems is a question of time or structure. Nature Communications, 6, Article Number 7366, 2015.

TRADE, TRANSPORT AND ECONOMIC GEOGRAPHY

2670. Yurii NESTEROV and Vladimir SHIKHMAN. Quasi-monotone subgradient methods for nonsmooth convex minimization. Journal of Optimization Theory, 165, 917-940, 2015.

2678. Justin DELLOYE, Dominique PEETERS and Isabelle THOMAS. On the morphology of a growing city: a heuristic experiment merging static economics with dynamic geography. PLoS One, 10(8): e0135871, 2015.

2662. Henrik SANDBERG, Jean-Charles DELVENNE, Nigel J. NEWTON

2677. Jonathan JONES, Isabelle THOMAS and Dominique PEETERS. Forecasting employment location choices by discrete choice models: a sensitivity analysis to scale and implications for LUT I models. Region, 2(1), 67-93, 2015.

and Sanjoy K. MITTER. Maximum work extraction and implementation costs for nonequilibrium Maxwell's demons. Physical Review E 90 (4), 042119, 2014. 2661. Daniel F. BERNARDES, Fabien TARISSAN, Romain HOLLANDERS,

Bivas MITRA, Jean-Charles DELVENNE and Raphaël M. JUNGERS . Datadriven traffic and diffusion modeling in peer-to-peer networks: a real case study. Network Science 2(3), 341-366, 2014. 2660. Renaud LAMBIOTTE, Jean-Charles DELVENNE and Mauricio BARAHONA. Random walks, Markov processes and the multiscale modular organization of complex network. IEEE Transactions on Network Science and Engineering, 1(2), 76-90, 2014. 2658. Arnaud LATIERS , François GLINEUR and Emmanuel DE JAEGER.

Energy limits in primary frequency control with short-term frequency-band allocation. In Innovative Smart Grid Technologies Conference Europe (ISGT Europe), 2014 IEEE PES, 1-6, 2014. 2656. Dominik DORSCH, Hubertus Th. JONGEN, Jan-J. RUCKMANN

and Vladimir SHIKHMAN. On the local representation of piecewise smooth equations as a Lipschitz manifold. Journal of Mathematical Analysis and Applications, 411 (2), 916-930, 2014.

PUBLIC AND WELFARE ECONOMICS 2685. Laurence JACQUET et Dirk VAN DE GAER. Politiques fiscales

optimales pour les bas revenus et principe de compensation. Revue Economique, 66(3), 579-600, 2015. 2681. Olivier BARGAIN, Mathias DOLLS, Herwig IMMERVOLL, Dirk NEUMANN, Andreas PEICH, Nico PESTEL and Sebastian SIEGLOCH. Tax policy and income inequality in the United States, 1979-2007. Economic Inquiry, 53(2), 1061-1085, 2015. 2680. François MANIQUET et Dirk NEUMANN. Un concept d'échelles

d'équivalence du temps de travail pour l'évaluation de l'impôt sur le revenu. Revue française d'économie, 4(XXIX), 197-234, 2014. 2657. Nguyen Thang DAO and Julio DAVILA. Implementing steady state efficiency in overlapping generations economies with environmental externalities. Journal of Public Economic Theory 16(4), 620-649, 2014.

2676. Jonathan JONES, Dominique PEETERS and Isabelle THOMAS. Is cities delineation a pre requisite for urban modelling? The example of a land price determinants in Brussels. Cybergeo: European Journal of Geography, Article 716, 2015. 2675. Philip USHCHEV, Igor SLOEV and Jacques-François THISSE. Do we

go shopping downtown or in the 'burbs? Journal of Urban Economics, 85, 1-15, 2015. 2665. Toshihiro OKUBO, Pierre M. PICARD and Jacques-François THISSE. On the impact of competition on trade and firm location. Journal of Regional Science, 54(5), 731-574, 2014. 2664. Jacques-François THISSE. The new science of cities by Michael

Batty –the opinion of an Economist. Journal of Economic Literature, 52 (3), 805-819, 2014. 2652. Oscar Alvarzez SAN JAIME, Pedro CANTOS SANCHEZ, Rafael

MONER COLONQUES and Jose J. SEMPERE-MONERRIS. Es possible la competencia en el ferrocarril? Evidencia para Espanya. Revista Economica de Catalunya, 70, 110-120, 2014.

DISCUSSION PAPERS ECONOMETRICS 2015/32. Arnaud DUFAYS and Jeroen V.K. ROMBOUTS . Sparse changepoint time series models. 2015/29. Michel MOUCHART, Guillaume WUNSCH and Federica RUSSO. The issue of control in multivariate systems, a contribution of structural modelling. 2015/22. Frédéric VRINS and Monique JEANBLANC. The Φ-martingale.

2650. Marijn VERSCHELDE, Jean HINDRIKS, Glenn RAYP and Koen

2015/20. Philippe J. DESCHAMPS. Alternative formulations of the leverage effect in a stochastic volatility model with asymmetric heavytailed errors.

SCHOORS. School Staff Autonomy and Educational Performance: Within-School-Type Evidence. Fiscal Studies, 00(0), 1-29, 36 (2) 127– 155, 2015.

2015/18. Yukihiro NISHIMURA and Pierre PESTIEAU. Efficient taxation with differential risks of dependence and mortality.

PAGE 14

Publications: Discussions Papers — CORE Newsletter #13 2015/14. Christian M. HAFNER, Hans MANNER and Léopold SIMAR. The "wrong skewness" problem in stochastic frontier models: a new approach.

GAME THEORY 2015/31. Jens Leth HOUGAARD, Juan D. MORENO-TERNERO, Mich TVEDE and Lars Peter ØSTERDAL. Sharing the proceeds from a hierarchical venture.

2015/17. Mehdi MADANI and Mathieu VAN VYV E. A MIP framework for non-convex uniform price day-ahead electricity auctions. 2015/10. Maurice QUEYR ANN E and Fabio TARDELLA. Carathéodory,

Helly and Radon Numbers for Sublattice Convexities. 2015/13. A.B. TAYLOR , J.M. HENDRICKX and F. GLINEUR. Smooth

strongly convex interpolation and exact worst-case performance of first-order methods.

2015/16. Samuel FEREY and Pierre DEHEZ. Multiple causation, appor-

tionment and the Shapley value.

INDUSTRIAL ORGANIZATION

PUBLIC AND WELFARE ECONOMICS 2015/38. Nguyen Thang DAO and Julio DAVILA. Gender inequality,

technological progress, and the demographic transition.

2015/37. Paul BELLEFLAMME and Dimitri PAOLINI. Strategic promotion

and release decisions for cultural goods.

2015/27. Pierre PESTIEAU and Gregory PONTH IERE. Longevity varia-

tions and the welfare state. 2015/23. Wing Man Wynne LAM. Attack-Deterring and Damage-Control

Investments in Cybersecurity. 2015/15. Paul BELLEFLAMME, Nessrine OMRANI and Martin PEITZ. The economics of crowfunding platforms.

MACROECONOMICS POLICIES 2015/28. Mattéo GODIN and Jean HINDRIKS. A review of critical issues

on tax design and tax administration in a global economy and developing countries. 2015/21. Jean HINDRIKS and Yukihiro NISHIMURA. Equilibrium leadership in tax competition models with capital ownership: a rejoinder.

MICROECONOMIC THEORY 2015/39. Thomas DEMUYNCK, Bram DE ROCK and Victor GINSBURGH.

2015/26. Pierre PESTIEAU and Gregory PONTHIERE. Long-term care and births timing. 2015/25. Philippe DE DONDER and Marie-Louise LEROUX. The political choice of social long term care transfers when family gives time and money. 2015/19. Louis N. CHRISTOFIDES, Michael HOY, Joniada MILLA and Thanasis STENGOS. Nature or nurture in higher education? Inter-generational implications of the Vietnam-Era Lottery.

TRADE, TRANSPORT AND ECONOMIC GEOGRAPHY 2015/11. Takatoshi TABUSHI, Jacques-François THISSE and Xiwei ZHU. Does technological progress affect the location of economic activity?

The transfer paradox in welfare space. 2015/34. Wing Man Wynne LAM. Competition in the market for flexible resources: an application to cloud computing. 2015/33. Wing Man Wynne LAM. Status in organizations. 2015/30. Jean J. GABSZEWICZ, Marco A. MARINI and Ornella TAROLA. Alliance formation in a vertically differentiated market. 2015/24. Wing Man Wynne LAM. Switching Costs in Two-sided Markets. 2015/12. Mathieur PARENTI, Philip USHCHEV and Jacques-François THISSE. Toward a theory of monopolistic competition.

OPTIMIZATION METHODS AND OPERATIONS RESEARCH 2015/36. Maurice QUEYRANNE and Laurence A. WOLSEY. Tight MIP formulations for bounded up/down times and interval-dependent start-ups. 2015/35. Yurii NESTEROV and Vladimir SHIKHMAN. Computation of

Fisher-Gale equilibrium by auction. PAGE 15

CORE Newsletter #13 — Life @ CORE

LIFE@CORE RETREAT AND TEAM BUILDING EARLIER THIS MONTH, CORE FACULTY MEMBERS AND ADMINISTRATIVE STAFF ALIKE SPENT TWO DAYS BRAINSTORMING OVER CORE'S FUTURE

ut of the many ideas that were voiced during the retreat, we have come up with MALK (an opportunity for every CORE member to get together every Monday from 1:20 to 1:50 p.m.), TCIF (every last Friday of the month, we meet and share pizza), an UPGRADED BROWN BAG seminar (quite the success), a READING SEMINAR SERIES MIXING OR AND ET TOPICS, and the OFFICE CHANGE at the beginning of the year 2016.

The hot air balloon ride was a first for many of the participants

CONGRATULATIONS TO Y

BENOÎT DECERF AND FLORENCE HERMANS , happy parents of

the lovely Capucine! (March 17, 2015) What better way to break the ice than with a game of "pétanque"?

g A first group of participants is getting ready for take-off!

CREDITS

CENTER FOR OPERATIONS RESEARCH AND ECONOMETRICS UNIVERSITÉ CATHOLIQUE DE LOUVAIN

TANJA MLINAR AND ALEJANDRO LAMAS for their wedding

(August 22, 2015)

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