Toulouse School of Economics - TSE: Economics: a “living art” in Toulouse potx

Toulouse School
of Economics - TSE
Economics:
a “living art”
in Toulouse
The origins of the Toulouse School of Economics (TSE) can be traced back to the early 1980s,
when Jean-Jacques Laont 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 Laont 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 aliated with
various research institutions (University of Toulouse, EHESS, CNRS, INRA) and about 100 doctoral students
(70% international).
We are now building on Jean-Jacques Laont’s project by expanding and restructuring our undergraduate
and graduate programs.
Jean Tirole
Chairman of the Board of Directors - Jean-Jacques Laont Foundation
An education program supported
by a top worldwide economics department
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.
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.
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.
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TSE oers 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 Laont Foundation : a new and ambitious
step in the development of the Toulouse economics research
department
Jean-Jacques Laont (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 Laont’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
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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 Laont, 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 Laont 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 Laont 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, oer internships to our students or even recruit
them to permanent positions.
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.
Student associations and alumni network:
social and professional integration
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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.
Welcome to Toulouse
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Economics and law
Economics and law
First two years of the bachelor program (without selection)
Économie (Economics)
Economics and
competition law
Statistics
and econometrics
Économie et
statistique
• Economics of markets and organizations
• Economic theory and econometrics
• Financial markets and intermediaries
• Environmental and natural ressources economics
• Developments economics and public policies
Doctorate
Economics
and mathematics
Economics
Economics
and IT
Economics and
Society

IAE
Toulouse School
of Management
Y1+Y2
Senior year
bachelor
Master 1
Master 2
With selection based on
academic excellence
PROFESSIONAL PLACEMENT (finance, bank, insurance, environment, development, consulting )
Senior year Bachelor program
TSE oers 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 oered:
• 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 dierent stages of
the programs.
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.
Teaching program
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www.tse-fr.eu
Master in economics
Master 1
The first year of the Masters program provides a rigorous
training in the major fields of economics. It oers 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 oers 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 auent? Development economics aims to provide an answer
to this dicult 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 dicult 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
oers 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.
Masters program
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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.

Jan Frederik Slijkerman (The Netherlands)
PhD (The Netherlands) - Portfolio Manager

High Yield Debt - AEGON - MIF Master 2000
The Toulouse School of Economics oered 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.
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.
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www.tse-fr.eu
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 oers 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 eective 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.
Doctoral program
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…
Mikhail Drugov (Russia)
Post-Doc - Department of Economics and Nueld 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.
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.
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.
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A world-class Doctoral program
Job type
PhD / Post Doc / Student
Assistant professor
Researcher
Financial executive
Consulting
Analyst
Economist
Other Executive
Chargé d’étude
Associate Professor
Engineer

Actuary
Chargé de mission
Statistician
Trader
Project Manager
Expert
Activity sector
University and research
Bank and Finance
Public sector
Consulting
Insurance and reinsurance
Public research
Transport
International institutions
Others
High tech and software
Information
Energy / Oil / Water
Job opportunities
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www.tse-fr.eu
q Candidates’ profile
• To register for the first and second year of university, you should speak French
fluently. For more information, please visit the following website: www.campusfrance.
org or contact us at
• To apply for the third year of the TSE program, you should speak French and have
spent two years studying economics or mathematics at undergraduate level at university.
• To apply for the Master program, you should hold a BA or BSc in Economics or applied
mathematics (at least 180 ECTS credits).

• MA or MSc holders (four or five years at University) can apply directly to the second year of
the Master program.
Applications are considered from November to April for international students, and in June for
graduates of French universities.
q Admission
Admission is based on academic excellence, assessed through transcripts, letters of recommendation, GRE scores, etc.
q Cost
TSE is a public university program and fees are very low (between 250 € and 400 € per year, plus 200 € for the
mandatory public health insurance). Students will need at least 700 € to 800 € per month to cover all living expenses
(accommodation, meals, transports, etc).
q Scholarships
For international Master students:
Eiel scholarships (from the French Ministry of Foreign Aairs) may be awarded to outstanding international students
from developing countries and Eastern Europe countries (1 100 € per month, for 9-24 months). The deadline for
application to TSE is at the beginning of December.
“Bourses d’études” (also from the French Ministry of Foreign Aairs) are awarded through the French Embassies
channel (750 € per month for 9-12 months). The deadline for applications is February to April.
The TSE program may also award some Master scholarship(s) to outstanding students among selected students. The
selection committee meets in April (no specific scholarship application needed).
The “Association Jean-Jacques Laont” is also oering one scholarship each year to an outstanding student from a
developing country.
UniCredit & Universities Foundation oers one fully-funded scholarship to a student national of one of the 22
European countries in which UniCredit Group operates with outstanding academic background and accepted in the
“Doctoral path” of the Master 2 in economics.
For all from the second Bachelor year to Master 2
Some merit scholarships (1 500 €) are awarded each year.
For PhD students:
Research scholarships from the French Ministry of Research are granted to the students accepted in the PhD course
(1 300 € per month, for three years).
Please note that outstanding students who are not eligible for these scholarships can be oered equivalent

fellowships by the TSE program.
Information
Photo credit : CNRS - C.Lebedinsky, Olivier Colombe. Graphic design : Olivier Colombe
École d’économie de Toulouse - TSE
Université Toulouse 1 Capitole
Manufacture des Tabacs - 31042 Toulouse cedex - France
Tél : +33 (0)5 61 63 36 90 - Fax : +33(0)5 61 63 35 86
www.tse-fr.eu

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on our ocial page “Ecole
d’économie de Toulouse-TSE”