Syllabus
Bloc optionnel 30 ECTS à choisir
- Energy and environmental economics
Energy and environmental economics
Ects : 6
Lecturer :
Total hours : 27
Overview :
- Economie de l'énergie et de l'environnement - Transmission de connaissances fondamentales en économie de l'énergie et de l'environnement The class will provide students with an overview of key concepts in both environmental economics and energy economics. It should enable students to apply these concepts to basic policy analysis. 1. Externalities, Fixed Costs and Information (Private, public goods, club goods and externalities, informational complexity, transaction costs and the Coase theorem) 2. The Optimal Internalisation of Externalities (The Pigouvian approach, instruments for internalisation (taxes, standards, emission trading etc.), efficiency considerations of different internalisation measures, the distributional impacts of different measures) 3. Dimensions of Social Cost (Categories of social costs, risk, uncertainty and real option value) 4. The Measurement of Externalities (Measuring abatement cost, methods to measure social costs I + II) 5. Special Topics: Distribution and Energy Efficiency (Compensating vs. equivalent variation: the impact of distribution on social costs; Energy efficiency and the rebound effect) 6. Electricity Markets I + II (Sustainable development in the energy sector, the functioning of electricity markets and price formation, working with screening curves, the investment challenge according to Joskow, capacity remuneration mechanisms (CRMs), storage and demand response) 7. The Full Costs of Low Carbon Electricity Systems (Projected costs of generating low carbon electricity, full costs and system costs of different generation technologies 8. The Interaction of Carbon and Electricity Markets (Carbon prices and electricity prices: theories of price formation in the carbon market, causality between CO2 prices and different energy variables, rents of electricity producers due to carbon pricing: grandfathering vs. auctioning)
Coefficient : 2
Recommended prerequisites :
Microéconomie
Require prerequisites :
Admission au Master EFC
Learning outcomes :
Compétencess en économie de l'énergie et de l'environnement ;
The class will provide students with an overview of key concepts in both environmental economics and energy economics with a special focus on the performance of European electricity markets. The class will develop those notions in a framework alternating between private and social utility maximisation.
Assessment :
Mémoire sur un de dix sujets proposés en intégrant les acquis du cours
Bibliography-recommended reading
Bibliographie
Arrow, Kenneth J. (1970). “The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-Market Allocation”, in Robert H. Haveman and J. Margolis ( eds.), Public Expenditure and Policy Analysis. Chicago.
Barde, Jean-Philippe (1991), Économie de l’environnement, Presses universitaires de France, Paris.
Baumol William and W. Oates (1988). The Theory of Environmental Policy. New York: Cambridge University Press.
Coase, Ronald (1997), The Firm, the Market and the Law, Chicago: University of Chicago Press.
Coase, Ronald H. (1960). “The Problem of Social Cost”, Journal of Law and Economics 1(1): 1-21.
www.ecosystemvaluation.org/dollar_based.htm
Freeman, Myrick (1979). The Benefits of Environmental Improvements: Theory and Practice. Baltimore: Johns Hopkins University Press.
Hicks, John R. (1932, 1963, The Theory of Wages, London: Macmillan.
Joskow, Paul L. (2006), “Capacity payments in imperfect electricity markets: Need and design”, Utilities Policy (16)3: 159-170.
Joskow, Paul L. (2007), “Competitive Electricity Markets and Investment in New Generating Capacity”, in Dieter Helm (ed.), The New Energy Paradigm, Oxford University Press, pp. 76-121 also at http://economics.mit.edu/files/1190.
Keppler, Jan Horst (2019), The Costs of Decarbonisation: System Costs with High Shares of Nuclear and Renewables, with Marco Cometto, OECD, Paris.
Keppler, Jan Horst (2018), The Full Costs of Electricity Provision, OECD, Paris.
Keppler, Jan Horst (2017), « Rationales for Capacity Remuneration Mechanisms: Security of Supply Externalities and Asymmetric Investment Incentives », Energy Policy 105, 2017, p. 562-570.
Keppler, Jan Horst (2011), Carbon Pricing, Power Markets and the Compe titiveness of Nuclear Power, with Claudio Marcantonini, OCDE, Paris.
Keppler, Jan Horst (2010), « Causalities between CO2, Electricity, and other Energy Variables during Phase I and Phase II of the EU ETS » with M. Mansanet-Batailler, Energy Policy 38(7): 3329-41.
Keppler, Jan Horst (2010), « The Impact of the EU ETS on Prices and Profits in the Electricity Sector » with M. Cruciani, Energy Policy 38(8): 3280-90.
Keppler, Jan Horst (2010), « Going with Coase against Coase: The Dynamic Approach to the Internalization of External Effects », in The Economics and Finance of Sustainable Development, Economica, Paris, p. 118-139.
Keppler, Jan Horst (2000), « Prices, Technology Policy and the Rebound Effect » with F. Birol, Energy Policy 28 (6-7), p. 457-469.
Keppler, Jan Horst (1998), « Externalities, Fixed Costs and Information », Kyklos 52 (4), p. 547-563.
Keppler, Jan Horst (1992), « Abgabentariffierung vor dem Hintergrund konkreter Gesetzesvorhaben » with A. Eberhardt, Zeitschrift für Angewandte Umweltforschung 5(3), 1992, p. 360-373.
Léautier, Thomas-Olivier (2013), “The Visible Hand: Ensuring Optimal Investment in Electric Power Generation”, IDEI Working Paper 605, http://idei.fr/display.php?a=22628.
Lind, R. C., Ed. (1982), Discounting for Time and Risk in Energy Policy, Washington, DC: Resources for the Future.
Pearce, D. W. and R. K. Turner (1990), Economics of Natural Resources and the Environment, Baltimore, The Johns Hopkins University Press.
Pigou, Arthur Cecil. 1920. The Economics of Welfare. 2nd Edition. London: Macmillan.
Stoft, Steven (2002), Power System Economics, Piscataway (NJ), IEEE Press.
Viscusi, Kip (2005), “The Value of Life”, Harvard Law School, Discussion Paper No. 517, 06/2005, available at http://law.harvard.edu/programs/olin_center/.
Weitzman, Martin (1974), “Prices vs. Quantities”, Review of Economic Studies 41(4), p. 477-491.
- Economics of climate change
Economics of climate change
Ects : 6
Lecturer :
Total hours : 36
Overview :
Présentation générale Le changement climatique est principalement lié à un modèle énergétique historiquement basé sur les énergies fossiles (charbon, pétrole et gaz naturel) depuis la première révolution industrielle. Limiter les principaux effets du changement climatique (événements climatiques extrêmes, pollution atmosphérique, élévation du niveau de la mer, ...) et leurs coûts économiques implique de déployer des moyens énergétiques bas carbone (éolien, solaire, ...), d'améliorer l'efficacité énergétique et, plus largement, de transformer l'organisation de nos sociétés. Dans ce contexte, le cours examine : - La théorie économique, les perspectives empiriques et l'économie politique de l'offre et de la demande d'énergie, tant pour les combustibles fossiles que pour les sources d'énergie renouvelables. - Les politiques publiques affectant les marchés de l'énergie, y compris la taxation, la régulation et la dérégulation des prix, l'efficacité énergétique et le contrôle des émissions. - Une attention particulière sera accordée aux politiques économiques telles que les taxes sur le carbone et les permis d'émission négociables, ainsi qu'aux problèmes liés au remplacement des combustibles fossiles par de nouvelles technologies énergétiques.
Coefficient : 2
Learning outcomes :
Compétences en économie du changement climatique
Assessment :
Projet final en groupe (70%) et fiche d'analyse d'un texte théorique (30%)
Bibliography-recommended reading
Tous les matériaux sont fournis dans le cadre du courts
- Emperical Modeling of Electricity and Gas Markets
Emperical Modeling of Electricity and Gas Markets
Ects : 6
Lecturer :
Total hours : 36
Overview :
Fondamentaux des marchés électricité et gaz Modélisation empirique des marchés de l'électricité et du gaz Analyse des principales source d'information pour la modélisation empirique des marchés de l'électricité et du gaz
Coefficient : 2
Recommended prerequisites :
Econométrie
Require prerequisites :
Economie Industrielle
Learning outcomes :
Compétences en modélisation empirique des marchés de l'électricité et du gaz
Assessment :
Examen écrit
Bibliography-recommended reading
Creti-Fontini, 2019, Economics of Electricity: markets, competiton and rules
- Evaluation des risques et analyse d'investissement dans les marchés de l'énergie
Evaluation des risques et analyse d'investissement dans les marchés de l'énergie
Ects : 3
Lecturer :
- FABIEN ROQUES
Total hours : 18
Overview :
- Evaluation des risques et introduction au financement de projet dans les marchés énergétiques - Transmission de connaissances fondamentales en évaluation des risques et introduction au financement de projet dans les marchés énergétiques
Coefficient : 1
Learning outcomes :
Compétences en évaluation des risques et introduction au financement de projet dans les marchés énergétiques
- Green Finance : Market Finance and Project Financing
Green Finance : Market Finance and Project Financing
Ects : 6
Lecturer :
- STEPHANE VOISIN
- CYRIL KATCHOURINE
- AMAURY TESTU DE BALINCOURT
- ANTOINE BLAYAU
Total hours : 36
Overview :
Project Finance
1. Introduction to Project Finance (1/2) a. Comparison with corporate finance b. Risks analysis c. Impact on contractual framework d. Overview of the various lenders Debt raising process and syndication
2. Introduction to Project Finance (2/2) a. Introduction to financing documentation b. The investors ’ perspective c. Job industry Case study: offshore wind financing & refinancing
3. Cashflow modeling a. Introduction to financial model b. Key ratios Modeling exercise on excel
4. Speakers from a developer/bank and/or advisors to present various points of view and perspectives on PF and Q&A sessions
Market Finance Chapter I. Introduction and Reminders The aim of this chapter is to (i) review the fundamentals as regards the functioning of financial markets and (ii) take stock of the impact of human activities on the environment, focusing in particular on climate change.
Chapter II. The material effect of environmental risks on financial markets The chapter reviews recent studies on the physical and environmental transition risks, socially responsible investment and its motivations (Riedl and Smeets (2017)) and the major challenges of environmental finance, especially regarding regulatory projects and the design of guidelines to good practices (TCFD (2017), HLEG (2018)). The academic literature on companies' cost of capital in relation to their environmental impact is reviewed (Derwall et al. (2005), Renneboog et al. (2008), Sharfman and Fernando (2008), Capelle-Blancard and Laguna (2010), ElGhoul et al. (2011), Chava (2014), Kruger (2015), In et al. (2018), Capelle-Blancard et al. (2019), Zerbib (2020)).
Chapter III. Investors' environmental and sustainable practices This chapter deals with the practices of institutional investors of several kinds (Kruger et al. (201 8)): insurance companies, pension funds, banks and asset managers (Andersson et al. (2016)). It focuses on various methods of sustainable investment, such as exclusion (Hong and Kacperczyk (2009)), ESG screening, corporate engagement (Dimson et al. (2015) and Hoepner et al. (2018)), and impact investing. It includes an analysis of telecoupling and investors' responsibility in activities with a high environmental impact (Scholtens (2017) and Galaz et al. (2018)) as well as investors' ability to make corporate practices greener (Heinkel et al. (2001)).
Chapter IV. Financing green assets Here the focus is on the various securities available for financing green projects: green bonds (Flammer (2018), Paranque and Revelli (2019), Zerbib (2019)), project bonds, sustainable infrastructure, real estate, green funds, and labels.
Chapter V. Measuring the environmental impact of investments Presentation of the metrics available, their strengths and limitations: the carbon footprint, carbon intensity, green share, brown share and stranded asset issues (Trinks et al. (2018)), avoided emissions, 2-degree alignment, and the Net Environmental Contribution (NEC).
Chapter VI. Central Banking and Green Finance This chapter deals with the reasons why central banks are concerned about the environmental impact of investments and financial markets, their ability to integrate the management of this additional systemic risk into their mandate (see Benoît Coeure's speech at the ECB in November 2018, Campiglio (2016)) and the limitations of this exercise.
Coefficient : 2
Learning outcomes :
This course is designed to provide students with the tools to understand and support the greening of the financial system by articulating concrete examples, academic papers, and latest regulations.
Skills acquired during the course:
• Understanding the mechanisms at play in project finance applied to green assets
• Understanding of main climate risks underlying financial assets
• Identification of the environmental impact of financial assets
• Knowledge of various methods and practices of environmental investing
• Knowledge of the latest environmental finance regulations
Assessment :
Project Finance To be described
Market Finance Essay and Oral presentation Quizz
- Saving and the financing of the real economy
Saving and the financing of the real economy
Ects : 3
Lecturer :
- CYRIL BLESSON
Total hours : 15
Overview :
Analyse des mécanismes de l'accumulation patrimoniale des ménages et ses interactions avec l'économie
Etude en profondeur du marché de l'épargne hexagonal et du rôle de chaque produit existant pour le financement de l'économie
Coefficient : 1
Recommended prerequisites :
Théorie de l'épargne (Keynes, Brown, Modigliani, Friedman etc..)
Learning outcomes :
Théorie de l'épargne
Assessment :
exposés et examens écrit
- Macro-economy for market participants
Macro-economy for market participants
Ects : 3
Lecturer :
- FLORENCE PISANI
Total hours : 24
Overview :
I.Comment les marchés suivent la conjoncture : un cadre d’analyse II. Les marchés de taux d’intérêt III. Les marchés boursiers IV. Les marchés des changes Ce cours vise à permettre aux étudiants de faire le lien entre les évolutions macroéconomiques et celles des marchés financiers.
Learning outcomes :
À la fin du cours les étudiants devront avoir une meilleure compréhension des interactions entre les marchés financiers et les évolutions macro-économiques dans les économies avancées.
Assessment :
Un exposé et éventuellement un devoir sur table permettent aux étudiants de travailler sur leur capacité de synthèse et leur capacité à analyser la conjoncture en lien avec l'actualité des marchés.
Bibliography-recommended reading
- Brender A. et F. Pisani (2001), Les marchés et la croissance, Economica, Paris. - Brender A. et F. Pisani (2010), Global imbalances and the collapse of globalised finance, CEPS, Brussels. - Gurkaynak R., B. Sack et E. Swanson (2004), « Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements », Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System. - Kozicki S. et G. H. Sellon Jr. (2005): “Longer-Term Perspective on the Yield Curve and Monetary Policy”, Economic Review, Federal Reserve Bank of Kansas city, Fourth Quarter - Wright J. H. (2007): “The yield curve and predicting recessions”, Staff working papers in the Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System.
- Leadership en finance et Entreprenariat
Leadership en finance et Entreprenariat
Ects : 6
Lecturer :
- MATHIAS GARCIA REINOSO
Total hours : 24
Overview :
The course is structured around four interconnected pillars: stress management, presentation skills, active listening, and decision-making with its inherent unconscious biases. These themes are not treated in isolation; they are explored in an integrated, iterative manner, reflecting the way they interrelate in real-life professional settings.
We begin with stress, examining its origins through a neuroscientific and evolutionary lens, and move towards concrete strategies for managing it in high-stakes or emotionally charged situations. Presentation techniques build on this foundation, focusing on the impact of voice, body language, and emotional regulation in communicating ideas with clarity and presence. Active listening, feedback, and negotiation are approached through practical exercises that emphasise empathy, clarity, and adaptability. Decision-making and cognitive biases are addressed throughout the course as a thread that runs through all interactions, shaping both what we perceive and how we respond.
A continuous blend of theory and practice shapes the learning experience: scientific insights are immediately tested through discussion, reflection, and real-world application. Depending on the group’s needs and interests, additional topics such as time management, strategic thinking, or intercultural communication may also be explored.
Learning outcomes :
This course aims to equip students with essential skills in leadership and interpersonal communication, with an emphasis on the practical application of theoretical concepts. Drawing on insights from neuroscience, behavioural science, and the science of learning, the course helps students better understand how people think, decide, and interact (starting with themselves). They will learn to recognise and manage stress, develop more effective communication strategies, and improve their ability to listen, give feedback, and navigate negotiation scenarios. The course also emphasises the importance of adapting and growing, encouraging students to develop habits of self-awareness and continuous learning. Throughout, particular attention is given to decision-making and unconscious biases, which are consistently integrated into the learning process to deepen their understanding of human behaviour in leadership contexts.
- Python pour l'analyse de données financières en temps réel
Python pour l'analyse de données financières en temps réel
Ects : 6
Lecturer :
- ADRIEN HUSSON
Total hours : 24
Coefficient : 2
- Investing on financial markets
Investing on financial markets
Ects : 3
Lecturer :
- DENIS BEAUDOIN
Total hours : 24
Overview :
The course aims at grasping key financial asset management principles and concepts, their goals, major means, common tools & constraints, in a search of a "reasonably optimal" portfolio.
I-A review of investment processes, techniques and models over time
II-Investment Process: investment philosophy, investment universe, asset selection, portfolio construction, risk monitoring, reporting
III-Diversification, factors & risk premia
IV-Risks & return assessment (VaR, CVaR, EVT, major ratios)
V-Directional & non-directional strategies for relative or absolute expected returns
VI-SRI, ESG and other non-financial inputs
VII- Case studies (investment themes & asset managers)
Coefficient : 1
Recommended prerequisites :
Open mindedness
Require prerequisites :
Prior knowledge of major financial markets instruments (equities, bonds, forex, commodities, derivatives
Learning outcomes :
Understanding asset management's purpose and optimization.
Understanding uncertainty reduction techniques to improve investment decisions over time.
Portfolio construction & risk-return analyses.
Assessment :
Two team-based class presentations: a first one about a pre-approved theoritical subject, and a second one being a feedback following a meeting with a CIO or a CEO of a Paris-based asset management company (meetings arranged by the lecturer)
Bibliography-recommended reading
Not easy: Expected Returns - An Investor ’ s Guide to Harvesting Market Rewards, by Antti Ilmanen, Wiley Finance (2011) Bedside reading: The Intelligent Investor, subtitled “ The definitive book on value investing ” , by Benjamin Graham, Harper Business Essentials (2006) Easier and entertaining: Fooled by randomness, subtitled “ The hidden role of chance in life and in the markets ” by Nassim Taleb, Penguin Books (2007)
- Corporate strategy
Corporate strategy
Ects : 3
Lecturer :
- CHRISTELLE GANNAGE
Total hours : 12
Coefficient : 1
- SAS/R/SQL - Data analysis-Data Modeling
SAS/R/SQL - Data analysis-Data Modeling
Ects : 3
Lecturer :
- JEROME LEPAGNOL
Total hours : 21
Coefficient : 1
- Behavioral finance
Behavioral finance
Semestre 3 à l'étranger pour les dauphinois (30 ECTS)
Bloc optionnel 6 ECTS à choisir
- Advanced Econometrics
Advanced Econometrics
Ects : 3
Lecturer :
Total hours : 12
Overview :
Sujet 1 : Mesures de risque de marché (Volatilité, Value-at-Risk et Expected Shortfall) – modèles ARCH/GARCH univariés Sujet 2 : Tests de validation des mesures de risque (couverture non-conditionnelle, conditionnelle, test d’indépendance, super exception) Sujet 3 : Risque systémique et régulation macroprudentielle (Absorption ratio, MES, SRISK, Delta CoVaR et établissements bancaires d’importance systémique) – modèles ARCH/GARCH multivariés (CCC, DCC, BEKK)
Coefficient : 1
Recommended prerequisites :
Programmation en Python. Cours de séries temporelles (modèles SARIMA).
Learning outcomes :
Ce cours a pour objectif de développer les compétences techniques des étudiants (applications sous Python) afin qu'ils soient capables de manipuler facilement des séries de rendements financiers. A la fin du cours, l'étudiant est donc capables d'identifier un processus sous-jacent sur les rendements financiers lui permettant de construire une mesure de risque de marché comme le demande le comité de Bâle dans ses accords éponymes qui règlementent le secteur bancaire. Au-delà, des aspects pratiques, ce cours développent les différents aspects de la réglementation prudentielle.
Assessment :
Examen final en salle machine.
Bibliography-recommended reading
Hull, J. C., 2015, Risk Management and Financial Institutions, 4th Edition, Wiley Finance. Jorion, P., 2011, Financial Risk Management Handbook, Wiley Finance Roncalli, T., 2009, La gestion des risques financiers (2e edition).
- APT model and methodology
APT model and methodology
Ects : 3
Lecturer :
- KARIM JACQUELIN
Total hours : 18
Overview :
Rétrospective historique des Modèles de Risque et Théories sous-jacentes
Concepts et Mathématiques des indicateurs de risque généraux avec APT (Volatilité - Tracking Error - Beta - Corrélation...)
Concepts et Mathématiques des indicateurs de risque avancés avec APT (VaR Monte Carlo - Attribution de risque - Stress Testing...)
Cas pratiques d'utilisation des indicateurs de risque pour analyser et gérer les risques de portefeuilles en société de gestion
Evaluation des risques et des performances des fonds
Cas pratiques d'utilisation du risque pour gérer, optimiser et construire des portefeuilles : gestion quantitative avec des préférences explicites, intégration de critères ESG...
Coefficient : 1
Recommended prerequisites :
Théorie Moderne de Gestion de Portefeuille (MEDAF, Volatilité, Frontière efficiente...)
Learning outcomes :
Suite à la formation l'étudiant aura acquis une compréhension du modèle de risque et de la méthodologie APT.
Le cours vise aussi à montrer l'intérêt de l'approche multifactorielle statistique APT pour:
- comprendre, analyser et gérer les risques de portefeuilles d'actifs financiers.
- utiliser les concepts de risque pour gérer des portefeuilles en société de gestion avec une approche quantitative.
Assessment :
Participation
Travail en groupe
Examen sur table
Bibliography-recommended reading
Allocation d'Actifs - Théorie et pratiques (Chapitre 6 - Gestion du risque)
- Structured products
Structured products
Ects : 3
Lecturer :
- PHILIPPE DUMONT
Total hours : 18
Coefficient : 1
- Corporate rating
Corporate rating
Ects : 3
Lecturer :
- AURELIE SALMON
Total hours : 21
Coefficient : 1
- ESG Investment
ESG Investment
Ects : 3
Lecturer :
- VINCENT COMPIEGNE
- ELIE EL KADI
Total hours : 12
Coefficient : 1
- Commodity markets
Commodity markets
Ects : 3
Lecturer :
- SYLVAIN BERTHELET
Total hours : 24
Overview :
Raison d'être of commodity futures markets : three different approaches. Relationships with cash commodity markets and other asset classes. Examples, hedging and trading strategies.
Coefficient : 1
Recommended prerequisites :
Economics basics.
Learning outcomes :
Market mechanisms, instruments (futures and options) and the basis (difference between the cash price and the future price).
Assessment :
Written exam following the lecture.
- Internship Report
Internship Report
Ects : 6
Coefficient : 2
- The impact of Big Data and Artificial Intelligence on Finance
The impact of Big Data and Artificial Intelligence on Finance
Ects : 3
Lecturer :
- GUILHEM BENTOGLIO
Total hours : 16
Coefficient : 1
- Dérivés énergétiques
Dérivés énergétiques
Ects : 3
Lecturer :
- LISE RAYNAUD
Total hours : 18
Coefficient : 1
- Global Climate Finance
Global Climate Finance
- Financial modeling in renewable energy
Financial modeling in renewable energy
Ects : 3
Lecturer :
- CHRISTOPHE LAHON
Total hours : 18
Coefficient : 1
- Summer School in green finance
Summer School in green finance
Obligatoire 24 ECTS à choisir
- Research Master Thesis
Research Master Thesis
Ects : 24
Coefficient : 4
- Profesional Master Thesis
Profesional Master Thesis
Ects : 24
Coefficient : 4
Semestre 4 à l'étranger pour les dauphinois (30 ECTS)
Academic Training Year 2025 - 2026 - subject to modification
Internships and Supervised Projects
Admitted students may complete a long end-of-studies internship lasting of at least six months’ duration in France or abroad during the second semester. Some of these students choose the research track and write a research thesis, with the possibility of doing so jointly with another institution or abroad.
Research-driven Programs
Training courses are developed in close collaboration with Dauphine's world-class research programs, which ensure high standards and innovation.
Research is organized around 6 disciplines all centered on the sciences of organizations and decision making.
Learn more about research at Dauphine