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TSE Chair

SCOR-TSE “Risk Markets & Value Creation” Chair, 2008 - 2026

The SCOR/Risk Foundation “Risk Markets and Value Creation” Chair was created in 2008 and has since been renewed four times, in 2012, 2017, 2020 and 2023. It was last renewed for the period from 2023 to 2026


Head of the Chair: Christian Gollier | Co-Head of the Chair: Stephane Villeneuve | Click here to access the TSE Chair website.

Fields of research / technical cooperation: Economics of Risk and Uncertainty 



The aim of the chair is to support theoretical and applied research on risk sharing, with a view to combining the methodologies of financial economics, industrial organization, and econometrics.

In addition to their work in the historical research fields of the chair (such as regulation, long-term care, and risk attitude), the TSE researchers aim to develop the following research projects over the next three years :

A- Behavioral economics
   1- Ethics
   2- Behavioral Insurance Economics

B- Green challenges for long-term investments
   1- Sustainability outside the Gaussian world
   2- Tipping Points 
   3- Cost of capital, liquidity holding and green transition 
   4- Socially Responsible Investment under the threat of Greenwashing

C- Capital requirements for insurance companies
   1- Capital requirements for insurance companies

D- Health economics and aging
   1- Screening for fragility with primary and secondary prevention 
   2- Health economics and aging: Diets across life courses
   3- Social norms and consumption 
   4- Social LTC insurance with different sources of dependence
   5- Bequests, mortality and dependence
   6- The timing of intergenerational transfers 
   7- The differential taxation of inter-vivo gifts and bequests and LTC insurance 
   8- Workers’ motivation and quality of care in nursing homes

General activities

The chair’s activities are structured around three areas:


   • Writing an annual research activity report 
   • Popularizing one or two research article(s) per year, presented in the form of a newsletter titled “Journal of SCOR-TSE Partnership”
   • Producing working papers: all work will be grouped together at

   • Holding a conference/event every 18 months 
   • Organizing workshops or webinars once or twice per year

Researchers and practitioners interact on a regular basis, particularly during events organized by the chair (whether workshops or conferences) or for the writing of press articles that help to enhance the risk management community’s knowledge concerning the economics of risk-sharing.


Two prizes per year – one for a young economist and another for the best paper –  are awarded during the SCOR-EGRIE conference.

Click here for more information about the associate researchers.


Click here to consult all Chair events and associated information.


More information about the SCOR-TSE Chair

2023 Awards


During the 2023 annual seminar of the European Group Risk and Insurance Economists, the prize "SCOR-EGRIE young Economist Best Paper Award" was awarded to Moritz Loewenfeld (TSE) and Jiakun Zheng (Aix-Marseille School of Economics) for the paper "Uncovering correlation sensitivity in decision making under risk".


2022 Awards


During the 49th annual seminar of the European Group of Risk and Insurance Economists (EGRIE), one award sponsored by the SCOR Corporate Foundation for Science and the SCOR group was presented

  • The SCOR-EGRIE Young Economist Award went to Lan ZOU of University of Gallen, Switzerland, for her paper “The impact of subsidies on deductible choice in health insurance”.

2021 Awards


During the 48th annual seminar of the European Group of Risk and Insurance Economists (EGRIE), two awards sponsored by the SCOR Corporate Foundation for Science and the SCOR group were presented

  • The SCOR-Geneva Risk and Insurance Review Best Paper Award went to Christian Gollier, Professor of Economics and Managing Director at the Toulouse School of Economics, for his article “Pandemic economics: optimal dynamic confinement under uncertainty and learning”.
  • The SCOR-EGRIE Young Economist Award(1) went to Julia Holzapfel of the LMU Munich School of Management, for her article “Classification risk in health insurance: The interaction of prevention and guaranteed renewable insurance”, which shows that Guaranteed Renewable contracts which reward investments in prevention but do not use genetic information in pricing can be a good compromise to offer classification risk insurance at an attractive price without disadvantaging individuals with an unfortunate genetic endowment.

2020 Awards

During the 47th annual seminar of the European Group of Risk and Insurance Economists (EGRIE), two awards sponsored by the SCOR Corporate Foundation for Science and the SCOR group were presented in August:

  • The SCOR-Geneva Risk and Insurance Review Best Paper Award went to Céline Grislain-Letrémy of CREST and Université Paris-Dauphine and Bertrand Villeneuve of Université Paris-Dauphine for their joint article “Natural Disasters, Land-Use, and Insurance”; 
  • The SCOR-EGRIE Young Economist Award went to Richard Peter of University of Iowa and Pascal Toquebeuf of University of Grenobles-Alpes, for their joint article “Separating ambiguity and ambiguity attitude with mean-preserving capacities: Theory and applications”.


2019 Awards

Paris, September 26, 2019 – Two prizes sponsored by the SCOR Foundation for Science and the SCOR group were awarded on Saturday, September 21, 2019, as part of the 44th annual seminar of the European Group of Risk and Insurance Economists (EGRIE): 

  • The SCOR-Geneva Risk and Insurance Review Best Paper Award went to Miles Kimball of the University of Colorado and Christian Gollier of the Toulouse School of Economics for their joint article “New methods in the classical economics of uncertainty: Comparing risks”.

  • The SCOR-EGRIE Young Economist Award went to Lu Li of Ludwig-Maximilians-Universität in Munich, for her article “Opening up the black box: The impact of technological transparency on self-protection” (other nominees were Tim Boonen and Mario Ghossoub, Anastasios Dosis).

Click here to read the press release.


Previous Years

Award Winners: Wanda Mimra, Janina Nemitz, and Christian Waibel
Title: Voluntary Pooling of Genetic Risk: A Health Insurance Experiment
Other Nominees: Johannes Jaspersen, Richard Peter and Marc Ragin, Yehuda Levy and André Veiga

Award Winner: Sebastian Ebert
Title: Decision making when things are only a matter of time
Other Nominees: Carole Bernard and Thorsten Moening, Christian Kubitza

Award Winners: Maria Efthymiou and Andreas Milidonis
Title: Does Limited Attention Affect Institutional Trading?
Other Nominees: Semir Ben Ammar, Alexander Braun and Martin Eling, Christian Hilpert

Award Winner: Svenja Hector 
Title: Extending the Ramsey Equation further: Discounting under Mutually Utility Independent and Recursive Preferences 
Other Nominees: Ola Mahmoud, Sebastian Schlütter

Award Winners: Nadine Gatzert, Sebastian Pokutta, and Nikolai Vogl
Title: Convergence of Capital and Insurance Markets: Consistent Pricing of Indexed-Linked Catastrophic Loss Instruments
Other Nominees: Katarzyna Werner, Muhammed Altuntas, Thomas Berry-Stölzle and Sabine Wende

Award Winners: Sebastian Ebert and Philipp Strack
Title: Until the Bitter End: On Prospect Theory in a Dynamic Context 
Other Nominees: Daniel Bauer, Enrico Biffis and Luz Rocio Sotomayor, Nadine Gatzert and Michael Martin

Award Winner: Andreas Milidonis 
Title: Compensation Incentives of Credit Ratings Agencies and Predictability of Changes in Bond Ratings and Financial Strength Ratings
Other Nominees: Robert Kremslehner, Annette Hofmann and Richard Peter

Award Winners: Carole Bernard and Steven Vanduffel
Title: Financial Bounds for Insurance Claims
Other Nominees: Johannes Maier and Maximilian Rüger, AJ Allen Bostian and Christoph Heinzel

Award Winner: Sara Arvidsson
Title: Does Private Information Affect the Insurance Risk? Evidence from the Automobile Insurance Market
Other Nominees: Damir Filipovic, Robert Kremslehner and Alexander Muermann, Thomas Post and Katja Hanewald

Award Winners: Julien Hardelin and Sabine Lemoyne de Forges
Title: Price Competition and Capital Choice of Risk Averse Firms: Application to the Insurance Industry
Other Nominees: David Crainich, Robert Kremslehner and Alexander Mürmann     

Award Winner: Joerg Schiller
Title: Matching and Risk Classification in Insurance Markets with Intermediation
Other Nominees: Gudrun Hoermann, Nadine Gatzert and Hato Schmeiser, Paolo Zanghieri