Optimum de Pareto | EPFL Graph Search

Un optimum de Pareto est une allocation des ressources sans alternative, c'est-à-dire que tous les agents économiques sont dans une situation telle qu'il est impossible d'améliorer le sort de l'un d'entre eux sans réduire la satisfaction d'un autre. Concept majeur de la microéconomie, il porte le nom de l'économiste italien Vilfredo Pareto, qui l'a utilisé pour décrire un état de la société dans lequel on ne peut pas améliorer le bien-être d’un individu sans détériorer celui d’un autre. Concept d'optimum de Pareto Définition La notion d'optimum de Pareto permet de diviser en deux l'ensemble des états possibles de la société. On peut ainsi distinguer :

ceux qui sont uniformément améliorables : il est possible d'augmenter le bien-être de certains individus sans réduire celui des autres ;
ceux qui ne sont pas uniformément améliorables : l'augmentation du bien-être de certains individus implique la réduction du bien-être d'au moins un autre individu. Ce sont

Essays in Financial Economics

Kevin Marc Rageth

This thesis consists of two chapters that study separate subjects in the area of corporate finance.The first chapter, titled âEconomic Gains in Bank Mergers and Acquisitions â Evidence from Targetsâ, investigates economic gains in bank mergers and acquisitions (M&A) by focusing on bank targets. Demonstrating efficiency increases resulting from bank M&A has been elusive to the banking literature. Imake use of a novel hand-collected dataset, which allows to observe financial statements for transacted target banks both before and after the deal effective date. Addressing endogeneity concerns by constructing the counterfactual frommergers that fail for reasons exogenous to target performance, I show evidence that acquiring banks create economic value by pursuing M&A deals. Cost reductions and higher post-deal securities productivity constitute bankM&A related value sources. The results are consistent with banks pursuingM&A to realize economies of scale.The second chapter, which is co-authored work with RÃŒdiger Fahlenbrach and RenÃ© Stulz, is titled âHow Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisisâ. We use the COVID-19 shock as a laboratory to investigate the value of financial flexibility. Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26%, or 9.7 percentage points, lower than those with low financial flexibility. This differential return persists as stock prices rebound. Firms more exposed to the COVID-19 shock benefit more from cash holdings. No evidence suggests that recent payouts worsened the average firmâs drop in stock price. Our results cannot be explained by a leverage effect.

EPFL2022

Developing structure-oriented models for enzymatic hydrolysis of lignocellulosic biomass

Jessica Charlène Rohrbach

With the unsustainable use of fossil fuels increasing strains on human institutions and ecosystems, the development of a renewable energy alternative is of paramount importance. Second generation biorefineries, based on the production of fuels and chemicals from lignocellulosic biomass, appear as attractive alternative to their non-renewable counterparts. Within the multiplicity of existing valorisation routes, enzymatic hydrolysis of lignocellulosic biomass into its constituent sugars has generated considerable interest, notably in the context of biofuels production. However, major hurdles stemming from the intricate structure of the lignocellulosic feedstocks still impede large-scale deployment of this process. The multiplicity of highly intertwined spatiotemporal factors impacting the enzymatic hydrolysis of lignocellulosic biomass represents a challenge to rationally design efficient hydrolysis process. Here, we propose a theory-based modelling framework relying on pore-diffusion and surface reaction to explore the effects of recognised bottlenecks on the enzymatic hydrolysis of lignocellulosic substrates. The model is based on a set of partial differential equations describing the evolution of the substrate morphology to investigate the interplay between experimental conditions and the physical characteristics of biomass particles as the reaction proceeds. The overall quantity of cellulase present in the hydrolysis mixture is carefully considered to investigate its interplay with the available accessible cellulose surface. Also, non-uniformity in terms of cellulose accessibility and cellulose digestibility are introduced in the model to weight their influence on observed hydrolysis rates. Finally, deactivation mechanisms are considered through unproductive adsorption of cellulases on both cellulose and lignin fractions, with the existence of such phenomena alleged to be critical in the efficiency of the hydrolysis process. Based on predictions of our model, we were able to confirm the critical role of cellulose accessibility, as defined by the combination of particle size, porosity and accessible cellulose surface, in dictating early reaction rates for a range of pretreated beech wood substrates. While high biomass loading should be favoured to improve enzyme penetration in the substrates, high enzyme loadings going beyond the initial number of cellulose adsorption appeared beneficial in notably two cases: (i) to promote internal diffusion in large particles and (ii) counteract undesired enzyme adsorption on lignin. For the latter, a relatively low increase in enzyme loading was sufficient to offset the resulting slowdown. We also showed that the existence of structural heterogeneities, and in particular non-uniform pore volume distribution within the lignocellulosic samples, contribute to the rate slowdown observed at later stage of the hydrolysis, while not explaining it in its entirety. Unproductive adsorption to cellulose, coupled to decrease in the cellulase efficiency at the cellulose surface, appeared as major contributor to the rate slowdown. Overall, we show how the use of a theory-based model can help decouple and evaluate the effects of key factors in the enzymatic hydrolysis of lignocellulosic biomass. As such, our model can help pave the way towards efficient integrated rational design strategies for enzyme process engineering for biomass conversion.

EPFL2021

Evaluation of Cost-Effective Technologies for Highly Efficient Silicon-Based Solar Cells

Luca Gautero

The work underscores the feasibility of highly efficient silicon solar cell structures manufactured with high throughput machines. The main challenge consists in the implementation of more performant structures of intrinsic higher complexity. These structures are meant to be fabricated within similar constraints on time and on cost as for conventional devices of industrial manufacture. Achievements in this direction foster larger economical deployment of this kind of renewable energy. The structure chosen for the implementation of "high efficiency" concepts requires an advanced machining of the silicon substrate. Etching techniques, dielectric coating preparations, and metal to semiconductor contact formation were evaluated for their integration in a complete silicon solar cell fabrication sequence. These sequences were later tested to gain knowledge regarding the effects of the aforementioned advanced processing. Prototypes were created using the fabrication sequence. They were analysed to acquire a further understanding of the advanced processing influences. Statistical interpretation of the data obtained was used to support physical interpretation of the observed phenomena. For one particular implementation of a surface passivation (floating junction passivation) an attempt of modelling aiming to unveil its specific dynamics is reported. A resulting solar cell concept compatible with high throughput equipment achieved a certified efficiency of 18% (VOC = 635 mV, JSC = 37.3 mA/cm2, FF = 76 %) on substrate with a reduced thickness (120 µm). The resulting sequence prepares the back surface with a thermal oxidation for passivation purposes and with a laser technique to locally contact the bulk. The thickness is compatible with the intent of cost reduction through the decrease in material consumption. Other approaches performed on the same substrate achieved 17.1% efficiency (VOC = 617 mV, JSC = 36.1 mA/cm2, FF = 75 %). In this case the passivation was achieved with deposited dielectric layers on the back surface. Furthermore, the investigated dynamics of the floating junction passivation allows for better insight into its traits. The proposed solution has an interesting ratio of efficiency versus costs. The general consequence is a higher market appeal of this particular renewable source on the energy market. The study on the floating junction passivation allows a better exploitation of this particular implementation towards more performant silicon solar cells.

EPFL2010