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PUBLICATIONS

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Do Venture Capitalists Beat Random Allocation?

Max Sina Knicker, J-P Bouchaud, Michael Benzaquen

arxiv:2605.03980 (2026)

Stationary distributions of the mode-switching Chiarella model

Jutta Kurth, J-P Bouchaud

Chaos 36 (2026) 023148

The ‘double’ square-root law: evidence for the mechanical origin of market impact using Tokyo stock exchange data

Guillaume Maitrier, Grégoire Loeper, Kiyoshi Kanazawa, J-P Bouchaud

Quantitative Finance (2026) 1–13

Revisiting the excess volatility puzzle through the lens of the Chiarella model

Jutta Kurth, Adam Majewski, J-P Bouchaud

PLoS One 21(1) (2026) e0340409

R-transforms for Non-Hermitian Matrices: A Spherical Integral Approach

Pierre Bousseyroux, Marc Potters

arXiv:2601.09360 (2026)

From Random Walks to Thermal Rides: Universal Anomalous Transport in Soaring Flights

Jérémie Vilpellet, Alexandre Darmon, Michael Benzaquen

arXiv:2601.01293 (2025)

Mitigating farmland biodiversity loss: a bio-economic model of land consolidation and pesticide use

Elia Moretti, Michael Benzaquen

R Soc Open Sci. 12(12) (2025) 251000

Group-level imitation may stabilize cooperation

Pierre Bousseyroux, Gilles Zérah, Michael Benzaquen

J. Stat. Mech. (2025) 123407

Farm size matters: A spatially explicit ecological-economic framework for biodiversity and pest management

Elia Moretti, Michel Loreau, Michael Benzaquen

Journal of Environmental Management 396 (2025) 128111

Harmonious Color Pairings: Insights from Human Preference and Natural Hue Statistics

Ortensia Forni, Alexandre Darmon, Michael Benzaquen

arXiv:2508.15777 (2025)

A Global Systems Perspective on Food Demand, Deforestation and Agricultural Sustainability

Elia Moretti, Michel Loreau, Michael Benzaquen

arXiv:2510.14720 (2025)

Hydrodynamics of Cooperation and Self-Interest in a Two-Population Occupation Model

Jérôme Garnier-Brun, Ruben Zakine, Michael Benzaquen

Phys. Rev. Lett. 135 (2025) 107402

Diffusive Nature of Housing Prices

Antoine-Cyrus Becharat, Michael Benzaquen, J-P Bouchaud

Phys. Rev. Lett. 135 (2025) 107401

Patterns robust to disorder in spatially interacting generalized Lotka-Volterra ecosystems

Alessandro Salvatore, Fabián Aguirre-López, Ruben Zakine

Phys. Rev. E 112 (2025) 024306

A minimal model of money creation within secured interbank markets

Victor Le Coz, Michael Benzaquen, Damien Challet

J. Econ. Behav. Organ. 237 (2025) 107142

Distribution of the diagonal entries of the resolvent of a complex Ginibre matrix

Pierre Bousseyroux, J-P Bouchaud, Marc Potters

J. Phys. A: Math. Theor. 58(30) (2025) 305201

How does liquidity shape the yield curve?

Victor Le Coz, Iacopo Mastromatteo, Michael Benzaquen

Quantitative Finance 25(8) (2025) 1215–1232

The structure of occupational mobility in France

Max Sina Knicker, Karl Naumann-Woleske, Michael Benzaquen

J. Stat. Mech. (2025) 053403

Free Convolution and Generalized Dyson Brownian Motion

Pierre Bousseyroux, J-P Bouchaud

arXiv:2412.03696 (2025)

Another Marčenko-Pastur law for Kendall's tau

Pierre Bousseyroux, Tomas Espana, Matteo Smerlak

arXiv:2503.18645 (2025)

Generating realistic metaorders from public data

Guillaume Maitrier, Grégoire Loeper, J-P Bouchaud

arXiv:2503.18199 (2025)

Natascha Hey, Iacopo Mastromatteo, Johannes Muhle-Karbe, Kevin Webster

Operations Research 73(3) (2025) 1230–1247

Concave Cross Impact

Natasha Hey, Iacopo Mastromatteo, Johannes Muhle-Karbe

SSRN Working Paper (2025) 5046242

Identifying new classes of financial price jumps with wavelets

Cecilia Aubrun, Rudy Morel, Michael Benzaquen, J-P Bouchaud

PNAS 122(6) (2025) e2409156121

Random features and polynomial rules

Fabián Aguirre-López, Silvio Franz, Mauro Pastore

SciPost Phys. 18 (2025) 039

Wrapping and unwrapping multifractal fields: Application to fatigue and abrupt failure fracture surfaces

Samy Lakhal, Laurent Ponson, Michael Benzaquen, J-P Bouchaud

Phys. Rev. Research 7 (2025) L012003

Exploration of the Parameter Space in Macroeconomic Models

Karl Naumann-Woleske, Max Sina Knicker, Michael Benzaquen, J-P Bouchaud

Routledge International Handbook of Complexity Economics (2024) 190–207

Scale dependencies and self-similar models with wavelet scattering spectra

Rudy Morel, Gaspar Rochette, Roberto Leonarduzzi, J-P Bouchaud, Stéphane Mallat

Applied and Computational Harmonic Analysis 75 (2025) 101724

Bringing Together Two Paradigms of Nonequilibrium: Fragile versus Robust Aging in Driven Glassy Systems

Diego Tapias, Charles Marteau, Fabián Aguirre-López, Peter Sollich

Phys. Rev. Lett. 133 (2024) 197101

Kendall Correlation Coefficients for Portfolio Optimization

Tomas Espana, Victor Le Coz, Matteo Smerlak

arXiv:2410.17366 (2024)

Stylized facts in money markets: an empirical analysis of the eurozone data

Victor Le Coz, Nolwenn Allaire, Michael Benzaquen, Damien Challet

European Central Bank Working Paper Series (2025) No 3113

Revisiting elastic string models of forward interest rates

Victor Le Coz, J-P Bouchaud

Quantitative Finance 24(11) 1561–1578

Heterogeneous mean-field analysis of the generalized Lotka-Volterra model on a network

Fabián Aguirre-López

J. Phys. A: Math. Theor. 57(34) (2024) 345002

The Spectral Boundary of Block Structured Random Matrices

Nirbhay Patil, Fabián Aguirre-López, J-P Bouchaud

J. Phys. Complex. 5(3) (2024) 035001

On the Relative Packing Densities of Pistachios and Pistachio Shells

Ruben Zakine, Michael Benzaquen

Wilmott Magazine 138 (2025) 1–84

Post-COVID inflation and the monetary policy dilemma: an agent-based scenario analysis

Max Sina Knicker, Karl Naumann-Woleske, J-P Bouchaud, Francesco Zamponi

J Econ Interact Coord 20 (2025) 141–195

Unlearnable Games and “Satisficing” Decisions: A Simple Model for a Complex World

Jérôme Garnier-Brun, Michael Benzaquen, J-P Bouchaud

Phys. Rev. X 14 (2024) 021039

"Microstructure Modes" -- Disentangling the Joint Dynamics of Prices & Order Flow

Salma Elomari-Kessab, Guillaume Maitrier, Julius Bonart, J-P Bouchaud

arXiv:2405.10654 (2024)

Socioeconomic agents as active matter in nonequilibrium Sakoda-Schelling models

Ruben Zakine, Jérôme Garnier-Brun, Antoine-Cyrus Becharat, Michael Benzaquen

Phys. Rev. E 109 (2024) 044310

Scenario Discovery in a Complex Economy

Karl Naumann-Woleske

PhD Thesis

When is cross impact relevant?

Victor Le Coz, Iacopo Mastromatteo, Damien Challet, Michael Benzaquen

Quantitative Finance 24(2) (2024) 265–279

Multiscale relevance of natural images

Samy Lakhal, Alexandre Darmon, Iacopo Mastromatteo, Matteo Marsili, Michael Benzaquen

Scientific Reports 13 (2023) 14879

Income Inequalities Increase with City Size: Evidence from French Data

Nirbhay Patil, Jean-Pierre Nadal, J-P Bouchaud

arXiv:2305.12864 (2023)

The Cost of Misspecifying Price Impact

Natascha Hey, J-P Bouchaud, Iacopo Mastromatteo, Johannes Muhle-Karbe, Kevin Webster

arXiv:2306.00599 (2023)

Microfounding GARCH models and beyond: a Kyle-inspired model with adaptive agents

Michele Vodret, Iacopo Mastromatteo, Bence Tóth, Michael Benzaquen

J Econ Interact Coord 18 (2023) 599–625

Multivariate quadratic Hawkes processes—part I: theoretical analysis

Cecilia Aubrun, Michael Benzaquen, J-P Bouchaud

Quantitative Finance 23(5) (2023) 741–758

A new spin on color quantization

Samy Lakhal, Alexandre Darmon, Michael Benzaquen

J. Stat. Mech. (2023) 033401

Bounded rationality and animal spirits: a fluctuation-response approach to Slutsky matrices

Jérôme Garnier-Brun, J-P Bouchaud, Michael Benzaquen

J. Phys. Complex. 4(1) (2023) 015004

Capital Demand Driven Business Cycles: Mechanism and Effects

Karl Naumann-Woleske, Michael Benzaquen, Maxim Gusev, Dimitri Kroujiline

Review of Behavioral Economics 9(4) (2022) 333–377

Do fundamentals shape the price response? A critical assessment of linear impact models

Michele Vodret, Iacopo Mastromatteo, Bence Tóth, Michael Benzaquen

Quantitative Finance 22(12) (2022) 2139–2150

Universal amplitudes ratios for critical aging via functional renormalization group

Michele Vodret, Alessio Chiocchetta, Andrea Gambassi

J. Phys. A: Math. Theor. 55(26) (2022) 264008

Non-self-averaging Lyapunov exponent in random conewise linear systems

Théo Dessertaine, J-P Bouchaud

Phys. Rev. E 105 (2022) L052104

The inelastic market hypothesis: a microstructural interpretation

J-P Bouchaud

Quantitative Finance 22(10) (2022) 1785–1795

Hawkes processes with infinite mean intensity

Cecilia Aubrun, Michael Benzaquen, J-P Bouchaud

Phys. Rev. E 105 (2022) L032101

Cross impact in derivative markets

Mehdi Tomas, Iacopo Mastromatteo, Michael Benzaquen

arXiv:2102.02834 (2022)

Out-of-equilibrium dynamics and excess volatility in firm networks

Théo Dessertaine, José Moran, Michael Benzaquen, J-P Bouchaud

Journal of Economic Dynamics and Control 138 (2022) 104362

How to build a cross-impact model from first principles: theoretical requirements and empirical results

Mehdi Tomas, Iacopo Mastromatteo, Michael Benzaquen

Quantitative Finance 22(6) (2022) 1017–1036

Exogenous and endogenous price jumps belong to different dynamical classes

Riccardo Marcaccioli, J-P Bouchaud, Michael Benzaquen

J. Stat. Mech. (2022) 023403

Crisis propagation in a heterogeneous self-reflexive DSGE model

Federico Morelli, Michael Benzaquen, J-P Bouchaud, Marco Tarzia

PLoS One 16(12) (2021) e0261423

A new spin on optimal portfolios and ecological equilibria

Jérôme Garnier-Brun, Michael Benzaquen, Stefano Ciliberti, J-P Bouchaud

J. Stat. Mech. (2021) 093408

Economic Crises in a Model with Capital Scarcity and Self-Reflexive Confidence

Federico Guglielmo Morelli, Karl Naumann-Woleske, Michael Benzaquen, Marco Tarzia, J-P Bouchaud

arXiv:2109.09386 (2021)

Cultural diversity and wisdom of crowds are mutually beneficial and evolutionarily stable

Benoît de Courson, Léo Fitouchi, J-P Bouchaud, Michael Benzaquen

Scientific Reports 11(1) (2021) 16566

From ants to fishing vessels: a simple model for herding and exploitation of finite resources

José Moran, Antoine Fosset, Alan Kirman, Michael Benzaquen

Journal of Economic Dynamics and Control 129 (2021) 104169

Non-parametric estimation of quadratic Hawkes processes for order book events

Antoine Fosset, J-P Bouchaud, Michael Benzaquen

The European Journal of Finance 28(7) (2022) 663–678

A stationary Kyle setup: microfounding propagator models

Michele Vodret, Iacopo Mastromatteo, Bence Tóth, Michael Benzaquen

J. Stat. Mech. (2021) 033410

V –, U –, L – Or W–Shaped Economic Recovery After COVID-19: Insights From an Agent Based Model

Dhruv Sharma, J-P Bouchaud, Stanislao Gualdi, Marco Tarzia, Francesco Zamponi

PloS One 16(3) (2021) e0247823

Conditional Correlations and Principal Regression Analysis for Futures

Armine Karamni, Raphaël Benichou, Michael Benzaquen, J-P Bouchaud

Wilmott Magazine 111 (2021) 63-73

Schrödinger’s ants: a continuous description of Kirman’s recruitment model

José Moran, Antoine Fosset, Michael Benzaquen, J-P Bouchaud

J. Phys. Complex. 1(3) (2020) 035002

Beauty and structural complexity

Samy Lakhal, Alexandre Darmon, J-P Bouchaud, Michael Benzaquen

Phys. Rev. Res. 2(2) (2020) 022058

Endogenous liquidity crises

Antoine Fosset, J-P Bouchaud, Michael Benzaquen

J. Stat. Mech. (2020) 063401

By force of habit: Self-trapping in a dynamical utility landscape

José Moran, Antoine Fosset, Davide Luzzati, J-P Bouchaud, Michael Benzaquen

Chaos 30 (2020) 053123

How Much Income Inequality Is Too Much?

J-P Bouchaud

arXiv:2004.09835 (2020)

Confidence collapse in a multihousehold, self-reflexive DSGE model

Federico Morelli, Michael Benzaquen, Marco Tarzia, J-P Bouchaud

PNAS 117(17) (2020) 9244–9249

Are trading invariants really invariant? Trading costs matter

Frédéric Bucci, Fabrizio Lillo, J-P Bouchaud, Michael Benzaquen

Quantitative Finance 20(7) (2020) 1059–1068

Zooming In on Equity Factor Crowding

Valerio Volpati, Michael Benzaquen, Zoltan Eisler, Iacopo Mastromatteo, Bence Tóth, J-P Bouchaud

arXiv:2001.04185 (2020)

Slow Decay of Impact in Equity Markets: Insights from the ANcerno Database

Frédéric Bucci, Michael Benzaquen, Fabrizio Lillo, J-P Bouchaud

Market Microstructure and Liquidity 4(03n04) (2018) 1950006

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