Pierre Picard

Pierre Picard

Professor in Microeconomics

Faculty or Centre Faculté de Droit, d'Economie et de Finance
Research Unit CREA
Postal Address Campus Limpertsberg, Université du Luxembourg
162 A, avenue de la Faïencerie
L-1511 Luxembourg
Campus Office BRA 2.05
Telephone (+352) 46 66 44 6289
Fax (+352) 46 66 44 6341

Professor Pierre M. Picard graduated as a civil engineer at the University of Louvain. After working some years in the telecom industry, he obtained a M.B.A. at the Katholiek Universiteit van Leuven (1994) and completed a Ph.D. in Management Science and Economics at the University of Louvain (1998). Since then he teached Micro-economics Industrial Organization, Spatial Economics and Managerial Economics at the Economics Department of the University of Manchester. He has also been invited lecturer at the University of Louvain, University of Namur and University of Liège. He is now professor at the University of Luxembourg and teaching Industrial Organization, Regional Economics and Public Economics.

Pierre M. Picard is interested in topics linking the fields of public economics, industrial organization, spatial and regional economics and economic geography. His research includes theoretical works about the following issues: privatization, information technologies, spatial interactions and city formation, firms agglomeration, international trade, fiscal federalism, etc. He has articles published or forthcoming in recognized international journals like Journal of Public Economics, Economic Theory, European Economic Review, Journal of the European Association, Journal of Development Economics, Canadian Journal of Economics, Journal of Urban Economics, Regional Science and Urban Economics, Journal of Economics and Management Strategy, World Bank Economic Review, the Economic Journal, the Canadian Journal of Economics, the International Economic Review, Journal of International Economics.

Electronic version of his research papers: http://ideas.repec.org/

CV to download :

Last updated on: Monday, 03 February 2014

Education - universities attended

  • 1994-98, Ph. D., Faculty of Economic, Social Science and Management, Université catholique de Louvain, Louvain-la-Neuve, Belgium
  • 1992-94, Master of Business Administration, Faculty of Applied Economics, Katholieke Universiteit Leuven, Belgium (Distinction).
  • 1983-88, Civil Engineer, Faculty of Applied Sciences, Catholic University of Louvain, Louvain-la-Neuve, Belgium, (High Distinction).

Previous employment and appointments held

  • 1998-99, Lecturer in Industrial Organizations (part time), University of Liège, Belgium
  • 1998-99, Post-doctorate on Fiscal Federalism Department of Public Economics, Faculté Universitaire Notre Dame de la Paix, Namur, Belgium
  • 1994-98, Research Assistant for Ph.D., Institut de Recherches Economiques et Sociales, Université Catholique de Louvain, Belgium

Academic appointments

  • 2008-, Professor in Micro-Economics, Faculty of Law, Economics and Finance, University of Luxembourg
  • 2004-2008, Senior Lecturer in Economics, School of Economic Studies, University of Manchester
  • 1999-2004, Senior Lecturer in Economics, School of Economic Studies, University of Manchester

Visiting appointments/secondments

  • 2007-8, Research Visit, Funded by Research In Brussels, ECARES, Free University of Brussels
  • 2004-6, Research Fellow and Lecturer, CORE, Université Catholique de Louvain, Funded by SSTC, Belgium.
  • 2004-6, Lecturer in Industrial Organizations (part time), University of Namur, FUNDP
  • 1998-9, Lecturer in Industrial Organization, University of Liege

Memberships of academic and professional bodies

CEPR junior fellow (2001-3); CORE Associate Fellow (2002-); Member of the American Economic
Association (2001-); Member of the European Economic Association (2001-); Research Fellow; IZA (Institute
for the Study of Labor, Bonn; 2007-).

Last updated on: 03 Feb 2014

Pierre M. Picard currently teaches at the University of Luxembourg

  • Industrial Economics (3 UG)
  • Regional and Urban Economics (3 UG)
  • Public Economics (Master 2)
  • Research Topics in Regional and Urban economics (Master 2)
  • Research Seminars in Economic Theory (PhD)

Pierre M. Picard is responsible for the Doctoral Studies in Economics and Finance (www.dsef.uni.lu)

Last updated on: 08 Mar 2012


Auriol E. and Picard P.M. (2012) “A Theory of BOT Concession Contracts”, forthcoming in Journal of Economic Behavior & Organization. Available online 20 October 2011.

Bréchet Th. & Pierre M. Picard (2012). “The Economics of Airport Noise: Managing Markets for Noise Licenses”, Transportation Research: Part D 17, 169–178.

Behrens and Picard (2011) “Transportation, freight rates, and economic geography”, Journal of International Economics, 85(2), 280-291.

Mossay P. & Picard PM (2011) "On Spatial Equilibria in a Social Interaction Model", Journal of Economic Theory, 146 (6), 2455-2477.

Picard P.M. (2011) Regional and Spatial Economics, The Manchester School, 79(5), 933–937.

Picard and Pieretti (2011) “Bank Secrecy, Illicit Money and Offshore Financial Centers”, Journal of Public Economics, 95(7-8), 942-955.

Picard  P.M. & Wildasin D. (2011) “Labor Market Pooling, Outsourcing and Labor Contracts”, Journal of Urban Economics, 70(1), 47-60.

Okubo, Picard and Thisse (2010) “Spatial sorting of heterogenous firms”, Forthcoming in Journal of International Economics

Bréchet T. and Picard P.M, (2010) “The price of silence: tradeable noise permits and airports”, International Economic Review 51(4), 1097-1125.

Zeng  X. and Picard  P.M. (2010)  Industrial Re-dispersion: A Synthesis of Chamberlin and Ricardo, CORE DP 2006/55; Forthcoming in Journal of Regional Science.

Picard  P.M. & Tabuchi T. (2010) “Self-organized Agglomerations and Transport Costs” Economic Theory, (doi: 10.1007/s00199-008-0410-4.)

Picard P.M. & Toulemonde E. (2009) “On monopolistic competition and optimal product diversity: workers' rents also matter”, Canadian Journal of Economics, 1347-1360.

Auriol E. & Picard P.M. (2009), “Government Outsourcing: Contracting with Natural Monopoly”, Economic Journal, 119(540), 1464-1493.

Auriol E. & Picard P.M. (2008) “Infrastructure and Public Utilities Privatization in Developing Countries and the Government's Budget Constraint", World Bank Economic Review, November 2, 1-24. (doi:10.1093/wber/lhn014)

Behrens K. & Picard P.M. (2008) Tax competition, location, and horizontal foreign direct investment, Journal of the European Economic Association, December 2008, 6, p. 1244-1278. (doi: 10.1162/JEEA.2008.6.6.1244).

Behrens K. & Picard P.M. (2007), Welfare, home market effects, and horizontal foreign direct investment, Canadian Journal of Economics, 36(3),523-45.

Belleflamme P. & Picard P. M. (2007), “Piracy and competition”, Journal of Economics and Management Science, 16(2), 351–383

Picard P.M. & Toulemonde E. (2006), "Unions and Firms Agglomeration", European Economic Review, 50(3), 669-694.

Picard  P.M. & Zeng  X. (2005), "Agricultural Sector and Industrial Agglomeration” Journal of Development Economics, 77(1), 75-106.

Picard P.M. & Toulemonde E. (2004), "Endogenous Qualifications and Firms' Agglomeration", Journal of Urban Economics, 55(3),  458-477.

Picard P.M., Thisse J.-F., & Toulemonde E. (2004), "Economic Geography and the Role of Profits", Journal of Urban Economics, 56(1), 144-167.

Picard P.M. & Toulemonde E. (2003), "Regional Asymmetries: Economies of Agglomeration versus Labor Markets”, Regional Science and Urban Economics, 33(2), 223-49.

Picard P.M & Toulemonde E. (2002), “Taxation and Labor Markets”, Journal of Economics, 78(1): 29-56.

Picard P.M. (2001), “Job Additionality and Deadweight Spending in Perfectly Competitive Industries”, Journal of Public Economics, 79(3), 521-41.

Picard P.M. (2001) “Optimal Employment Subsidies in Industries with Unemployment: Complete Information ”, Oxford Economic Papers, 53(2), 352-72.

Picard P.M. & Toulemonde E. (2001), “On the Equivalence of Taxes paid by Employers and Employees”, Scottish Journal of Political Economy, 48(4): 461-70.

Picard P.M. (2001), “Optimal Employment Subsidies to Heterogeneous Workers: Unemployment-Trap, Job-Additionality and Tax Rates”, Annals of Economics and Statistics, 62, 97-127.

Belleflamme P., Thisse J.-F.  & Picard P.M. (2000), “An Economic Theory of Clusters”, Journal of Urban Economics, 48(1), 158-84.


Huveneers Ch. & Picard P.M. (1997), "Politiques industrielles ", Chapter 5  in "Chômage: Réduire la Fracture", Vanderlinden  Ed., DeBoeck Brussels.


Behrens K. & Picard P.M. (2006) Tax competition, location, and horizontal foreign direct investment, IFIR Lexington 2006, USA,  

Picard P.M. et E. Toulemonde E. (2002) "Qualification des travailleurs et agglomération des firmes", Congrès des Economistes Belges de Langue Française, Congrès des Economistes Belges de Langue Française, CIFOP 2002.

Picard P.M. (1998) "Aides à l'emploi, effet d'aubaine et déplacement d'activité.", Congrès des Economistes Belges de Langue Française, Congrès des Economistes Belges de Langue Française, CIFOP 1998.


Picard P.M. et E. Toulemonde E. (2000), "De quel côté du marché du travail prélever les impôts? - Nouveaux éléments théoriques", Reflets et Perspectives de le Vie Economique.

Picard P.M. (1999) "Les revenus et les niveaux de vie sont-ils plus équitables parmi les retraités?", Reflets et Perspectives de le Vie Economique.

Brechet T. and Picard P. (2007), « Can economic instruments regulate noise pollution in location near airports? », Brussels Studies (12), December 3rd


Picard (2005), « Une compensation pour les vols au dessus du Brabant et Bruxelles ? » Libre Belgique, Opinion.

Brechet T. & Picard P. (2004), « Une solution à la gestion des vols de nuit :  les permis de pollution  », Le Soir, Carte Blanche.

Brechet T. & Picard P. (2007), « Tant de bruit pour pas grand chose »,  Chronique d’Ecore, L’Echo de la Bourse, 13 October 2007.

Brechet T. & Picard P. (2007), Environnement Une étude de « Brussels Studies » : Le survol en profondeur, Le Soir, 4 December 2007.

Auriol E. & Picard P.M. (2009), Government outsourcing: Public contracting with private monopoly, Vox, November 24, 2009.

Auriol E. & Picard P.M. (2009), High-Tech or low-profit businesses- when government outsourcing is most desirable, Media Briefing, The Economic Journal.

Auriol E. & Picard P.M. (2010), "Faut-il externaliser les services publics?", Telos, January 13, 2010.

Picard P.M. (2010),  Faut-il externaliser les services publics ? Luxembourg Wort, Février 11, p. 62-64.


Hoogstoel, Dehaspe, Demain & Picard (1999), "Modèle de simulation de la politique de l'impôt des personnes physiques", Rapport pour les Services fédéraux des affaires Scientifiques, Techniques et Culturelles, FUNDP.

Last updated on: 08 Mar 2012

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