Raphaële Chappe


Raphaële Chappe just finished her PhD in Economics at The New School for Social Research. Her current research interests include the link between financial markets and wealth inequality, and microeconomics. She is currently a member of The Cultures of Finance Working Group at the Institute For Public Knowledge (NYU).

Prior to that, she practiced as an attorney for eight years in the financial services industry. In her last position, she worked as a VP with Goldman Sachs in the Tax Department. She holds a Master of Laws (LLM) in International Tax from New York University (School of Law), a Maitrise and Master’s degree in Comparative Business Law from the University of Pantheon-Sorbonne in Paris, France, and an LL.B from King’s College London.

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The Efficiency of Markets

Article | Sep 30, 2015

A student of microeconomics learns that any competitive equilibrium leads to a Pareto efficient outcome (First Fundamental Theorem of Welfare Economics). What do we mean by the efficiency or inefficiency of markets?

The Fairness of Markets

Article | Sep 28, 2015

A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?

Mathematics, Models and Reality in Microeconomics

Article | Sep 23, 2015

Have economists fallen in love with an idealized vision of an economy in which rational individuals interact in perfect markets? To what extent is standard microeconomics responsible for this state of affairs?

Solomonic Judgment vs. Sophists, Economists and Calculators [1] [2]

Article | Dec 12, 2013

Given the choice, would you accept to live in a society where happiness and prosperity is guaranteed for all on the condition that one single person be kept permanently unhappy? Is the well-being of thousands of people “worth” the sacrifice and suffering of a single innocent child? Such is the dilemma to which the inhabitants of the utopian city of Omelas are confronted in Ursula Le Guin’s philosophical short-story “The Ones Who Walk Away from Omelas”. In her parable, most people are ultimately able to come to terms with the atrocity. The few citizens who cannot end up walking away from the city — nobody knows where they go and they are never heard from again.

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