List of Publications

2025

90. From Nonequilibrium to Equilibrium: Insights from a Two-Population Occupation Model
J. Garnier-Brun, R. Zakine and M. Benzaquen, arxiv:2412.14996 and SSRN
89. Mitigating farmland biodiversity loss: A bio-economic model of land consolidation and pesticide use
E. Moretti and M. Benzaquen, arxiv:2407.19749 and SSRN
88. How does liquidity shape the yield curve?
V. Le Coz, I. Mastromatteo and M. Benzaquen, arXiv:2409.12282 and SSRN
87. The structure of occupational mobility in France
M. Sina Knicker, K. Naumann-Woleske and M. Benzaquen, J. Stat. Mech. (2025) (in press) -- arxiv:2407.14179 and SSRN
86. On the relative packing densities of pistachios and pistachio shells
R. Zakine and M. Benzaquen, Wilmott Magazine (2025) (in press) -- arXiv:2406.18386
85. The diffusive nature of housing prices
A.-C. Becharat, M. Benzaquen and J.-P. Bouchaud, arxiv:2412.14624 and SSRN
84. A minimal model of money creation under regulatory constraints
V. Le Coz, M. Benzaquen, D. Challet, arXiv:2410.18145
83. Stylized facts in money markets: an empirical analysis of the eurozone data
V. Le Coz, N. Allaire, M. Benzaquen, D. Challet, arXiv:2410.16021
82. Wrapping and unwrapping multifractal fields
S. Lakhal, L. Ponson, M. Benzaquen and J.-P. Bouchaud, Phys. Rev. Research 7 (2025) 012003
81. Riding Wavelets: A Method to Discover New Classes of Price Jumps
C. Aubrun, R. Morel, M. Benzaquen and J.-P. Bouchaud, PNAS 122(6) (2025) e2409156121

2024

80. Socioeconomic agents as active matter in nonequilibrium Sakoda-Schelling models
R. Zakine, J. Garnier-Brun, A.-C. Becharat and M. Benzaquen, Phys. Rev. E 109(4) (2024) 044310
79. When is cross impact relevant?
V. Le Coz, I. Mastromatteo, D. Challet and M. Benzaquen, Quantitative Finance 24(2) (2024) 265
78. Unlearnable games and “satisficing” decisions: A simple model for a complex world
J. Garnier-Brun, M. Benzaquen, J.-P. Bouchaud Phys. Rev. X 14(2) (2024) 021039
77. Exploration of the parameter space in macroeconomic agent-based models
K. Naumann-Woleske, M. Sina Knicker, M. Benzaquen and J.-P. Bouchaud, Routledge International Handbook of Complexity Economics (2024) 190-207

2023

76. Multiscale relevance of natural images
S. Lakhal, A. Darmon, I. Mastromatteo, M. Marsili and M. Benzaquen, Scientific Reports 13 (2023) 14879
75. Bounded rationality and animal spirits: A fluctuation-response approach to Slutsky matrices
J. Garnier-Brun, J.-P. Bouchaud and M. Benzaquen, J. Phys. Complexity 4 (2023) 015004
74. A new spin on color quantization
S. Lakhal, A. Darmon and M. Benzaquen, J. Stat. Mech. (2023) 033401 [Highlights collection]
73. Microfounding GARCH models and beyond: A Kyle-inspired model with adaptive agents
M. Vodret, I. Mastromatteo, B. Toth and M. Benzaquen, J. of Economic Interaction & Coordination 18 (2023) 599
72. Paragliders' launch trajectory is universal
Q. Da Cruz Lopes, S. Ramananarivo, C. Cohen and M. Benzaquen, Am. J. Phys. 91(5) (2023) 340 [Featured Article] [Journal Cover]
71. Valveless pumping at low Reynolds numbers
G. Amselem, C. Clanet and M. Benzaquen, Phys. Rev. App. 19(2) (2023)
70. Multivariate quadratic Hawkes processes - Part I: Theoretical analysis
C. Aubrun, M. Benzaquen and J.-P. Bouchaud, Quantitative Finance 23 (2023) 741
69. Economic crises in a model with capital scarcity and self-reflexive confidence
F. Morelli, K. Naumann, M. Benzaquen, M. Tarzia and J.-P. Bouchaud, arXiv:2109.09386 and SSRN
68. Cross impact in derivative markets
M. Tomas, I. Mastromatteo and M. Benzaquen, Wilmott Magazine 123 (2023) 16–28

2022

67. Do fundamentals shape the price response? A critical assessment of linear impact models
M. Vodret, I. Mastromatteo, B. Toth and M. Benzaquen, Quantitative Finance 22(12) (2022) 2139-2150 [Feature article]
66. Exogenous and endogenous price jumps belong to different dynamical classes
R. Marcaccioli, J.-P. Bouchaud and M. Benzaquen, J. Stat. Mech. (2022) 023403
65. On Hawkes processes with infinite mean intensity
C. Aubrun, M. Benzaquen and J.-P. Bouchaud, Phys. Rev. E Vol. 105(3) (2022)
64. Out-of-equilibrium dynamics and excess volatility in firm networks
T. Dessertaine, J. Moran, M. Benzaquen, J.-P. Bouchaud, J. Econ. Dyn. Control 138 (2022) 104362
63. How to build a cross-impact model from first principles
M. Tomas, I. Mastromatteo and M. Benzaquen, Quantitative Finance 22(6) (2022) 1017-1036
62. Capital demand driven business cycles: mechanism and effects
K. Naumann-Woleske, M. Benzaquen, M. Gusev, D. Kroujiline, Review of Behavioral Economics 9(4) (2022) 333-377

2021

61. Cultural diversity and wisdom of crowds are mutually beneficial and evolutionarily stable
B. de Courson, L. Fitouchi, J.-P. Bouchaud and M. Benzaquen, Scientific Reports 11(1) (2021) 1-15
60. Crisis propagation in a heterogeneous self-reflexive DSGE model
F. Morelli, M. Benzaquen, J.-P. Bouchaud, M. Tarzia, PLoS One 16(12) (2021) 0261423
59. A Stationary Kyle Setup: Microfounding propagator models
M. Vodret, I. Mastromatteo, B. Toth and M. Benzaquen, J. Stat. Mech. (2021) 033410
58. From ants to fishing vessels: A simple model for herding and exploitation of finite resources
J. Moran, A. Fosset, A. Kirman and M. Benzaquen, J. Econ. Dyn. Control 129 (2021) 104169
57. Non-parametric estimation of Q-Hawkes processes for order book events
A. Fosset, J.-P. Bouchaud and M. Benzaquen, European Journal of Finance 28(7) (2021) 663–678
56. A new spin on optimal portfolios and ecological equilibria
J. Garnier-Brun, M. Benzaquen, S. Ciliberti and J.-P. Bouchaud, J. Stat. Mech. (2021) 093408 [Highlights collection]
55. Alignment and scattering of colliding active droplets
K. Lippera, M. Benzaquen, S. Michelin, Soft Matter 17 (2021) 365-375
54. PDF   Conditional correlations and principal regression analysis for futures
A. Karami, R. Benichou, M. Benzaquen, J.-P. Bouchaud, Wilmott Magazine 111 (2021) 63-73

2020

53. PDF   By force of habit: Self-trapping in a dynamical utility landscape
J. Moran, A. Fosset, D. Luzzati, J.-P. Bouchaud and M. Benzaquen, Chaos 30 (2020) 053123
52. PDF   Endogenous liquidity crises
A. Fosset, J.-P. Bouchaud and M. Benzaquen, J. Stat. Mech. (2020) 063401
51. PDF   Beauty and structural complexity
S. Lakhal, A. Darmon, J.-P. Bouchaud and M. Benzaquen, Phys. Rev. Research 2 (2020) 022058 [Rapid Communications] [Editors’ Suggestion]
50. PDF   Schrödinger’s ants: A continuous description of Kirman’s recruitment model
J. Moran, A. Fosset, M. Benzaquen and J.-P. Bouchaud, J. Phys. Complex. 1 (2020) 035002
49 PDF   Unsteady wave drag on a disturbance moving along an arbitrary trajectory
L. Gierczak, A. Fadle, M. Arutkin, E. Raphaël and M. Benzaquen, arXiv:2005.00857
48. PDF   Hysteretic wave drag in shallow water
G.P. Benham, R. Bendimerad, M. Benzaquen, C. Clanet, Phys. Rev. Fluids 5 (2020) 064803
47. PDF   Confidence collapse in a multi-household, self-reflexive DSGE model
F. Morelli, M. Benzaquen, M. Tarzia, J.-P. Bouchaud, PNAS 117(17) (2020), 9244-9249
46. PDF   Zooming in on equity factor crowding
V. Volpati, M. Benzaquen, Z. Eisler, I. Mastromatteo, B. Toth, J.-P. Bouchaud, Risk November 2020 (2020)
45. PDF   Are trading invariants really invariant? Trading costs matter
F. Bucci, F. Lillo, J.-P. Bouchaud and M. Benzaquen, Quantitative Finance 20(7) (2020) 1059
44. PDF   Bouncing, chasing or pausing: asymmetric collisions of active droplets
K. Lippera, M. Benzaquen and S. Michelin, Phys. Rev. Fluids 5 (2020) 032201
43. PDF   Collisions and rebounds of chemically-active droplets
K. Lippera, M. Morozov, M. Benzaquen and S. Michelin, J. Fluid Mech. 886 (2020)
42. PDF   Effect of current on wind-wave generation
C. Nove-Josserand, S. Perrard, A. Lozano-Duran, M. Benzaquen, M. Rabaud and F. Moisy, Phys. Rev. Fluids 5 (2020) 124801
41. PDF   The Multivariate Kyle model: More is different
L. C. García del Molino, I. Mastromatteo, M. Benzaquen and J.-P. Bouchaud, SIAM J. Financial Math. 11(2) (2020)

2019

40. PDF   How does latent liquidity get revealed in the limit order book?
L. Dall'Amico*, A. Fosset*, J.-P. Bouchaud and M. Benzaquen, J. Stat. Mech. (2019) 013404
39. PDF   No net motion for oscillating near-spheres at low Re numbers
K. Lippera, O. Dauchot, S. Michelin and M. Benzaquen, J. Fluid Mech. 866 (2019) R1 - [JFM Rapids]
38. PDF   Physics of rowing oars
R. Labbé, J.P. Boucher, C. Clanet and M. Benzaquen, New J. Phys. 21 (2019) 093050
37. PDF   Impact is not just volatility
F. Bucci, I. Mastromatteo, M. Benzaquen and J.-P. Bouchaud, Quantitative Finance (2019) 19 11 (2019) 1763
36. PDF   Wave drag on asymmetric bodies
G.P. Benham, J.P. Boucher, R. Labbé, M. Benzaquen, C. Clanet, J. Fluid Mech. 878 (2019) 147
35. PDF   Crossover from Linear to Square-Root Market Impact
F. Bucci, M. Benzaquen, F. Lillo, and J.-P. Bouchaud, PRL 122 (2019) 108302
34. PDF   Turbulent windprint on a liquid surface
S. Perrard, A. Lozano-Duran, M. Rabaud, M. Benzaquen and F. Moisy, J. Fluid Mech. 873 (2019) 1020

2018

33. PDF   Slow decay of impact in equity markets: insights from the ANcerno database
F. Bucci, M. Benzaquen, F. Lillo, and J.-P. Bouchaud, Market Microstructure and Liquidity 4 (2018) 1950006
32. PDF   Thin or bulky: optimal aspect ratios for ship hulls
J.-P. Boucher, R. Labbé, C. Clanet and M. Benzaquen, Phys. Rev. Fluids 3 (2018) 074802
31. PDF   Market impact with multi-timescale liquidity
M. Benzaquen and J.-P. Bouchaud, Quantitative Finance 18 11 (2018) 1781
30. PDF   A fractional reaction-diffusion description of supply and demand
M. Benzaquen and J.-P. Bouchaud, Eur. Phys. J. B. 91 23 (2018) - [special issue: 50 years of Continuous Time Random Walk]
29. PDF  Unsteady wave pattern generation by water striders
T. Steinmann, M. Arutkin, P. Cochard, E. Raphaël, J. Casas and M. Benzaquen, J. Fluid Mech. 848 370 (2018)

2017

28. PDF   Dynamics of anchored oscillating nanomenisci
C. Mortagne, K. Lippera, P. Tordjeman, M. Benzaquen and T. Ondarçuhu, Phys. Rev. Fluids 2 (2017) 102201(R)
27. PDF   Adsorption-induced slip inhibition for polymer melts on ideal substrates
M. Ilton, T. Salez, P. D. Fowler, M. Rivetti, M. Aly, M. Benzaquen, J. D. McGraw, E. Raphaël, K. Dalnoki-Veress and O. Bäumchen, Nature comm. 9 (2018) 1172
26. PDF   Trading lightly: Cross-impact and optimal portfolio execution
I. Mastromatteo, M. Benzaquen, Z. Eisler and J.-P. Bouchaud, Risk July 2017 (2017)
25. PDF   Dissecting cross-impact on stock markets: An empirical analysis
M. Benzaquen, I. Mastromatteo, Z. Eisler and J.-P. Bouchaud, J. Stat. Mech. (2017) 023406
24. PDF   Unravelling the trading invariance hypothesis
M. Benzaquen, J. Donier and J.-P. Bouchaud, Market Microstructure and Liquidity 2(3&4) (2016) 1650009

2016

23. PDF   Elastic interactions between topological defects in chiral nematic shells
A. Darmon, O. Dauchot, T. Lopez-Leon and M. Benzaquen, Phys. Rev. E 94 (2016) 062701
22. PDF   Topological defects in cholesteric liquid crystal shells
A. Darmon, M. Benzaquen, S. Čopar, O. Dauchot and T. Lopez-Leon, Soft Matter 12 (2016) 9280 - [Journal Cover]
21. PDF   Waltzing route towards double-helix formation in cholesteric shells
A. Darmon, M. Benzaquen, D. Seč, S. Čopar, O. Dauchot and T. Lopez-Leon, PNAS 113 (2016) 9469
20. PDF   Capillary levelling of free-standing liquid nanofilms
M. Ilton, M. M. P. Couchman, C. Gerbelot, M. Benzaquen, P. D. Fowler, H. A. Stone, E. Raphaël, K. Dalnoki-Veress and T. Salez, PRL 117 (2016) 167801
19. PDF   AFM study of hydrodynamics in boundary layers around micro- and nano-cylinders
J. Dupré de Baubigny, C. Devailly, M. Benzaquen, J. Laurent, A. Steinberger, J.-P. Aimé and T. Ondarçuhu, Phys. Rev. Fluids 1 (2016) 044104
18. PDF   Wake and wave resistance on viscous thin films
R. Ledesma-Alonso, M. Benzaquen, T. Salez and E. Raphaël, J. Fluid Mech. 792 (2016) 829
17. PDF   Slip-mediated dewetting of polymer microdroplets
J. D. McGraw, T. S. Chan, S. Maurer, T. Salez, M. Benzaquen, E. Raphaël, M. Brinkmann and K. Jacobs, PNAS 113 (2016) 1168

2015

16. PDF   Universal contact-line dynamics at the nanoscale
M. Rivetti, T. Salez, M. Benzaquen, E. Raphaël and O. Baumchen, Soft Matter 11 (2015) 9247 - [Journal Cover]
15. PDF   Symmetry plays a key role in the erasing of patterned surface features
M. Benzaquen, M. Ilton, M. V. Massa, T. Salez, P. Fowler, E. Raphaël and K. Dalnoki-Veress, Appl. Phys. Lett. 107 (2015) 053103
14. PDF   Shape and effective spring constant of liquid interfaces probed at the nanometer scale: Finite size effect
J. Dupré de Baubigny, M. Benzaquen, L. Fabié, M. Delmas, J.-P. Aimé, M. Legros and T. Ondarçuhu, Langmuir 31 (2015) 9790
13. PDF   Influence of slip on the Plateau-Rayleigh instability on a fibre
S. Haefner, M. Benzaquen, O. Bäumchen, T. Salez, R. Peters, J. D. McGraw, K. Jacobs, E. Raphaël and K. Dalnoki-Veress, Nature Comm. 6 (2015) 7409

2014

12. PDF   Two-phase flow in a chemically active porous medium
A. Darmon, M. Benzaquen, T. Salez and O. Dauchot, J. Chem. Phys. 141 (2014) 244704
11. PDF   Wake pattern and wave resistance for anisotropic moving disturbances
M. Benzaquen, A. Darmon and E. Raphaël, Physics of Fluids 26 (2014) 092106
10. PDF   Approach to universal self-similar attractor for the levelling of thin liquid films
M. Benzaquen, P. Fowler, L. Jubin, T. Salez, K. Dalnoki-Veress and E. Raphaël, Soft Matter 10 (2014) 8608 - [Journal Cover]
9. PDF   Viscoelastic effects and anomalous transient levelling exponents in thin films
M. Benzaquen, T. Salez and E. Raphaël, Europhys. Lett. 106 (2014) 36003
8. PDF   A direct quantitative measure of surface mobility in a glassy polymer
Y. Chai, T. Salez, J. D. McGraw, M. Benzaquen, K. Dalnoki-Veress, E. Raphaël and J. A. Forrest, Science 343 (2014) 994
7. PDF   Capillary levelling of a cylindrical hole in a viscous film
M. Backholm, M. Benzaquen, T. Salez, E. Raphaël and K. Dalnoki-Veress, Soft Matter 10 (2014) 2550
6. PDF   Kelvin wake pattern at large Froude numbers
A. Darmon, M. Benzaquen and E. Raphaël, J. Fluid Mech. 738 (2014) R3 - [JFM Rapids]

2011 - 2013

5. PDF   From adhesion to wetting of a soft particle
T. Salez, M. Benzaquen and E. Raphaël, Soft Matter 9 (2013) 10699 - [Journal Cover]
4. PDF   Relaxation and intermediate asymptotics of a rectangular trench in a viscous film
O. Bäumchen, M. Benzaquen, T. Salez, J. D. McGraw, M. Backholm, P. Fowler, E. Raphaël and K. Dalnoki-Veress, Phys. Rev. E 88 (2013) 035001
3. PDF   Intermediate asymptotics of the capillary-driven thin-film equation
M. Benzaquen, T. Salez and E. Raphaël, Eur. Phys. J. E 36 (2013) 82
2. PDF   Capillary-gravity waves on depth-dependent currents: Consequences for the wave resistance
M. Benzaquen and E. Raphaël, Europhys. Lett. 97 (2012) 14007
1. PDF   Wave resistance for capillary-gravity waves: Finite-size effects
M. Benzaquen, F. Chevy and E. Raphaël, Europhys. Lett. 96 (2011) 34003