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On 28 June, Friday, the CSECL will host the participants of the joint summer program, which brings together faculty and students from Yale University, Université Panthéon-Assas (Paris II), and ESSEC Business School. The discussion will revolve around the interaction between market (rationality) and democratic institutions. The day will start with the presentation of Richard Brooks, who will outline and discuss a field of ‘economics of externalities’. His lecture will be followed by the afternoon presentation of Marija Bartl, who will discuss the role of EU precautionary principle in addressing economic externalities.