 Digital is of growing importance for us. We follow the economy realizing that areas of work that we have covered for a long time in contracts, in industrial economics, are more loss following technology. It's the important question these areas are in finance, which is a big area for us too, is technology. So we are becoming more and more a digitally oriented research institution as well. We're going to start with a presentation from Toulouse's Nobel Laureate Professor Jean Toulouse. Digital is a priority for TSC because all industries are impacting nowadays and there are new business models and it touches on many also issues of taxes and organizations of firms and platforms. We have had a lot of talk today about platforms. This is all very important for the future of our economies and we have to think more about it and of course TSC is well placed for that because we have been working on some of those issues for a long time but new issues surface all the time so we have to keep on being at the frontier. My kind of area of teaching and research is really trying to look inside organizations. I'm not going to talk that much about platforms and Uber but kind of thinking a little bit more how digitization, big data, IT is changing the way organizations are set up and how they make decisions. For me what is interesting with this kind of academic conferences is really to do justice to the subtlety of this revolution which is much more subtle than in the sense what we read in the media about salary, employment is disappearing or like this sort of extreme views in fact it's much more subtle. Europe has had so much trouble managing to encourage and to obtain technology adoption. Why is it the case that IT hasn't really taken off as much and what are the reasons that productivity, Agustin was talking about how productivity is really an adoption of IT is so slow both in the US and in Europe and it has to do with a couple of things that I want to touch upon. I'll discuss some of my work, some of my empirical work on these issues. There's a great deal of interesting information on the economics of organization whether firm should centralize or decentralize or also whether or not these new business models create value inside organizations or outside organizations. There's also clearly a great deal of social angst as we consider what's happening in the new sharing economy. Are workers going to be employees? Are they going to be freelancers? So there's a great deal of questions that we should use to inform policy on those issues as well. I think it was actually quite nice to hear about each other's research at a high level and sort of get some conversation going even amongst ourselves. I mean it was diverse in terms of topics but at the same time very insightful and actually I thought there was an interesting comment that across all of them which at the end of the day is giving flexibility to firms and letting firms explore different types of environments. It's very interesting.