 I'm Renato Gomez. I'm an economist and I'm an assistant professor at the Toulouse School of Economics. I belong to the industrial organization group. We are around 20 economists. We devote ourselves to the study of markets, in particular marketing perfections and regulation. I've been recently working on the regulation of payment methods and the question that we ask is how to optimally regulate this market. It's a classic example of a two-sided market and the platform, in the case Visa, for example, it typically charges fees to both merchants and gives rewards to consumers. In our work we compare two modes of regulation, one that directly caps merchant fees with another which leaves merchant fees unconstrained but enable merchants to surcharge consumers based on payment methods. And we came to find that in most cases, caping merchant fees is more efficient because merchants have a very limited ability to pass high fees through to consumers due to fear of missing sales. Research in this organization basically tries to keep track of market changes. The digital economy, the online economy, brought a great variety of pricing practices that have been seen in the last few years. It's just amazing and basically new market structures that generate a great number of, let's say, new imperfections. So academic research tries to answer these new questions that come as technology and society change.