Denis Babusiaux is Research Director at IFP (France) and Professor of capital budgeting and energy modelling at the IFP School. He graduated from Ecole des Mines de Paris and from the IFP School, and holds a Ph.D. in Management Science. Axel Pierru is Assistant Professorat IFP He has teaching and research interests in capital budgeting and microeconomic theory. He graduated from ENSAR and holds an M.Sc. from the IFP School. Dr. Pierru received a Ph.D. in Economics from Université Paris I Panthéon-Sorbonne.