My initial contact with Gavin Wright came when I arrived at Yale University from Pakistan in the early summer of 1971 due to the war between Pakistan and India. At the time, I had been a research fellow at the Institute for Development Economics in Karachi as part of a Yale-Ford Foundation project. Ford made a “safety-first” decision to have all Americans return to their country. Gavin was then...

in friendly remembrance of this fruitful tychastic encounter of the summer of 1969 in Madison, which has contributed to my decision to return to France to found with him CEREMADE (Centre for Research in Mathematics of the Decision) of the University Paris-Dauphine, this contribution which revisits forty years later his pioneering work on impulse management and finance market to which he initiat...