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Spéculation, prix et bien être

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  • Stéphane Gregoir
  • Bernard Salanie

Abstract

This paper examines some theoretical results about the consequences of speculation on prices and welfare. On the one hand, we investigate the relationship between theorems of the theory of incomplete markets and the simplest speculation model. On the other hand, we present three simple examples based on papers by Newbery [1987], Hart, Kreps [1986] and Stein [1987] and we study, in each of these cases, the behaviour of price and welfare when speculators enter a market or when a futures market opens. One can then exhibit situations in which speculation destabilizes prices and reduces total welfare.

Suggested Citation

  • Stéphane Gregoir & Bernard Salanie, 1991. "Spéculation, prix et bien être," Annals of Economics and Statistics, GENES, issue 24, pages 209-246.
    • Handle: RePEc:adr:anecst:y:1991:i:24:p:209-246
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    File URL: http://www.jstor.org/stable/20075850
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    Cited by:

    1. Patrick Artus & Claude Jessua, 1996. "La spéculation," Revue Économique, Programme National Persée, vol. 47(3), pages 409-424.
    2. Patrick Artus, 1996. "Création d'un marché à terme, nature des imperfections financières et stabilité du prix au comptant," Revue Économique, Programme National Persée, vol. 47(5), pages 1043-1062.

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