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Richard Thaler ou comment la finance est devenue comportementale

Author

Listed:
  • Marie-Hélène Broihanne

    (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg)

  • Gunther Capelle-Blancard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSB - Paris School of Business - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université, Labex ReFi - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

Richard Thaler est un économiste de tout premier plan, un chercheur audacieux et original. Professeur à Chicago, temple de l'orthodoxie économique, là-même où Milton Friedman et Eugène Fama ont fait l'essentiel de leur carrière, il est l'un des critiques les plus pertinents de la théorie de l'efficience des marchés. Ses travaux en finance, souvent d'une grande simplicité, ont infléchi le paradigme dominant. Sur les marchés financiers, il y a certes peu d'opportunités d'arbitrage, mais il en existe et elles peuvent être persistantes. Les investisseurs rationnels n'ont pas toujours le dernier mot et les prix ont souvent tendance à surou sous-réagir aux informations. Il est toujours particulièrement difficile de « battre le marché », même pour des professionnels avertis, pour autant les prix reflètent mal les fondamentaux et les bulles spéculatives sont fréquentes. En bref, les marchés ne sont pas peuplés d'homo oeconomicus, mais bien d'homo sapiens.

Suggested Citation

  • Marie-Hélène Broihanne & Gunther Capelle-Blancard, 2018. "Richard Thaler ou comment la finance est devenue comportementale," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-02342879, HAL.
    • Handle: RePEc:hal:cesptp:hal-02342879
    DOI: 10.3917/redp.284.0549
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    Cited by:

    1. Mustapha El hami & Ahmed Hefnaoui, 2019. "Analysis of Herding Behavior in Moroccan Stock Market," Journal of Economics and Behavioral Studies, AMH International, vol. 11(1), pages 181-190.

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