Les marchés financiers sont-ils rationnels ?
Due to the recent stock market crises, many economists have been keeping aloof from the « core» of financial theory, whose main contention is that stock market prices are at any moment the best possible estimate of the « true» value of the issuing firms. Most of those economists have brought forward, in a way or another, the hypothesis that markets suddenly get crazy. This contribution, based on both observa~tion of the recent financial history (the crash of the « New Economy» securities) and results from « experimental economics», and using the complementary concepts of « mimicry» and « convention » to account for « self-referential dynamics», is opening a third way of thinking the efficiency problematic: investors fix their strategy based on the estimates of the other participants, even if they strongly believe they are wrong.
Volume (Year): XLIII (2004)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.cairn.info/revue-reflets-et-perspectives-de-la-vie-economique.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Noussair, C. & Robin, S. & Ruffieux, B., 1998. "Bubbles and Anti-Crashes in Laboratory Asset Markets with Constant Fundamental Values," Purdue University Economics Working Papers 1119, Purdue University, Department of Economics.
- Charles Noussair & Stephane Robin & Bernard Ruffieux, 2001. "Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values," Experimental Economics, Springer;Economic Science Association, vol. 4(1), pages 87-105, June.
When requesting a correction, please mention this item's handle: RePEc:cai:rpvedb:rpve_432_0035. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.