IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Pour tenter de conclure : à la croisée des chemins..

Listed author(s):
  • Robert Cobbaut
Registered author(s):

    Abstract – The first section of the paper is aimed at elaborating in some more depth the concept of rationality. Both the mainstream and behavioral approaches to market efficiency are grounded in a « substantive» and thus necessarily unique concept of rationality. The heterodox current, on the contrary, adopts a « procedural» view of rationality which opens the door to various forms of cohabitation and competition of multiple « logics of action ». In a second section, it shows how, along the lines already drawn by Keynes in 1936, heterodox economists consider that the basic function of financial markets is providing liquidity, and by no means « genuine» valuation. This double turn-off has heavy implications for both the scope and the implementation of regulatory devices. It is calling for a concept of « reflexive law » that can be exemplified by such a regulatory principle as « comply or explain ».

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: free

    File URL:
    Download Restriction: free

    Article provided by De Boeck Université in its journal Reflets et perspectives de la vie économique.

    Volume (Year): XLIII (2004)
    Issue (Month): 2 ()
    Pages: 57-70

    in new window

    Handle: RePEc:cai:rpvedb:rpve_432_0057
    Contact details of provider: Web page:

    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.:

    in new window

    1. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:cai:rpvedb:rpve_432_0057. 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.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.