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Volatilité boursière excessive : irrationalité des comportements ou clivage des esprits ?

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  • Christian Walter

Abstract

[eng] Excessive volatility : irrational behaviours or intellectual dividing ? . The main assumption to explain high volatility of markets is the irrational behaviours of investors. This analysis contrasts the « good » economy with the « bad » stock exchange. The author presents the origins of this concept and describes the dividing it implies in modelling field. He explains that this intellectual dividing is based on a probability assumption and if this assumption isn't verified, the dividing isn't possible. . JEL classifications : D81, D82, D84, G14 [fre] L'hypothèse communément admise fait de l'irrationalité des comportements des opérateurs la cause de la volatilité élevée des marchés, opposant ainsi la « bonne » économie à la « mauvaise » Bourse. On rappelle la source de cette vision du monde et on décrit le dédoublement en profondeur qu'elle produit dans les domaines de la modélisation où elle se déploie. L'on montre ensuite que cette division intellectuelle repose sur une hypothèse de type probabiliste qui, si elle n'est pas vérifiée, ne l'autorise pas. . Classification JEL : D81, D82, D84, G14

Suggested Citation

  • Christian Walter, 2004. "Volatilité boursière excessive : irrationalité des comportements ou clivage des esprits ?," Revue d'Économie Financière, Programme National Persée, vol. 74(1), pages 85-104.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_74_1_5033
    DOI: 10.3406/ecofi.2004.5033
    Note: DOI:10.3406/ecofi.2004.5033
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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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