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Un enseignement majeur de l'économie expérimentale des marchés. Marchés non financiers et marchés financiers s'opposent en matière d'efficacité

  • Bernard Ruffieux
  • Charles Noussair

[fre] L'article donne un aperçu de la méthode et des résultats des recherches en économie expérimentale des marchés. Le laboratoire montre que, pour des produits à durée de vie d'une période, il est possible de spécifier des règles de marché conduisant de façon très fiable aux prix et aux quantités prédites par la théorie de la concurrence. Au contraire, les marchés d'actifs de longue durée de vie tendent à produire des bulles : les échanges se font à des prix très supérieurs à la valeur fondamentale de l'actif. Notre conjecture est que ces écarts de comportements sont dus à deux facteurs. Le premier est une tendance des agents à spéculer sur les marchés d'actifs, créant une demande additionnelle. La seconde est que les règles de marchés encouragent les participants à se comporter en preneurs de prix. Sur les marchés non financiers, ces comportements conduisent à un résultat efficace. Sur les marchés financiers, ils créent l'illusion d'actifs toujours liquides, même lorsque les prix sont bien supérieurs au fondamental. [eng] A major lesson from the experimental study of markets: the contrast in efficiency between service and asset markets In this paper we provide a brief introduction to the methods and the results of experimental research on markets. The laboratory shows that for goods with a life of one period market rules can be specified that yield the prices and quantifies predicted by competitive theory with a high degree of reliability. However, markets for long-lived assets tend to display price bubbles, trading at prices much higher than their fundamental values. We conjecture that the differences in the behavior of markets for the two types of goods are due to two factors. The first is the tendency for agents to speculate in asset markets, which creates additional demand for the asset. The second is that the market rules encourage participants to behave as price takers. In non-financial markets, this leads to competitive outcomes, but in asset markets it leads to the illusion that assets can always be liquidated at any time, even when prices are much higher than fundamentals.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 53 (2002)
Issue (Month): 5 ()
Pages: 1051-1074

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Handle: RePEc:prs:reveco:reco_0035-2764_2002_num_53_5_410459
Note: DOI:10.3406/reco.2002.410459
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