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Spéculation et intérêt collectif

Listed author(s):
  • Vila, Jean-Luc

    (Princeton University)

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    A model is developed where the possibility to speculate on a financial market incites a rational individual to take a socially bad action. For this purpose, we shall model the microstructure of the trading process. Our model determines the movement of prices, their informational content and the liquidity of the market. The example considered here is to be contrasted with the one studied by Hirshleifer (1971) where speculative opportunities favor the internalization of positive externalities. Cet article décrit une situation où la possibilité de spéculer sur un marché financier incite un individu rationnel à avoir une action socialement néfaste. Pour cela, on utilisera une modélisation microstructurelle du processus d’échange, qui endogénéise le mouvement des prix, leur contenu informationnel et la liquidité du marché. L’exemple considéré ici est à opposer à celui étudié par Hirshleifer (1971), où les opportunités spéculatives favorisent l’internalisation d’externalités positives.

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    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 63 (1987)
    Issue (Month): 2 (juin et septembre)
    Pages: 138-152

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    Handle: RePEc:ris:actuec:v:63:y:1987:i:2:p:138-152
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