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Coexistence de structures d'echange differenciees: justifications theoriques et applications au marche des changes

Author

Listed:
  • Laurent, P.
  • Teiletche, J.

Abstract

L'objectif de cet article est d'etudier les determinants theoriques du choix entre deux formes de marches boursiers. soit comme des marches diriges par les ordres, soit comme des marches diriges par les prix. En presence d'aversion au risque et d'asymmetrie d'information, notre analyse souligne que la formation des prix au sein de chaque structure est radicalement differente du point de vue de la concurrence comme du partage des risques.

Suggested Citation

  • Laurent, P. & Teiletche, J., 1999. "Coexistence de structures d'echange differenciees: justifications theoriques et applications au marche des changes," Papers 1999-12/fi, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:1999-12/fi
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    More about this item

    Keywords

    RISQUE ; MARCHE FINANCIER ; STRUCTURES DES MARCHES ; INFORMATION ASYMETRIQUE;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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