Défaillances de coordination et volatilité des marchés

Roger Guesnerie ()

Revue économique, 2011, vol. 62, issue 3, 395-408

Abstract: This is the text of the ?Jean-Jacques Laffont lecture?, closing the 2010 Congress of the afse, ?Association Française de Science Économique?. The first part comes back on the standard economic viewpoint on expectational coordination, a viewpoint that the recent events have challenged. The second part reviews the existing directions for a critical assessment of the rational expectations hypothesis. The third part shows how such a critical assessment, along the lines of the so-called ?eductive? learning approach, radically modifies our view of three key problems: the economic benefit of speculation, the informational efficiency of markets and, last but not least, the ability of long horizon agents to anticipate the future. Classification JEL : E1, E30, E32, E6

JEL-codes: E1 E30 E32 E6 (search for similar items in EconPapers)
Date: 2011
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Related works:
Working Paper: Défaillances de coordination et volatilité des marchés (2011)
Working Paper: Défaillances de coordination et volatilité des marchés (2011)
Working Paper: Défaillances de coordination et volatilité des marchés (2010)
Working Paper: Défaillances de coordination et volatilité des marchés (2010)
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