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Les marchés financiers sont-ils rationnels ?

André Orléan

Reflets et perspectives de la vie économique, 2004, vol. XLIII, issue 2, 35-41

Abstract: Due to the recent stock market crises, many economists have been keeping aloof from the ??core? of financial theory, whose main contention is that stock market prices are at any moment the best possible estimate of the ??true? value of the issuing firms. Most of those economists have brought forward, in a way or another, the hypothesis that markets suddenly get crazy. This contribution, based on both observa~tion of the recent financial history (the crash of the ??New Economy? securities) and results from ??experimental economics?, and using the complementary concepts of ??mimicry? and ??convention?? to account for ??self-referential dynamics?, is opening a third way of thinking the efficiency problematic: investors fix their strategy based on the estimates of the other participants, even if they strongly believe they are wrong.

Keywords: Financial markets; stock market crises; efficient market hypothesis; self- referential dynamics (search for similar items in EconPapers)
Date: 2004
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