TY  - BOOK
AU  - Orléan,André
TI  - Les marchés financiers sont-ils rationnels ?
PY  - 2004///.
							
N1  - 11
N2  - 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
UR  - https://shs.cairn.info/revue-reflets-et-perspectives-de-la-vie-economique-2004-2-page-35?lang=fr&redirect-ssocas=7080
ER  -