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Analyse des phénomènes d'influence : de la psychologie sociale et cognitive à l'économie financière

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  • André Orléan

Abstract

[fre] Analyse des phénomènes d'influence. De la psychologie sociale et cognitive à l'économie financière. . On note dans les travaux récents d'économie financière un nombre grandissant de modèles cherchant à formaliser la manière dont interagissent sur les marchés financiers des opérateurs hétérogènes. Il s'agit de comprendre quelles sont les sources des influences qu'exercent les investisseurs les uns sur les autres. Pour répondre à cette question, cet article commence par présenter les travaux que la psychologie sociale et cognitive a, de longue date, consacrés aux phénomènes d'influence. Puis, sur la base d'un petit modèle économique dont l'esprit est proche de celui du paradoxe de Grossman-Stiglitz, on montre que cette dynamique d'influence réciproque ne peut déboucher sur un consensus entre opérateurs que s'il s'agit d'un consensus vide d'information, ce qu'on appellera une « bulle spéculative ». [eng] Analysis of influence phenomena : from social and cognitive psychology to financial economics.. . A growing number of models in contemporary financial economies seek to formalize the way in which heterogeneous operators interact in financial markets. The question is to understand what are the sources of the influences that investors exercise on one another. In order to respond to this question, this article begins by presenting the research which social and cognitive psychology have carried out on influence phenomena. Then, on the basis of a simple economic model whose spirit is close to that of the Grossman-Stiglitz paradox, we show that this dynamics of reciprocal influence can lead to a consensus among operators only if it is a consensus that is empty of information what we will call a « speculative bubble ».

Suggested Citation

  • André Orléan, 1994. "Analyse des phénomènes d'influence : de la psychologie sociale et cognitive à l'économie financière," Revue Économique, Programme National Persée, vol. 45(3), pages 657-672.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409555
    DOI: 10.3406/reco.1994.409555
    Note: DOI:10.3406/reco.1994.409555
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    References listed on IDEAS

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