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Le prix des titres comme véhicule de l’information : une approche en équilibre général

Author

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  • Hubert STAHN

    (B.E.T.A (Bureau d’Econmie Théorique et Appliquée), Université Louis Pasteur, Strasbourg I)

Abstract

Dans ce travail, j'introduis une asymétrie d'information dans un modèle d'équilibre général caractérisé par l'incertitude et l'existence d'un système incomplet de marchés financiers. Un concept d'équilibre à anticipations rationnelles est associé à ce modèle à 1 bien et S états de nature et l'on montre qu'il existe une classe générique d'économies pour lesquelles le prix d'équilibre sur les marchés financiers est parfaitement révélateur des asymétries d'information. De ce point de vue, ce modèle s'inscrit dans la continuité de la contribution de Radner [1968] tout en exploitant les développements récents de la théorie des marchés incomplets.

Suggested Citation

  • Hubert STAHN, 1996. "Le prix des titres comme véhicule de l’information : une approche en équilibre général," Discussion Papers (REL - Recherches Economiques de Louvain) 1996014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1996014
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    Cited by:

    1. Stahn, Hubert, 2000. "A remark on rational expectation equilibria with incomplete markets and real assets," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 441-448, May.

    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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