Le Rôle de la Rationalité Mimétique Sur Le Marché Financier
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La théorie de la finance moderne se fonde sur la rationalité parfaite des agents. Ces derniers seraient capables d'intégrer toute nouvelle information à leurs croyances préalables selon les probabilités conditionnelles de Bayes. Or, les phénomènes d'anomalies et les biais comportementaux atténuent la portée de cette théorie. L'approche comportementale intègre la complexité des comportements humains et prend en considération un niveau d'incertitude plus large, pour mieux rendre compte de la réalité. L'approche conventionnaliste est plus critique. Elle soutient que du fait de l'incertitude qui caractérise les marchés financiers, chaque acteur cherchera non pas à déterminer la valeur objective d'un actif financier, mais ce que l'opinion du marché pensera de ce que sera la vraie valeur. Les influences collectives sont telles, que les prises de décision ne relèvent pas uniquement du sort individuel mais dépendent fortement de l'entourage. La rationalité mimétique améliore les performances individuelles et les anticipations des acteurs du marché financier dans des situations d'incertitude. Cet ouvrage en apporte une illustration empirique.
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