Publicité limitée de l'information et sur-réaction aux annonces lors des épisodes spéculatifs

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(1)Publicité limitée de l’information et sur-réaction aux annonces lors des épisodes spéculatifs Camille Cornand, Frank Heinemann. To cite this version: Camille Cornand, Frank Heinemann. Publicité limitée de l’information et sur-réaction aux annonces lors des épisodes spéculatifs. Revue Economique, Presses de Sciences Po, 2006, 57 (3), pp.399-405. �halshs-00137477�. HAL Id: halshs-00137477 https://halshs.archives-ouvertes.fr/halshs-00137477 Submitted on 20 Mar 2007. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

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(31) t=A@At8qAC . 'g

(32) "Î¢Ï

(33)

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(37) ( θ ) ≡ −( − )( − θ ) − ( − ) =. θ. . ;*f C&8xxw{C4DC

(38) o=A@ABA46 ;@*C48 BA;º8oxwt=?@1=a67:;;DC dqM@A;t=?@Mf C4z@ C; C;H889;p*qr;ºl. ≡ ( − )

(39) . ≡. ≤. . ≤. ;{C. . 4 o=A@AtDC7L=A@

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(41) foqMuAuM=¤f;z>p*qr; 34 2 5 1 4zM;z@*CGf>G; =A7yM;@*C8L;}fG7Ùa@M48<uJqMvM8:79t;DC ; ∈] < 8:9 ] 4zM;z@ CGfBA=J7yr;N@ CfG;o=?@1BA;z>

(42) f qM>89;DqM>(f 7 ∈6 fG7M@M4DqMuA>7y?w1f<f;Dqr8:;6 ;@*CuM=1qM>5u¿>G;z@ABJ>;/8L;DqM>sBAwt7xfG7x=A@] _ ;fG7a@M4>8 =; f C )uJqAvM8:79t 4Dqf;@]fs= 894. .

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(47) f Co>4¾CwzA79;=AuJCo7L6489;BA;C=1q¿C 4zM;z@ C\p*q]7A>G; =?7CY89;fG7M@M48AuJqavM8979t =&;*f CFqM@A;foCo>G4(CwzA7L;<8:7L@Mw47L>G;<BA;¢8~4¢o=A>G6K; J LNMPORQKSNTHUVQXWZY\[]Y\^`_baEcdUbWfeEOhgKeE[iSjgKaEgk_XUdal_b[Eeim\gKcdnRQH[]Y\[2So^pWqOhUVQ\_bcdOhgHrEsKOhcdSFtlOhSugKaEg\Y([`_Kvw[EcdgK[Ex(aEg\g4yVz\{\{}|\~o.

(48).

(49) . . = γ + ( − γ ).

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(51) − γ ) ( )] + (

(52) − ) ( . . ). =JqA>¡C=1q¿CU4zM;z@ C ]p*qM7A>G;=a7CU8L;Jf£BA;DqAfG7M@A4{qa ª (. . )= . . . ( − γ ). . +( γ + −. . )β. + α. α +β. . . eÇ. M;*fxC%B¿=?@¿@Aw;uM4H> ¶ 7L@]fG7:M8 94tDC7L=A@=Au*Co7L6 4N89;<BA;<8o:4zr;@*C 9?u1=1q1> ∈ . %. $ [β ( − " ( − γ ))] + # [α + β " ( − γ )] & ! ! & =. É. α +β. @t=A6)uM4z>G4@*CU89;*f£t=a;o 79t79;N@ CGf£;DC\;z@)>w*fG=A8yM4@*CUuA=JqM> γ A@A=JqFfU=JvJC;z@1=?@Mf¯8o9wp*qr7:8:7vM>G;<B*q G ;Dqr +. β ( − '*( ) + γ = α + β ( − ')(. ,. ). . . ¶ 8 9wp*qr7:897~vM>;¢8L;Jf£4HM;N@ CGf£p*qM7A>G;=a7yM;@*CU8o:7L@Ao=?>G6 4DC7L=A@/uJqAvM8L79p*qr;<tiA=a79fG7f{f;@*C. 1 2 =0 2. 3. β ( − -). ) α 3 -*. + / 3 α +β( − ) α + β ( − -*.. ). . l. .

(53) 35;t7a796ua897:p*qr; . . . α ( − ) + β ( − =θ α + β ( − ). )+. . α . α + β( −. . ). A . ¶ 7 @]fG79

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