Thèse de doctorat en Sciences économiques
Soutenue le 09-12-2014
à Paris 1 en cotutelle avec l'Université de Tianjin , dans le cadre de École doctorale d'Économie (Paris) , en partenariat avec Centre d'économie de la Sorbonne (Paris) (équipe de recherche) et de Université de Tianjin (Etablissement d'accueil) .
Le président du jury était Serge Galam.
Les rapporteurs étaient Wei-Xing Zhou.
Comportement de l'investisseur et impact sur les prix du marché
Comportement de l'investisseur et impact sur les prix du marché.
Sir Isaac Newton, who is one of the most inﬂuential physicist and mathematician of all time, after he suffered huge losses in tulip market said: “I can calculate the motions of heavenly bodies, but not the madness of people.” Financial markets are full of uncertainties. The movement and volatility in stock prices has been the focus of attention for scholars all the time. Over the last decades, ﬁnancial markets gain inﬂuence both at people’s life and country’s economics as a result of technological advances, ﬁnancial liberalization, and ongoing international trade. On one hand, participant’s property and investor’s market performance are impacted by price ﬂuctuation. On the other hand, the development of national economic is closely interrelated to the stability of ﬁnancial markets. In this effect, the understanding of investors’ designing making and how it affect the market price movement is of vital interest to both researchers and economic policy market. Experimental Finance has already become a well-established ﬁeld, a fact that was recognized by the attribution of the Nobel Prize in Economics to Vernon Smith in 2002 who’s most signiﬁcant work was concerned with market mechanisms and tests of different auction forms. However so far the major part of experimental work in Finance has considered (including Vernon Smith) human rationality and the ability of markets to ﬁnd the proper price close to an equilibrium setting. [...]