Célébration de l'irrationnel

Hourra pour les nouveaux lauréats du Prix Nobel d'économie : Daniel Kahneman de l'université de Princeton et Vernon Smith de l'université George Mason de Virginie. Comme de nombreux Prix Nobel, ces récompenses reconnaissent non seulement le travail déterminant entrepris par MM. Kahneman et Smith, mais aussi les écoles de pensées qu'ils ont aidées à développer.

M. Kahneman, psychologue, a démontré que les individus se comportent systématiquement de manière moins classique que les économistes traditionnels ne le pensent. Ses travaux montrent non seulement que les individus agissent parfois différemment des prédictions théoriques économiques standard, mais également qu'ils le font régulièrement, systématiquement, et d'une manière qui peut être comprise et interprétée au travers d'hypothèses différentes qui entrent en compétition avec celles utilisées par les économistes traditionnels.

Pour la plupart des acteurs du marché, et en fait des observateurs ordinaires, cela ne semble pas faire grande différence. Les courtiers de Wall Street qui font du trafic avec des actions qu'ils savent être mauvaises exploitent l'irrationnel que MM. Kahneman et Smith ont démontré. Une grande partie de l'engouement qui mena au gonflement des marchés fut basé sur l'exploitation de la psychologie des investisseurs.

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