Titre | Incertitude, arbitrage et taux de change | |
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Auteur | Jean-Laurent Viviani | |
Revue | Economie et prévision | |
Numéro | no 123-124, 1996/2-3 Économie des taux de change | |
Rubrique / Thématique | Note |
|
Page | 223-228 | |
Résumé anglais |
Uncertainty, Trade-Off and Exchange Rates by Jean Laurent Viviani
Although we do not deny the pertinence of the explanations put forward for the existence of price brackets on the financial markets, we show that they could also be due to agents' rational behaviour in an environment to which probability cannot be applied. In this context, the aversion of agents to uncertainty is behind a difference between the purchase and sale price, which is compatible with the absence of trade-off opportunities. Source : Éditeur (via Persée) |
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Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1996_num_123_2_5801 |