η = β ne suffit pas : Un réexamen de l`efficacité du marché du
Transcription
η = β ne suffit pas : Un réexamen de l`efficacité du marché du
η β !" # $%# # &'%# ( ) *%& ! "" # $ % & ' ()' ( # * +, . ! + " + , . ! + $ + $ . ! + / 0 3 "" 0" 1 2 0 0 9 3 0 ! , ! 3 0" 00 !50 0 " 78(8 + # ; = "" 6 $ " *" 3 , " 0 3 0 ! 0 0 1 4 0" : ;" < 3 3 3 ! 4 " 0 + *" + 7888 $ 0 3 4 : .$ 4 3 "" 0 1 4 " <0 0 + 2 " " 4 / + > # = >)& >) + 4 ! 0 + 0 ! η?β +, " = 3 "" * 0 3 0 0 ! 0 1 4 ( / 0" 0 1 ''' " 0 * 3 0$ ! " " ,0 0 !50 0" + 9 788' 0 4 3 0 4 " 0 ! , 3 "" 0 " "" !50 , " 4 3 ! ! 0" " , 0 1 3 "" 0 3 "" ! 1 0 4 0$ 788' 4 0 0 ! β , 0" 4 2 3 +9 η 3 0" ! 0 3 " 4 " 0 *+ !;" !1 3! 0 , " 0 ! 3 "" 0 0 0 1 , 0" ! !50 , 0$ 0" 4 0 5 0 @ 3 4 0 ! 3 0 + " * 0" 3 3 $ # ; A > A0 7887 + " 0B0 " 3 ; 0" 3 "" 0 ! 4 0 0 04 + 0 1 / 0 4 ''7 :$ C < :η? β< 0 + 0 1 3 "" 0 4 0" 4 0" 0 ! ! !50 *" +# 3 "" 0 " 4 " 00 + 4 , 3 "" ! 9 " 78(8 + # " $ 0B0 *" 0 3 4 4 * 4 " " 4 : < +/ " 0 1 0 2 0 6 $ 7888 + , 0 0$ $ 2 78D& E " 3 "" 0 + " 3 ; 3 " ,1 + " ! F 0" + , 0 4 : 0 0" .$ 0 4 3 0 ! ! 78(8 < " " 3 0$ ! 0 0 + ! 4 " 4 *.0B0 + # " !50 ! ! 0 0 " * 0 1 2 " 3 0" ! " " ! 0 ''7 3 0 0 " $ 4 3 0 + * 3 "" " " 2 3 $ 4 3 0" , 0$ 3 0 1 4 @ 4 ! 4 " *+ 3 F + 01 0 η? β / * 10 0 78D& 788' η β β " = 3 "" ''' + 3 0 ! 4 0 788' " 3 3 "" 0 0 , 3 0" * 0 4 3 , 3 3 "" 0 4 0" $ 3 4 $ " 0 1 " + * ,1 η? 3 , 0 4 3 $ 0 + 3 4 3 , . + / $ $ " H 0 1 3 4 $ " *+ ,0 *+ 00 -, " 3 " 0 0$ +# G !50 , + # 1 ) -,+, I 1 0 0" * 0$ 3 , " 0$ ! ,1 ; ! F " 4 " 0B0 $ 4 0" * ! ,1 4 4 2 ! 4 " " $ $ " C + ! 4 " " " C 0 $ . " 0 ! " 0 $ 0$ + J , 0B0 * 3 0" " 00 7K + 0" 3 ; 9 " 78(8 + I 0 1 4 = -,+,+ " 3 4 3 3 " 0" " ' 4 ;" 3 " , 4 . ! 0 *0 " : ;" < * 7 + 3 4 ?7+ +, G 2 + : ;" < 4 4 $ $ 4 4 3 " H * ,1 + # 4 ! ! +# " 0 4 ?'+ η?β " = 3 "" #3 : ;" < * 0 3 4 0 ! 4 " ! 0 1 4 " " 0 M '+ 0 0 4 1 3 : ;" < 3 0" ; " " 3 0" " + # " 3 L' 4 3 . + " -,+,- N 0$ λ 2 $ " ! +I 3 #3 0" 3 !50 0 *0 " : $ < * O 0$ ! 0" + @ 4 $ 4 = $ 7 λ λ ' = + = + −7 " # # + 7− 0 " 7 λ λ ' 4 3 + " " $ + λ 4 2 3 " 3 0 3 0" ; O 0" ; 3 " = ] G " 3 = + 7− " " " = 4 + [ −7 $ 3 = + 0" " " $ $ " +I " 0 ] 0 " 4 " − # 3 0" + 7− 0" 3 3 " [ [ = $ 3 0" −7 0" 0" 3 " 3 4 0" " # 3 " : ;" < 3 7 / E 0" " 0" 4 + ] , " 3 & " + 0" " " + 0" 0" = & 4 0 3 " λ. η β " = 3 "" [ =− + J " " 4 3 3 " 3 0 ! 4 0 " : ! ) 3 0" ! < " $ $ 0 1 $ . 0 1 ] + 7− −7 " . 0 0 3!;" !1 * 0 P 2 3 0" ; + 3 "" " 0 " 3 0" ; 4 " " $ ''' 4 = =' ( I " = 7 λ λ ' = 7 λ λ ' 9 3 0 ; 0 ; +I = D 8 1 4 & ) ( $ = − + = 7' = 77 #3 " 3 0" 0 $ ,Q 0 -,-, " 2 3 " 0 P 2 3 0" $ " + . 9 0" ; , 1, R 0" ; " + ! , " + " + 0" ; 4 λ+ λ− 3 " − 4 0B0 = 0 λ = λ+ /1 " * , 'Lβ L7 " β + =β[ − $ " " − − " " " " " 0 ! , = ] . 0" ; 0 λ 7 3 $ = 4 , , =' 7G 2 3 4 ⇔ λ= ! 7G *" 1, 3 ! 7& η?β " = 3 "" I * 0 4 2 " +I " λ = λ # " " " " 4 0" ; λ 2 λ 4 3 ; <2 0 00 <2 @ *" : ! 0 1 4 λ : 3B " 0 0 0 " 4 3 0 3 0$ 0" ; 3 0" + "" 4 $ + 3 2 3 4 " ! " 0 0" " " $ , 2 3 4 , 0" 0 0" 4 3 = 7 $ , 2 " 2 -,-,+ 0 , " " $ 3 0" 0" ; " " + ) 0 : ! " 78(( ''7 + 9 ! :@ $ !< S 78D 4 3 !50 4 3 " " $ 3 0$ ! 2 ! 4 " + " . " 3 0 : " < 3 0" + I 1 4 3 " 4 3 !50 " ! " 0 3 0$ " : ;" < : <2 2# " " : ;" <+ # $ # * ,1 " $ ! %& $ ' # $ " 0 ! $ $+ 0$ !50 0$ 3 0" +# 0 ! θ= ( + I 0 4 " λ) # " $ $ " 0" 0 " = ''' = 7− " , − λ #θ 7) 0" 3 " 3 $ 3B 0" ; 4 , " 0 λ+ I 0 4 4 3 λ 4 3 ,0 0$ !50 ! θ " " 0" + / " " θ " " 0 ! ,0 " $ $ + #3 0$ ! 4 3 : ;" < " , " $ 3 * $ 0 " $ $ $ λ " 4 " = * = 7− # " $ $ 3B − 0" 4 $ * # λ #θ 7( 0$ ! 3 $ ) *" 2 = η β " = 3 "" = 7− − λ 3 0" 0 ! 4 0 0 1 7D λ 0 ! 4 $ + 0 0 λ" " ,0 0 4 2 0 ; " ! ! " ,0 " 0 # ) 3 4 " " 3 θ #θ " $ $ #+ I 0 4 θ+ 4 + " 3 0 " $ $ + -,-,- * 0 $ " " " " 3 4 $ * !50 , " " * 0" = += 4 * 0" , ; 0" 4 " + + = − 78 -,/ -,/,+ # λ ? 4 /1 $ = ' 4 G λ= + −7 4 77 − λ λ = /3 " 1 λ ? [ β = 7− β 4 λ = + β ' 7− β − 7 = ] 7 7G $ = β = 7− β ?θ 4 7 = θ / " λ Tθ 3 4 , + # $ U 3 0$ ! + N 0" " !50 ,0 " G G 0 " 0 + J 4 " θ ! 4 ( ! :0 , $ " " ,0 " < "" U " !50 3 0 + 3 η?β , 0 " = 3 "" + 4 0 * 0 3 0 0 ! 0 1 4 , λ. . " -, 2 ) θ , θ∗ , λ∗ -,/,-, 7' λ ) / 0 7 − 1 2 $ " 0 β β = 7−β = 7− β 4 − 0$ θ 4 = − + 7 & G 0 0 4 = − + + = 4 = 3 4 λ $ 3 & 0" 3 4 $ = β + 7−β + β θ 0 $ ) 0 ; 3 4 ) 0 + 3 4 G 3 4 ) 0 = = − 7−β [ − λ ] 0 " 4 * 0" ( $ " 0 " ! 4 = D & 3 " λ Tθ η β " = 3 "" 7− β / 0 ! 4 D 4 0 + 0" " − λ λ θ " > 1 F 0" + J ,0 0 ! " 0" + /1 0" 0 ) 0" 4 4 0 λ ,0 " 4 3 (7−β )[ − λ ] + " " " ! $ " + , ! , $ C λ Tθ + " " $ $ 4 " $ $ 0 0 = += & & $ $ . $ ! $ &! $ & $ $ # 4 4 $ #3 I 0 1 + 3 ,0 " " D 3 0 λ V= W − λ+/ " 0 " $ $ 3 4 * 0 , " 3 4 4 & /0 $ 0 $ ! %& $ /1 $ $ ' ! +/ 3 0 + " λ ∗ -θ ∗ $ λ ∗ Tθ ∗ " /, / 0 0" 1 2 $ 3 4 $ 4 0 *0 !50 , " 4 , 3 0 3 " 0 " ! 3 0" ! + 3 0$ " 4 /,+ # " " 2$ = (7 − $ 4 ) $ + ∞ = ' K7 ? 0 " −$ " − θ$ $ " $ 10 3 # ,2 = µ$ B 2 $ " = 8 $ " " 3 0 1 = 2$ K 7. .θ , , " 0 + /1 3 " 0 0 = 8 η?β " = 3 "" ∂,2 = − ∂θ$ ∂,2 = − ∂ $ ∂,2 = − ∂λ$ −$ −$ −$ * 0 3 0 0 − µ$ η4 3 0 1 4 7+θ − +θ 7− ! ∂ =' ∂θ G' + µ$ 7 − −θ − µ$ −7 = ' G7 λ V − µ$ θ W − " $ $ ∂ λ =' ∂λ G " "" 4 4+ I "" 24 " " ! " "" "" = ∂ θ = −η 4 ∂θ ∂ λ =η 4 ∂λ 3 "" 0 3 0 λ 2 3 2 3 2 , 0 3 0$ 3 4 µ$ " µ$ =− 0$ −$ ' 4 , 0 G7 − $ " 01 0 1 3 = 4 0B0 + /3 75 " G& θ 4 4 3 " 0 = + λ+ 9 0 2 3 0" GG " −η 4 λ #4 4 3 "" 4 " " GG 4 4+ ! " ! η4 G' + / 7−η 4 λ 4 , 2 2 θ+ 4 !50 , + = 7−η 4 0 " " 0 4 " 0 ''' + 0 788' " + θ" ,0 " B " (7− ) 4 4 2 ! + / 3 3 " 0 G GG + ; $ λ 0 0$ " $ 10 "" C 4 * 10 4+ = 7' 3 " 0 ? 4 η β " = 3 "" G 2 ,0 4 , $ $ ! $ 4 θ+ / λ " 0 " 3 "" 0 0 3 " 3 0" " λ 3 0$ " 0 4 0 " " 0 0 & $! ! $ 0 1 G 0 0" , &! $ 0 ! 4 4 λ+ 4 3 3 0 η4 7−η 4 λ − λ = # * 0 " B 0 ! G& %& 1 $ ' ! = $ -4 $ . $ $ G /,- ) 9 4 3 4 $ 0" 4 4 3 , " !50 , η 4 788' + I " 0 0 4 G D $ = 7−β 4 4 0 = λ − −β λ #4 $ , 4 0 * β 3 ! " 3 "" 4 4 4 = 3 4 3 0$ + + G) G& " " 4 $ η 4X = β G( " 4 + " , , " 0 λ − λ = 4 0 4 3 4 $ 3 4 G + 3 4 $ + 7− β 4 4 0 η 4X = "" 788' , 0 2 0$ 3 0 λ X+ D+ " B η 4 ?β 3 " θX0 *0 3 , ! 3 4 B 0 $ 1 = GD G 3 "" 4 " 4 $ = + + + 7−β G8 77 η?β " = 3 "" * 0 3 4 $ . 4 0$ 4 4 0 1 0 3 "" θ X+ ! " 0" $ G( λ 0 . B Y G8 " 0 Y " 3 0 4 " + = + η 4X = β = &' 4 + 4 0 G ! 4 , G& 0 0 * 10 3 4 $ "" 3 , " 0 2 7+ / " B " 0 " 0 η4 , ..& .. $ 3 ! 0 + β , 0 2 3 + 3 = " ! + $ ' %& & &' $ $ 0" 788' 78D& 4 ! $ " 3 4 * ! " 0 4 4 "" 788' + $ "" 4 4 4 3 4 ! " F 0" + 0" + 3 0" 0 " " " 0 , 0 3 "" " " $ $ 9! 0 , 4 4 η? β " 0 4 " 0 F * 4 * 0 /,/ 0 !50 , 3 ; 0" ''' + ! 1 0 :0 ! 4 5 0 ! < "" 0 + 0" + " :0 & " 788' ""+ 7G7 + " + #3 4 0 9 2 6 0 0 0" 3 9 0 $ * ,1 " η?β 3 4 . . ) < "" 3 0 0 0 12 $ 3 0" $ 0 + /1 ,0 0 4 η L β )+ 0 , 0 3 "" 0 " ! + 0 , !50 , 7 η β " = 3 "" * 0 3 0 , 2 * ,0 !50 , " / 0 0 1 3 2 = 0" 0 " " 0 0" 0" 0 0 4 + " 1 0 !50 , + / 0 1 2 ; 4 0" "" 4 4 !50 , 0 ; " 4 3 0B0 4 " C+ 0 + !50 , 3 0 1 + " . 0 3 0 0 " $ η L β )? " 0 ; , 788' , 2 F + + 0 0 ,1 0 " 0"5 0"5 " " * 0 788D + 0B0 0"5 " " "" "" " 4 0 " θ+ /3 3 0" !50 , 3 0" 3 ,0 3 0" + / 4 * 3 ! 0 "" !;" !1 " 0 1 ,0 " + 4 0 λ $ + 2 " " ! 3 3 " 4 3 $ " 0 ! 4 " 4 4 ; 4 " + 0 0 = ? 77' Z 7G' # " 01 ;0 4 !50 , $ " " " , 00 + # = β ? ' ! T # ? ' D T ? ' '& T " " * 0 0 2 ? ' T ? 7'+ # 0 7+ ' ) +, ?' ?& ?D ?7 λ ' &8 ' &D ' &( ' &) '& ' &&( θ ' &' ' G( ' G& 'G7 ' D& ' (( ' (8 ' D' 'D ' D& ' D) ' D)( ' G7& ' 8( ' D7 ' )G ' & ' &' (( 8) (D ) (8 G D' ') D' (( D' 8 ' 77G ' 77D '7 ' 7G ' 7&' ' 7&G (7) (78 ( ( G ( & 77 ( &' ,2 $ 3 ,0 "" C 4 4 !50 , 7G ? 7) + 0 3 " ? 7( 01 0 0" + η?β " = 3 "" 4 3 ,0 * 0 3 0 0 $ 0 " " 3 "" 3 "" " $ $ 3 0$ " !50 , + /3 " 1 $ θ 0" 4 0$ 0" , 0 ! $ 3 ,0 " , 3 " 0" 3 3 0" + / 0 0 3 ,0 3 0 ; " ! + + " / $ 0 1 ,0 0 1 +/ $ + 3 0 " * !50 , 00 0" B " " ,2 7+ 0 3 0 1 0 3 "" ! 4 0 " 0 4 0 $ η4 3 , 2 β+ 3 " 4 0" + % 4 3 "" ! 0 ,0 " B 3 0 1 + 0 !50 , 04 + / 0 0" 3 3 ! , , + :η ? β< 3 " $ 0 + $ + " " 4 3 ,0 . 0" η L β ). " 0 7 4 4 4 " 2 0 3 !50 , " " $ @ $ 2 $ 2 * " ; 4 0 , " 1 λ4 0 + ,0 ! 0 1 4 0 4 " 0 ! 3 7& ! 4 0 4 !50 , " B " 0 0 0 " 0 0 " " 4 [ 0 04 4 0 3 # $ 4 3 '' + η β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