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Modeling Mechanisms of Market Valuation
mardi 30 juin 2015

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Conférence de Richard Arena lors du colloque "Pricing, Practices, Ranking" organisé par le département de Sciences Sociales et le département d’Économie

Quatrième session: Values, Cognition, and Markets

Modeling Mechanisms of Market Valuation: What Changes through Behavioral Economics Approach?

During a long period, the analytical foundations of mechanisms of market valuation were provided in economics by general economic equilibrium, decision and standard game theories. The issue of the emergence of so-called
behavioural economics is supposed to have changed this situation. A strong ambiguity however still remains. Two forms of behavioural microeconomics seem indeed to co-exist to-day. The first defended by authors as Camerer, Loewenstein, Dufwenberg or Sobel for instance argues that a strong continuity does exist between those initial foundations and the research program of new behavioural microeconomics including specific forms of mechanisms of market valuation. The second defended by authors as Vernon Smith, Rubinstein, Bichierri or Rotemberg for instance argues that behavioral economics implies a cognitive turning point associated with a different view of the relations between economics and psychology stressing the necessity of a supremacy of cognitive factors on given or ‘constructed’ preferences in the formulation of mechanisms of market valuation. Our contribution will first try to clarify the opposition between these forms of behavioural microeconomics. It will also attempt to show that behind the opposition we refer to, a fundamental methodological difference allows to renew the traditional distinction between closed and open systems and therefore to suggest two different views of the inter-disciplinary relation between economics, psychology and cognitive sciences.

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Richard Arena
Université Nice Sophia Antipolis / CNRS
Professeur des universités

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Richard Arena est actuellement professeur à l'Université de Nice/Sophia Antipolis, membre du GREDEG (UMR de cette université et du CNRS) et du Conseil National des Universités (CNU).

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Dernière mise à jour : 27/11/2015