Akerlof et Schiller - Les Esprits animaux

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Le#multiplicateur#de#confiance&:&&
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Importance#de#la#notion#d’équité#:(
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Questionnaires#:(

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Expériences#:(
"3+@:(F2=3(2:(#>B,+(1dL=:23(,+:(:2@:P(8*(L,,AP3*:>,+(2+:32(>+E>Y>EC@(2:(8*(L,+9>*+L2(BC:C2882((A2+E*+:(8O2DAP3>2+L2-(
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QC2(82@(*C:32@(*E,A:2+:(E2@(L,BA,3:2B2+:@(P4,e@:2@-(>8@(9,+:(A*32>86(
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Les#théories#de#l’équité#:(
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Normes#et#équité#:(
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Equité#et#économie#:#(
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L’exemple#des#trois#dernières#récessions#aux#Etats=Unis#:(
• %PL2@@>,+(E2(<C>882:(JjjI(S()*3@(JjjJ(
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Les#sociétés#Savings#and#Loan#et#la#récession#de#1991#:#
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:*>882(?(JpI(B>88>*3E@(E2(E,88*3@((L3>@26(
(
M,+@PQC2+L2@(?( EP4o:@( E*+@( 82@( *L:>Y>:P@( EC( ;o:>B2+:( AC>@( E*+@( EO*C:32@( @2L:2C3@( R( *99*>;8>@@2B2+:( E2( 8*( m,C3@2( R(
A23:2(E2( 8*(L,+9>*+L2(E2@(L>:,Z2+@(2:(E2@(>+Y2@:>@@2C3@(E*+@(82( @Z@:_B2(;*+L*>32(2:(9>+*+L>23(T(A23:2(E2(EZ+*B>@B2(
A,C3(8OPL,+,B>2(G(:,C:(2@:(A*3:>(EO*L:>Y>:P@(>BB,3*82@K6(
(
Enron#et#la#récession#de#2001#:#
("D2BA82(@A2L:*LC8*>32(E2(L,33CA:>,+(?( A3*:>QC2@( 8CL3*:>Y2@( A,C3( 9*>32( EC( A3,9>:( 2+( :3_@( A2C( E2( :2BA@6( "+3,+(
2+324>@:3*>:(2:(U(Y*8>E*>:(X(E2@(A3,9>:@(8>P@(S(L23:*>+@(A3,V2:@(A,C3:*+:(>33P*8>@*;82@(?(E_@(QC2(82@(L,+:3*:@(P:*>2+:(@>4+P@(
82@(;P+P9>L2@(*+:>L>AP@(9>4C3*>2+:(E*+@(82@(L,BA:2@(E2(8O2+:32A3>@2(R(82@(>+E>Y>EC@(>BA8>QCP@(E*+@(L2@(A3,V2:@(P:*>2+:(
3PL,BA2+@P@(*8,3@(BbB2(QC2(82(A3,V2:(+OP:*>:(A*@(L23:*>+(EO*;,C:>36(gC*+E(8O2+:32A3>@2(+2(:2+*>:(A*@(@2@(A3,B2@@2@-(
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(
$,C3(C+(PL,+,B>@:2(?(@>:C*:>,+(PQC>8>;3P2(,r(L=*LC+(A,C3@C>:(@,+(>+:P3b:(B*>@(A*@(A,C3(82(AC;8>L(QC>(*L=2:*>:(U(E2(8*(
A,CE32(E2(A238>BA>+A>+(X-(E,+L(L2:(PQC>8>;32(2@:(8,>+(EOb:32(;P+P9>QC2(S(:,C:2@(82@(A23@,++2@(L,+L23+P2@((A3>@2(E2(
L,+@L>2+L2(?(82@(@,L>P:P@(Y>3:C2882@(@2(L,BA,3:2+:(L,BB2(E2@(L=*38*:*+@(R(U(3*@(82(;,8(X(4P+P3*8(*@@,L>P(*CD(B*3L=P@(
9>+*+L>23@(R(3P*L:>,+(S(8*(L,33CA:>,+(2:(S(8*(B*CY*>@2(9,>(T(*99*>;8>@@2B2+:(E2(8O*L:>Y>:P(PL,+,B>QC26(
(
Les#prêts#subprime#et#la#récession#qui#a#commencé#en#2007#:#
([2(+,@(V,C3@(?(+,CY2882(Y*4C2(E2(@L*+E*82@(*CD(l#5-(8>P2(*CD(BbB2@(:ZA2@(E2(BP:=,E2@6(5C4B2+:*:>,+(E2@(A3b:@(
@C;A3>B2(E*+@(82(@2L:2C3(E2(8O>BB,;>8>23((@2L:2C3(98,3>@@*+:(2:(@*+@(3_482B2+:*:>,+(*AA3,A3>P26((
$3,;8_B2(?( L2@( A3b:@( P:*>2+:( *::>3*+:@( G32B;,C3@2B2+:@( B2+@C28@( 9*>;82@( *C( EPB*33*42-( L2A2+E*+:( ,+( ,C;8>*>:( E2(
A3PL>@23(QC2(82@(:*CD(9>+>@@*>2+:(A*3(*C4B2+:23K(B*>@(+OP:*>2+:(A*@(*E*A:P@(S(8*(@>:C*:>,+(E2@(2BA3C+:2C3@(YC8+P3*;82@(
GA2C(PECQCP@(R(B*8(>+9,3BP@K6((
(N+(+2(A2C:(A*@(E>32(QC2(L2@(*4>@@2B2+:@(P:*>2+:(>88P4*CD(B*>@(>8@(+O2+(32@:2+:(A*@(B,>+@(>BB,3*CD(GL2CD(QC>(
A3,A,@*>2+:(L2@(A3b:@(+2(L3,Z*>2+:(A*@(2+(8*(Y>*;>8>:P(E2(82C3(A3,EC>:(2:(Y,C8*>2+:(@O2+(@PA*323(82(A8C@(Y>:2(A,@@>;82K6((
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Pertinence#de#notre#théorie#des#esprits#animaux#:##
(!2@(2D2BA82@(L>(E2@@C@(B,+:32+:(QCO>8(Z(*(C+(8>2+(2+:32(82@(LZL82@(PL,+,B>QC2@(2:(8O*E=P@>,+(S(C+(L,E2(E2(;,++2(
L,+EC>:26(!*(L,33CA:>,+(2:(8*(B*CY*>@2(9,>(*AA*3*>@@2+:(@28,+(8*(A23L2A:>,+(E2@(B2@C32@(E2(3PA32@@>,+@(*@@C3P2@(A*3(
8O":*:(?( A8C@( 8*( L,33CA:>,+( @2( 4P+P3*8>@2-( A8C@( 82@( *42+:@( A2+@2+:( A,CY,>3( PL=*AA23( 9*L>82B2+:( *CD( @*+L:>,+@( G]](
U(BC8:>A8>L*:2C3(E2(L,+9>*+L2(?(8*(L,33CA:>,+(4P+_32(EO*Y*+:*42(E2(L,33CA:>,+(XK6(
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R(PY,8C:>,+(E2(8*(L,33CA:>,+(2+(3*>@,+(EC(L=*+42B2+:(LC8:C328-(8C>(BbB2(8>P(*CD(2@A3>:(*+>B*CD(G2D(E2@(*++P2@(JjHI(?(
PL=2L(E2(8*(A3,=>;>:>,+((4P+P3*8>@*:>,+(EC(+,+(32@A2L:(E2@(8,>@K(
(
p6 !O>88C@>,+(B,+P:*>32(?(
#>(82@(42+@(P:*>2+:(Y3*>B2+:(3*:>,++28@-(>8@(A32+E3*>2+:(82C3@(EPL>@>,+@(2+(9,+L:>,+(EC(A,CY,>3(EO*L=*:(QC2(L,+9_32(C+2(
B,++*>2( +,B>+*826( l+2( E2@( 43*+E2@( =ZA,:=_@2@( 2+( B*L3,PL,+,B>2( E>:( QC2( 82@( *42+:@( +2( @23*>2+:( A*@( @,CB>@( S(
8O>88C@>,+( B,+P:*>32-( >626( QCO>8@( A,C33*>2+:( A32+E32( 2+( L,BA:2( 82@( Y*3>*:>,+@( E2( 8O>+98*:>,+6( !2@( *C:2C3@( L,+:2@:2+:(
9,3:2B2+:(L2::2(=ZA,:=_@26(
(
Place#de#l’illusion#monétaire#dans#l’histoire#de#l’économie#:#
&3Y>+4( F>@=23( GPL,+,B>@:2( L8*@@>QC2-( ,CY3*42( T( L’illusion' de' la' monnaie' stable,' JjHnK(?( 82@( *42+:@( A32++2+:( E2(
B*CY*>@2@( EPL>@>,+@( A*3L2( QCO>8@( +O,+:( A*@( L,+@L>2+L2( E2( 8O>+98*:>,+-( >8( 9*C:( E,+L( 82C3( B,+:323( QC2( 8*( Y*82C3( E2( 8*(
B,++*>2(PY,8C2(2:(QCO>8(9*C:(A32+E32(2+(L,BA:2(8O>+98*:>,+(E2@(A3>D6(
[2(BbB2-(/2Z+2@(?(82@(,CY3>23@(+2(A2+@2+:(A*@(S(+P4,L>23(8O*C4B2+:*:>,+(E2(82C3@(@*8*>32@(A,C3(L,BA2+@23(8O>+98*:>,+6(
(
Le#courant#s’inverse#:#(
$,C3( )>8:,+( F3>2EB*+-( QC*+E( 82@( ,CY3>23@( +P4,L>2+:( C+2( *C4B2+:*:>,+( E2( 82C3@( @*8*>32@-( >8@( +P4,L>2+:( C+2(
*C4B2+:*:>,+(E2(82C3(@*8*>32(3P28(G2:(A*@(+,B>+*8(\K(>626(QCO>8@(E2B*+E2+:(C+2(*C4B2+:*:>,+(+,3B*82(E2(82C3(@*8*>32-(
QC>(L,332@A,+E(S(C+(L23:*>+(+>Y2*C(E2(L=^B*42(*Y2L(C+2(>+98*:>,+(*+:>L>AP2(+C882(R(C+2(*C4B2+:*:>,+(QC>(A32+E(2+(
L,BA:2(82(:*CD(EO>+98*:>,+(QCO>8@(*+:>L>A2+:6((
(!2@(2BA8,Z2C3@(2:(,CY3>23@(@O>+:P32@@2+:(@2C82B2+:(*C(A,CY,>3(EO*L=*:(QC2(32A3P@2+:2+:(L2@(@*8*>32@(2:(E,+L(82C3(
Y*82C3(A*3(3*AA,3:(*C(+>Y2*C(E2@(A3>D6(

(
([2(L2::2(L,+L2A:>,+-(F3>2EB*+(Y*(:>323(8*(:=P,3>2(EC(U(:*CD(E2(L=^B*42(+*:C328(X(GT(82(+>Y2*C(E2(L=^B*42(*CQC28(
8O>+98*:>,+(E2(43>BA2(+>(+2(;*>@@2K(2:(8*(:=P,3>2(EC(U(:*CD(+*:C328(X(@28,+(8*QC2882(8O>+98*:>,+(E,>:(b:32(B*>+:2+C2(S(C+(
+>Y2*C( *@@2s( ;*@(GL*3(>8(+OZ(*(2+(9*>:(QC2(A2C(E2(3>@QC2@(E2(Y,>3(82(L=^B*42(*C4B2+:23K6(M2@(:=P,3>2@(9,+:(2+L,32(
3P9P32+L2(*CV,C3EO=C>(2:(82C3(9,+E2B2+:(2@:(8O*;@2+L2(EO>88C@>,+(B,+P:*>326(
(
Présomption#:##
&88C@>,+(B,+P:*>32(AC32(E2(F>@=23(2:(/2Z+2@(A2C:(A*3*q:32(:3,A(+*eY2-(B*>@(>8(+2(9*C:(A*@(8*(+>23(G2DL8C@>,+(E2(8O>88C@>,+(
B,+P:*>32(:,C:(*C@@>(+*eY2K6($,C3(82@(*C:2C3@-(8,3@(EC(A*@@*42(E2@(E,88*3@(+,B>+*CD(*CD(E,88*3@(3P28@-(QC28QC2(L=,@2(@2(
A23E(2:(L2::2(A23:2(T(L,+@PQC2+L2(E2(8O>88C@>,+(B,+P:*>326(
(
Les#contrats#de#salaire#et#l’illusion#monétaire#:#(
'3_@(A2C(E2(L,+:3*:@(E2(:3*Y*>8(A3PY,>2+:(C+2(>+E2D*:>,+(EC(@*8*>32(S(8O*C4B2+:*:>,+(EC(L,a:(E2(8*(Y>2(GA2C:(b:32(A*3L2(
QC2(82@(@*8*>32@(@O*AAC>2+:(@C3(8O>+98*:>,+(*+:>L>AP2(*C(B,B2+:(EC(L,+:3*:K(R(QC*+E(>8(Z(*(>+E2D*:>,+-(2882(2@:(>+9P3>2C32(
S(8O>+98*:>,+(GL2(EP@PQC>8>;32(2@:(Ea(S(8O>88C@>,+(B,+P:*>32K6(
(M2A2+E*+:(?(A,C3(82@(*C:2C3@-((>8(2@:(A2C(A3,;*;82(QC2(82@(@*8*3>P@(A3P9_32+:(C+(L,+:3*:(*VC@:P(S(8O>+98*:>,+(*+:>L>AP2(S(
C+(L,+:3*:(*VC@:P(S(8O>+98*:>,+(2992L:>Y26(
(
Les#contrats#de#prêts#et#l’illusion#monétaire#:##
!2@(L,+:3*:@(9>+*+L>23@(@,+:(2CD(*C@@>(3PE>4P@(2+(:23B2@(+,B>+*CD6((
$3,;8_B2(?( @>( L2CD( QC>( @>4+2+:( 82( L,+:3*:( +O,+:( A*@( VC4P( ;,+( EO>BA,@23( C+2( >+E2D*:>,+( A,C3( L,BA2+@23( 8O>+98*:>,+(
2992L:>Y2-(L,BB2+:(A2C:(,+(A2+@23(QCO>8@(,+:(@C(9*>32(C+(*VC@:2B2+:(A*39*>:(S(8O>+98*:>,+(*+:>L>AP2(t(
(
Comptabilité#et#illusion#monétaire#:##
M,BA:*;>8>:P((T(8*+4*42(E2@(*99*>32@(R(@23:(S(9>D23(82(L,C3@(E2@(*L:>,+@(R(S(L*8LC823(82@(>BA^:@(E2(8O2+:32A3>@2W(
(%^82(A3>B,3E>*8-(,3(@>(82@(L,BA:2@(@,+:(9*>:@(2+(Y*82C3@(+,B>+*82@-(82@(EPL>@>,+@(QC>(@,+:(A3>@2@(@,+:(2+(9*>:(
@,CB>@2@(S(8O>88C@>,+(B,+P:*>326(
(
Résumé#:##
'=P,3>2(PL,+,B>QC2(E,B>+*+:2(?(82@(42+@(,+:(L,+@L>2+L2(E2(8O>+98*:>,+((A,@:C8*:(2D:3bB26(!2(9*>:(QC2(8*(A8CA*3:(E2@(
L,+:3*:@( G@*8*3>*CD-( 9>+*+L>23@K( +2( @,>2+:( A*@( >+E2DP@( B,+:32( QC2( ( 82@( *42+:@( @,+:( ;28( 2:( ;>2+( @,CB>@( S( 8O>88C@>,+(
B,+P:*>326( &+:3,ECL:>,+( E2( 8*( +,:>,+( EO>88C@>,+( B,+P:*>32( T( B,E>9>L*:>,+( E2( 8*( B*L3,PL,+,B>2( R( L,+L8C@>,+@(
E>99P32+:2@(QC*+:(*CD(A,8>:>QC2@(S(B2::32(2+(uCY32((82@(2@A3>:@(*+>B*CD(V,C2+:(C+(3^82(E*+@(82(9,+L:>,++2B2+:(E2(
8OPL,+,B>26(
(
v6 .>@:,>32@(?(
#28,+(%,423(#=*+7(2:(%,;23:(5;28@,+(GA@ZL=,8,4C2@(@,L>*CDK(?(L,+:2@(R(:3*+@B>@@>,+@(EO=>@:,>32@(T(9,+E2B2+:(E2(8*(
L,++*>@@*+L2( =CB*>+26( h,@( L,+Y23@*:>,+@( @,+:( @,CY2+:( E2@( PL=*+42@( EO=>@:,>32@6(h,@(B,E2@(E2(A2+@P2(@,+:(
@:3CL:C3P@( *C:,C3( E2( 3PL>:@( 2:( +,C@( +2( A,CY,+@( A*@( >+:P4323( 8*( +,:>,+( E2( =*@*3E( E*+@( +,@( =>@:,>32@6( &8( Z( *C3*>:( C+2(
:3*B2( 3PLC332+:2( E*+@( :,C@( +,@( 3PL>:@( R( +,B;32( 8>B>:P( E2( :=_B2@( QC>( @2( A23AP:C2+:( GJjJw(?( 12,342@( $,8:>( 9*>:(
8O>+Y2+:*>32(E2(0w(@>:C*:>,+@(9,+E*B2+:*82@-(Jj00(?(%,;23:(',;>*@(E>@:>+4C2(HI(:ZA2@(EO>+:3>4C2@(E>99P32+:2@K6(
(
Histoires#de#politique#économique#:#
!2@( =,BB2@( A,8>:>QC2@( @O*E32@@2+:( S( 8*( +*:>,+( 2:( 8C>( 3*L,+:2+:( E2@( =>@:,>32@( QC>( A*382+:( EOPL,+,B>26("D2BA82(EC(
)2D>QC2( A,C3( B,+:323( S( QC28( A,>+:( 8*( L,+9>*+L2( E2( 8*( A,AC8*:>,+( A2C:( b:32( C:>8>@P2( A*3( 82@( =,BB2@( A,8>:>QC2@( QC>(
@*Y2+:(U(3*L,+:23(E2@(=>@:,>32@(X6(
(
Histoires#et#économie#générale#:##
!2@(PL,+,B>@:2@(E2Y3*>2+:(A3P9P323(82@(9*>:@(*CD(=>@:,>32@(QC>(@,+:(82(A3,EC>:(E2@(BPE>*@(G,3(82@(BPE>*@(+,C@(E>@2+:(L2(
QCO,+( Y2C:( 2+:2+E32K6( M2A2+E*+:-( >8( 9*C:( A32+E32( 2+( L,BA:2( 82( 9*>:( QC2( L2@( =>@:,>32@( ,+:( C+2( 9,3:2( >+98C2+L2( @C3(
8OPL,+,B>26([_@(8,3@(82@(=>@:,>32@(T(82@(9*>:@6(
(
Histoires#et#confiance#:##
"D2BA82(EO>+:23+2:(L,BB2(C+2(=>@:,>32(E*+@(8*(B2@C32(,r( f*( 32A3P@2+:2(C+(U(_32(+,CY2882(X(?(8O=>@:,>32( EO>+:23+2:( *(
B,E>9>P( 8OPL,+,B>2( 2+( A3,9,+E2C3( GL9(?( *LL_@( S( 8*( ;,C3@2K6( M,+9>*+L2( +O2@:( A*@( @2C82B2+:( C+( A=P+,B_+2( >+E>Y>EC28(
B*>@(L,882L:>9(2:(82@(*::2+:2+:(E2(8*(A,AC8*:>,+(Y*3>2+:(@28,+(82@(=>@:,>32@(2+(Y>4C2C36(
(
Les#épidémies#d’histoire#et#leur#impact#sur#la#confiance#:##
!2@(=>@:,>32@(@2(3PA*+E2+:(2:(*4>@@2+:(L,BB2(E2@(Y>3C@6(!*(L,+9>*+L2(2:(82(B*+QC2(E2(L,+9>*+L2(@2(:3*+@B2::2+:(A*3(
L,+:*4>,+(2:(>8@(A2CY2+:(@C3Y2+>3(*A3_@(C+(L=*+42B2+:(E*+@(82(B,E2(E2(A2+@P26(
(
w6 $,C3QC,>(82@(PL,+,B>2@(L,++*>@@2+:`2882@(E2@(EPA32@@>,+@(t(
[PA32@@>,+(T(9,3B2(2D:3bB2(E2(3PL2@@>,+6((
(
La#dépression#des#années#1890#:#

[PA32@@>,+( EC2( S( 299,+E32B2+:( E2( L,+9>*+L2( 8C>( BbB2( Ea( S( E2@( =>@:,>32@( EOPL=2L( :3,A( A3P@2+:2@( E*+@( 2@A3>:@(
GL,33CA:>,+( ↑-( >+VC@:>L2( ↑666K6( $,C3( 82@( *C:2C3@-( EPL8*+L=2B2+:( T( A*+>QC2( 9>+*+L>_32( E2( Jnj0(?( 299,+E32B2+:( E2( 8*(
L,+9>*+L2( →(3CP2(Y23@(82@(;*+QC2@(→(9,+E@(>+@C99>@*+:@(A,C3(3PA,+E32(S(8*(E2B*+E26([2(A8C@-(>8(+OZ(*Y*>:(A*@(E2(
;*+QC2(L2+:3*82(*CD(l#5(S(8OPA,QC2(A,C3(*>E23(2:(@,C:2+>3(82@(;*+QC2@6($,C3(56(h,Z2@(GV,C3+*8>@:2(*C(hx('>B2@K-(LO2@:(
8O>+@:>+L:(QC>(*(L*C@P(8*(A*+>QC26(
(
La#surchauffe#économique#des#années#1920#et#sa#conséquence,#la#dépression#des#années#1930#:#
#C3L=*C992( PL,+,B>QC2( E2( JjHI( T( U(@>:C*:>,+( E*+@( 8*QC2882( 8*( L,+9>*+L2( EPA*@@2( 82@( 8>B>:2@( =*;>:C2882@-( *C( A,>+:(
QCOC+2( 93*L:>,+( E2@( L>:,Z2+@( A23E( :,C:( 324*3E( L3>:>QC2( @C3( 8*( @>:C*:>,+( 3P2882( 2:( @2( B,+:32( A3b:2( S( L3,>32( +O>BA,3:2(
QC2882( =>@:,>32( E2( ;,,B( PL,+,B>QC2(X( T( L,+@,BB*:>,+( 2:( >+Y2@:>@@2B2+:( RR6( M,33CA:>,+( 2:( B*8=,++b:2:P( ↑(2+(@2(
+,C33>@@*+:(E2(8*(L,+9>*+L2(*Y2C482(E2@(L>:,Z2+@6(5A3_@(2CA=,3>2(E2@(*++P2@(JjHI(?(2DA8,@>,+(E2(8*(;,C3@2(2:(73*L=(
9>+*8( 2+( JjHj( →(EPA32@@>,+(E2@(*++P2@(Jj0I6("+Y,8P2(;,C3@>_32(E2(JjHI(8>P2( S( C+( 2+:=,C@>*@B2( 2D*L23;P-( 9,3:2(
L3,Z*+L2(2+(C+2(_32(+,CY2882-(U(9>_Y32(@APLC8*:>Y2(X(VC@QCyS(8O299,+E32B2+:(EC(B*3L=P(2+(JjHj6(
(
La#Grande#Dépression#:#
M2::2( EPA32@@>,+( *( 2C( C+( >BA*L:( B,+E>*86( [PL82+L=2C3( EO,3E32( 9>+*+L>23( *Y2L( 82( A8,+42,+( E2@( ;,C3@2@( B*>@( A*@(
@2C82B2+:6(5Y2L(299,+E32B2+:(E2(8OP:*8,+(,3(?(A23:2(E2(L,+9>*+L2(2+(8*(B,++*>2(RR6(13*+E2([PA32@@>,+(*C@@>(S(8O,3>4>+2(
EOC+(@2+:>B2+:(EO>+VC@:>L2(2:(E2(L,+98>:@(@,L>*CD(E*+@(82(B,+E2(EC(:3*Y*>8(→(>+@:*;>8>:P(R(L3*>+:26([2(A8C@-(S(L*C@2(E2(
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Ce#que#nous#enseignent#les#dépressions#:#
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L’histoire#classique#du#pouvoir#de#la#banque#centrale#:##
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Les#problèmes#que#pose#le#point#de#vue#standard#:#
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Les#limites#de#l’efficacité#des#opérations#d’Open#Market#:##
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Une#autre#conception#du#pouvoir#des#banques#centrales#:##
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Les#nouvelles#données#du#problème#:##
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