Abstract: The lecture starts by reviewing the standard economic viewpoint on expectational coordination, as well as the different existing directions assessments of the rational expectations hypothesis that have been made to-date. It will be argued that critical assessment, along the lines of the so-called “eductive” learning approach, radically modifies our view of three key problems : the economic role of speculation, the informational efficiency of markets and, last but not least, the ability of agents with long horizon to anticipate the future. The questions of the specificities of expectational coordination in markets and organizations will be evoked.
Bio: Roger Guesnerie is currently holder of the chair “Théorie économique et organisation sociale” at Collège de France, director of studies at EHESS, and president of the Paris School of Economics. Ex-student at École Polytechnique and École Nationale des Ponts et Chaussées, he has taught throughout the world. His work in public economics, on the theory of mechanisms and on general equilibrium, has made him one of the most renowned (peut être one weil known..) French economists. Roger Guesnerie has been a member of the editorial board of several high quality journals in Economics, co-editor of Econometrica from 1984 to 1989, President of the European Economic Association in 1994, President of the Econometric Society in 1996 and of the Association Française de Science Economique in 2003.He was awarded the Medaille d'Argent (Silver Medal) of the CNRS in 1993 and is an Honorary Foreign Member of the American Economic Association since 1997, and a member of the American Academy of Arts and Sciences since 2000.