Gestion de portefeuille dans un modéle binomial

A theoretical model of the behavior of firms and employees focusing on demand expectations and profitability is built. This model is based on the existence of uncertainty concerning the level of future demand, and generalizes existing work on that subject by explaining consistenly prices, production capacity, demand expectations and foreign trade. lt is shown that under certain hypotheses, a level of real wage that maximises capacity or expected employment exists; for lower real wages, the effects of profitability dominate those of demand, the opposite being true for higher real wages.