acting on them. We implement the first experiment that is able to address a potential causal relationship between self …

of an asset price bubble. In an economy with a highly leveraged financial structure, the central bank has an incentive to … asset prices above their fundamental value. The paper shows that the size of such a bubble is likely to be rather small. The … bubble is only equal to the expected value of capital gains on outstanding debt, which are fairly limited in a crisis. Since …

against Sharpe-Lintner CAPM and Fama-French three factor models are found mainly during the recent financial crisis. Also we …

Bubbles are omnipresent in lab experiments with asset markets. Most of these experiments were conducted in environments … experiment to measure changes of human trading behavior if these humans expect algorithmic traders. To disentangle the direct … smaller bubbles if human traders expect algorithmic traders to be present. …

of equilibria, a fundamental and a bubble one. In a stochastic environment the model generates a complex dynamics in … which bubbles and crashes occur at unpredictable moments. We contrast these behavioural bubbles with rational bubbles. …

of equilibria, a fundamental and a bubble one. In a stochastic environment the model generates a complex dynamics in … which bubbles and crashes occur at unpredictable moments. We contrast these ʺbehaviouralʺ bubbles with ʺrationalʺ bubbles. …