identify temporary house price bubbles, amplified by trend extrapolation, and crashes reinforced by fundamentalists. The …

It is well known that rational bubbles can be sustained in balanced growth path of a deterministic economy when the … return to capital r is equal to the growth rate g. When there is a lack of stores of value, bubbles can implement an … capital. Then, bubbles further efficiency, though they cannot implement first best. While bubbles can only be sustained when r …

". We observe both stable markets and large bubbles for both small and large markets. The data analysis shows no differences … successfully drives prices back towards the fundamental, but we observe very large bubbles in which the news apparently has no …

This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in …, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments. …

We study the role of experience in the formation of asset price bubbles. Therefore, we conduct two related experiments … participants receive. Each market is repeated three times. In both experiments and in all treatments, we observe sizable bubbles …. These bubbles do not disappear with experience. Our findings in the call market experiment stand in contrast to the …

Locally explosive behavior is observed in many economic and financial time series when bubbles are formed. We introduce … be used to predict the emergence, existence and burst of bubbles. We adopt a flexible observation driven model … specification that allows for different bubble shapes and behavior. We establish stationarity, ergodicity, and bounded moments of …

‘bubbles’ the spatial pattern of house prices, which can mainly be attributed to accessibility differences, usually remains …