This paper explores the existence of rational bubbles in the pricing of an asset that pays no dividend. I find that … when "the spirit of capitalism" is introduced into a growth model, rational bubbles do exist provided that the marginal …, could exist. This could provide a simple theoretical foundation to explore economic implications of the collapse of bubbles. …

rules for non-compliance, and bubbles. The following conclusions emerge from the discussion. First, although emissions …

system; and bubbles. Although our focus is exclusively on emissions trading, we discuss its relationship with the clean … development mechanism, joint implementation and bubbles wherever necessary. By providing some new insights, the paper aims to …