We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors …

and other features of the communication process determine the popularity and pricing of active investment strategies …

comparable to themselves to be the most persuasive. Incorporating communication dynamics can take the influential social learning …

We develop a model of information exchange through communication and investigate its implications for information … a costly communication link with incurring the associated cost. After receiving a private signal correlated with the … underlying state, they exchange information over the induced communication network until taking an (irreversible) action. We …