Duffy, John; Ünver, M. - In: Economic Theory 27 (2006) 3, pp. 537-563
We examine whether a simple agent-based model can generate asset price bubbles and crashes of the type observed in a … constrained, artificial agents are placed in the various laboratory market environments that have given rise to price bubbles. We … several different laboratory studies, generates asset price bubbles and crashes comparable to those observed in laboratory …