and crashes as market regimes with correlated negative jumps clustering over a finite period of time, our model provides a … series because they assume that crashes occur in a single large negative jump, which is counterfactual. The model estimation …

We experimentally investigate how price expectations are formed in a large asset market where subjects' only task is to … forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants …

Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to …