Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and … attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage …, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that …

Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize winning economist … behavior of the demand for money during episodes of hyperinflation, Allais's theory proves economic agents perceive the flow of … inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory. …