This paper develops an equilibrium model of speculative bubbles that can be used to explore the role of various … policies in either giving rise to or eliminating the possibility of asset bubbles, e.g. restricting the use of certain types of …"This paper develops an equilibrium model of speculative bubbles that can be used to explore the role of various …

economic theory, the answers is no. The wealth of a society consists of its real assets that produce consumable goods and …

and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard …

bubbles in stock prices in a model in which stockholders have …rules out the existence of negative rational bubbles. The …

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a … extraneous variables. The tests are based on the theoretical result that, if rational bubbles exist, time series obtained by …. Applications of the time domain tests to simulated nonstationary time series that would be implied by rational bubbles indicates …

We investigate the role played by the anchoring-and-adjustment heuristic in the speculative bubbles dynamics. In order … bring the evidence that large speculative bubbles can only occur when fundamental traders highly anchor to stock market … with slowly mean reverting bubbles lasting many years …