not generate the price bubbles observed in previous studies with student subjects; traders aggregate private information …

Germany). Yet ultimately the paper suggests that homeowners may be responsible for housing price bubbles elsewhere, too …

bubble. In this chapter, we review the stylized facts of housing bubbles and discuss theories that can potentially explain … swings in simple rational models. An incorrectly underpriced default option can make rational bubbles more likely. Many … nonrational explanations for real estate bubbles exist, but the most promising theories emphasize some form of trend chasing …

hence free of speculation – as an appropriate counterfactual to properties listed for sale. Combining unit-level matching …, uncertainty in price estimates decreased, signaling the irrational confidence characteristic of prior asset bubbles. We explore …

their fundamentals were caused by the existence of two genres of bubbles: intrinsic bubbles and rational speculative bubbles … collapsing rational bubbles in the post-2000 market …