, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

We present a robust model of speculative bubbles by introducing loss-averse reference-dependent preferences by Koszegi … notion of bubbles to allow for the analysis in the case of a silent market with unobservable prices, and our model is able to … generate strong bubbles robust to moderate perturbations in parameters without the need for stronger conditions as suggested in …

This paper argues that short selling might give rise to bubbles that would otherwise not exist in equilibrium. It is …

the dot-com peak 20 years ago. In both instances, a very broad subset of stocks became so highly valued that speculation …, drawn from a book in progress, examines the history of stock markets for comparable pure price-chasing bubbles, finding nine … way down - of these greatest asset bubbles in human history. When one applies this framework to the current US stock …

rewards, offset by rising risk of loss with increased speculation, that drives the formation of these bubbles. In other words … economic, marketing, and operations management research. While these bubbles may form because of specific physical or … these bubbles. The comparison of a current state of a system with some expected state to minimize resultant distance in …

We develop a parsimonious model of bubbles based on the assumption of imprecisely known market depth. In a speculative … possibility of bubbles depending on the risk-free rate, uncertainty about market depth, and traders’ degree of leverage. This … allows us to discuss several policy measures. Bubbles always reduce aggregate welfare. Among others, certain monetary policy …