- Title
- Speculation, Trading and Bubbles Third Annual Arrow Lecture
- Author(s)
- Jose A. Scheinkman Jose Scheinkman (Princeton University and NBER)
- Abstract
- The history of financial markets is strewed with periods in which asset prices seem to vastly exceed fundamentals - events commonly called bubbles. Nonetheless, there is very little agreement among economists on what are the economic forces that generate such occurrences. Numerous academic papers and books have been written explaining why the prices attained in a particular episode can be justifed by economic actors rationally discounting future streams of payoffs. Some proponents of efficient-markets even deny that one can attach any meaning to bubbles.
- Creation Date
- 2013-04
- Section URL ID
- ET
- Paper Number
- wp050_2013-revised_Scheinkman_Speculation-Trading-and-Bubbles.pdf
- URL
- http://detc.princeton.edu/wp-content/uploads/2016/11/wp050_2013-revised_Scheinkman_Speculation-Trading-and-Bubbles.pdf
- File Function
- Jel
- C010, C700, D030, D630
- Keyword(s)
- asset prices, financial market history
- Suppress
- false
- Series
- 10