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Bubbles and Fads in Asset Prices
- Journal of Economic Surveys
, 1989
"... Abslract. The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (a) growing bubbles (b) fads and (c) information bubbles. 'Sunspot' theories are also discussed. The paper covers both th ..."
Abstract
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Cited by 16 (0 self)
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Abslract. The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (a) growing bubbles (b) fads and (c) information bubbles. 'Sunspot' theories are also discussed. The paper covers both theory and evidence, and directions for future research are discussed.
Rational Exuberance
- Journal of Economic Literature
, 2004
"... Consider the postage stamp. As title to a future good (or, in this case, service) with monetary value, this humble object is essentially the same as a security. Its value, 37 cents, can be identiÞed with the present value of the service (delivery of a letter) to which its owner is entitled. ..."
Abstract
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Cited by 9 (0 self)
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Consider the postage stamp. As title to a future good (or, in this case, service) with monetary value, this humble object is essentially the same as a security. Its value, 37 cents, can be identiÞed with the present value of the service (delivery of a letter) to which its owner is entitled.
