Affiliation:
1. Professor of Economics, Stanford University, Stanford, California.
Abstract
The papers in this symposium represent the divergent views of economists on an important issue: the extent to which prices of assets represent “fundamental” values. While the papers in the symposium present different formal definitions of what a bubble is, the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrow—when “fundamental” factors do not seem to justify such a price—then a bubble exists.
Publisher
American Economic Association
Subject
Economics and Econometrics,Economics and Econometrics
Cited by
289 articles.
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