Speculation, Trading and Bubbles Third Annual Arrow Lecture

Jose Scheinkman

No 1458, Working Papers from Princeton University, Department of Economics, Econometric Research Program.

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.

Keywords: asset prices; financial market history (search for similar items in EconPapers)
JEL-codes: C01 C70 D03 D63 (search for similar items in EconPapers)
Date: 2013-04
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Citations: View citations in EconPapers (8)

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