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On the existence and prevention of asset price bubbles

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We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of traders. In a bubble, the price of an asset rises dynamically above its steady-state value, justified by rational expectations about future price developments. The larger the expected...

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Bibliographic Details
Main Authors: Enders, Zeno (Author) , Hakenes, Hendrik (Author)
Format: Book/Monograph Working Paper
Language:English
Published: Bonn Max Planck Inst. for Research on Collective Goods 2010
Series:Preprints of the Max Planck Institute for Research on Collective Goods 2010,44
In: Preprints of the Max Planck Institute for Research on Collective Goods (2010,44)

Subjects:
Arbeitspapier
Graue Literatur
Online Access:Verlag, Volltext: http://www.coll.mpg.de/?q=node/2559
Verlag, Volltext: http://www.coll.mpg.de/pdf_dat/2010_44online.pdf
Download aus dem Internet, Stand 02.12.2010, Volltext: http://hdl.handle.net/10419/57494
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Author Notes:Zeno Enders; Hendrik Hakenes

MARC

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