Speculative Manias

Robert Z. Aliber, Charles P. Kindleberger and Robert McCauley
Additional contact information
Robert Z. Aliber: University of Chicago
Charles P. Kindleberger: Massachusetts Institute of Technology

Chapter Chapter 3 in Manias, Panics, and Crashes, 2023, pp 37-66 from Springer

Abstract: Abstract ‘Mania’ suggests a loss of connection with rationality. Do many investors in real estate or stocks anticipate prices on the basis of recent increases in their prices—the bubble case—or do they anticipate prices more rationally on the basis of estimates of the assets’ earning power? Rational individuals can contribute to irrational market outcomes. Displacements that trigger manias include the onset or the end of a war, a series of good or bad harvests, the opening of new markets, big financial deals, financial liberalization, and technical innovations such as canals, railroads, electricity, automobiles and the internet. Just as the triggers vary, so do the objects of speculation: commodities, agricultural land, urban building sites, stocks, bonds (both foreign and domestic), glamor stocks, residential and commercial property, and crypto assets.

Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-16008-0_3

Ordering information: This item can be ordered from
http://www.springer.com/9783031160080

DOI: 10.1007/978-3-031-16008-0_3

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().