Bubbles and Fads in Asset Prices

Colin Camerer ()

Journal of Economic Surveys, 1989, vol. 3, issue 1, 3-41

Abstract: The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (1) growing bubbles, (2) fads, and (3) information bubbles. "Sunspot" theories are also discussed. The paper covers both theory and evidence, and directions for future research are discussed. Copyright 1989 by Blackwell Publishers Ltd

Date: 1989
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