Institutionalization in Efficient Markets: The Case of Price Bubbles

Sheen S. Levine and Edward J. Zajac

Papers from arXiv.org

Abstract: We seek to deepen understanding of the micro-foundations of institutionalization while contributing to a sociological theory of markets by investigating the puzzle of price bubbles in financial markets. We find that such markets, despite textbook conditions of high efficiency -- perfect information, atomistic agents, no uncertainty -- quickly develop patterns consistent with institutionalization processes.

Date: 2016-08
New Economics Papers: this item is included in nep-sog
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1609.04629

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