Speculative Bubble Burst

Hye-Jin Cho ()
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Hye-Jin Cho: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Central to market fundamentals are three ideas: (1) Nominal money (2) Dividend (3) Existing stock. In connection with the cumulative dividend stream criterion of fundamental and noise movement, the conception of sequentially stable Markov process is grounded on the theory of bubbles. This paper firstly embodies the origin of speculative bubble burst with overconfidence. Then, unique equilibrium with inertia is re-illuminated by the overconfidence.

Keywords: externalities; speculative bubbles; heterogeneous beliefs; overconfidence; speculative bubble burst; equilibrium with inertia (search for similar items in EconPapers)
Date: 2016-03
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01306093
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Published in 2016

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