| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP593 |
| DP593 Rational Frenzies and Crashes | |
| Jeremy Bulow; Paul Klemperer | |
| 发表日期 | 1991-10-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | Most markets clear through a sequence of sales rather than through a Walrasian auctioneer. Because buyers can decide whether to buy now or later, rather than only now or never, their current `willingness to pay' is much more sensitive to price than is the demand curve. In consequence, markets will be extremely sensitive to new information, leading to frenzies where demand feeds upon itself, and crashes where price drops discontinuously. Although no buyer's independent reservation value reveals much about overall demand, a small increase in one such value can cause a large increase or decrease in average price. |
| 关键词 | Auctions Crashes Frenzies Market clearing |
| URL | https://cepr.org/publications/dp593 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529749 |
| 推荐引用方式 GB/T 7714 | Jeremy Bulow,Paul Klemperer. DP593 Rational Frenzies and Crashes. 1991. |
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