| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25399 |
| 来源ID | Working Paper 25399 |
| Diagnostic Bubbles | |
| Pedro Bordalo; Nicola Gennaioli; Spencer Yongwook Kwon; Andrei Shleifer | |
| 发表日期 | 2018-12-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and speculation (buying for resale). With diagnostic (but not with rational) expectations, these mechanisms lead to price paths exhibiting three phases: initial underreaction, followed by overshooting (the bubble), and finally a crash. With learning from prices, the model generates price extrapolation as a byproduct of fast moving beliefs about fundamentals, which lasts only as the bubble builds up. When investors speculate, even mild diagnostic distortions generate substantial bubbles. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w25399 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583073 |
| 推荐引用方式 GB/T 7714 | Pedro Bordalo,Nicola Gennaioli,Spencer Yongwook Kwon,et al. Diagnostic Bubbles. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25399.pdf（496KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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