Symposium on Bubbles
- 1 May 1990
- journal article
- Published by American Economic Association in Journal of Economic Perspectives
- Vol. 4 (2) , 13-18
- https://doi.org/10.1257/jep.4.2.13
Abstract
The papers in this symposium represent the divergent views of economists on an important issue: the extent to which prices of assets represent "fundamental" values. While the papers in the symposium present different formal definitions of what a bubble is, the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrow—when "fundamental" factors do not seem to justify such a price—then a bubble exists.Keywords
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