Extrapolation and Bubbles

We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals—an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors “waver” over time in the relativ...

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Veröffentlicht in:	NBER Working Paper Series 2016-01, p.21944
Hauptverfasser:	Greenwood, Robin, Barberis, Nicholas C, Jin, Lawrence J, Shleifer, Andrei
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset Pricing Economic theory Investments Investors Prices Securities markets
Online-Zugang:	Volltext
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