Consumption and bubbles

We show that an unbounded number of consumption dates is necessary to support an asset pricing bubble. We work in a continuous-time model where the number of trade dates is infinite but the number of consumption dates is flexible and can be chosen to be uniformly bounded, finite almost surely, or in...

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Veröffentlicht in:	Journal of economic theory 2013-03, Vol.148 (2), p.563-600
Hauptverfasser:	Loewenstein, Mark, Willard, Gregory A.
Format:	Artikel
Sprache:	eng
Schlagworte:	Arbitrage Asset pricing Bubble Bubbles Clearing Constrictions Consumption Decision making models Economic theory Economics Market clearing Market prices Markets Mathematical analysis Pricing Securities trading Studies Wealth Wealth constraint
Online-Zugang:	Volltext
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