Bubbles and Charges
The definitions of "fundamental value" and "speculative bubbles" that are standard in macroeconomics and finance are given formal representations as the countably additive part and the purely finitely additive part (a measure and a pure charge, respectively) of the supporting pri...
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| Veröffentlicht in: | International economic review (Philadelphia) 1992-05, Vol.33 (2), p.323-339 |
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| container_title | International economic review (Philadelphia) |
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| creator | Gilles, Christian LeRoy, Stephen F. |
| description | The definitions of "fundamental value" and "speculative bubbles" that are standard in macroeconomics and finance are given formal representations as the countably additive part and the purely finitely additive part (a measure and a pure charge, respectively) of the supporting price system, when the commodity space is L∞. Examples illustrate that rational bubbles can occur in standard general equilibrium models with complete markets and a finite number of agents, even in the absence of uncertainty. |
| doi_str_mv | 10.2307/2526897 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0020-6598 |
| ispartof | International economic review (Philadelphia), 1992-05, Vol.33 (2), p.323-339 |
| issn | 0020-6598 1468-2354 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_37323158 |
| source | Jstor Complete Legacy; Business Source Complete; Periodicals Index Online |
| subjects | Arbitrage Cash flow Commodities Economic bubbles Economic models Economic theory Economics Endowments Equilibrium Equilibrium prices Fundamental value Macroeconomics Mathematical functions Price systems Sunspots Utility functions |
| title | Bubbles and Charges |
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