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New Perspectives on Asset Price Bubbles$
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Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Print publication date: 2012

Print ISBN-13: 9780199844333

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199844333.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 29 July 2021

Overconfidence and Speculative Bubbles

Overconfidence and Speculative Bubbles

Chapter:
(p.283) Chapter 10 Overconfidence and Speculative Bubbles
Source:
New Perspectives on Asset Price Bubbles
Author(s):

José A. Scheinkman

Wei Xiong

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199844333.003.0010

This chapter presents a behavioral-based model for studying asset price bubbles and trading volume based on heterogeneous beliefs generated by agents' overconfidence. It describes the explicit links between the model's parameter values, such as trading cost and information, and the behavior of equilibrium prices and trading volume. The model can be used to analyze speculative trading as well as the links between asset prices, trading volume, and price volatility.

Keywords:   asset price bubbles, trading volume, overconfidence, equilibrium prices, speculative trading, asset prices, price volatility

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