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Bubbles and Fads in Asset Prices

Camerer, Colin (1989) Bubbles and Fads in Asset Prices. Journal of Economic Surveys, 3 (1). pp. 3-41. ISSN 0950-0804. http://resolver.caltech.edu/CaltechAUTHORS:20110214-112222152

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Abstract

The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (a) growing bubbles (b) fads and (c) information bubbles. 'Sunspot' theories are also discussed. The paper covers both theory and evidence, and directions for future research are discussed.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1111/j.1467-6419.1989.tb00056.xDOIUNSPECIFIED
Additional Information:© 1989 C. Camerer. Thanks to Andy Daughety, Robert Flood, Dan Friedman, Gary Gorton, Dave Greater, Allan Kleidon, Peter Knez, Tom Palfrey, Charles Plott, Michael Riordan, Vernon Smith, Richard Thaler, Keith Weigelt, William Ziemba, an anonymous referee, and audiences at Northwestern University and the Universities of Pennsylvania and British Columbia, for comments and encouragement. My revisions do injustice to many helpful comments. The financial support of the National Science Foundation and the Wharton Junior Faculty Research Fund is gratefully acknowledged.
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Wharton Junior Faculty Research Fund UNSPECIFIED
Subject Keywords:Bubbles; fads; information; sunspots
Record Number:CaltechAUTHORS:20110214-112222152
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110214-112222152
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22173
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:10 Mar 2011 23:34
Last Modified:10 Mar 2011 23:34

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