1.

Record Nr.

UNINA9910464183303321

Autore

Scheinkman José Alexandre

Titolo

Speculation, trading, and bubbles / / José A. Scheinkman, with Kenneth J. Arrow [and three others]

Pubbl/distr/stampa

New York : , : Columbia University Press, , [2014]

©2014

ISBN

0-231-53763-8

Edizione

[Pilot project. eBook available to selected US libraries only]

Descrizione fisica

1 online resource (137 p.)

Collana

Kenneth J. Arrow lecture series

Disciplina

332.64/5

Soggetti

Speculation - History

Investments - History

Capital market - History

Stocks - Prices - History

Electronic books.

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references and index.

Nota di contenuto

Front matter -- CONTENTS -- Foreword / Arrow, Kenneth J. -- Acknowledgments / Stiglitz, Joseph E. -- INTRODUCTION / Stiglitz, Joseph E. -- SPECULATION, TRADING, AND BUBBLES / Scheinkman, José A. -- APPENDIX: A FORMAL MODEL -- COMMENTARY / Bolton, Patrick -- COMMENTARY / Grossman, Sanford J. -- COMMENTARY / Arrow, Kenneth J. -- DISCUSSION -- Notes -- References -- Notes on Contributors -- Index

Sommario/riassunto

As long as there have been financial markets, there have been bubbles-those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles-such as the rise in trading volume and the coincidence between increases in supply and bubble implosions-Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by



looking at factors that contribute to bubbles-such as excessive leverage, overconfidence, mania, and panic in speculative markets-and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.