1 option
Rational Finite Bubbles / Franklin Allen, Gary Gorton.
- Format:
- Book
- Author/Creator:
- Allen, Franklin.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3707.
- NBER working paper series no. w3707
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1991.
- Summary:
- There has been a long-running debate about whether stock market prices are determined by fundamentals. To date no consensus has been reached. An important issue in this debate concerns the circumstances in which deviations from fundamentals are consistent with rational behavior. A continuous-time example where there are a finite number of rational traders with finite wealth is presented. it is shown that a finitely-lived security can trade above its fundamental.
- Notes:
- Print version record
- May 1991.
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