José A. Scheinkman 
Speculation, Trading, and Bubbles [EPUB ebook] 

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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.

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Table of Content

Foreword, by Kenneth J. Arrow
Acknowledgments, by Joseph E. Stiglitz
Introduction, by Joseph E. Stiglitz
Speculation, Trading, and Bubbles, by José A. Scheinkman
Appendix: A Formal Model
Commentary, by Patrick Bolton
Commentary, by Sanford J. Grossman
Commentary, by Kenneth J. Arrow
Discussion
Notes
References
Notes on Contributors
Index

About the author

Patrick Bolton is the David Zalaznick Professor of Business at Columbia Business School. He is the co-author of Contract Theory (MIT Press, 2005) and the co-editor of Credit Markets for the Poor (Russell Sage Foundation, 2005).

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Language English ● Format EPUB ● ISBN 9780231537636 ● File size 16.1 MB ● Publisher Columbia University Press ● City New York ● Country US ● Published 2014 ● Downloadable 24 months ● Currency EUR ● ID 3188910 ● Copy protection Adobe DRM
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