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Speculation, Trading, and Bubbles : Kenneth J. Arrow Lecture Series - Patrick Bolton

Speculation, Trading, and Bubbles

By: Patrick Bolton, Joseph E. Stiglitz, Kenneth Arrow, Sanford Grossman, José A. Scheinkman

eBook | 8 July 2014 | Edition Number 1

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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 Jose 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.

Industry Reviews
Investment professionals might be intrigued by, if not convinced of, the regular pattern of [speculative trading] bubbles as presented in this short volume [these] discussions - involving Scheinkman and the eminent academics Kenneth Arrow, Patrick Bolton, Sanford Grossman, and Joseph Stiglitz - are worth the price of the book.
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Non-FictionAccounting & FinanceFinanceInvestment & SecuritiesCommodities & TradingEconomicsEconomic ForecastingEconometricsBusiness & ManagementOwnership & Organisation of EnterprisesEmployee-Ownership & Co-operativesEconomics, Finance, Business and Management

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