【Author】 Emery, Douglas R.
【Source】JOURNAL OF FINANCIAL RESEARCH
【影响因子】2.811
【Abstract】I extend Akerlof's adverse selection model, where uninformed participants withdraw from the market, and show that rather than collapse, "lemons" can, and often do, lead to a negative bubble. I then show that a mirror image of his model, where uninformed participants pursue "dreams" of becoming wealthy (e.g., trading in cryptocurrencies), can lead to a positive bubble that ultimately causes informed experts to withdraw when the supply of assets is finite. I also argue that, because prices of antiques, collectibles, and other objets d'art are typically based primarily on sentiment, fad, and/or fashion, such assets trade persistently in a positive bubble.
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【发表时间】
【收录时间】2022-01-01
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【DOI】 10.1111/jfir.12262
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