Speculation, Trading, and Bubbles

Hardcover | July 8, 2014

byJosé A. ScheinkmanAs told byKenneth J. Arrow, Patrick Bolton

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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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From the Publisher

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. N...

José A. Scheinkman is the Edwin W. Rickert Professor of Economics at Columbia University and the Theodore Wells '29 Professor of Economics Emeritus at Princeton University. He is best known for his work on dynamic optimization, oligopoly theory, nonlinear dynamics, social interactions, and bubbles in financial markets. He is a member ...
Format:HardcoverDimensions:128 pages, 8.25 × 5.5 × 0.98 inPublished:July 8, 2014Publisher:Columbia University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0231159021

ISBN - 13:9780231159029

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Table of Contents

Foreword, by Kenneth J. ArrowAcknowledgments, by Joseph E. StiglitzIntroduction, by Joseph E. StiglitzSpeculation, Trading, and Bubbles, by José A. ScheinkmanAppendix: A Formal ModelCommentary, by Patrick BoltonCommentary, by Sanford J. GrossmanCommentary, by Kenneth J. ArrowDiscussionNotesReferencesNotes on ContributorsIndex

Editorial 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.