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  3. Journal of Economic Perspectives
  4. Spring 1990
  5. Symposium on Bubbles

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Symposium on Bubbles

  • Joseph E. Stiglitz
Journal of Economic Perspectives
vol. 4, no. 2, Spring 1990
(pp. 13–18)
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Abstract

The papers in this symposium represent the divergent views of economists on an important issue: the extent to which prices of assets represent "fundamental" values. While the papers in the symposium present different formal definitions of what a bubble is, the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrow—when "fundamental" factors do not seem to justify such a price—then a bubble exists.

Citation

Stiglitz, Joseph E. 1990. "Symposium on Bubbles." Journal of Economic Perspectives 4 (2): 13–18. DOI: 10.1257/jep.4.2.13

JEL Classification

  • 313 Capital Markets--General