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Financial Market Bubbles and Crashes - Features, Causes, and Effects (Paperback, 3rd ed. 2021)
Loot Price: R1,454
Discovery Miles 14 540
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Financial Market Bubbles and Crashes - Features, Causes, and Effects (Paperback, 3rd ed. 2021)
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Total price: R1,464
Discovery Miles: 14 640
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Economists broadly define financial asset price bubbles as episodes
in which prices rise with notable rapidity and depart from
historically established asset valuation multiples and
relationships. Financial economists have for decades attempted to
study and interpret bubbles through the prisms of rational
expectations, efficient markets, equilibrium, arbitrage, and
capital asset pricing models, but they have not made much if any
progress toward a consistent and reliable theory that explains how
and why bubbles (and crashes) evolve and are defined, measured, and
compared. This book develops a new and different approach that is
based on the central notion that bubbles and crashes reflect urgent
short-side rationing, which means that, as such extreme conditions
unfold, considerations of quantities owned or not owned begin to
displace considerations of price.
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