type of rational bubble that depends exclusively on dividends. We call such bubbles "intrinsic" bubbles because they derive … examples of rational bubbles, intrinsic bubbles provide an empirically plausible account of deviations from present …

not valid in general: as soon as bubbles affect interest rates, the fundamental value of a stock depends on whether or not …-bubble price. Under conditions made precise below, there can therefore be price decreasing bubbles, and an asset can be …

and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard …

bubbles in stock prices in a model in which stockholders have …rules out the existence of negative rational bubbles. The …

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a … extraneous variables. The tests are based on the theoretical result that, if rational bubbles exist, time series obtained by …. Applications of the time domain tests to simulated nonstationary time series that would be implied by rational bubbles indicates …

deterministic bubbles and stochastic bubbles, for a model of inflation and for a model of the evolution of price and quantity in the … market fora storable commodity, such as gold. The analysis focuses on stochastic bubbles as a possibility peculiarly … points to no compelling reason to rule out rational stochastic bubbles apriori, conventional behavioral assumptions imply …