about mean payoffs, price bubbles arise without collateralisation, which may discipline prices as pessimists demand higher …

The efficient markets hypothesis implies that, in the presence of rational investors, bubbles cannot develop. We …

the conditions under which housing bubbles can emerge. In such equilibria, the total housing stock is held by owners that … constraints is more prone to bubbles which, in turn, tend to have a larger size but are less fragile in face of fund …-draining shocks. Our environment also allows for pure bubbles on useless assets. We find that multiple equilibria in which the economy …

land price data. Our preferred estimate, which handles a number of estimation concerns, stands at 0.041. Our approach also …