considers the evidence on return predictability, risk aversion and market efficiency. The paper then focuses on the theoretical … norm, but it is likely to be punctuated with episodes of bubbles and crashes. The paper also considers if market … inefficiencies (assuming that they exist) can be exploited for profit. -- Market efficiency ; predictability ; heterogeneity of …

indicative of speculation and do not always crash back. -- league tables ; price bubbles ; managed funds markets ; tournament …

asset market bubbles occur in all sessions, but global markets had significantly more extreme and longer duration valuation … bubbles. Additionally, subjects at the most suboptimal times-of-day held significantly more asset shares in their portfolios …

is as great as when training is absent. -- asset market experiment ; price bubbles ; common knowledge of rationality …

Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to …

We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …