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On the existence and prevention of asset price bubbles
Enders, Zeno; Hakenes, Hendrik - 2010
with respect to their effectiveness in preventing bubbles. A reduction of manager bonuses or a Tobin tax can create or …We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of … condition for whether rational bubbles are possible. Based on this analysis, we discuss several widely-discussed policy measures …
Persistent link: https://www.econbiz.de/10010286704
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On the Existence and Prevention of Asset Price Bubbles
Hakenes, Hendrik; Enders, Zeno - Max-Planck-Institut zur Erforschung von … - 2010
with respect to their effectiveness in preventing bubbles. A reduction of manager bonuses or a Tobin tax can create or …We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of … condition for whether rational bubbles are possible. Based on this analysis, we discuss several widely-discussed policy measures …
Persistent link: https://www.econbiz.de/10008693528
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Matching Allocation Problems with Endogenous Information Acquisition
Bade, Sophie - Max-Planck-Institut zur Erforschung von … - 2010
The paper introduces the assumption of costly information acquisition to the theory of mechanism design for matching allocation problems. It is shown that the assumption of endogenous information acquisition greatly changes some of the cherished results in that theory: in particular, the...
Persistent link: https://www.econbiz.de/10008742970
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On the existence and prevention of speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2014
We develop a parsimonious model of bubbles based on the assumption of imprecisely known market depth. In a speculative … possibility of bubbles depending on the risk-free rate, uncertainty about market depth, and traders’ degree of leverage. This … allows us to discuss several policy measures. Bubbles always reduce aggregate welfare. Among others, certain monetary policy …
Persistent link: https://www.econbiz.de/10010393456
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Short Sale Constraints and the Likelihood of Crashes and Bubbles
Klein, Arne Christian - 2012
latter can be used to proxy for the likelihood of tail events like crashes and bubbles in a market and, thus, is a crucial … measure of stock market stability. Since crashes and bubbles are, almost by definition, unpredictable, we, unlike scarce prior …
Persistent link: https://www.econbiz.de/10013113770
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Boundedly Rational Exuberance on Commodity Markets
Munier, Bertrand - 2010
Recent discussions on the volatility of agricultural prices have been drawing on factors as low short term elasticities of supply and demand, climatic risk, market uncertainty, central banks monetary policies, trade barriers, biofuel development and, finally, speculation. Much debate has aroused...
Persistent link: https://www.econbiz.de/10013150244
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Market depth, leverage, and speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2017
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size … lend to traders with limited liability in a bubble is endogenous. Bubbles reduce welfare of future investors. We provide … general conditions for the possibility of bubbles depending on uncertainty about market size, traders' degree of leverage and …
Persistent link: https://www.econbiz.de/10011780495
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Market depth, leverage, and speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2021
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size … decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce … welfare of future households. We provide general conditions for the possibility of bubbles depending on uncertainty about …
Persistent link: https://www.econbiz.de/10012418275
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Market Depth, Leverage, and Speculative Bubbles
Enders, Zeno; Hakenes, Hendrik - 2021
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size … decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce … welfare of future households. We provide general conditions for the possibility of bubbles depending on uncertainty about …
Persistent link: https://www.econbiz.de/10012420380
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Market Depth, Leverage, and Speculative Bubbles
Enders, Zeno; Hakenes, Hendrik - 2017
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size … lend to traders with limited liability in a bubble is endogenous. Bubbles reduce welfare of future investors. We provide … general conditions for the possibility of bubbles depending on uncertainty about market size, traders’ degree of leverage and …
Persistent link: https://www.econbiz.de/10011794145