Bubbles, Crises, and Heterogeneous Beliefs
Working Paper 18905
DOI 10.3386/w18905
Issue Date
This paper reviews the quickly growing literature that builds on heterogeneous beliefs, a widely observed attribute of individuals, to explain bubbles, crises, and endogenous risk in financial markets.
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Copy CitationWei Xiong, "Bubbles, Crises, and Heterogeneous Beliefs," NBER Working Paper 18905 (2013), https://doi.org/10.3386/w18905.