NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Bubbles, Crises, and Heterogeneous Beliefs

Wei Xiong

NBER Working Paper No. 18905
Issued in March 2013
NBER Program(s):      AP

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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