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Speculative Manias

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

  • Robert N. McCauley

    (Boston University
    University of Oxford)

Abstract

‘Mania’ suggests a loss of connection with rationality. Do many investors in real estate or stocks anticipate prices on the basis of recent increases in their prices—the bubble case—or do they anticipate prices more rationally on the basis of estimates of the assets’ earning power? Rational individuals can contribute to irrational market outcomes. Displacements that trigger manias include the onset or the end of a war, a series of good or bad harvests, the opening of new markets, big financial deals, financial liberalization, and technical innovations such as canals, railroads, electricity, automobiles and the internet. Just as the triggers vary, so do the objects of speculation: commodities, agricultural land, urban building sites, stocks, bonds (both foreign and domestic), glamor stocks, residential and commercial property, and crypto assets.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger & Robert N. McCauley, 2023. "Speculative Manias," Springer Books, in: Manias, Panics, and Crashes, edition 8, chapter 0, pages 37-66, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-16008-0_3
    DOI: 10.1007/978-3-031-16008-0_3
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