Bublles and Charges
The definition of "fundamental value" and "speculative bubbles" that are standard in macroeconomics and finance are given formal representations as the countably additive part and the purely finitely additive part (a measure and a pure charge, respectively) of the supporting price system when the commodity space is L(infinity). Examples illustrate that rational bubbles can occur in standard general equilibrium models with complete markets and a finite number of agents, even in the absence of uncertainty. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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|Date of creation:||1989|
|Date of revision:||May 1992|
|Publication status:||Published: Revised version in International Economic Review, Vol. 33, No. 2 (May 1992), pp. 323–339|
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