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Bubbles, Crises, and Heterogeneous Beliefs

  • Wei Xiong

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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18905.

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Date of creation: Mar 2013
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Handle: RePEc:nbr:nberwo:18905
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