We study speculative behavior in a stochastic overlapping-generations mode1 and we show how the link between the existence of bubbles and dynamic inefficiency, which has been established for the deterministic case, is broken when risk-related factors, such as risk premia and capital gains, are explicitly taken into account.

Bubbles and Inefficiencies / Bertocchi, Graziella. - In: ECONOMICS LETTERS. - ISSN 0165-1765. - STAMPA. - 35:(1991), pp. 117-122.

Bubbles and Inefficiencies

BERTOCCHI, Graziella
1991

Abstract

We study speculative behavior in a stochastic overlapping-generations mode1 and we show how the link between the existence of bubbles and dynamic inefficiency, which has been established for the deterministic case, is broken when risk-related factors, such as risk premia and capital gains, are explicitly taken into account.
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117
122
Bubbles and Inefficiencies / Bertocchi, Graziella. - In: ECONOMICS LETTERS. - ISSN 0165-1765. - STAMPA. - 35:(1991), pp. 117-122.
Bertocchi, Graziella
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11380/449146
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