具有跨期消费平滑的三态理性大傻瓜泡沫模型

IF 1.5 3区经济学 Q2 ECONOMICS

International Economic Review Pub Date : 2023-05-27 DOI:10.1111/iere.12650

Feng Liu, Joseph S. White, John R. Conlon

{"title":"具有跨期消费平滑的三态理性大傻瓜泡沫模型","authors":"Feng Liu, Joseph S. White, John R. Conlon","doi":"10.1111/iere.12650","DOIUrl":null,"url":null,"abstract":"<p>We construct a simple rational greater-fool bubble model, where the motive for trade is intertemporal consumption smoothing. This yields an easy-to-understand bubble model with three states of the world, instead of the five required previously. Bubbles are more likely when asset sellers have profitable investment opportunities, but little wealth, so they sell shares in those opportunities to wealthier investors. “Bad sellers” then pretend to sell similar investment opportunities, creating potential bubble assets. Bubbles are possible even if alternative means of consumption smoothing are available. Also, antibubble policy can reduce the welfare of even the greater fools it is supposed to protect.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1565-1594"},"PeriodicalIF":1.5000,"publicationDate":"2023-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"A THREE-STATE RATIONAL GREATER-FOOL BUBBLE MODEL WITH INTERTEMPORAL CONSUMPTION SMOOTHING\",\"authors\":\"Feng Liu, Joseph S. White, John R. Conlon\",\"doi\":\"10.1111/iere.12650\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We construct a simple rational greater-fool bubble model, where the motive for trade is intertemporal consumption smoothing. This yields an easy-to-understand bubble model with three states of the world, instead of the five required previously. Bubbles are more likely when asset sellers have profitable investment opportunities, but little wealth, so they sell shares in those opportunities to wealthier investors. “Bad sellers” then pretend to sell similar investment opportunities, creating potential bubble assets. Bubbles are possible even if alternative means of consumption smoothing are available. Also, antibubble policy can reduce the welfare of even the greater fools it is supposed to protect.</p>\",\"PeriodicalId\":48302,\"journal\":{\"name\":\"International Economic Review\",\"volume\":\"64 4\",\"pages\":\"1565-1594\"},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2023-05-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/iere.12650\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Economic Review","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/iere.12650","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

我们构建了一个简单的理性大傻瓜泡沫模型，其中贸易的动机是跨期消费平滑。这产生了一个易于理解的泡沫模型，其中包含世界的三种状态，而不是之前需要的五种状态。当资产卖家有有利可图的投资机会，但没有多少财富，所以他们把这些机会的股票卖给更富有的投资者时，泡沫更有可能出现。然后，“坏卖家”假装出售类似的投资机会，制造潜在的泡沫资产。即使有其他的消费平滑手段，泡沫也是可能出现的。此外，反泡沫政策甚至可能降低它本应保护的更大傻瓜的福利。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

A THREE-STATE RATIONAL GREATER-FOOL BUBBLE MODEL WITH INTERTEMPORAL CONSUMPTION SMOOTHING

We construct a simple rational greater-fool bubble model, where the motive for trade is intertemporal consumption smoothing. This yields an easy-to-understand bubble model with three states of the world, instead of the five required previously. Bubbles are more likely when asset sellers have profitable investment opportunities, but little wealth, so they sell shares in those opportunities to wealthier investors. “Bad sellers” then pretend to sell similar investment opportunities, creating potential bubble assets. Bubbles are possible even if alternative means of consumption smoothing are available. Also, antibubble policy can reduce the welfare of even the greater fools it is supposed to protect.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Economic Review ECONOMICS-

CiteScore

2.60

自引率

0.00%

发文量

期刊介绍： The International Economic Review was established in 1960 to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic research around the world by publishing cutting edge papers in many areas of economics, including econometrics, economic theory, macro, and applied economics.