Download This PaperBubbles, Crises, and Heterogeneous Beliefs
52 Pages Posted: 22 Mar 2013 Last revised: 28 Aug 2024
Date Written: March 2013
Abstract
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.
Suggested Citation: Suggested Citation
Xiong, Wei, Bubbles, Crises, and Heterogeneous Beliefs (March 2013). NBER Working Paper No. w18905, Available at SSRN: https://ssrn.com/abstract=2237818
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