Speculation, fads, bubbles, Irish farmland prices
研究了20世纪70年代末80年代初爱尔兰农田价格剧烈波动的原因，发现部分价格波动不能用市场基本面解释，而投机行为特别是部分崩溃的泡沫模型能很好地解释这一现象。
Agricultural land prices in many developed countries rose and then fell dramatically over a relatively short period in the late 1970s and early 1980s. Most of the models in the literature that describe the dynamic behaviour of agricultural land prices suggest that these sharp price movements were not completely due to market fundamentals. Many attribute part of this price volatility to speculation. This phenomenon is investigated by estimating a general regime-switching model that nests many types of speculative behaviour as special cases. We find strong evidence to support a partially collapsing bubbles model for Irish agricultural land prices. Keywords:speculation, fads, bubbles, Irish farmland prices