Rational Frenzies and Crashes
论证了当买家可以决定现在或稍后购买时，当前支付意愿比需求曲线对价格更敏感，导致市场对新信息极度敏感，引发需求自我强化的“狂热”和价格断崖式下跌的“崩盘”，并展示了如何用静态拍卖理论的收入等价定理求解动态价格路径。
Most markets clear through a sequence of sales rather than through a Walrasian auctioneer. Because buyers can decide whether to buy now or later, rather than only now or never, their current 'willingness to pay' is much more sensitive to price than the demand curve is. A consequence is that markets will be extremely sensitive to new information, leading to both 'frenzies, ' in which demand feeds on itself, and 'crashes, ' in which price drops discontinuously. The paper also shows how a result from static auction theory, the revenue equivalence theorem, can be applied to solve for a dynamic price path. Copyright 1994 by University of Chicago Press.