Symposium on Bubbles
本专题汇集了经济学家对资产价格是否反映基本价值的不同观点，探讨泡沫的定义与直觉，适合关注市场非理性定价的读者。
The papers in this symposium represent the divergent views of economists on an important issue: the extent to which prices of assets represent “fundamental” values. While the papers in the symposium present different formal definitions of what a bubble is, the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrow—when “fundamental” factors do not seem to justify such a price—then a bubble exists.