Rational Speculation
研究代际交叠经济中单一资产交易的稳态均衡，发现若代理人存活两期则售价为独立同分布过程，若存活多期则为马尔可夫过程，且稳态理性预期均衡中可能出现价格泡沫。
The stationary equilibrium of an overlapping generations economy in which agents trade a single asset is examined. If agents live for only two periods, the selling prices follow an identically and independently distributed process. If agents live for more than two periods, the selling prices follow a Markov process. An implication of the model is that price bubbles can occur in a stationary, rational expectations equilibrium. Copyright 1991 by University of Chicago Press.