Tulipmania
收集了单个郁金香价格的时间序列数据,分析市场基本面是否驱动了投机,发现大部分“郁金香狂热”并非明显疯狂,只有最后一个月普通球茎价格暴涨暴跌可能构成泡沫。
Though it is always mentioned first among the list of obvious manias, no serious effect has ever been expended to investigate the market fundamentals that might have driven the tulip speculation. The paper compiles time series on individual tulip prices and examines market fundamentals potentially driving prices. Most of the "tulipmania" was not obvious madness. High, but rapidly depreciating, prices for rare bulbs is a typical pattern in the flower-bulb industry. Only the last month of the speculation, during which common-bulb prices increased rapidly and crashed, remains as a potential bubble. Copyright 1989 by University of Chicago Press.