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This paper considers a consumption-based asset pricing model where housing is explicitly modeled
both as an asset and as a consumption good. Nonseparable preferences describe households’ concern
wit...
Advisors and Asset Prices: A Model of the Origins of Bubbles
Advisors Asset Prices A Model of the Origins Bubbles
2014/3/18
We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a pa...
We model the relationship between asset °oat (tradeable shares) and speculative bubbles. Investors trade a stock with limited °oat because of insider lock-ups. They have heterogeneous beliefs due to o...