Rational Frenzies and Crashes.
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 tha...
| Main Authors: | , |
|---|---|
| Format: | Journal article |
| Language: | English |
| Published: |
1994
|