000			01168nam a22001697a 4500
008			190323b xxu||||| |||| 00| 0 eng d
022			_a0304-405X
245			_aExtrapolation and bubbles / by Nicholas Barberis, Robin Greenwood, Lawrence Jin, Andrei Shleifer _cNicholas Barberis, Robin Greenwood, Lawrence Jin, Andrei Shleifer
260			_aAmsterdam _bElsevier _cAugust 2018
300			_aPages 203-227
440			_aJournal of Financial Economics _v129 (2) _x0304-405X
500			_aAbstract We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals—an average of the asset’s past price changes and the asset’s degree of overvaluation—and “waver” over time in the relative weight they put on them. The model predicts that good news about fundamentals can trigger large price bubbles, that bubbles will be accompanied by high trading volume, and that volume increases with past asset returns. We present empirical evidence that bears on some of the model’s distinctive predictions.
690			_aBubble
690			_aExtrapolation
690			_aVolume
942			_2lcc _cSE
999			_c361359 _d361359