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This document summarizes a research paper that studies rational and irrational bubbles through an economic experiment. The experiment is designed based on a theory of rational bubbles with a finite number of trading periods. In the experiment, subjects take on the role of portfolio managers who can invest an endowment to buy an asset. A rational bubble can form as an equilibrium if there is no price cap. With a price cap, the setting resembles previous experiments where only irrational bubbles were possible

Author

Anjali Soni

Language

EN