Bubbles, Crises, and Heterogeneous Beliefs

52 Pages Posted: 22 Mar 2013 Last revised: 27 Feb 2021

See all articles by Wei Xiong

Wei Xiong

Princeton University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: March 2013

Abstract

This paper reviews the quickly growing literature that builds on heterogeneous beliefs, a widely observed attribute of individuals, to explain bubbles, crises, and endogenous risk in financial markets.

Suggested Citation

Xiong, Wei, Bubbles, Crises, and Heterogeneous Beliefs (March 2013). NBER Working Paper No. w18905, Available at SSRN: https://ssrn.com/abstract=2237818

Wei Xiong (Contact Author)

Princeton University - Department of Economics ( email )

Princeton, NJ 08544-1021
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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