منابع مشابه
Near-Rational Exuberance
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This article formalizes investor rationality and irrationality, exuberance and apprehension, to consider the implications of belief formation for the fragility of an economy’s financial structure. The model presented generates a financial structure with portfolio linkages that make it susceptible to contagious financial crises, despite the absence of coordination failures. Investors forecast th...
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It is widely believed that major technological innovations inevitably spark speculative fever, resulting in wasteful overinvestment. This paper presents a general equilibrium model of investment in a new industry, whose production function is not known in advance. In the context of the model, overinvestment is actually socially optimal as the most efficient way to learn about the new technology...
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tion-oriented management activities; and purchasing development rights, conservation easements, and land in fee simple (e.g., Bengston et al. 2004). Current enthusiasm for ecosystem services markets arises in part from an interest in providing still another way to fund landowner incentives. Through markets, landowners could be compensated for ecosystem services their lands produce with funding ...
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ژورنال
عنوان ژورنال: Chemical & Engineering News Archive
سال: 2000
ISSN: 0009-2347,2157-4936
DOI: 10.1021/cen-v078n046.p005