The present value model of asset prices a la Campbell and Shiller predicts the price-rent ratio in the housing market to be stationary. The observed movements in the actual price-rent ratio, often exhibiting large and long swings in the ratio, may put into question the validity of the standard present value model. In this paper, we allow for two sources of possibly unwieldy deviations in the pr...

in this research, the effect of bubble surface area flux, sb, and particle size on flotation rate constant, k, of pyrite (fes2) particles was studied using bubble-particle interactions. the bubble-particle collision, attachment and detachment efficiencies were calculated under different flow regimes. the k increased with increase in the collision efficiency and decrease in the detachment effici...

I investigate the behavior of individual investors in an experimental asset market that features a bubble. Subjects trade a risky asset at prices that do not change in response to their trades. The prices are taken from the outcome of a previous asset market experiment. This unique setup makes it possible to identify behavioral di¤erences between subjects who understand asset fundamentals and t...

It is widely agreed that the Nasdaq during dot-com era 20 years ago was a full-fledged stock market bubble. Recently, US according to many metrics has become significantly more speculative and overvalued than it at peak ago. In both instances, very broad subset of stocks became so highly valued speculation in them had be untethered from all fundamentals: essence what we call “pure price-chasing...

This paper examines the long run relation between prices and rents for houses in Amsterdam from 1650 through 2005. We first demonstrate that these series are cointegrated, a necessary condition for studying movements of the rent-price ratio. We then estimate the deviation of house prices from fundamentals and find that these deviations can be persistent and long-lasting. Lastly, we look at the ...