We argue that extrapolative expectations drive boom–bust cycles in the postwar art market. Price run-ups coincide with increases demand fundamentals but are followed by predictable busts. Predictable changes account for about half of variance five-year price changes. High prices many attributes speculative bubbles: trading volume, share short-term trades, art, and volatility all higher during b...

Traditional architectural approaches for increasing microprocessor performance rely on the use of large, complex, highly-speculative out-of-order cores to extract InstructionLevel Parallelism (ILP) from single-threaded applications. In order to realize high performance, these designs employ a myriad of speculative techniques, ranging from branch prediction to load-latency prediction and memory-...