期刊詳細資料 Journal detailed information  
作者(Author)Peter E. Earl*, , Ti-Ching Peng, Jason Potts
篇名(Article title)Decision-rule cascades and the dynamics of speculative bubbles
期刊名(Journal name)Journal of Economic Psychology
國際期刊(International Journal)SSCI
中文摘要(Abstrct)
ABSTRCTWe combine Minsky’s financial fragility analysis, behavioural analysis of decision rules and the evolutionary economics of rule trajectories to provide an empirically grounded and computationally tractable theory of the complex evolutionary dynamics of speculative financial upswings. The behavioural dynamics of asset bubbles can be conceptualized as the joint consequence of the adoption and diffusion process of new investment decision rules coupled with the degradation of those rules as they pass from a few expert investors to larger population of amateurs. We illustrate this using data covering the recent Brisbane property market bubble (1999–2003) and show how it is consistent with the existence of such cascading decision rules. We then explain how multi-agent simulation methods can be used for modelling decision rule cascades.
中文關鍵字(Keyword)
KEYWORD
卷期(Volume No)Vol. 28 No. 3
頁數(Page number)pp. 351~364
年份(Year)2007
語言(Language)英文 English