6min chapter

The Joe Walker Podcast cover image

Rational Minds Part 3: Rethinking Bubbles - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Wisdom of Crowds

The most important characteristic of asset price bubbles is that the assets have resale value which opens the door to future price expectations. If people do learn from each other and imitate, what are the things that people are imitating? The answer does importantly involve the extent to which people's behavior is correlated with each other. And if they're correlated, then it can give you a much different result.

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