Can speculative decision-rule cascades explain asset price inflation?

摘要: We combine Post-Keynesian financial fragility analysis, behavioural analysis of decision rules and the evolutionary economics rule trajectories to provide an empirically grounded computationally tractable theory complex dynamics speculative upswings. The asset bubbles can be conceptualized as joint consequence adoption diffusion process new investment coupled with degradation those they pass from a few expert investors larger population amateurs. A study recent Brisbane property market bubble (1999-2003) is consistent existence such cascading rules.