Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/221360
Authors: 
Jackson, Matthew O.
Year of Publication: 
1992
Series/Report no.: 
Discussion Paper No. 1003
Abstract: 
The existence of speculative equilibria is proven in a simple overlapping generations, infinite horizon economy. In equilibrium, all agents bid assets according to increasing functions of private information which is uncorrelated with the fundamental value (dividend stream) of the asset. This is a unique best response to the strategies of the other agents, which implies that speculative information is valuable.
Document Type: 
Working Paper

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