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- W2022148719 abstract "The existence of speculative equilibria is proven in a simple overlapping generations, infinite horizon economy. In equilibrium, all agents bid for assets according to increasing functions of private information which is independent of 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. For certain stationary settings, the existence of speculative equilibria in which all agents use the same bidding function is demonstrated. Journal of Economic Literature Classification Numbers: D84, G12, G14." @default.
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- W2022148719 title "A Proof of the Existence of Speculative Equilibria" @default.
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