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oai:kaetsu.repo.nii.ac.jp:00000920 2023-06-19T09:20:21Z 3:305:307

Finite Bubbles in a Non-Bayesian Approach Finite Bubbles in a Non-Bayesian Approach Finite Bubbles in a Non-Bayesian Approach 加藤, 寛之 Bubble Bayesian Conditional probability Ambiguity Epsilon contamination Bubble Bayesian Conditional probability Ambiguity Epsilon contamination P(論文) This paper presents two players' equilibrium model in which bubbles of security prices occur in finite time even when both players know that the prices are bubbles. We firstly describe a Bayesian model with asymmetric information mainly based on Conlon (2004, Econometrica) and secondly extends it to non-Bayesian setting in which players cannot identify the true probability but a set of probabilities with ambiguity aversion employing epsilon contamination. We proved that in non-Bayesian approach asymmetry of information is not necessary for the existence of bubbles and that bubble prices rise more steeply than those in Bayesian. 2018-03-14 eng departmental bulletin paper https://kaetsu.repo.nii.ac.jp/records/920 AA1171228X 嘉悦大学研究論集 KAETSU UNIVERSITY RESEARCH REVIEW 60 2 43 53 https://kaetsu.repo.nii.ac.jp/record/920/files/Finite Bubbles in a Non-Bayesian Approach.pdf application/pdf 1.0 MB 2018-08-20