English, Article edition: CAPITAL GAINS: BLUE MACHINES AND RED MACHINES LUÃS AGUIAR-CONRARIA; KARL SHELL

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Physical Description
  • article
Language
  • English

Edition details

Title
  • CAPITAL GAINS: BLUE MACHINES AND RED MACHINES
Author
  • LUÃS AGUIAR-CONRARIA
  • KARL SHELL
Physical Description
  • article
Notes
  • Capital gains play an essential role in the intertemporal allocation of resources, but they can also fuel self-fulfilling bubbles. The simple case of 2 "identical" capitals is analyzed in an overlapping generations model. The only trajectory in which expectations are realized at every date is the one in which blue machines and red machines have the same price. If ever their prices differ, then there is a "bubble" which must burst in finite time.
  • Bubbles, capital gains, heterogeneous capital, irreversible investment, overlapping generations (OG), Tobin's q
  • RePEc:wsi:serxxx:v:50:y:2005:i:sp:p:437-447
Language
  • English
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