A multitude of factors contributed to the housing booms and crashes experienced in many countries and the ensuing global financial crisis. Much of the existing research on these issues assumes that agents have complete information about the economic environment and form rational expectations. This commentary argues that models with imperfect knowledge and learning provide a potentially rich ave...

This paper surveys the persian monetary crises due to economic sanctions and speculative attacks that leads to high inflation. Economic sanctions are associated with various forms of trade barriers and restriction on financial transactions. Among the most influential sanctions on Iran's oil export and central bank sanctions are noted that their Aims to reduce Iran's oil revenues and Devaluation...

The Nasdaq Composite fell another ≈ 10% on Friday the 14’th of April 2000 signaling the end of a remarkable speculative high-tech bubble starting in spring 1997. The closing of the Nasdaq Composite at 3321 corresponds to a total loss of over 35% since its all-time high of 5133 on the 10’th of March 2000. Similarities to the speculative bubble preceding the infamous crash of October 1929 are qui...

Classic speculative bubbles are loud – price is high and so are price volatility and share turnover. The credit bubble of 2003-2007 is quiet – price is high but price volatility and share turnover are low. We develop a model, based on investor disagreement and short-sales constraints, that explains why credit bubbles are quieter than equity ones. Since debt up-side payoffs are bounded, debt is ...

The generation of value bubbles is an inherently psychological and social process, where information sharing and individual decisions can affect representations of value. Bubbles occur in many domains, from the stock market, to the runway, to the laboratories of science. Here we seek to understand how psychological and social processes lead representations (i.e., expectations) of value to becom...

The article examines the relevance of topic and describes characteristics financial crises: analyzes relationship between business cycles crises, classifies crises into speculative bubbles, currency banking causality specific types crises. concept liquidity in sector importance this preventing are also examined. discusses impact central bank on stability system rates requirements that applies t...

We are developing a system that analyzes medical reports and extracts a SNOMED-CT based concept representation. The more interesting characteristic of our system is not only that it can detect the concepts. It also takes into account if they appear in an affirmative, negative or speculative context. The system also separates the concept representation according to the structure of the document....

We investigate how like-minded agents can reach consensus on their decisions even if they receive different information. The model used here was introduced by Aumann, and subsequently refined by Geanakoplos and Polemarchakis, Bacharach, Cave, Parikh and Krasucki ([Aum76,GP82,Cav83,Bac85,PK]). The main result is that when any number of like-minded agents communicate according to some fair protoc...