英文标题：
《Thought Viruses and Asset Prices》
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作者：
Wolfgang Kuhle
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最新提交年份：
2018
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英文摘要：
We use insights from epidemiology, namely the SIR model, to study how agents infect each other with \"investment ideas.\" Once an investment idea \"goes viral,\" equilibrium prices exhibit the typical \"fever peak,\" which is characteristic for speculative excesses. Using our model, we identify a time line of symptoms that indicate whether a boom is in its early or later stages. Regarding the market\'s top, we find that prices start to decline while the number of infected agents, who buy the asset, is still rising. Moreover, the presence of fully rational agents (i) accelerates booms (ii) lowers peak prices and (iii) produces broad, drawn-out, market tops.
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中文摘要：
我们利用流行病学的见解，即SIR模型，研究代理人如何通过“投资想法”相互感染一旦一个投资理念“走红”，均衡价格就会出现典型的“狂热峰值”，这是投机过度的特征。利用我们的模型，我们确定了一系列症状，这些症状表明繁荣是处于早期还是晚期。关于市场顶部，我们发现价格开始下降，而购买资产的感染代理数量仍在上升。此外，完全理性代理人的存在（i）加速繁荣（ii）降低峰值价格，（iii）产生广泛、持久的市场顶部。
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分类信息：

一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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