Intrinsic bubbles in the case of stock prices : A note

내재적 거품모형에 관한 이론적 연구

A simple general equilibrium model, where risk aversion and dividend process switching play a key role, shows that a stock price in a bubble-free economy can be observationally equivalent to that of the intrinsic bubble economy. Specifically, I seek a set of conditions under which the functional form of asset prices in the bubble-free economy is the same as that in the intrinsic bubble approach.