Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
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Periodic sharp sustained increases and then reversals in asset prices lead many to posit irrational price bubbles. The general case for irrationality is that real asset prices simply have moved too much given the future real cash flows the assets are reasonably likely to produce. A corollary for
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美国国家经济研究局创建时间：
2005-05-01
