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Optimism, pessimism and financial bubbles

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Academic year: 2021

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Fig 1: kink in the indifference curve of a pessimistic agentφ(π)φ(π)φ(π)φ(π) φ(π) φ(π)φ(π)φ(π)Non convexity of preferences
Fig 3: Pareto optimal equilibrium with optimism Equilibrium point* 1 . 2 1 . 4 1 . 6 1
Fig 5: effect of pessimism on the existence of bubbly equilibria1 . 21 . 41 . 61 . 822

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