{"id":"https://openalex.org/W2103065902","doi":"https://doi.org/10.1086/261919","title":"Rational Frenzies and Crashes","display_name":"Rational Frenzies and Crashes","publication_year":1994,"publication_date":"1994-02-01","ids":{"openalex":"https://openalex.org/W2103065902","doi":"https://doi.org/10.1086/261919","mag":"2103065902"},"language":"en","primary_location":{"id":"doi:10.1086/261919","doi":"https://doi.org/10.1086/261919","is_oa":false,"landing_page_url":"https://doi.org/10.1086/261919","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5021062293","display_name":"Jeremy I. Bulow","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jeremy Bulow","raw_affiliation_strings":["National Bureau of Economic Research (NBER)","Stanford University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Stanford University","institution_ids":["https://openalex.org/I97018004"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5036668585","display_name":"Paul D. Klemperer","orcid":"https://orcid.org/0000-0003-4372-2962","observed_orcids":["https://orcid.org/0000-0003-4372-2962"]},"institutions":[{"id":"https://openalex.org/I40120149","display_name":"University of Oxford","ror":"https://ror.org/052gg0110","country_code":"GB","type":"education","lineage":["https://openalex.org/I40120149"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Paul Klemperer","raw_affiliation_strings":["Centre for Economic Policy Research (CEPR)","University of Oxford - Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"University of Oxford - Department of Economics","institution_ids":["https://openalex.org/I40120149"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":7.5834,"has_fulltext":false,"cited_by_count":116,"citation_normalized_percentile":{"value":0.97920777,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"102","issue":"1","first_page":"1","last_page":"23"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.4636000096797943,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.4636000096797943,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.4528999924659729,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.051100000739097595,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-clearing","display_name":"market clearing","score":0.6330000162124634},{"id":"https://openalex.org/keywords/willingness-to-pay","display_name":"willingness to pay","score":0.6740000247955322},{"id":"https://openalex.org/keywords/price-crashes","display_name":"price crashes","score":0.6340000033378601},{"id":"https://openalex.org/keywords/price-discontinuities","display_name":"price discontinuities","score":0.625},{"id":"https://openalex.org/keywords/new-information","display_name":"new information","score":0.6209999918937683},{"id":"https://openalex.org/keywords/dynamic-pricing","display_name":"dynamic pricing","score":0.5929999947547913},{"id":"https://openalex.org/keywords/revenue-equivalence-theorem","display_name":"revenue equivalence theorem","score":0.9110000133514404},{"id":"https://openalex.org/keywords/auction-theory","display_name":"auction theory","score":0.7799999713897705},{"id":"https://openalex.org/keywords/market-microstructure","display_name":"market microstructure","score":0.37700000405311584}],"concepts":[{"id":"https://openalex.org/C129650952","wikidata":"https://www.wikidata.org/wiki/Q1423059","display_name":"Walrasian auction","level":5,"score":0.7473090291023254},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7318116426467896},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.674983024597168},{"id":"https://openalex.org/C2780069185","wikidata":"https://www.wikidata.org/wiki/Q7977945","display_name":"Equivalence (formal languages)","level":2,"score":0.5355100035667419},{"id":"https://openalex.org/C176398731","wikidata":"https://www.wikidata.org/wiki/Q8981416","display_name":"Demand curve","level":2,"score":0.5143495798110962},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.509255051612854},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.4785100519657135},{"id":"https://openalex.org/C2777735758","wikidata":"https://www.wikidata.org/wiki/Q817765","display_name":"Path (computing)","level":2,"score":0.4169795513153076},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.4160413444042206},{"id":"https://openalex.org/C143684077","wikidata":"https://www.wikidata.org/wiki/Q431186","display_name":"Revenue equivalence","level":4,"score":0.3754519522190094},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.29880720376968384},{"id":"https://openalex.org/C11276805","wikidata":"https://www.wikidata.org/wiki/Q771334","display_name":"Auction theory","level":3,"score":0.2682135999202728},{"id":"https://openalex.org/C163239763","wikidata":"https://www.wikidata.org/wiki/Q5153637","display_name":"Common value auction","level":2,"score":0.20678529143333435},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.14027056097984314},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0946229100227356},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.0841403603553772},{"id":"https://openalex.org/C118615104","wikidata":"https://www.wikidata.org/wiki/Q121416","display_name":"Discrete mathematics","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1086/261919","doi":"https://doi.org/10.1086/261919","is_oa":false,"landing_page_url":"https://doi.org/10.1086/261919","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":14,"referenced_works":["https://openalex.org/W1499403069","https://openalex.org/W1528006837","https://openalex.org/W1573257242","https://openalex.org/W2015007620","https://openalex.org/W2021163855","https://openalex.org/W2023067240","https://openalex.org/W2029050771","https://openalex.org/W2087530244","https://openalex.org/W2140950724","https://openalex.org/W2148876341","https://openalex.org/W2994051799","https://openalex.org/W3122000667","https://openalex.org/W3123869614","https://openalex.org/W3125769591"],"related_works":["https://openalex.org/W582983231","https://openalex.org/W6911729404","https://openalex.org/W17882309","https://openalex.org/W1982667353","https://openalex.org/W2771359894","https://openalex.org/W113775942","https://openalex.org/W2048772133","https://openalex.org/W3125696735","https://openalex.org/W2232940355","https://openalex.org/W2566769635"],"abstract_inverted_index":{"Most":[0],"markets":[1,50],"clear":[2],"through":[3,10],"a":[4,11,80,96],"sequence":[5],"of":[6],"sales":[7],"rather":[8,24],"than":[9,25,41],"Walrasian":[12],"auctioneer.":[13],"Because":[14],"buyers":[15],"can":[16,90],"decide":[17],"whether":[18],"to":[19,33,39,55,59,93],"buy":[20],"now":[21,27],"or":[22,28],"later,":[23],"only":[26],"never,":[29],"their":[30],"current":[31],"\"willingness":[32],"pay\"":[34],"is":[35,48],"much":[36],"more":[37],"sensitive":[38,54],"price":[40,72,98],"the":[42,86],"demand":[43,64],"curve":[44],"is.":[45],"A":[46],"consequence":[47],"that":[49],"will":[51],"be":[52,91],"extremely":[53],"new":[56],"information,":[57],"leading":[58],"both":[60],"\"frenzies,\"":[61],"in":[62,70],"which":[63,71],"feeds":[65],"on":[66],"itself,":[67],"and":[68],"\"crashes,\"":[69],"drops":[73],"discontinuously.":[74],"The":[75],"paper":[76],"also":[77],"shows":[78],"how":[79],"result":[81],"from":[82],"static":[83],"auction":[84],"theory,":[85],"revenue":[87],"equivalence":[88],"theorem,":[89],"applied":[92],"solve":[94],"for":[95],"dynamic":[97],"path.":[99]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":9},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":7},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
