{"id":"https://openalex.org/W2889958103","doi":"https://doi.org/10.3386/w6747","title":"\"Overreaction\" of Asset Prices in General Equilibrium","display_name":"\"Overreaction\" of Asset Prices in General Equilibrium","publication_year":1998,"publication_date":"1998-10-01","ids":{"openalex":"https://openalex.org/W2889958103","doi":"https://doi.org/10.3386/w6747","mag":"2889958103"},"language":"en","primary_location":{"id":"doi:10.3386/w6747","doi":"https://doi.org/10.3386/w6747","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w6747","pdf_url":"https://doi.org/10.3386/w6747","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w6747","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5010412733","display_name":"S. Rao Aiyagari","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"S. Rao Aiyagari","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5003301823","display_name":"Mark L. Gertler","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Mark Gertler","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":77,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8057000041007996,"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"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8057000041007996,"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"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.18240000307559967,"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/T10067","display_name":"Stochastic processes and financial applications","score":0.004999999888241291,"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/short-term-interest-rates","display_name":"short-term interest rates","score":0.9020000100135803},{"id":"https://openalex.org/keywords/dividends","display_name":"dividends","score":0.8579999804496765},{"id":"https://openalex.org/keywords/margin-constraints","display_name":"margin constraints","score":0.7919999957084656},{"id":"https://openalex.org/keywords/leverage-limits","display_name":"leverage limits","score":0.8119999766349792},{"id":"https://openalex.org/keywords/futures-trading","display_name":"futures trading","score":0.7170000076293945},{"id":"https://openalex.org/keywords/options-trading","display_name":"options trading","score":0.8989999890327454},{"id":"https://openalex.org/keywords/short-term-borrowing","display_name":"short-term borrowing","score":0.6669999957084656},{"id":"https://openalex.org/keywords/general-equilibrium","display_name":"general equilibrium","score":0.7699999809265137}],"concepts":[{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.621516227722168},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5058919787406921},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.5025620460510254},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.43125319480895996},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4186393618583679},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33335399627685547},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.16560178995132446},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.16015323996543884},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0506325364112854}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w6747","doi":"https://doi.org/10.3386/w6747","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w6747","pdf_url":"https://doi.org/10.3386/w6747","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w6747","doi":"https://doi.org/10.3386/w6747","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w6747","pdf_url":"https://doi.org/10.3386/w6747","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":false},"content_urls":{"pdf":"https://content.openalex.org/works/W2889958103.pdf"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7098157076","https://openalex.org/W3153038766","https://openalex.org/W2037718078","https://openalex.org/W2133280045","https://openalex.org/W2113827769","https://openalex.org/W3121193330","https://openalex.org/W2028783080","https://openalex.org/W6983158488","https://openalex.org/W2797442782","https://openalex.org/W2162400416"],"abstract_inverted_index":{"We":[0],"attempt":[1],"to":[2,9,36,71],"explain":[3],"the":[4,40,67],"overreaction":[5],"of":[6,22,39,42],"asset":[7,17],"prices":[8],"movements":[10],"in":[11,60],"short-term":[12],"interest":[13],"rates,":[14],"dividends,":[15],"and":[16,62],"supplies.":[18],"The":[19],"key":[20],"element":[21],"our":[23],"explanation":[24],"is":[25,69],"a":[26,37],"margin":[27],"constraint":[28],"that":[29,66],"traders":[30],"face":[31],"which":[32],"limits":[33],"their":[34,43],"leverage":[35],"fraction":[38],"value":[41],"assets.":[44],"Traders":[45],"may":[46],"lever":[47],"themselves,":[48],"further,":[49],"either":[50],"directly":[51],"by":[52,58],"borrowing":[53],"short":[54],"term":[55],"or":[56],"indirectly":[57],"engaging":[59],"futures":[61],"option":[63],"trading,":[64],"so":[65],"scenario":[68],"relevant":[70],"contemporary":[72],"financial":[73],"markets.":[74]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"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":5},{"year":2012,"cited_by_count":4}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2018-09-27T00:00:00"}