J. Bradford De Long
1 paper in the Anchorcite directory, published in 1990, cited 6,487 times in total.
Research topics
- Financial Markets and Investment Strategies · 1 paper
- Complex Systems and Time Series Analysis · 1 paper
- Market Dynamics and Volatility · 1 paper
Frequent co-authors
- Andrei Shleifer · 1 paper
- Lawrence H. Summers · 1 paper
- ROBERT J. WALDMANN · 1 paper
Papers
- Noise Trader Risk in Financial MarketsJournal of Political Economy · 1990 · 6,487 citations
We present a simple overlapping generations model of an asset market in which irrational noise traders with erroneous stochastic beliefs both affect prices and earn higher expected returns. The unpredictability of noise traders' beliefs creates a risk in the price…
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