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Tulipmania

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  • Garber, Peter M

Abstract

Though it is always mentioned first among the list of obvious manias, no serious effect has ever been expended to investigate the market fundamentals that might have driven the tulip speculation. The paper compiles time series on individual tulip prices and examines market fundamentals potentially driving prices. Most of the "tulipmania" was not obvious madness. High, but rapidly depreciating, prices for rare bulbs is a typical pattern in the flower-bulb industry. Only the last month of the speculation, during which common-bulb prices increased rapidly and crashed, remains as a potential bubble. Copyright 1989 by University of Chicago Press.

Suggested Citation

  • Garber, Peter M, 1989. "Tulipmania," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 535-560, June.
    • Handle: RePEc:ucp:jpolec:v:97:y:1989:i:3:p:535-60
    DOI: 10.1086/261615
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. La Tulipomanie
      by Benjamin Ting in Economiam on 2013-08-13 13:39:00
    2. Bitcoin and Fundamentals
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-12-04 18:12:34

    Citations

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    Cited by:

    1. Franklin Allen & Gary B. Gorton, "undated". "Rational Finite Bubbles," Rodney L. White Center for Financial Research Working Papers 41-88, Wharton School Rodney L. White Center for Financial Research.
    2. Dufwenberg, Martin & Lindqvist, Tobias & Moore, Evan, 2003. "Bubbles and Experience: An Experiment on Speculation," Working Paper Series 588, Research Institute of Industrial Economics.
    3. Thomas Schuster, 2003. "Meta-Communication and Market Dynamics. Reflexive Interactions of Financial Markets and the Mass Media," Finance 0307014, University Library of Munich, Germany.

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