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Analysis Of The Phenomenon Of Speculative Trading In One Of Its Basic Manifestations: Postage Stamp Bubbles

Author

Listed:
  • B. ROEHNER

    (L.P.T.H.E., University Paris 7, 2 Place Jussieu, 75251 Paris Cedex 05, France)

  • D. SORNETTE

    (IGPP and ESS Department, University of California, Los Angeles, California 90095, USA;
    LPMC, CNRS UMR6622 and Université des Sciences, B.P. 70, Parc Valrose, 06108 Nice Cedex 2, France)

Abstract

We document and analyze the empirical facts concerning one of the clearest evidence of speculation in financial trading as observed in the postage collection stamp market. We unravel some of the mechanisms of speculative behavior which emphasize the role of fancy and collective behavior. In our conclusion, we propose a classification of speculative markets based on two parameters, namely the amplitude of the price peak and a second parameter that measures its "sharpness". This study is offered to anchor modeling efforts to realistic market constraints and observations.

Suggested Citation

  • B. Roehner & D. Sornette, 1999. "Analysis Of The Phenomenon Of Speculative Trading In One Of Its Basic Manifestations: Postage Stamp Bubbles," International Journal of Modern Physics C (IJMPC), World Scientific Publishing Co. Pte. Ltd., vol. 10(06), pages 1099-1116.
    • Handle: RePEc:wsi:ijmpcx:v:10:y:1999:i:06:n:s0129183199000905
    DOI: 10.1142/S0129183199000905
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    Cited by:

    1. B. M. Roehner, 2000. "Determining bottom price-levels after a speculative peak," Papers cond-mat/0009222, arXiv.org.
    2. Fabian Bocart & Ken Bastiaensen & Peter Cauwels, 2011. "The 1980s Price Bubble on (Post) Impressionism," ACEI Working Paper Series AWP-03-2011, Association for Cultural Economics International, revised Nov 2011.

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