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Analysis of the phenomenon of speculative trading in one of its basic manifestations: postage stamp bubbles

Author

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  • Bertrand Roehner

    (CNRS/Univ. Nice and UCLA)

  • D. Sornette

    (CNRS/Univ. Nice and UCLA)

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

  • Bertrand Roehner & D. Sornette, 1999. "Analysis of the phenomenon of speculative trading in one of its basic manifestations: postage stamp bubbles," Papers cond-mat/9906435, arXiv.org.
    • Handle: RePEc:arx:papers:cond-mat/9906435
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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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