Description
Top economists discuss the causes and consequences of one of the world’s most persistent economic problems. Jos A. Scheinkman is the Edwin W. Rickert Professor of Economics at Columbia University and the Theodore Wells ’29 Professor of Economics Emeritus at Princeton University. He is best known for his work on dynamic optimization, oligopoly theory, nonlinear dynamics, social interactions and bubbles in financial markets. He is a member of the National Academy of Sciences and a Fellow of the Econometric Society and the American Academy of Arts and Sciences. Sandy Grossman is an American economist and hedge fund manager specializing in quantitative finance. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance, and is chairman and CEO of QFS Asset Management. Patrick Bolton is the Barbara and David Zalaznick Professor of Business at Columbia Business School and a member of the Committee on Global Thought. He is also codirector of the Center for Contracts and Economic Organization at the Columbia Law School. His areas of interest are corporate finance, banking, sovereign debt, political economy, and law and economics. Foreword, by Kenneth J. Arrow Acknowledgments, by Joseph E. Stiglitz Introduction, by Joseph E. Stiglitz Speculation, Trading, and Bubbles, by Jos A. Scheinkman Appendix: A Formal Model Commentary, by Patrick Bolton Commentary, by Sanford J. Grossman Commentary, by Kenneth J. Arrow Discussion Notes References Notes on Contributors Index
