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

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

1999-06-29

arxiv.org/abs/cond-mat/9906435v1

Int. J. Mod. Phys. C 10, N6, 1099-1116 (1999)

Physics

Condensed Matter

Statistical Mechanics

9 pages, 5 figures and 2 tables, in press in Int. J. Mod. Phys. C

Scientific paper

10.1142/S0129183199000905

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.

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