https://www.pnas.org/doi/abs/10.1073/pnas.2423295122?af=R
Proceedings of the National Academy of Sciences, Volume 122, Issue 14, April 2025.
SignificanceAn asset overvaluation (asset price bubble) emerges when the asset price exceeds its fundamental value defined by the present value of future dividends. Modern macrofinance theory has shown fundamental difficulties for attaching bubbles to …
Unbalanced growth and land overvaluation
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