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V. L. Smith, G. L. Suchanek and A. W. Williams, “Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets,” Econometrica, Vol. 56, No. 5, September 1988, pp. 1119-1151.

has been cited by the following article:

• TITLE: Our Economy

  AUTHORS: Christian Müller

  KEYWORDS: Fundamental Uncertainty, Subjectivity, Financial Crisis

  JOURNAL NAME: Modern Economy, Vol.2 No.4, September 21, 2011

  ABSTRACT: I discuss the strengths and weaknesses of the current predominant approach to macroeconomic modelling of asset prices and suggest an alternative perspective. This alternative rests on the insight that the economy is the result of individual decisions. The industry standard has it, however, that individual action is ruled by objective, general laws instead. Changing the point of view allows to reconcile numerous puzzles and paves the way for a promising new research agenda.