Title

Stock Prices and Social Dynamics

Document Type

Discussion Paper

Publication Date

8-1-1984

CFDP Number

719R

CFDP Revision Date

1984-10-01

CFDP Pages

75

Abstract

The empirical evidence that is widely interpreted as supporting the efficient markets theory in finance actually does not rule out the possibility that changing fashions or fads among investors have an important influence on prices in financial markets. A model of the impact of such fashions on prices is proposed and used in an exploratory data analysis of the aggregate United States Stock Market in the 20th century.

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