What is a speculative bubble?

Symposia Melitensya 14:367-376 (2018)
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Abstract

According to complexity economics, a speculative bubble is a paradigmatic case of emergence which forms from individual behaviour. In order to provide a more detailed ontological investigation of this ‘lower level’, this paper aims to understand what a transaction is and how people actualize their financial choices. Given that selling and buying operations may involve just machines, it is argued that collective intentionality, at least in John Searle’s version, is not successful. It would seem, therefore, that the pivotal role is played by documents. The paper focuses mostly on the documents’ capacity to anchor quasi-abstract entities to reality and to attribute social and economic properties, such as property having a certain value. The latter is clearly involved in the emergence of a bubble.

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2023-11-21

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Gloria Sansò
University at Buffalo

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References found in this work

Document Acts.Barry Smith - 2013 - In Anita Konzelmann Ziv & Hans Bernhard Schmid (eds.), Institutions, Emotions, and Group Agents. Dordrecht: Springer. pp. 19-31.
Searle and De Soto: The New Ontology of the Social World.Barry Smith - 2008 - In Barry Smith, David M. Mark & Isaac Ehrlich (eds.), The Mystery of Capital and the Construction of Social Reality. Open Court. pp. 35-51.
Institutional Externalism.Giuliano Torrengo - 2017 - Philosophy of the Social Sciences 47 (1):67-85.

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