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Essay text:
The first is that asset prices are driven by market fundamentals, which they call the fundamental price, Ptf. The second is that there are times when asset prices deviate away from market fundamentals, which they call the non-fundamental price, Ptnf.
Pt = Ptf + Ptnf
There are two models, which observe non-fundamental part in housing prices in literature, which are fad’s model and the stochastic bubble’s model.
Fad’s model
In the fad’s model the fundamental price is assumed to be non-stationary:
The non-fundamental price is assumed to persist but not to grow forever and therefore:
In general a proxy is used to measure the fundamental price...
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