The paper provides a counterexample disproving Tirole's Proposition 1(c) on the necessity of bubbles and restores the claim under added assumptions of large initial capital and small dividends.
Robust asset prices with bubbles
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Comment on 'Asset Bubbles and Overlapping Generations'
The paper provides a counterexample disproving Tirole's Proposition 1(c) on the necessity of bubbles and restores the claim under added assumptions of large initial capital and small dividends.