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SUMMARY:HOARD BEHAVIOR DURING COMMODITY BUBBLES - with Professor Harrison 
 Hong\, John Scully Professor of Finance and Economics\, Princeton Universi
 ty
DTSTART:20150609T093000Z
DTEND:20150609T110000Z
UID:TALK59807@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:Hoarding\, the accumulation of inventories in the midst of hig
 h prices\, is often blamed for causing commodity market panics and bubbles
  but evidence on hoarding is lacking. Using supermarket scanner data on US
  household purchases during the 2008 Rice Bubble\, we document systemic ho
 usehold hoarding when export bans led to a spike in prices worldwide in th
 e first half of 2008. Anticipating shortages\, US households with previous
  purchases of rice\, especially those of Asian ethnicity\, nearly doubled 
 their buying around the peak of the bubble. We document transmission mecha
 nisms through over-extrapolation from high prices and contagion\, as many 
 households bought rice for the first and last time during the bubble.
LOCATION:Cambidge Judge Business School\,  Castle Teaching Room
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