The tulipmania: Fact or artifact?

@article{Thompson2007TheTF,
  title={The tulipmania: Fact or artifact?},
  author={Earl A. Thompson},
  journal={Public Choice},
  year={2007},
  volume={130},
  pages={99-114}
}
  • E. Thompson
  • Published 3 January 2007
  • Economics
  • Public Choice
The famous tulipmania, which saw the reported prices of several breeds of tulip bulbs rise to above the value of a furnished luxury house in 17th century Amsterdam, was an artifact created by an implicit conversion of ordinary futures contracts into option contracts in an imperfectly successful attempt by Dutch futures buyers and public officials to bail themselves out of previously incurred speculative losses in the impressively price-efficient, fundamentally driven, market for Dutch tulip… 
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