

Game theoretic illustration of speculative bubbles - IncidentalEcon
http://theincidentaleconomist.com/asset-bubbles-and-the-whats-23-of-the-average-game/

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proemeth
This article suggest speculation can be seen as a constant-sum game, similar
to a poker game. People know the only money they make is at the expense of
someone else. People who enter the market as investors (as opposed to
speculators) get thus ripped off by speculators, because they don't always
know they are taking part to the game.

