Behawioralne aspekty baniek cenowych i sposoby ich dezaktywacji
Behavioral Aspects of Price Bubbles and the Ways of Their Disactivation

Summary/Abstract: Speculative price bubbles in the assets markets were at the roots of many financial crises, including the last global financial and economic crisis. The aim of paper is to show the role of behavioural factors in the creation of a price bubble and the instruments necessary for its avoiding and disactivation. The authors analyse the mechanism of the formation of speculative bubbles and their bursting, with special consideration of behavioural factors. Then they present two case studies of a price bubble in the housing market (Spain and Poland). In both cases, the price bubble was formed and broke down under the strong impact of speculative factors. A questionnaire recently conducted among the potential participants of the Polish immobility market indicates speculative motives underlying the behaviour of potential investors, which can lead to the creation of a new price bubble, dangerous to all investors. In the last part of the paper, the authors present a dychotomic model of disactivation of a price bubble, which combines the economic instruments of monetary, fiscal and regulatory policies with non-economic measures aimed at the disactivation of undesirable behavioural factors.

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