对Johansen-Ledoit-Sornette气泡模型的质疑和批评的澄清
Clarifications to Questions and Criticisms on the Johansen-Ledoit-Sornette Bubble Model
摘要：
本文建立了具有有限时间奇异崩溃风险率的合理预期泡沫的Johansen-Ledoit-Sornette（JLS）模型来描述金融泡沫和崩溃的动力学行为。它已成功地应用于许多不同市场的各种金融泡沫。JLS模型经过十多年的发展，已经被一些研究者研究、分析、使用和批评。这些讨论对推进研究很有帮助。然而，在这场集体对话中，在理论和经验方面似乎都存在一些严重的误解。这些问题中的一些似乎源于JLS模型和相关作品的文献的快速发展。为了消除可能的误解和催化有用的未来发展，我们总结了这些常见的问题和批评有关的JLS模型，并提供了一个综合现有的国家的最先进的和最佳实践的建议。
英文摘要：
The Johansen-Ledoit-Sornette (JLS) model of rational expectation bubbles with finite-time singular crash hazard rates has been developed to describe the dynamics of financial bubbles and crashes. It has been applied successfully to a large variety of financial bubbles in many different markets. Having been developed for more than one decade, the JLS model has been studied, analyzed, used and criticized by several researchers. Much of this discussion is helpful for advancing the research. However, several serious misconceptions seem to be present within this collective conversation both on theoretical and empirical aspects. Several of these problems appear to stem from the fast evolution of the literature on the JLS model and related works. In the hope of removing possible misunderstanding and of catalyzing useful future developments, we summarize these common questions and criticisms concerning the JLS model and offer a synthesis of the existing state-of-the-art and best-practice advices.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
