ABSTRACT
The term bubble describes a particular phenomenon that appears spontaneously, although on close inspection it develops in stages and emits a degree of order. The essence of a speculative bubble is a sort of feedback, from price increases, to increased investor enthusiasm, to increased demand, and hence further price increase. The complexity that surrounds speculative advantage does not subdue a long search for a model of bubbles. The model highlighted incorporates ten phases that provide the foundation of the primary analysis relating to bubble activity. The definition differs from the word gambler, which did not make its appearance in the language until the second half of the century, before which gambler was a slang term for a fraudulent gamester, a sharper, or one who played for excessive stakes. Fyodor Dostoyevsky's book, The Gambler, captures the thrill and despair of the gamble, with which those who fail to impose a stop loss on their investments are familiar.
