Nobel Prize Winner Vernon Smith has some interesting insights on 'bubbles'. Smith is in my film "Broke": www.brokemovie.com.
Smith uses a "lab" to get at human behavior. In this excerpt he is showing why a second bubble, in short order, is needed to get people to come to their senses. He is really saying that after 2 bubbles they don't go for the third one. At least that seems to be the research.