Speculation is relational, depending on anticipating others’ expectations

Evidence

Speculation: engagement in investment activities that are inherently uncertain for the purpose of profit. Speculation includes wagers on possible future movements of asset prices, as well as the trading of assets that seeks insurance against such price movements. Speculating is a relational activity, because it relies on a speculator’s ongoing anticipations of other traders’ expectations and forecasts of the future. — Aris Komporozos-Athanasiou, Speculative Communities, 8

Categorization

• XREF: Echoes Keynes’ beauty contest — anticipating others’ anticipations — and Milgrom’s reputation-based trade institutions where expectations of others matter. — connects to: Speculation is an imaginative act detached from asset value, pricing others’ future desires — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 215
• corroborated: 2 independent passages support this claim — Aris Komporozos-Athanasiou, Speculative Communities: Living With…, 8