Associating costs with the sorts of phenomena I have suggested above as representative, though hardly exhaustive, of the costs to different stakeholder groups would be an extraordinarily useful exercise. This would be useful in both a formal modeling context, and in terms of retrospective case studies in particular places. This should be a challenge to all of us. This is Mark Shroder, a US government economist. In the US today, there are two obvious bubbles.
Cost of production is less than a dollar.
Their basis is the greater fool theory. Probably not a big deal.