  This paper studies the equilibrium price of a continuous time asset traded in
a market with heterogeneous investors. We consider a positive mean reverting
asset and two groups of investors who have different beliefs on the speed of
mean reversion and the mean level. We provide an equivalent condition for
bubbles to exist and show that price bubbles may not form even though there are
heterogeneous beliefs. This condition is directly related to the drift term of
the asset. In addition, we characterize the minimal equilibrium price as a
unique $C^2$ solution of a differential equation and express it using confluent
hypergeometric functions.
