A part that I found very interesting is Vernon Smith's distinction between two kinds of markets: (1) where the good or service is not retraded, e.g. commodities and (2) where retrading exists, e.g. stocks and bonds. He says the marginal utility and value model works very well for #1, but not for #2, where bubbles are common. I would have liked to hear more, but the conversation moved on to Adam Smith's The Theory of Moral Sentiments. I did find the following, though.

The Great Recession and the Property Bubble (link). Here he refers to the two kinds of markets as the durable and the nondurable, or the house and the hamburger.