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Markets and manias: Robert Shiller on the psychology of speculative bubbles

Efficient markets theory has lost its lustre

By Jonathan Derbyshire  

Robert Shiller is featured on Prospect’s World Thinkers 2015 list. Click below to vote:

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In 2013, the Nobel Prize in Economics was awarded to three men—Robert J Shiller, Eugene F Fama and Lars Peter Hansen—for their “empirical analysis of asset prices”. Where, the award committee noted, Fama’s research had led him to the conclusion that “stock price movements are impossible to predict in the short-term and that new information affects prices almost immediately,…

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