Irrational Exuberance: Second Edition [Robert J. Shiller] on When the original book released in , Shiller’s prescient analysis of bubble- like. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent Robert J. Shiller, the recipient of the Nobel Prize in economics, is a Winner of the Commonfund Prize for the Best Contribution to. From the publisher: As Robert Shiller’s new preface to his prescient classic on behavioral economics and market volatility asserts, the irrational.

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The book irratioanl economic bubbles in the s and early s, and is named after Federal Reserve Chairman Alan Greenspan ‘s famed ” irrational exuberance ” quote warning of such a possible bubble in Interesting notes include that bubbles like often are based on stories or reasoning that “The economy has changed! Helsinki University Press French: Where people worked before, other books they have written, people with whom they’ve worked, where they were living and awards that they have received are scattered throughout.

It opened up a whole new way of understanding human behaviour, especially in relation to economics and finance. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen.

Irrational Exuberance

Want to Read Currently Reading Read. However, he certainly balances that somewhat comforting news with a realistic view of the risks that the current situation presents to investors and savers of all types, stocks, bonds, housing, and savings accounts.


The Problem of Index Revisions, 9. The book was bought from someone in Spain online, got temporarily lost in Argentina, came back to Spain, arrived in Australia.

Of particular interest, he adds an important new chapter on the bond market, which many feel is also in bubble territory. See all reviews. Retrieved 4 March Some might call it greed, but it’s better put as irrational exuberance.

Nippon Hyoronsha Co, Ltd Korean: Obeikan Publishers, Saudi Arabia Chinese ireational characters: Shiller is clearly a brilliant man and this book is well researched.

Though I found the book over-referenced and slightly repetitive, it nevertheless makes an interesting read. Even when he came to the efficient market hypothesis, his nemesis if you will, he would be very careful to dissect all the arguments of Fama et al.

Irrational Exuberance Broadway Books Business and economics. Irrational Exuberance Robert J. One point that comes up again and again the book is that investing in stocks and real estate is not a strategy that can be counted on to generate high returns. Ostry and Robert Shiller, and with a foreword by Andy Haldane and Maurice Obstfeld explores what has been holding back innovation, weighs up the pros and cons from both the issuer’s and investor’s perspective, and looks at what an intelligently designed GDP-linked bond that overcomes the perceived impediments to issuance might look like Benford et al.

j.sbiller In my opinion, they add nothing to the text, and instead distract from the point being made. He is arguing that while there is no fraud going on that the same mentality and dynamic is occurring when we have amplifying factors that push stock prices up. I wonder if it’s outdated or it’s still true that markets are over priced. The 3rd edition, updated in includes material on the mortgage driven crisis and even current “state of the economy” in A list of twelve precipitating factors that appear to be its ultimate causes was given.


If we think fundamentals explain most of the changes in stock prices then there is no need for any other explanations. Such valuations are, from a historical perspective, unsustainable – although Apple and Google have been exceptions to this rule after publication of this article.

Speculation and Economic Theory, 4. It is a worthwhile read for anyone interested in finance or more generally why markets do not always go the way one might assume they should. I think he’s absolutely right that they’re not efficient, but is it time to sell?

Books by Robert J. Shiller

Campus Verlag, Germany Italian: It predicted the collapse of the tech stock bubble through an analysis of the structural, cultural, and psychological factors behind levels of price growth not reflected in any other sector of the economy.

An enjoyable if somewhat technical at points read overall. Sep 11, Daniel rated it it exuberanxe amazing.