Irrational exuberance / Robert J. Shiller
By: Shiller, Robert J.Publisher: Princeton, N.J. : Princeton University Press, 2015Edition: Revised and expanded 3rd ed.Description: 376 p. ; electronic resource.ISBN: 9780691166261.Subject(s): Economy | Markets | Investors | Property | Bonds | SharesOnline resources: Download as an eBook
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The stock market in historical perspective -- The bond market in historical perspective -- The real estate market in historical perspective. STRUCTURAL FACTORS: Precipitating factors - the internet, the capitalist explosion, and other events -- Amplification mechanisms - naturally occurring Ponzi processes. CULTURAL FACTORS: The news media -- New era economic thinking -- New eras and bubbles around the world -- PSYCHOLOGICAL FACTORS: Psychological anchors for the market -- Herd behavior and epidemics -- ATTEMPTS TO RATIONALIZE EXUBERANCE: Efficient markets, random walks, and bubbles -- Investor learning - and unlearning. A CALL TO ACTION: Speculative volatility in a free society. APPENDIX: Nobel prize lecture: speculative asset prices.
Analyses the stock market boom from 1982 to the dotcom years, which created a bubble in asset prices. Warns that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. Looks at the bond, stock and housing market. Recommends urgent policy changes.