| Description |
xxx iii, 358 pages : illustrations ; 25 cm. |
| Bibliography |
Includes bibliographical references (pages 321-338) and index. |
| Contents |
The stock market in historical perspective -- The bond market in historical perspective -- The real estate market in historical perspective -- Precipitating factors: the Internet, the capitalist explosion, and other events -- Amplification mechanisms: naturally ocurring Ponzi processes -- The news media -- New era economic thinking -- New eras and bubbles around the world -- Psychological anchors for the market -- Herd behavior and epidemics -- Efficient markets, random walks, and bubbles -- Investor learning--and unlearning -- Speculative volatility in a free society. |
| Summary |
In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, now cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices in the United States, and rising housing prices in many countries, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. But Irrational Exuberance is about something far more important than the current situation in any given market because the book explains the forces that move all markets up and down. It shows how investor euphoria can drive asset prices up to dizzying and unsustainable heights, and how, at other times, investor discouragement can push prices down to very low levels. |
| Subject |
Stocks.
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Stock exchanges.
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Stocks -- Prices.
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Real property -- Prices.
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Risk.
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Dow Jones industrial average.
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| ISBN |
9780691166261 (hardcover : acid-free paper) |
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0691166269 (hardcover : acid-free paper) |
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