Irrational Exuberance : Revised and Expanded Third Edition / Robert J. Shiller.

Format:

Book

Author/Creator:

Shiller, Robert J., author.

Language:

English

Subjects (All):

Dow Jones industrial average.

Risk.

Real property--Prices--United States.

Real property.

Stocks--Prices--United States.

Stocks.

Stock exchanges--United States.

Stock exchanges.

Stocks--United States.

Physical Description:

1 online resource (393 p.)

Edition:

Revised and Expanded Third

Place of Publication:

Princeton, NJ : Princeton University Press, [2015]

Language Note:

English

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, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and the rising cost of housing, 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. Previous editions covered the stock and housing markets-and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity-and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

Contents:

Frontmatter

Contents

Figures and Tables

Preface to the Third Edition

Preface to the Second Edition, 2005

Preface to the First Edition, 2000

Acknowledgments

One. The Stock Market in Historical Perspective

Two. The Bond Market in Historical Perspective

Three. The Real Estate Market in Historical Perspective

Part One. Structural Factors

Four. Precipitating Factors: The Internet, the Capitalist Explosion, and Other Events

Five. Amplification Mechanisms: Naturally Occurring Ponzi Processes

Part Two. Cultural Factors

Six. The News Media

Seven. New Era Economic Thinking

Eight. New Eras and Bubbles around the World

Part Three. Psychological Factors

Nine. Psychological Anchors for the Market

Ten. Herd Behavior and Epidemics

Part Four. Attempts to Rationalize Exuberance

Eleven. Efficient Markets, Random Walks, and Bubbles

Twelve. Investor Learning-and Unlearning

Part Five. A Call to Action

Thirteen. Speculative Volatility in a Free Society

Appendix. Nobel Prize Lecture: Speculative Asset Prices

Notes

References

Index

Notes:

"New York Times Bestseller"--Cover.

Includes bibliographical references (pages 321-338) and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9780691173122

0691173125

9781400865536

1400865530

OCLC:

898770039