Robert J. Shiller’s speech at Yale University after been laureate with 2013 Nobel Prize in Economic Sciences.


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Robert Shiller has been named co-winner of a Nobel Prize in Economics for his “empirical analysis of asset prices” — making him Yale’s second faculty member to receive the distinguished honor this year.

Shiller, whose name became a household word with the wide use of the Case-Shiller Home Price real estate Index, came to national prominence with the publication in 2000 of “Irrational Exuberance.” The book, which quickly became a bestseller, described speculative bubbles fueled by mass misinformation and herd instinct, and accurately predicted the dot.com implosion. As early as 2003, Shiller warned of the housing market collapse, and later wrote a precept for recovery, “Subprime Solution: How the Global Financial Crisis Happened and What to Do about It.”

Born in Detroit in 1946, Shiller received his B.A. from the University of Michigan in 1967 and Ph.D. from MIT in 1972. He held academic appointments at the University of Minnesota, MIT, and the University of Pennsylvania before joining the Yale faculty in 1982. At Yale, Shiller is affiliated with the Cowles Foundation for Research in Economics and is a fellow at the International Center for Finance at the Yale School of Management. He holds a joint appointment as a professor of finance at the School of Management, and previously served as the Arthur M. Okun Professor of Economics.

A major voice for behavioral economics, which brings human psychology into the study of finance, Shiller is the author of “Irrational Exuberance” — an explanation and analysis of speculative bubbles, with special reference to the stock market and real estate — which won the 2000 Commonfund Prize for Best Contribution to Endowment Management Research. In 2009 he co-authored, with Nobel Prize winner George Akerlof, “Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism,” which received the getAbstract International Book Award and the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. His latest book, “Finance and the Good Society,” published in 2012, won the Prose Award for Business, Finance, and Management.

Text source: http://news.yale.edu/2013/10/14/another-yale-nobel-robert-shiller

 

 

 

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