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

• Superior document: Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2014-2015
• VerfasserIn: Shiller, Robert J.,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2015]; ©2016
• Year of Publication: 2015
• Edition: Revised and Expanded Third
• Language: English
• Physical Description: 1 online resource (392 p.) :; 18 line illus. 4 tables.

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.

Table of 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