Robert Shiller wins Nobel prize

Nov.November 01, 2013 07:00 AM
Robert Shiller

Robert Shiller

American economist Robert Shiller, cofounder of the closely watched S&P/Case-Shiller Home Price index, last month won the Nobel Memorial Prize in Economic Science. Shiller, a Yale University professor known for warning against bubbles in technology stocks and housing, joined fellow economists Eugene Fama and Lars Peter Hansen in winning the Royal Swedish Academy of Sciences’ famous prize. “A lot of people have told me they hoped I would win it, but I’m aware there are so many other worthy people that I had discounted it, so I would say no, I did not expect it,” he told the Telegraph.

The trio won for collectively advancing the current understanding of asset prices, which the academy said is key to making decisions on savings, house buying and national economic policy.

Fama, regarded as the father of the efficient market hypothesis, showed the difficulty of predicting stock prices in the short run starting in the 1960s. Twenty years later, Shiller showed that there is more predictability in the long run in stock and bond markets, while Hansen devised a statistical method to test asset pricing theories.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Vorea Principal's Peter Papamichael with 10-04 Borden Ave (Vorea Group, iStock)
Skydiver lands first NYC location in Long Island City
Skydiver lands first NYC location in Long Island City
1140 Sixth Avenue in NYC with REIT president Michael Weil (Google Maps, LinkedIn, iStock)
New York City REIT in danger of default on NY real estate loans
New York City REIT in danger of default on NY real estate loans
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Bruce Brickman and 35-11 9th Street (Young Jewish Professionals, Google Maps)
Astoria cigar factory converted to offices highlighted NYC i-sales last week
Astoria cigar factory converted to offices highlighted NYC i-sales last week
BlackRock's Larry Fink, with 98 Riverside Drive (BlackRock)
BlackRock sells stabilized UWS rental for $90M after landmark designation
BlackRock sells stabilized UWS rental for $90M after landmark designation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...