Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Shiller hammered away on this point in the ‘80s, and in fact Fama also published some of the same observations. In a way it’s surprisingly close to Shiller, but Shiller’s view is that people can’t know the true model and then become excessively influenced by social forces, and can get into a herd mentality.
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