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In 1996, Alan Greenspan was the chairman of the Federal Reserve Board. In a speech, he used the term "irrational exuberance" to describe the "overheating" phenomenon in the U.S. stock market at that time. Irrational exuberance refers to the phenomenon in which asset prices exceed their actual value as a result of human beings’ collective irrationality. This book discusses the causes of irrational exuberance from three perspectives: structural factors, cultural factors, and psychological factors. It will help us to understand economic bubbles and why we make irrational investment decisions
Robert J. Shiller is a professor of economics at Yale University. He won the 2013 Nobel Prize in Economics for his contribution to the "empirical analysis of asset prices." He served as Vice-Chairman of the American Economic Association in 2005 and Chairman of the Eastern Economic Association from 2006 to 2007. Professor Shiller specializes in Financial Economics and Behavioral Finance, which is an interdisciplinary subject of Finance and Psychology that attempts to reveal the irrational behaviors and decision-making laws in financial markets. The book Irrational Exuberance is a pioneering work of "Behavioral Finance."
