Shiller, Robert James, 1946-, American economist, b. Detroit, grad. Univ. of Michigan (B.A., 1967), Massachusetts Institute of Technology (S.M., 1968; Ph.D., 1972). A professor at Yale since 1982, Shiller is an influential advocate of "behavioral finance," which appropriates principles and insights found in other academic fields, particularly psychology, and applies them to economics. He has also worked in such areas as financial markets, macroeconomics, statistics, and real estate. In the early 1990s he and fellow economist Karl Case developed the Case-Shiller home price indexes. In his prescient, best-selling Irrational Exhuberance (2000), Shiller examined the 1980s-90s market boom and dot-com bust and, in its 2005 updated edition, the housing bubble, explaining the factors that led to the huge overvaluation and precipitous decline in the markets. His other books include Market Volatility (1989), New Financial Order: Risk in the 21st Century (2003), Subprime Solution: How Today's Global Financial Crisis Happened and What to Do about It (2008), and Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism (with G. A. Akerlof, 2009).
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