Irrational Exuberance¶
Shiller, R. J. (2000). Irrational Exuberance. Princeton University Press.
Cited by¶
7 citations across 7 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Echo Chamber
- In investment and trading, it is the trader network circulating the same models and theses, filtering contrarian information as noise and sustaining mispricings.
This sourceDescribes self-confirming market narratives sustained by trader networks circulating the same theses and filtering contrarian information.
- In investment and trading, it is the trader network circulating the same models and theses, filtering contrarian information as noise and sustaining mispricings.
- Efficient Market Hypothesis (EMH)
- Efficiency is not allocative correctness: EMH claims prices reflect available information, not that prices are optimal from a normative or resource-allocation perspective, a distinction Shiller (2000) emphasizes in arguing that markets can incorporate available signals while still exhibiting irrational exuberance and persistent overvaluation.
This sourceArgues markets can incorporate available signals yet exhibit speculative bubbles and persistent overvaluation.
Supported in partVerified against the work's full text
The publisher's page for Shiller (2000) shows his thesis of psychologically driven volatility, bubbles and persistent overvaluation, but states nothing about informational versus allocative efficiency.
“psychologically driven volatility is an inherent characteristic of all asset markets”
- Efficiency is not allocative correctness: EMH claims prices reflect available information, not that prices are optimal from a normative or resource-allocation perspective, a distinction Shiller (2000) emphasizes in arguing that markets can incorporate available signals while still exhibiting irrational exuberance and persistent overvaluation.
- Emotional Contagion
- Economics & finance: Market panics and bubbles, where fear or optimism propagates among traders and investors faster than fundamentals justify, producing herding, fire-sales, and exuberant runs; the affective layer beneath "animal spirits," a phenomenon Shiller (2000) anatomizes in his account of feedback-driven irrational exuberance.
This sourceAnatomizes feedback-driven speculative bubbles in which sentiment propagates faster than fundamentals — supports the marker-368 economics/finance affective-spread claim.
- Economics & finance: Market panics and bubbles, where fear or optimism propagates among traders and investors faster than fundamentals justify, producing herding, fire-sales, and exuberant runs; the affective layer beneath "animal spirits," a phenomenon Shiller (2000) anatomizes in his account of feedback-driven irrational exuberance.
- Herding Behavior
- Shiller's 2000 Irrational Exuberance (anticipating the dot-com crash; updated for housing and cryptocurrency cycles) develops the parallel narrative case for asset-bubble herding.
This sourceTreatment of speculative bubbles in which rising prices generate narratives that attract capital that lifts prices further — the destabilizing case of the increasing-returns topology, with narrative-and-flows feedback as the reinforcement channel and fundamental-value detachment as the welfare cost.
- Shiller's 2000 Irrational Exuberance (anticipating the dot-com crash; updated for housing and cryptocurrency cycles) develops the parallel narrative case for asset-bubble herding.
- Increasing Returns
- Finance and markets: Speculative bubbles (rising prices attract more buyers, raising prices further) — the destabilizing case of the same payoff structure; momentum trading regimes; herding under information cascades; Shiller's (2000) narrative-driven price dynamics, in which rising prices generate stories that attract further capital that lifts prices further.
This sourceTreatment of speculative bubbles in which rising prices generate narratives that attract capital that lifts prices further — the destabilizing case of the increasing-returns topology, with narrative-and-flows feedback as the reinforcement channel and fundamental-value detachment as the welfare cost.
- Finance and markets: Speculative bubbles (rising prices attract more buyers, raising prices further) — the destabilizing case of the same payoff structure; momentum trading regimes; herding under information cascades; Shiller's (2000) narrative-driven price dynamics, in which rising prices generate stories that attract further capital that lifts prices further.
- Information Cascade
- Behavioral economics: Market bubbles (dot-com, housing), momentum trading, herding in asset markets, credit-rating cascades where each agency's downgrade signals information to the next, dynamics Shiller (2000) documents in his account of speculative bubbles.
This sourceTreatment of speculative bubbles in which rising prices generate narratives that attract capital that lifts prices further — the destabilizing case of the increasing-returns topology, with narrative-and-flows feedback as the reinforcement channel and fundamental-value detachment as the welfare cost.
Supported in partVerified against the publisher's abstract
Shiller's publisher page confirms the book treats tech and housing bubbles as psychologically driven volatility, but backs none of the sentence's momentum, herding or rating-cascade clauses.
“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.”
- Behavioral economics: Market bubbles (dot-com, housing), momentum trading, herding in asset markets, credit-rating cascades where each agency's downgrade signals information to the next, dynamics Shiller (2000) documents in his account of speculative bubbles.
- Speculative Bubble
- Shiller (2000) documents this same arc empirically across financial markets through what he terms "irrational exuberance," the feedback by which past price increases generate expectations of future increases that justify the present price.
This sourceTreatment of speculative bubbles in which rising prices generate narratives that attract capital that lifts prices further — the destabilizing case of the increasing-returns topology, with narrative-and-flows feedback as the reinforcement channel and fundamental-value detachment as the welfare cost.
- Shiller (2000) documents this same arc empirically across financial markets through what he terms "irrational exuberance," the feedback by which past price increases generate expectations of future increases that justify the present price.
Verification¶
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