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Robert J. Shiller Wins Nobel Prize

21st October 2013

Professor at Yale University, Robert J.Shiller will share the Nobel Prize in economic sciences for 2013, he shares the award with Eugene F. Fama and Lars Peter Hansen.

The Royal Swedish Academy announced the other day that the award would be given to the three scholars “for their empirical analysis of asset prices.” As an economist, Robert has focused his work on the fluctuations of asset prices in markets and has thus been awarded the Nobel Prize for his analysis of asset prices.

Robert has also authored popular books for general audiences including ‘Irrational Exuberance’ and ‘Animal Spirits’, which he co-wrote with George Akelrof.

After being told he had won the award, Robert stated “People told me they thought I might win. I discounted it. Probably hundreds have been told that.” The other winners, Eugene Fama and Lars Peter Hansen are both affiliated with the University of Chicago. Eugene Fama was awarded for showing in the 1960’s how hard it was to predict markets in the short run. Lars Hansen developed a statistical method to test theories of asset pricing.

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