Robert Shiller

Designing new institutions and markets to implement large-scale risk management and reduce income inequality; indexation methods and inflation, social security, asset valuation (including financial assets and real estate), the time-series characteristics of asset prices, and market psychology.

Shiller has authored numerous works on financial markets, behavioral economics, macroeconomics, real estate, statistical methods, as well as public attitudes, opinions, and moral judgments in markets. His 1989 book Market Volatility (published by MIT Press) provides mathematical and behavioral analyses of price fluctuations in speculative markets. His 1993 book Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks (published by Cambridge University Press) proposes various new risk management contracts, such as national income or real estate futures, which could spark a revolution in risk management tailored to modern living standards. This book won the 1996 TIAA-CREF Paul A. Samuelson Award. Another book, Irrational Exuberance (2000, Princeton University Press; 2001, Broadway Books), analyzes and explains the stock market boom since 1982. It received the 2000 Commonfund Prize and was named a bestseller in nonfiction by The New York Times.

Following the success of Irrational Exuberance, Shiller turned his attention to a broader and more complex question: Where should finance head in the 21st century? In his new book The New Financial Order: Risk in the 21st Century, Professor Shiller offers his answer to this question.