Stock Prices and Social Dynamics

Robert Shiller

No 719R, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The empirical evidence that is widely interpreted as supporting the efficient markets theory in finance actually does not rule out the possibility that changing fashions or fads among investors have an important influence on prices in financial markets. A model of the impact of such fashions on prices is proposed and used in an exploratory data analysis of the aggregate United States Stock Market in the 20th century.

Keywords: Efficient markets; speculative bubbles; fashions; fads (search for similar items in EconPapers)
Pages: 74 pages
Date: 1984-10
Note: CFP 616.
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Citations: View citations in EconPapers (488)

Published in Brookings Papers on Economic Activity (1984), 2: 457-510

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