How We Can Tame Irrational Exuberance

The Nobel Prize in Economics was awarded to Eugene Fama, Lars Hansen, and Robert Shiller mainly "for their empirical analysis of asset prices.” But the differences between Fama and Shiller on the theoretical underpinnings of their empirical work, particularly the theory of efficient markets and the assumption of rational expectations, has been a big part of the discussion of the prize. - See more at: http://www.thefiscaltimes.com/Columns/2013/11/05/How-Economists-Can-Tame-Irrational-Exuberance#sthash.fLE2fnJw.dpuf