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Irrational Exuberance: Stock Market Bubbles and Behavioral Finance, by Robert Shiller, explores the
Nobel Prize in Economics Papers Series： Irrational Exuberance: Stock Market Bubbles and Behavioral Finance, by Robert Shiller, explores the causes of speculative bubbles and their profound impact on stock, bond, and real estate markets. Through a behavioral economics perspective, the author analyzes how irrational exuberance spreads among investors via psychological feedback mechanisms and herd behavior. The book details structural factors driving market volatility, such as technological innovation in the internet age, cultural shifts, and the evolution of monetary policy. Shiller emphasizes that financial market movements are often not determined by fundamentals but are driven by human psychological weaknesses, media dissemination, and false perceptions. Furthermore, the text compares historical bubble cases globally and advocates for more effective management of economic risks through financial innovation and regulation. The author ultimately warns that this excessive optimism, fueled by social contagion, can pose a serious threat to personal wealth and national economic security.
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