Robert Shiller wins Nobel prize for economics
Robert Shiller, a professor at Yale University, in addition to Eugene Fama, and Lars Peter Hansen, won the Nobel prize for economics for developing new methods to study trends in asset markets. Per The Telegraph:
The Royal Swedish Academy of Sciences said on Monday that through their separate research, the three had laid the foundation of the current understanding of asset prices.
"There is no way to predict the price of stocks and bonds over the next few days or weeks," The Royal Swedish Academy of Sciences said in awarding the prize
"But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years. These findings, which might seem surprising and contradictory, were made and analyzed by this year's laureates."