PDF Download: irrational exuberance eBook

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Author: Джордж Акерлоф
Publisher: Наш формат
Release: 2018-01-06
Size: 65.39 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : uk
Pages : 278
View: 391

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«Фішинг» — це книжка про економічну теорію, однак не ту, якої нас навчав Адам Сміт. Джордж Акерлоф і Роберт Шиллер пропонують своє, оригінальне бачення вільних ринків, які не лише «вирівнюють» потреби споживача, а й намагаються обманути його, щойно з’являється така змога. Цей обман автори називають фішингом. Поняття фішингу в книжці витлумачено широко: це передусім нав’язування споживачам певних товарів і послуг, яких вони насправді не потребують. Через такий обман ми часто купуємо дорогі, але непрактичні авто, витрачаємо шалені гроші на неефективні ліки, а також стаємо жертвами шкідливих звичок. Чи становить це небезпеку для нашого майбутнього? Можливо. Однак фішинг має й позитивну складову — він допомагає економіці долати кризи.

Irrational Exuberance

Irrational Exuberance  PDF
Author: Federal Reserve Bank of San Francisco
Publisher:
Release: 2000
Size: 79.70 MB
Format: PDF
Category : Information technology
Languages : en
Pages :
View: 3388

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Irrational Exuberance

Irrational Exuberance PDF
Author: Robert J. Shiller
Publisher: Princeton University Press
Release: 2016-08-16
Size: 18.21 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 392
View: 3310

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In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

Irrational Exuberance Reconsidered

Irrational Exuberance Reconsidered PDF
Author: Mathias Külpmann
Publisher: Springer Science & Business Media
Release: 2013-03-20
Size: 29.36 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 230
View: 3685

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Mathias Külpmann presents a framework to evaluate whether the stock market is in line with underlying fundamentals. The new and revised edition offers an up to date introduction to the controversy between rational asset pricing and behavioural finance. Empirical evidence of stock market overreaction are investigated within the paradigms of rational asset pricing and behavioural finance. Although this monograph will not promise the reader to become a millionaire, it offers a road to obtain a deeper understanding of the forces which drive stock returns. It should be of interest to anyone interested in what drives performance in the stock market.

Behavioral Finance The Coming Of Age

Behavioral Finance  The Coming Of Age PDF
Author: Venezia Itzhak
Publisher: World Scientific
Release: 2019-04-18
Size: 19.58 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 500
View: 6134

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The area of behavioral finance, though relatively young, has matured and spread beyond its initial objectives: to demonstrate the fallibility of the efficient market hypothesis, to shake the belief in the ubiquity of rational decision making, and to convince the finance world of the importance of psychological biases in decision making. The success of the field in meeting its goals, however, has called into question its continued relevance. Behavioral finance is thus currently at a crossroads, and researchers need to decide which way they should turn for the area to continue to thrive and to meaningfully contribute to financial knowledge.This collection of papers deals with rarely-explored topics to point at new directions that behavioral finance should explore to maintain its viability, along with contributions to traditional topics. Some of these topics include innovations, the psychology of policy-makers, biases of peer-to-peer market participants, the behavior and motivation behind corporate social responsibility, and the design of exchanges. Additionally, well-known topics such as the disposition effect, slow and fast decisions and the availability heuristic are revisited, and surprising new findings are presented.By opening the field to novel avenues of discussion, this book addresses the future of behavioral finance and its transition into a new era.

The Successful Investor Today

The Successful Investor Today PDF
Author: Larry E. Swedroe
Publisher: Truman Talley Books
Release: 2007-04-01
Size: 52.25 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 336
View: 7433

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What does it take to achieve superior performance and become a successful investor? Rather than great stock pricing or market timing skills, it is far better for you to understand how the markets work and how to make them work best for you. Larry E. Swedroe argues that the right strategy never changes, no matter whether the bull is stampeding or the bear has emerged from hibernation. The Successful Investor Today was written during one of the greatest bear markets of the post-World War II era--a bear market that was a result of the inevitable bursting of the technology-led bubble of the late 1990s (what Federal Reserve Chairman Alan Greenspan called "irrational exuberance"). Although millions of investors unnecessarily incurred trillions of dollars in losses, neither this bubble, nor the ensuing devastating losses, were anything new. Despite all the horrible investment experiences that have been reported, those investors who followed the fourteen simple truths outlined in this book--including the building of globally diversified portfolios-did not suffer the devastating losses experienced by many others. The fourteen simple truths withstand the tests of logic and time in the way the stock market really works, rather than the way Wall Street and the media would have you believe it works. Since it is generally held that those who fail to plan, plan to fail, an investor must begin with an investment plan. Your plan should be tailored to conform to your unique ability, willingness, and need to take risk. In The Successful Investor Today, you will learn how to build, write, implement, and manage your investment plan over time. This book will help you become a better and more informed investor, and it will help you achieve your financial goals by gradually increasing your wealth. Apart from offering an up-to-date winning strategy, The Successful Investor Today presents an efficient and proven way to avoid the most common--and costly--mistakes investors continue to make.

Creating A Learning Society

Creating a Learning Society PDF
Author: Joseph E. Stiglitz
Publisher: Columbia University Press
Release: 2014-06-24
Size: 49.98 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 560
View: 797

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It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap. Thus, to understand how countries grow and develop, it is essential to know how they learn and become more productive and what government can do to promote learning. In Creating a Learning Society, Joseph E. Stiglitz and Bruce C. Greenwald cast light on the significance of this insight for economic theory and policy. Taking as a starting point Kenneth J. Arrow's 1962 paper "Learning by Doing," they explain why the production of knowledge differs from that of other goods and why market economies alone typically do not produce and transmit knowledge efficiently. Closing knowledge gaps and helping laggards learn are central to growth and development. But creating a learning society is equally crucial if we are to sustain improved living standards in advanced countries. Combining accessible prose with technical economic analysis, Stiglitz and Greenwald provide new models of "endogenous growth," up-ending thowhe thinking about both domestic and global policy and trade regimes. They show well-designed government trade and industrial policies can help create a learning society, and how poorly designed intellectual property regimes can retard learning. They also explain how virtually every government policy has effects, both positive and negative, on learning, a fact that policymakers must recognize. They demonstrate why many standard policy prescriptions, especially those associated with "neoliberal" doctrines focusing on static resource allocations, have impeded learning. Among the provocative implications are that free trade may lead to stagnation whereas broad-based industrial protection and exchange rate interventions may bring benefits—not just to the industrial sector, but to the entire economy. The volume concludes with brief commentaries from Philippe Aghion and Michael Woodford, as well as from Nobel Laureates Kenneth J. Arrow and Robert M. Solow.

The Predictable Surprise

The Predictable Surprise PDF
Author: Sylvester J. Schieber
Publisher: Oxford University Press
Release: 2012-03-01
Size: 49.17 MB
Format: PDF, ePub, Mobi
Category : Political Science
Languages : en
Pages : 480
View: 7364

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Social Security is in jeopardy, private pension systems have fallen apart, and workers are trying to save on their own for retirement with the stock market in the worst shape since the Great Depression. In The Predictable Surprise, Sylvester J. Schieber shows that forewarnings of the coming retirement crisis have been apparent for decades, but we have never mustered the political will to address the problem. This book explains how we have gotten into the retirement predicament and where we can go from here. Schieber, a renowned authority on this topic, provides a compact, insightful history of Social Security, pension plans, and other retirement options, highlighting both their original justifications and the point when things began to go wrong. He brings his discussion right up to the present morass and concludes with suggestions as to how we can reform our retirement system. Our situation is not hopeless, Schieber concludes, if we take on some of these issues and resolve them. If we do not, we will severely jeopardize the prosperity of younger generations.