Market Volatility (Paperback)

by Robert J. Shiller (Author)

Editorial Reviews

Review


"A specter haunts modern economics: 'individual stocks perform random walks in efficient markets, but the level of the whole market displays no demonstrable efficiency.' Bob Shiller is the key economist in this great debate. Buy his book and think on its contents. Learn what the October 1987 crash was all about."
—Paul Samuelson, Institute Professor, MIT



"Shiller's book should be read by anyone with a serious interest in the functioning of markets."
—Richard A. Grasso, President and Chief Operating Officer, New York Stock Exchange

Product Description
Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient-markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility.

Offering detailed analyses of the stock, the bond, and the real estate markets, Shiller discusses the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general.

Robert J. Shiller is Stanley B. Resor Professor of Economics at the Cowles Foundation, Yale University.

Product Details

• Paperback: 478 pages
• Publisher: The MIT Press (January 30, 1992)
• Language: English
• ISBN-10: 0262691515
• ISBN-13: 978-0262691512
• Product Dimensions: 8.9 x 5.9 x 0.9 inches
• Shipping Weight: 1.7 pounds (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars See all reviews (5 customer reviews)
• Amazon.com Sales Rank: #282,937 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

39 of 47 people found the following review helpful:

5.0 out of 5 stars The best book on volatility ever written!, August 23, 1998

By	Scott Brown (Puerto Rico) - See all my reviews

I am a futures trader/ stock investor/ produce distributor. My constant involvement in markets of one kind or another led me to develop a deep desire to understand volatility. Unfortunately the only books I could find dealt with option volatility. "Market Volatility" has been THE best book dealing with market mechanics that I have ever read. I recommend the book as a "must have" to my friends in the industry.

9 of 9 people found the following review helpful:

4.0 out of 5 stars Good but technical, May 14, 2007

By	Erikwim (Rotterdam, The Netherlands) - See all my reviews

There are some long reviews on the book by professionals that I can't match in content. However for readers interested in this book because of previous reading of 'irrational exuberance' or even 'the new financial order', be warned! It is a pretty technical book with lot's of statistics. Without basic knowledge of all the R's and covariances a lot of the true value gets lost. Still Robert Shiller is a clear thinker and even without a good grasp of teh statistics it still contains interesting observations.

1 of 1 people found the following review helpful:

4.0 out of 5 stars A low volatility review, April 23, 2009

By	Jeff Borack - See all my reviews

I give this book 4/5 stars despite the fact that it appears to deserve full credit because a) I'm not smart enough to fully understand Shiller's work, and b) the average book should earn around 3 stars. By recognizing my own lack of understanding, I admit that portions of Shiller's analysis which appear to be both interesting and correct, could in fact be wrong or misleading and therefore less deserving of stars. My lack of understanding creates volatility in my rating ability. By averaging my belief that this book is worth 5 stars with the long-run average review of 3 stars, I should reduce the expected error and volatility in my book reviews.

The book is very interesting if you like this sort of thing, but it's also a very challenging read. My background in finance is stronger than my background in math and statistics, so I usually had to read the book with wikipedia nearby to reference math terms. Even with wikipedia, the equations got too hairy for me to follow with less than 100% concentration. I found myself flipping back pages almost as often as I moved forward, and there were parts I had to just skip over. If you read this book be ready for a serious challenge. Caveat emptor.

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