Robert Shiller, co-creator of the Case-Shiller home price index, is one of three Americans to be awarded the 2013 Nobel Prize in economics. The committee recognized Robert J. Shiller (Yale University), Eugene F. Fama (University of Chicago), and Lars Peter Hansen (University of Chicago) for the empirical analysis of asset prices.
Their individual works helped improve our understanding of asset markets and the tendency of asset prices to be very difficult to predict in the short-run but even less so in the long-run. Shiller’s contribution was to examine the relationship between stock prices and corporate dividends.
The analysis recognized by the committee undoubtedly informed Shiller’s later work on housing and asset bubbles. Shiller co-developed the Case-Shiller home price index in part to provide the housing market with a better indicator of short and long-run conditions. The index created is widely viewed as the leading measure of U.S. residential real estate prices.
Continue Reading 1 2
Copyright© 2015 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com