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In addition, Shiller famously warned of Irrational Exuberance in the run-up of internet stock prices in the late 1990s and provided similar warnings for the housing market in the 2000s. Irrational exuberance is the heightened state of investor enthusiasm not supported by market fundamentals in the long-run.

The contribution of Fama was to demonstrate that in the short-run stock prices were difficult to predict and prices quickly incorporated new information. Hansen developed a statistical method to test these and other rational theories of asset prices.

The three laureates will share the prize of 8 million Swedish crown or $1.25 million. The Nobel Prize award ceremony will be held December 10, 2013.

This article was originally posted on NAHB’s Eye on Housing blog.

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