An Emotional High for Stocks?

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Science  30 Jun 2000:
Vol. 288, Issue 5475, pp. 2323
DOI: 10.1126/science.288.5475.2323

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Irrational Exuberance. Robert J. Shiller. Princeton University Press, Princeton, NJ, 2000. 318 pp. $27.95, £17.50. ISBN 0-691-05062-7.

In addition to arguing that the current U.S. stock market is overvalued, Shiller makes a strong case for interpreting the financial economics from a behavioral perspective that emphasizes psychological factors rather than rational choices.