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Cited by 1,835Financial Markets and Investment StrategiesDecision-Making and Behavioral EconomicsStochastic processes and financial applications

From efficient markets theory to behavioral finance

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Shiller, Robert J·2003·Journal of Economic Perspectives
DOI 10.1257/089533003321164967
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Abstract

The efficient markets theory reached the height of its dominance in academic circles around the 1970s. Faith in this theory was eroded by a succession of discoveries of anomalies, many in the 1980s, and of evidence of excess volatility of returns. Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a blossoming of research on behavioral finance. Some important developments since 1990 include feedback theories, models of the interaction of smart money with ordinary investors, and evidence on obstacles to smart money.

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Authors
Shiller, R. J.
Affiliations
National Bureau of Economic Research (US)
Corresponding author
Shiller, Robert J
ORCID
Shiller, Robert J
Venue
Journal of Economic Perspectives
Publisher
American Economic Association
Published
2003-02-01
Volume
17
Issue
1
Pages
83-104
ISSN
0895-3309 (ISSN-L)
DOI
10.1257/089533003321164967
OpenAlex
W2975308768
Cited by
1,835
References
76
Citations by year
2026: 145 · 2025: 150 · 2024: 149 · 2023: 109 · 2022: 92 · 2021: 106 · 2020: 87 · 2019: 98 · 2018: 105 · 2017: 95 · 2016: 82 · 2015: 84 · 2014: 73 · 2013: 61 · 2012: 67
FWCI
42.74
Type
journal article
Language
en
Open access
Locations
  • The Journal of Economic Perspectives (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Stochastic processes and financial applications
Keywords
efficient market hypothesis, behavioral finance, market anomalies, excess volatility, feedback trading, smart money, investor behavior, asset pricing

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