Monday, October 14, 2013

Oxymoron Nobel prize in economics

The economics Nobel has been quite controversial in recent years. Today's announcement is utterly strange: Eugene Fama is known for his Efficiency Market Hypothesis which has never been tested affirmatively, and its influence has waned because of massive market failure in the last financial crisis. Yet, he is awarded the prize at the same time as Robert Shiller, who is known for various works that demonstrate, among other things, that market is not efficient or bubble prone!

And, Lars Hansen, known for developing some testing techniques, in between these two?

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