Irrational optimism. How reckless behavior drives markets.
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How human psychology influences the economy
What is irrational optimism
What are speculative bubbles and how do they affect the stock market and real estate market
It may seem difficult to find something more rational than economics, the stock market, or the real estate market. But upon closer inspection, it becomes clear that things are not so straightforward. Where there are human relationships, there will always be room for something illogical and irrational. That's just our nature.
"Robert Shiller's Irrational Optimism," an attempt to understand changes in people's consciousness that influence markets. It is a deep analysis of phenomena such as the psychology of speculation, which generates speculative bubbles, the feedback mechanism that amplifies the psychological effect, herd behavior that can affect millions of people, and its consequences for the economy and each of us.
The work is based on the author's many years of research in the field of economic theory. This is already the third edition of the bestseller. The book will be useful to anyone intending to buy or sell real estate, those interested in investments in various banks, funds, and mutual funds, as well as those attracted to economic theory.
Quotes
'In times of bubbles, people tend to be self-assured as an aspect of social psychology - even if individually everyone is desperately afraid of risks.'
'During the development of bubbles, the psychological atmosphere is determined not so much by the confidence that prices will never fall, but by a widespread disregard for the possibility of such a fall.'
'Irrational optimism is the psychological basis of a speculative bubble. ...When news of price increases fuels investment enthusiasm, which spreads like an infection from person to person, increasingly exaggerating stories justifying price growth.'
Author:
Author:Schiller R.
Cover:
Cover:hardcover
Category:
- Category:Politics & Social Science
Publication language:
Publication Language:Russian
Paper:
Paper:offset
Dimensions:
Dimensions:22x15x3 cm
Age restrictions:
Age restrictions:16+
ISBN:
ISBN:978-5-206-00009-2
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