Irrational optimism. How reckless behavior controls the markets. 3rd edition, processed and supplemented. Schiller R.

Professor of Yale University, economist Robert Schiller is well known all over the world and has an outstanding scientific reputation. This time the author of many bestseller offers to look at the nature of speculative bubbles in the stock market and real estate market in a new way. People, as a rule, underestimate the role of irrational factors in making decisions when buying or selling housing or shares. Nevertheless, it is these aspects that are more and more important for the development of such industries and, as a result, for the economy as a whole.

armed with an impressive statistical apparatus, the author using numbers shows that it most gives rise to peak situations in the markets. Describing the historical collapses of the market, Schiller draws attention to how publications in the media, performances of famous personalities, herd feeling or cultural traditions gradually form the dynamics of events.

Despite the fact that many evidence is based on clear mathematical and economical calculations, the book is distinguished by a light style of presentation. This is not by chance, since it is turned to a fairly wide circle of readers, and not just to specialists or market participants.

The book will be interesting to everyone who intends to buy or sell real estate, who is actively invited to invest in various banks, funds, PEIFs, etc.