Fama vs Shiller: Are markets efficient or driven by emotion?

Economist and author of the smash hit book, “An Economist Walks Into a Brothel” Allison Shrager, sits down with Josh Brown, Barry Ritholtz, and Michael Batnik to discuss the great debate, efficient market hypothesis vs. behavioral finance. They discuss how it is possible for Fama and Shiller to share the Nobel Memorial Prize in economic science despite their widely opposing views on what moves asset prices up and down. Ultimately, they ask the question whether markets are efficient or do human emotions dominate the ups and downs of asset prices.



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