PASADENA, Calif. – Behavioral finance, which uses psychological theories to explain market anomalies, may explain 2004′s real estate boom, said Yale University professor Robert Shiller.
Shiller, who published his theories on the subject in his 2000 bestseller, Irrational Exuberance, told the WesCorp 2007 Future Forum audience this morning that the theory is increasing in popularity.
For example, during the recent boom, real estate developed a reputation for being a more lucrative investment than in years past. This perception of easy profits helped drive the market, he said.
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