Keys to the knowledge of the financial markets

Nobel Prize in Economics was given to American scientists Eugene Fama, Robert Shiller and Lars Hansen for “empirical analysis of asset prices and track trends in the financial markets”. For the scientific community a big surprise was not the names of winners but their combination. Few could imagine that in one group of awarded there would be a promoter of rational theory of efficient markets E. Fama and researcher of irrational euphoria R. Schiller. However, they share a single piece of research - financial markets, and the Nobel Committee considers that Fama’s theory and Schiller's behavioral finance are not controversial but interrelated trends of economic science that complement one another.

Mykhaylo DOVBENKO