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Rival Economists Share Nobel—Bubbles, Anyone?

The winners of the 2013 Nobel Prize in Economic Sciences are announced at the Royal Swedish Academy of Sciences in Stockholm on Oct. 14
The winners of the 2013 Nobel Prize in Economic Sciences are announced at the Royal Swedish Academy of Sciences in Stockholm on Oct. 14Photograph by TT/Claudio Bresciani/AP Photo

Robert Shiller, author of Irrational Exuberance, is one of the world’s leading expositors of the theory that financial markets are prone to bubbles. Eugene Fama says he doesn’t even know what bubbles are.

The people who give out Nobel prizes apparently couldn’t decide which side to take this year so they gave the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to both of them. Lars Hansen, who is an expert in statistical techniques for analyzing asset prices, shared the prize with them.