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Old 10-14-2013, 12:46 PM
 
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The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to Eugene F. Fama of the University of Chicago, IL, USA; Lars Peter Hansen of the University of Chicago, IL, USA; and Robert J. Shiller of Yale University, New Haven, CT, USA "for their empirical analysis of asset prices."

2013 Nobel Prize in Economics: Trendspotting in asset markets
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Old 10-14-2013, 01:11 PM
 
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Guessing asset markets sounds like a burning issue for mankind. Why Wall Street didn't throw them a bone?
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Old 10-14-2013, 07:47 PM
 
Location: Paranoid State
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I took several classes from Fama over 30 years ago; he truly deserves the Nobel Prize.


"A woman drove me to drink, and I never had the decency to thank her." -- W.C. Fields
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Old 10-15-2013, 09:17 AM
 
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Originally Posted by RememberMee View Post
Guessing asset markets sounds like a burning issue for mankind. Why Wall Street didn't throw them a bone?
They do already. There are a few very, very popular funds that base their entire strategy on the works of Fama.
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Old 10-15-2013, 11:55 AM
 
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Originally Posted by nifear View Post
The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to Eugene F. Fama of the University of Chicago, IL, USA; Lars Peter Hansen of the University of Chicago, IL, USA; and Robert J. Shiller of Yale University, New Haven, CT, USA "for their empirical analysis of asset prices."

2013 Nobel Prize in Economics: Trendspotting in asset markets

I agree with Mosler. Eugene F. Fama of the University of Chicago should make himself more useful with a leaf blower.
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Old 10-15-2013, 11:56 AM
 
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Originally Posted by SportyandMisty View Post
I took several classes from Fama over 30 years ago; he truly deserves the Nobel Prize.


"A woman drove me to drink, and I never had the decency to thank her." -- W.C. Fields

Must have still thought we were on a gold standard then too I suppose.
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Old 10-15-2013, 06:42 PM
 
Location: Paranoid State
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John Cochrane does a good job describing Gene Fama's contributions:

http://faculty.chicagobooth.edu/john...Fama_nobel.pdf
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Old 10-16-2013, 08:50 AM
 
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Originally Posted by SportyandMisty View Post
John Cochrane does a good job describing Gene Fama's contributions:

http://faculty.chicagobooth.edu/john...Fama_nobel.pdf

I think this does a better job.

Interview conducted November 2, 2007.

HOUSING MARKETS

Region: Your efficient market hypothesis applies to stocks, of course. Recent events have led to scrutiny of housing markets. Are housing markets efficient? Is there greater potential for irrationality to crop up there, either because housing investors are less sophisticated than stock market investors or because housing markets are less liquid?
Fama: I don’t know. Housing markets are less liquid, but people are very careful when they buy houses. It’s typically the biggest investment they’re going to make, so they look around very carefully and they compare prices. The bidding process is very detailed. The bottom line is that real estate is a huge component of wealth and we have no data on it. So the answer to your question is, Who knows?

Interview with Eugene Fama - The Region - Publications & Papers | The Federal Reserve Bank of Minneapolis



With economics people can't even see the sky is blue. I am in no condition time wise to tear apart so called "efficient markets" now, which is a misnomer anyway since what he really said 40 years ago is its difficult to beat the market systematically. That does not mean the market is efficient. It means you cannot predict changes to the market.


Chicago school finance is like a joke to me.
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Old 10-17-2013, 09:09 PM
 
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OK, I'll say it. There should not be a Nobel prize in economics. It was not one of the original fields prizes were awarded in and the Nobel family has said it is misusing the name.

This isn't to say economics doesn't have value. But economics is not a science. Yet it's a field that badly wants to be seen as a science. And some influential economists have managed to get Nobel prizes awarded for their field in order to make them feel better about themselves.

Many of the prizes have been awarded to individuals who have contradicted each other. So how can we really know who is right or who has contributed more to humanity? They're giving awards based on popularity. How else can winners have directly opposing viewpoints and win the award? How can you say both Fama and Shiller are right? How about Hayek and Keynes? To Hayek's credit, he himself said there should not be a Nobel prize in economics despite having won the award.

It's a popularity contest meant to stroke a few egos who now walk around thinking they're equal to Einstein or some truly ground breaking chemist or medical doctor.
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