16
Nov
2013

When the 2013 Nobel Memorial Prize in Economic Science was awarded last month to Eugene Fame, Robert Schiller and CI Senior Fellow Lars Peter Hansen, much of the attention went to the first two winners. Fama and Schiller. The two economists stand at opposite poles of one of the defining arguments of modern economics: are markets rational or irrational? That they shared the same Nobel made for an irresistible media angle, but left Hansen's contributions somewhat on the sidelines.