Rational individuals become excessively pessimistic

Reference no: EM13498027

Yale Economist, Robert Shiller, argues that herd behavior can go both ways: It explains the housing bubble but it also explains the bust. As he notes, "Rational individuals become excessively pessimistic as they see others bidding down home prices to abnormally low levels". Do you agree with Shiller?

Reference no: EM13498027

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