Robert J. Shiller


Robert J. Shiller

© Nobel Media AB. Photo: A. Mahmoud

Robert J. Shiller
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013

Born: 29 March 1946, Detroit, MI, USA

Affiliation at the time of the award: Yale University, New Haven, CT, USA

Prize motivation: “for their empirical analysis of asset prices”

Prize share: 1/3


Robert Shiller was born in Detroit, Michigan in the United States. His father was an engineer. After studying at Kalamazoo College in Michigan and the University of Michigan in Ann Arbor, he moved to the Massachusetts Institute of Technology in Cambridge, where he received his Ph.D. in 1972. Shiller has worked at the University of Pennsylvania, the University of Minnesota, London School of Economics, and the US National Bureau of Economic Research. He has also been associated with Yale University in New Haven, Connecticut, since 1982. Robert Shiller is married with two children.


For many of us, the rise and fall of stock prices symbolizes economic development. In the 1960s, Eugene Fama demonstrated that stock price movements are impossible to predict in the short-term. In the early 1980s, however, Robert Shiller discovered that stock prices can be predicted over a longer period, such as over the course of several years. In contrast to the dominant perception, stock prices fluctuated much more than corporate dividends. Shiller's conclusion was therefore that the market is inefficient.

To cite this section
MLA style: Robert J. Shiller – Facts. Nobel Prize Outreach AB 2023. Sat. 2 Dec 2023. <>

Back to top Back To Top Takes users back to the top of the page

Nobel Prizes and laureates

Eleven laureates were awarded a Nobel Prize in 2023, for achievements that have conferred the greatest benefit to humankind. Their work and discoveries range from effective mRNA vaccines and attosecond physics to fighting against the oppression of women.

See them all presented here.

Explore prizes and laureates

Look for popular awards and laureates in different fields, and discover the history of the Nobel Prize.