financial markets, financial innovation, behavioral economics, macroeco-
nomics, real estate, statistical methods, and on public attitudes, opinions,
and moral judgments regarding markets. His 1989 book Market Volatility
(MIT Press) was a mathematical and behavioral analysis of price fluctua-
tions in speculative markets. His 1993 book Macro Markets: Creating Insti-
tutions for Managing Society’s Largest Economic Risks(Oxford University
Press) proposed a variety of new risk-management contracts, such as fu-
tures contracts in national incomes or in real estate that would revolution-
ize the management of risks to standards of living. This book won the 1996
Paul A. Samuelson Award, TIAA-CREF. His book Irrational Exuberance
(Princeton University Press, 2000, Broadway Books 2001) is an analysis
and explication of the stock market boom from 1982 to 2000. This book
won the Commonfund Prize, 2000, was translated into 15 languages, and
was a New York TimesNonfiction Bestseller. His book The New Financial
Order: Risk in the 21stCentury(Princeton University Press, 2003), which is
being translated into eight languages, is an analysis of an expanding role of
finance, insurance, and public finance in our future. The book won the Fi-
nancial Times-getAbstract Award for Best Business Book and the Wilmott
Prize 2003, and was named as one of the Ten Best Business Books of 2003
by Business Weekmagazine. He is co-founder of Case Shiller Weiss, Inc.,
an economics research and information firm, which was sold to Fiserv, Inc.
in 2002. He is also co-founder of Macro Securities Research, LLC, a firm
devoted to the securitization of new risks.
Andrei Shleiferis the Whipple V. N. Jones Professor of Economics at
Harvard University and holds an undergraduate degree from Harvard and
a Ph.D. from MIT. Before coming to Harvard in 1991, he has taught at
Princeton and the Chicago Business School. Shleifer’s has worked in the
areas of comparative corporate governance, law and finance, behavioral fi-
nance, as well as institutional economics. He has published four books, in-
cluding The Grabbing Hand(with Robert Vishny), and Inefficient Markets:
An Introduction to Behavioral Finance, as well as over a hundred articles.
Shleifer has served as the editor of the Quarterly Journal of Economicsbe-
tween 1989 and 1999, and as an associate editor of both the Journal of Fi-
nanceand the Journal of Financial Economics. He is currently the editor of
the Journal of Economic Perspectivesand an Advisory Editor of the JFE.
Shleifer is a fellow of the Econometric Society and of the American Acad-
emy of Arts and Sciences. In 1999, Shleifer won the John Bates Clark medal
of the American Economic Association.
Jeremy C. Steinis a Professor of Economics at Harvard University, where
he teaches courses in finance in the undergraduate and Ph.D. programs. He
is also a research associate at the National Bureau of Economic research. Be-
fore coming to Harvard in 2000, he was for ten years on the finance faculty
of M.I.T.’s Sloan School of Management, most recently as the J.C. Penney
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