This is the complete text of the acceptance speech delivered by Robert Shiller, winner of the 1996 Paul A. Samuelson Award. This ceremony took place during the ASSA Annual Conference, which was held in New Orleans.
Professor Shiller received this year’s award for his book Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks (Oxford University Press, 1994). This book proposed new institutions, new markets, that would make possible a higher level of economic efficiency by allowing for a greater sharing of economic risks around the world.
