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In particular, they fluctuated much more than a rational valuation of the underlying fundamentals would.
Shiller was recognised for his work on longer-term asset prices, establishing that stock prices fluctuated much more than corporate dividends.
But Mr. Shiller showed that actual stock prices fluctuated much more than any possible rational forecast of prospective profits; he thought that this "excess volatility" result would settle the point.
The company is registering approximately 130,000 new users per week, and that number hasn't fluctuated much since the new year.
According to those records, the average annual flow has fluctuated much more in past centuries than it did during the last century, suggesting that the droughts also were more extreme.
Furthermore, as shown in Table 5, while the number of students who attempted the problem stayed relatively constant within each unit, the fraction of students accessing the videos fluctuated much more between problems.
Similar(50)
That means the returns of the fund fluctuate much less than the index.
So even though incomes have risen over the past three decades, they fluctuate much more than they once did.
A television programme's viewership, by contrast, fluctuates much less, so advertisers know what they are paying for.
We know that this fluctuates much more than GDP over the business cycle, because purchases of manufactured goods slump much more in recessions than purchases of services.
But life has become more turbulent for firms and people's income now fluctuates much more from one year to the next than it did a generation ago.
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