Originally Posted by Phil Hoskins
Shiller instead follows those, like John Kenneth Galbraith, who hold that market prices reflect "animal spirits" and popular passions, not perfect information.
Newsweek [/quote]

Values are subjective and subjectively set in a market by the process of voluntary exchange or multiple voluntary exchanges. So, yes, if human action (decisions) are "popular passions" and "animal spirits" then that is a good description of value determinants. And, perfect information does not exist and is not and has never been necessary to a free or kinda, sorta, somewhat free market.
Yours,
Issodhos
P.s. "Fundamental value" is a myth that participants and actors in the world of finance/investment/speculation/commerce pretend to subscribe to or unknowingly subscribe to. It is popular with bean counters -- 'nuff said.:-)

"When all has been said that can be said, and all has been done that can be done, there will be poetry";-) -- Issodhos