Robert Shiller says low investor confidence and high prices are raising the risk of a market crash

CNBC's Bob Pisani talks markets and elections with Robert Shiller, Sterling professor of economics at Yale University and a Nobel Prize winner, and Ed Clissold, chief U.S. strategist at Ned Davis Research Group.

Robert Shiller is an American economist, academic, and best-selling author. He currently serves as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance. Mr. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was Vice President of the American Economic Association in 2005, and President of the Eastern Economic Association for 2006-2007. He is also the co founder and chief economist of the investment management firm MacroMarkets LLC. Shiller has received the Nobel Prize in Economics and is ranked among the 100 most influential economists of the world. He has authored seven books, including Animal Spirits, Irrational Exuberance, and his latest work published in 2015, Phishing for Phools: The Economics of Manipulation and Deception.