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Adaptive Markets
Financial Evolution at the Speed of Thought
Taschenbuch von Andrew W. Lo
Sprache: Englisch

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Beschreibung
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist--the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist--the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Über den Autor
Andrew W. Lo
With a new afterword by the author
Details
Erscheinungsjahr: 2019
Fachbereich: Allgemeines
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Inhalt: Kartoniert / Broschiert
ISBN-13: 9780691191362
ISBN-10: 0691191360
Sprache: Englisch
Einband: Kartoniert / Broschiert
Autor: Lo, Andrew W.
Hersteller: Princeton Univers. Press
Abbildungen: 13 col./ 28 b&w illus. / 9 tables
Maße: 233 x 156 x 32 mm
Von/Mit: Andrew W. Lo
Erscheinungsdatum: 07.05.2019
Gewicht: 0,791 kg
Artikel-ID: 114505670
Über den Autor
Andrew W. Lo
With a new afterword by the author
Details
Erscheinungsjahr: 2019
Fachbereich: Allgemeines
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Inhalt: Kartoniert / Broschiert
ISBN-13: 9780691191362
ISBN-10: 0691191360
Sprache: Englisch
Einband: Kartoniert / Broschiert
Autor: Lo, Andrew W.
Hersteller: Princeton Univers. Press
Abbildungen: 13 col./ 28 b&w illus. / 9 tables
Maße: 233 x 156 x 32 mm
Von/Mit: Andrew W. Lo
Erscheinungsdatum: 07.05.2019
Gewicht: 0,791 kg
Artikel-ID: 114505670
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