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Adaptive Markets : Financial Evolution at the Speed of Thought

Andrew W. Lo

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Adaptive Markets : Financial Evolution at the Speed of Thought

by Andrew W. Lo
Adaptive Markets : Financial Evolution at the Speed of Thought - Thryft
Adaptive Markets : Financial Evolution at the Speed of Thought - Thryft
  • Financial Times Business Book of the Year Nominee for Shortlist (2017)
  • PROSE Award for Excellence in Social Sciences (2018)
Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.

Adaptive Markets : Financial Evolution at the Speed of Thought

by Andrew W. Lo
Condition guide

Book Condition Guide

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*Books may be missing bundle media (e.g. CD, e-book code), if included.

 

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ISBN: 9780691135144
Author: Andrew W. Lo
Publisher: Princeton University Press
Date of Publication: 2017-05-02
Format: Hardcover
Related Collections: Business, History, Economics, Science
Related Topics: Finance, Money, Finance, Psychology
Goodreads rating: 4.06
(rated by 1370 readers)

Description

A new, evolutionary explanation of markets and investor behaviorHalf 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--and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely 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.A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.
 
  • Financial Times Business Book of the Year Nominee for Shortlist (2017)
  • PROSE Award for Excellence in Social Sciences (2018)
Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.

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