Adaptive markets : financial evolution at the speed of thought /
Lo, Andrew W. 1960-
Adaptive markets : financial evolution at the speed of thought / Andrew W. Lo. - First paperback edition. - x, 489 pages, 8 pages of unnumbered plates : illustrations (some color) ; 24 cm
Includes bibliographical references (pages 445-468) and index.
Abstract: "Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are ration 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 marked 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."--Inside flap.
9780691191362 (paperback) 0691191360 (paperback)
2016961979
GBB940990 bnb
019280488 Uk
Finance.
Stock exchanges.
Efficient market theory.
Efficient market theory.
Finance.
Stock exchanges.
HG 4637 / L795a 2019
332
Adaptive markets : financial evolution at the speed of thought / Andrew W. Lo. - First paperback edition. - x, 489 pages, 8 pages of unnumbered plates : illustrations (some color) ; 24 cm
Includes bibliographical references (pages 445-468) and index.
Abstract: "Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are ration 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 marked 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."--Inside flap.
9780691191362 (paperback) 0691191360 (paperback)
2016961979
GBB940990 bnb
019280488 Uk
Finance.
Stock exchanges.
Efficient market theory.
Efficient market theory.
Finance.
Stock exchanges.
HG 4637 / L795a 2019
332