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Adaptive Markets: Financial Evolution at the Speed of Thought by [Lo, Andrew W.]
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Adaptive Markets: Financial Evolution at the Speed of Thought Kindle Edition


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Length: 504 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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Review

"A fascinating read, cogently situating financial behaviour within what we know about human behaviour and evolutionary history."—Diane Coyle, Nature
 

Product Description

A new, evolutionary explanation of markets and investor behavior

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—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 Galápagos 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.


Product details

  • Format: Kindle Edition
  • File Size: 19665 KB
  • Print Length: 504 pages
  • Publisher: Princeton University Press (24 April 2017)
  • Sold by: Amazon Australia Services, Inc.
  • Language: English
  • ASIN: B06X9R8Y2M
  • Text-to-Speech: Enabled
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  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #209,885 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

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