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Adaptive Markets

Af: Andrew W. Lo Engelsk Paperback
SPAR
kr 20

Adaptive Markets

Af: Andrew W. Lo Engelsk Paperback

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. 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.

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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. 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.

Produktdetaljer
Sprog: Engelsk
Sider: 504
ISBN-13: 9780691191362
Indbinding: Paperback
Udgave:
ISBN-10: 0691191360
Udg. Dato: 14 maj 2019
Længde: 32mm
Bredde: 158mm
Højde: 233mm
Forlag: Princeton University Press
Oplagsdato: 14 maj 2019
Forfatter(e): Andrew W. Lo
Forfatter(e) Andrew W. Lo


Kategori Investering og værdipapirer


Sprog Engelsk


Indbinding Paperback


Sider 504


Udgave


Længde 32mm


Bredde 158mm


Højde 233mm


Udg. Dato 14 maj 2019


Oplagsdato 14 maj 2019

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