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Adaptive markets = financial evolution at the speed of thought /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Adaptive markets/ Andrew W. Lo ; with a new afterword by the author.
其他題名:	financial evolution at the speed of thought /
作者:	Lo, Andrew W.
出版者:	Princeton, NJ :Princeton University Press, : 2019, c2017.,
面頁冊數:	1 online resource (504 p.) :ill.
標題:	Efficient market theory. -
電子資源:	https://www.degruyter.com/isbn/9780691196800
ISBN:	9780691196800

Adaptive markets = financial evolution at the speed of thought /
Lo, Andrew W.

Adaptive marketsfinancial evolution at the speed of thought /[electronic resource] :Andrew W. Lo ; with a new afterword by the author. - 1st pbk. ed. - Princeton, NJ :Princeton University Press,2019, c2017. - 1 online resource (504 p.) :ill.

Includes bibliographical references and index.

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. 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.

ISBN: 9780691196800

Standard No.: 10.1515/9780691196800doiSubjects--Topical Terms:

677529
Efficient market theory.

LC Class. No.: HG4637 / .L6 2019

Dewey Class. No.: 332

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520 $a 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. 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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