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Adaptive Markets: Financial Evolution at the Speed of Thought

Adaptive Markets: Financial Evolution at the Speed of Thought


作者  /  Andrew W. Lo

出版社 / PRINCETON UNIVERSITY PRESS

出版日期 / 2017/05/01

商品語言 / 英文

裝訂 / 精裝

定價 / NT$1,315

售價 / 66折, NT$ 868

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Adaptive Markets: Financial Evolution at the Speed of Thought 其它優惠/消息


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內容簡介

金融專家羅聞全教授解析適應性市場與投資者行為演化的過程

金融專家羅聞全教授終其一生都在努力將經濟學從狹隘的思維中扭轉,他所提出的適應性市場假設學說,探討投資者與市場中同時共存理性與非理性的行為。認為經濟學家不應該受限於精確的數字框架,應該借鑒生物學的思考,以推動個人行為主要是經驗法則,人們會不斷調整行為適應環境,在市場中達到快速進化。這套學說結合心理學、演化生物學、神經科學、人工智慧及各種領域。透過引人入勝的故事分享效率市場假說的起源與失敗,以避險基金為案例,在經歷創新、演進、競爭、適應等演化過程,成為金融界的加拉巴哥群島,同時公開2008年的雷曼兄弟破產危機的真相及未來該如何避免再度發生重大金融衝擊。

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.







詳細資料

誠品26碼 /2681463500009
ISBN 13 /9780691135144
ISBN 10 /0691135142
EAN /9780691135144

頁數512
尺寸23.5X15.2CM
裝訂精裝
級別
語言英文




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