Adaptive Markets: Financial Evolution at the Speed of Thought | 誠品線上

內容簡介

內容簡介 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�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 Gal�pagos 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.

作者介紹

作者介紹 Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering. He is the author of Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street and The Econometrics of Financial Markets (all Princeton). He is also the founder of AlphaSimplex Group, a quantitative investment management company based in Cambridge, Massachusetts.

Adaptive Markets: Financial Evolution at the Speed of Thought: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

書名 / Adaptive Markets: Financial Evolution at the Speed of Thought
簡介 / Adaptive Markets: Financial Evolution at the Speed of Thought: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
作者 / Andrew W. Lo
出版社 / PRINCETON UNIVERSITY PRESS
誠品26碼 / 2681463500009
ISBN13 / 9780691135144
ISBN10 / 0691135142
EAN / 9780691135144
裝訂 / 精裝
頁數 / 512
語言 / 英文
級別 /
尺寸 / 23.5X15.2CM