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Adaptive markets : financial evolution at the speed of thought / Andrew W. Lo.
Author
Lo, Andrew W. (Andrew Wen-Chuan)
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Format
Book
Language
English
Published/Created
Princeton, New Jersey ; Oxford, United Kingdom : Princeton University Press, [2017]
©2017
Description
x, 483 pages, 8 unnumbered pages of plates : illustrations (some color), charts (some color) ; 25 cm
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Copies in the Library
Location
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Status
Location Service
Notes
Firestone Library - Stacks
HG4538 .L6 2017
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Details
Subject(s)
Stock price forecasting
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Stock price forecasting
—
Psychological aspects
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Investment analysis
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Investments
—
Psychological aspects
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Investments
—
Decision making
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Finance
—
Psychological aspects
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Finance
—
Decision making
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Stock exchanges
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Business enterprises
—
Finance
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Corporations
—
Finance
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Summary note
"Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are ration 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 marked 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."--Inside flap.
Bibliographic references
Includes bibliographical references (pages 421-462) and index.
Contents
Are we all 'homo economicus' now?
If you're so smart, why aren't you rich?
If you're so rich, why aren't you smart?
The power of narrative
The evolution revolution
The adaptive markets hypothesis
The Galapagos Islands of finance
Adaptive markets in action
Fear, greed, and financial crisis
Finance behaving badly
Fixing finance
To boldly go where no financier has gone before.
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ISBN
9780691135144
0691135142
LCCN
2016961979
OCLC
983461859
Statement on language in description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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