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Adaptive Markets - Financial Evolution at the Speed of Thought

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Adaptive Markets - Financial Evolution at the Speed of Thought

By: Andrew W. Lo

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Adaptive Markets - Financial Evolution at the Speed of Thought 9780691191362 Business & Finance
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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.
Publication Date: 14/05/2019
Number of Pages: 502
Binding: Paper Back
ISBN: 9780691191362
Categories: Non Fiction Business & Finance 2024 Releases 10% OFF New & Notable

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