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.
✔ Author(s): Andrew W. Lo
✔ Title: Adaptive Markets: Financial Evolution at the Speed of Thought
✔ Rating : 4.5 out of 5 base on (474 reviews)
✔ ISBN-10: 0691191360
✔ Language: English
✔ Format ebook: PDF, EPUB, Kindle, Audio, HTML and MOBI
✔ Device compatibles: Android, iOS, PC and Amazon Kindle
Readers' opinions about Adaptive Markets by Andrew W. Lo
Maydena Winter
Delve into a dystopian world where survival hinges on ingenuity and courage. The author's vivid descriptions and fast-paced narrative keep you on the edge of your seat. The protagonist's journey is filled with thrilling moments and unexpected twists. The world-building is detailed and immersive, creating a believable and haunting setting. It's a gripping tale that explores themes of power, resistance, and hope. Ideal for fans of dystopian fiction.
Kateline Powell
Unravel the secrets of a small town with a dark past in this gripping thriller. The author's atmospheric writing and suspenseful plot make for a page-turner. Each character's hidden motives and secrets add to the tension. The twists and surprises keep you guessing until the very end. It's a chilling and captivating read that you won't want to put down. Perfect for fans of mystery and suspense.
Jaylynn Fernandez
Discover the magic of first love and self-discovery in this enchanting coming-of-age story. The author's lyrical prose and relatable characters create a heartwarming narrative. Each chapter explores the joys and challenges of growing up with sensitivity and insight. The emotional journey is both poignant and uplifting. It's a story that resonates with readers of all ages. Ideal for fans of young adult fiction.
