Adaptive Markets
Adaptive Markets Book Details:
Book Title: | Adaptive Markets |
Author: | Judith Humphrey |
ISBN-13: | 9780691192222 |
Publication: | John Wiley |
Reprint Year: | 2014 |
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Adaptive Markets Book Information:
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 believeand 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 thoughta 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 implicationsincluding how hedge funds have become the Galpagos 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.
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Economics
Paperback
English
240
0691192227
10 Nov 2018
Business & Economics, Economics Books for Students, Teachers, Graudates, Professionals and all others
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