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.
Details e-book Adaptive Markets
🗸 Author(s): Andrew W. Lo
🗸 Title: Adaptive Markets: Financial Evolution at the Speed of Thought
🗸 Rating : 4.5 from 5 stars (238 reviews)
🗸 Languange: English
🗸 Format ebook: PDF, EPUB, Kindle, Audio, HTML and MOBI
🗸 Supported Devices: Android, iOS, PC and Amazon Kindle
Readers' opinions about Adaptive Markets by Andrew W. Lo
This thought-provoking work of non-fiction explores the mysteries of the human mind, delving into the complexities of consciousness and perception. Drawing on the latest scientific research, the author sheds light on the inner workings of the brain, offering fascinating insights into what makes us who we are. Engaging and accessible, this book is a must-read for anyone interested in the workings of the human mind.
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This poignant memoir offers a deeply personal account of one woman's journey to overcome adversity and find redemption. From childhood trauma to adult struggles, the author shares her experiences with honesty and vulnerability, offering hope and inspiration to readers facing their own challenges. With its raw emotion and powerful storytelling, this book is a testament to the resilience of the human spirit.
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