Adaptive Markets (eBook)

Financial Evolution at the Speed of Thought

Andrew W. Lo (Autor)

eBook Download: EPUB

2019 | 2. Auflage
504 Seiten
Princeton University Press (Verlag)
978-0-691-19680-0 (ISBN)

Infos

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.

Produkt-Details

• Erscheint lt. Verlag: 14.5.2019
• Nachwort: Andrew W. Lo
• Zusatzinfo: 13 color + 28 b/w illus. 9 tables.
• Verlagsort: Princeton
• Sprache: englisch
• Gewicht: 14288 g
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Ökonometrie
• Schlagworte: Adaptive market hypothesis • Arbitrage • asset • Bank • bank run • Behavior • Behavioral Economics • Biology • Broker-dealer • Calculation • Career • Central Bank • Competition • Cryptocurrency • Currency • Customer • debt • Decision-Making • Economics • economist • ecosystem • efficient-market hypothesis • Employment • Entrepreneurship • Equity Market • Evolution • Finance • Financial Crisis • Financial crisis of 2007–08 • Financial Economics • Financial innovation • Financial institution • Financial Services • Financial Technology • Forecasting • Fraud • Funding • Hedge Fund • hedge fund manager • Heuristic • Homo economicus • human behavior • Incentive • income • Insider • insurance • Interest Rate • Investment • Investment Strategy • Investor • Leverage (finance) • Macroeconomics • Margin (finance) • Market Dynamics • Market (economics) • market liquidity • Market Maker • Market Price • Market trend • Myron Scholes • narrative • P 500 Index • Paul Samuelson • Ponzi scheme • Portfolio Manager • Prediction • prefrontal cortex • Probability • Probability matching • Psychology • Random Walk Hypothesis • Rational Expectations • Rationality • result • Risk Aversion • Risk Management • salary • S&amp • S&P 500 Index • saving • Scientist • Share Price • Sociobiology • Speculation • Stock Market • Stock market crash • Supply (economics) • systemic risk • Technology • theory • The Wisdom of Crowds • Thought • Thought experiment • Time Series • Trade-off • Trader (finance) • Trading Strategy • Uncertainty • Venture Capital • Warren Buffett • Wealth • year
• ISBN-10: 0-691-19680-X / 069119680X
• ISBN-13: 978-0-691-19680-0 / 9780691196800