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- 题名/责任者:
- Adaptive markets : financial evolution at the speed of thought / Andrew W. Lo.
- 出版发行项:
- Princeton, New Jersey : Princeton University Press, [2017]
- 出版发行项:
- ?2017
- ISBN:
- 9780691135144
- ISBN:
- 0691135142
- 载体形态项:
- x, 483 pages, 8 unnumbered pages of plates : illustrations (some color), charts (some color) ; 25 cm
- 个人责任者:
- Lo, Andrew W. (Andrew Wen-Chuan), author.
- 论题主题:
- Investments-Psychological aspects.
- 论题主题:
- Investments-Decision making.
- 论题主题:
- Finance-Psychological aspects.
- 论题主题:
- Finance-Decision making.
- 论题主题:
- Stock exchanges.
- 中图法分类号:
- F830.59
- 书目附注:
- Includes bibliographical references (pages 421-462) and index.
- 内容附注:
- Are we all 'homo economicus' now? -- If you're so smart, why aren't you rich? -- If you're so rich, why aren't you smart? -- The power of narrative -- The evolution revolution -- The adaptive markets hypothesis -- The Galapagos Islands of finance -- Adaptive markets in action -- Fear, greed, and financial crisis -- Finance behaving badly -- Fixing finance -- To boldly go where no financier has gone before.
- 摘要附注:
- "Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are ration and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe - and 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 marked 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 thought - a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation."--Inside flap.
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