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Adaptive Markets

Financial Evolution at the Speed of Thought

Andrew W. Lo

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Princeton University Press img Link Publisher

Sozialwissenschaften, Recht, Wirtschaft / Betriebswirtschaft

Beschreibung

A new, evolutionary explanation of markets and investor behavior

Half 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.

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Schlagwörter

Employment, Adaptive market hypothesis, Economist, Central bank, Finance, Share price, Ecosystem, Myron Scholes, Economics, Random walk hypothesis, Fraud, Systemic risk, Income, Theory, Market Dynamics, Investor, Risk management, Probability, Entrepreneurship, Financial crisis of 2007–08, Homo economicus, Financial crisis, Financial economics, Financial technology, Bank, Customer, Financial institution, Speculation, Hedge fund, Insider, Investment, Thought, Career, Macroeconomics, Rationality, Result, Funding, Heuristic, Trade-off, Financial services, Technology, Market (economics), Human behavior, Portfolio manager, Venture capital, Year, Trader (finance), Uncertainty, Warren Buffett, Financial innovation, Risk aversion, Saving, Calculation, Scientist, Competition, Prefrontal cortex, Efficient-market hypothesis, Behavior, Hedge Fund Manager, Stock market, The Wisdom of Crowds, Currency, Prediction, Wealth, Asset, Psychology, Bank run, Probability matching, Market maker, Behavioral economics