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Adaptive Markets

Financial Evolution at the Speed of Thought

Andrew W. Lo

ca. 21,99
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Princeton University Press img Link Publisher

Sozialwissenschaften, Recht, Wirtschaft / Betriebswirtschaft


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.



Currency, Rational expectations, Financial technology, Adaptive market hypothesis, Fraud, Trading strategy, Venture capital, Myron Scholes, Prefrontal cortex, Portfolio manager, Margin (finance), Arbitrage, Market (economics), Risk management, Financial services, Market maker, Leverage (finance), Investment strategy, Hedge fund, Finance, Cryptocurrency, Employment, Market liquidity, Incentive, Theory, Trader (finance), Decision-making, Hedge Fund Manager, Ponzi scheme, Probability, Income, Saving, Insurance, Psychology, Funding, Paul Samuelson, Financial innovation, Homo economicus, Year, Central bank, Competition, The Wisdom of Crowds, Random walk hypothesis, Risk aversion, Technology, Behavior, Equity Market, Trade-off, Market Dynamics, Debt, Probability matching, S&P 500 Index, Thought experiment, Warren Buffett, Narrative, Stock market, Financial crisis, Bank, Economics, Market price, Bank run, Forecasting, Interest rate, Career, Prediction, Thought, Evolution, Share price, Behavioral economics, Insider, Investment, Supply (economics), Economist, Ecosystem, Heuristic, Salary, Efficient-market hypothesis, Rationality, Wealth, Time series, Human behavior, Broker-dealer, Financial economics, Sociobiology, Asset, Entrepreneurship, Financial institution, Stock market crash, Customer, Systemic risk, Macroeconomics, Uncertainty, Scientist, Biology, Market trend, Investor, Result, Calculation, Financial crisis of 2007–08, Speculation