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--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 ...
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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--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 market 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. A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises. An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.
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Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $4.52, fair condition, Sold by ThriftBooks-Dallas rated 4.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 2017 by Princeton University Press.
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $4.52, fair condition, Sold by Seattle Goodwill rated 4.0 out of 5 stars, ships from Seattle, WA, UNITED STATES, published 2017 by Princeton University Press.
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Fair. Pages include notes, underlining, or highlighting. May have some shelf-wear due to normal use. Your purchase funds free job training and education in the greater Seattle area. Thank you for supporting Goodwill's nonprofit mission!
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $4.54, good condition, Sold by Big River Books rated 5.0 out of 5 stars, ships from Powder Springs, GA, UNITED STATES, published 2017 by Princeton University Press.
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $4.55, good condition, Sold by Goodwill of Colorado rated 4.0 out of 5 stars, ships from COLORADO SPRINGS, CO, UNITED STATES, published 2017 by Princeton University Press.
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This item is in overall good condition. Covers and dust jackets are intact but may have minor wear including slight curls or bends to corners as well as cosmetic blemishes including stickers. Pages are intact but may have minor highlighting/ writing. Binding is intact; however, spine may have slight wear overall. Digital codes may not be included and have not been tested to be redeemable and/or active. Minor shelf wear overall. Please note that all items are donated goods and are in used condition. Orders shipped Monday through Friday! Your purchase helps put people to work and learn life skills to reach their full potential. Orders shipped Monday through Friday. Your purchase helps put people to work and learn life skills to reach their full potential. Thank you!
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $5.20, fair condition, Sold by Academybookshop rated 5.0 out of 5 stars, ships from Long Island City, NY, UNITED STATES, published 2017 by Princeton University Press.
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $5.59, very good condition, Sold by HPB-Diamond rated 4.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 2017 by Princeton University Press.
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Very good. Connecting readers with great books since 1972! Used books may not include companion materials, and may have some shelf wear or limited writing. We ship orders daily and Customer Service is our top priority!
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $6.20, very good condition, Sold by Academybookshop rated 5.0 out of 5 stars, ships from Long Island City, NY, UNITED STATES, published 2017 by Princeton University Press.
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Very Good. Size: 9x6x1; This is a new book that has some minor damage, which is usually a tear, a scratch, dents or stain on the edge, pages are clean, no missing pages.
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $6.99, very good condition, Sold by HPB-Ruby rated 4.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 2017 by Princeton University Press.
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Very good. Connecting readers with great books since 1972! Used books may not include companion materials, and may have some shelf wear or limited writing. We ship orders daily and Customer Service is our top priority!
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $7.99, good condition, Sold by Friends of the Phoenix Library rated 4.0 out of 5 stars, ships from Phoenix, AZ, UNITED STATES, published 2017 by Princeton University Press.
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Good. This is a former library book with library stickers and stamps. 100% of this purchase will support literacy programs through a nonprofit organization!
Add this copy of Adaptive Markets: Financial Evolution at the Speed of to cart. $8.56, good condition, Sold by Goodwill of Silicon Valley rated 5.0 out of 5 stars, ships from San Jose, CA, UNITED STATES, published 2017 by Princeton University Press.
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Supports Goodwill of Silicon Valley job training programs. The cover and pages are in Good condition! Any other included accessories are also in Good condition showing use. Use can included some highlighting and writing page and cover creases as well as other types visible wear.
