Survival of the Richest Lo Andrew
Survival of the Richest Lo Andrew 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…
Specifikacia Survival of the Richest Lo Andrew
Survival of the Richest Lo Andrew
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. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome.
When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. 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. Lo's new paradigm explains how 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
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