Adaptive Markets: Financial Evolution at the Speed of Thought (Paperback)

Adaptive Markets: Financial Evolution at the Speed of Thought Cover Image
By Andrew W. Lo, Andrew W. Lo (Afterword by)
List Price: $22.95
Our Price: $20.66
(Save: $2.30 10%)
Ships from Warehouse, Usually in 1-8 Days

Description


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.

About the Author


Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering. He is the author of Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street (both Princeton), among other books.


Product Details
ISBN: 9780691191362
ISBN-10: 0691191360
Publisher: Princeton University Press
Publication Date: May 14th, 2019
Pages: 504
Language: English
Front facade of University Press Books

From 1974, University Press Books has stoked the blaze of well over ten thousand minds on fire, carrying new scholarship published by the great university presses in the English-speaking world.

Since our founding, we've added quality fiction and creative non-fiction to our selection, without drfiting from our mission to showcase top new texts introduced by university presses.

Order from us. Visit us. Let well-wrought words churn and burn within.