Wir brauchen eine kritische Wirtschaftswissenschaft - mehr denn je! Mit Exploring Economics stärken wir alternative ökonomische Ansätze und setzen der Mainstream-VWL ein kritisches und plurales Verständnis von ökonomischer Bildung entgegen. Außerdem liefern wir Hintergrundanalysen zu akuellen ökonomischen Debatten, um einen kritischen Wirtschaftsdiskurs zu stärken.
Doch leider geht uns das Geld aus, um unsere Arbeit fortzusetzen.
Mit einem kleinen Beitrag kannst Du Exploring Economics unterstützen, online zu bleiben. Danke!
Wir sind ein eingetragener, gemeinnütziger Verein | Netzwerk Plurale Ökonomik e.V. | IBAN: DE91 4306 0967 6037 9737 00 | SWIFT-BIC: GENODEM1GLS | Impressum
Adaptive Markets – Financial Evolution at the Speed of Thought
| Perspective: | - |
|---|---|
| Topic: | Microeconomics & Markets, Money & Debt |
| page count: | 483 pages |
| ISBN: | 9780691135144 |
Blurb
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 Galápagos 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.