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Adaptive Markets

Financial Evolution at the Speed of Thought

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Adaptive Markets

Yazan: Andrew W. Lo
Seslendiren: Jonathan Yen
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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 W. 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.

©2017 Princeton University Press (P)2018 Tantor Economics Forecasting & Strategic Planning Investing & Trading Management & Leadership Theory Yatırım İş Kapitalizm Bilgisayar Bilimi Yönetim Yapay Zeka İnovasyon Bankacılık Vergilendirme Sosyalizm Stok Financial Markets
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I enjoyed the blend of evolutionary biology and behavioral economics. However, the main tenet of adaptive markets gets lots in this lengthy book and in the end it is difficult to summarise what the key idea is. There are lots of markets in the world and obviously not all of them can be perfectly efficient. The author presents the adaptive markets hypothesis as an explanation for why those inefficiencies exist. From a practitioner's perspective, there's not a great deal of value in the book but overall listening to it was time well spent.

Interesting but not particularly useful

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This book brings together different thoughts and various ideas from different fields to help us understand how financial markets work. The ending of the book gives us hope for the future.

Great book

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As a lay person it was very interesting to hear about the hypothesis of Adaptive Markets I am not really qualified to critique the theory but it was certainly interesting.

Interesting hypothesis

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A wonderful overview of the Adaptive Markets Theory- something I have tried to explain to clients for years - now I can do so with ease and greater clarity!

Clear lay explanations with enough technical

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