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 and The Econometrics of Financial Markets (all Princeton). He is also the founder of AlphaSimplex Group, a quantitative investment management company based in Cambridge, Massachusetts.
发表于2025-03-28
Adaptive Markets 2025 pdf epub mobi 电子书
因为朋友推荐,以及亚马逊上评价还算不错,于是找来看了看 挺失望的 如果你看过Misbehaving (行为经济学),A Man for All Markets (对冲基金), Skin in the Game (风险、非理性行为与survival的关系) 能从这本书里面学到的东西会非常的少 另一方面,书中花了相当篇幅介绍神经科...
评分人类实时形成的贴现率曲线在一张图上的形状类似于双曲线——短期内非常高,在长期内非常平坦——因此被称为双曲贴现。 尤金·法玛有一个聪明的方法来避免双曲贴现陷阱。当法码被邀请演讲或参与一些商业活动时,他说了一个决定是否接受的简单规则:无论一件事情有多遥远,他会问...
评分看得真是手不释卷。 还没看完。 讲了很多。 大概是讲: 情绪是理性的基础,人类把对之前环境适应的反应内化成了情绪,是理性,高效的。但一旦环境变了,这种原本适应环境的行为在新的条件下就非常不理智了。在市场上也是这样。 很难一下总结。 先记个例子吧 就是投资的人都知道...
评分有人批评说经济学家们有一种“羡慕物理学”情结——沉迷于构建精确的数学模型,而不是去研究凌乱的现实世界。但一本新书认为,经济学家一直以来找错了对标的科学方向,他们本应该专注于生物学。 这一思想源自“行为经济学”学派。该学派指出,人类并不是某些模型所依赖的那种超...
评分作者是专业学者。全书是作者的专业理论的科普,内容涉及到心理学、进化论、金融等多个学科,几乎没有公式,有一些专业的图表。篇幅较长,有43万字,正文355页,注释与引用60页。信息浓度比较高。在经管类畅销书中算是比较烧脑的作品了。 作者在学术界提出了“适应性市场假说”...
图书标签: 金融 经济学 金融学 进化论 生物学 进化 英文书 金融知识
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.
One Of The Smartest Men In The History Of Finance Invented A Fund That Cannot Make Money In Any Environment.
评分差点就弃了,因为这个家伙说话实在太啰嗦!!但是,用盲人摸象的办法,以及不错的文笔,写了一个其实似是而非的理论
评分适应性市场假说实际上采用了二元选择模型糅合了有效市场假说和行为金融学,并从生物进化学,神经科学,人工智能等方面去解释市场,即金融体系不是物理或机械的系统,而是生态系统——一个相互依赖的物种组成的集合,所有人都在不断变化的环境中为生存和繁殖而奋斗。其中最有启发的章节是第六章,第七章,第八章。
评分Andrew Lo把这些年来的研究堆叠在一起,说是created a new theroy。读完并未感觉豁然开朗。太多的铺陈以至于失却了主题。最后关于harvey lodish的故事打动人心。
评分差点就弃了,因为这个家伙说话实在太啰嗦!!但是,用盲人摸象的办法,以及不错的文笔,写了一个其实似是而非的理论
Adaptive Markets 2025 pdf epub mobi 电子书