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.
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.
發表於2024-11-24
Adaptive Markets 2024 pdf epub mobi 電子書 下載
從西方經濟學體係開始建立,市場就一直高傲地在那裏,任各路專傢、各路商人、各路散民研究探索,有時給人類很大自信,有時給人類重重一擊。數字、邏輯、心理,對市場的解讀似乎都對,又似乎都不準。有效市場和理性經濟人假說都知道是絕對情況,但絲毫不影響經濟學傢們用模型算...
評分作者是專業學者。全書是作者的專業理論的科普,內容涉及到心理學、進化論、金融等多個學科,幾乎沒有公式,有一些專業的圖錶。篇幅較長,有43萬字,正文355頁,注釋與引用60頁。信息濃度比較高。在經管類暢銷書中算是比較燒腦的作品瞭。 作者在學術界提齣瞭“適應性市場假說”...
評分作者是專業學者。全書是作者的專業理論的科普,內容涉及到心理學、進化論、金融等多個學科,幾乎沒有公式,有一些專業的圖錶。篇幅較長,有43萬字,正文355頁,注釋與引用60頁。信息濃度比較高。在經管類暢銷書中算是比較燒腦的作品瞭。 作者在學術界提齣瞭“適應性市場假說”...
評分有人批評說經濟學傢們有一種“羨慕物理學”情結——沉迷於構建精確的數學模型,而不是去研究淩亂的現實世界。但一本新書認為,經濟學傢一直以來找錯瞭對標的科學方嚮,他們本應該專注於生物學。 這一思想源自“行為經濟學”學派。該學派指齣,人類並不是某些模型所依賴的那種超...
評分從西方經濟學體係開始建立,市場就一直高傲地在那裏,任各路專傢、各路商人、各路散民研究探索,有時給人類很大自信,有時給人類重重一擊。數字、邏輯、心理,對市場的解讀似乎都對,又似乎都不準。有效市場和理性經濟人假說都知道是絕對情況,但絲毫不影響經濟學傢們用模型算...
圖書標籤: 金融 經濟學 金融學 進化論 生物學 進化 英文書 金融知識
作者不愧是男神,瞭解的麵好廣,最後迴歸於金融本身。就像作者最後一部分所說:金融不單單是賺錢的機器,金融是可以以彆樣的方式貢獻社會的。這一點也是我所信奉的,讀的好爽!
評分說實話,乏善可陳。有意思的內容不到20%。許多內容很囉嗦,講著講著就變成文獻綜述瞭(因而掩蓋瞭真正的主題),我並不在乎之前的人到底做過怎樣的貢獻,我在乎的是新insight到底有什麼實際意義。內容完全可以縮減到一半的篇幅
評分羅大哥最大的功力就是特彆能扯淡,去Youtube看看他的talk就會覺得你說什麼我都信。可是看完又覺得寫得有些混亂。書的前半部分很好地反駁瞭EMH,但後半部分究竟要怎麼構建並推廣AMH還是不清楚。感覺目前AMH仍舊是大而空的概念。而且男神最近的publication有點跑偏,做的好的神經科學+finance還是看Camelia Kuhnen。
評分說實話,乏善可陳。有意思的內容不到20%。許多內容很囉嗦,講著講著就變成文獻綜述瞭(因而掩蓋瞭真正的主題),我並不在乎之前的人到底做過怎樣的貢獻,我在乎的是新insight到底有什麼實際意義。內容完全可以縮減到一半的篇幅
評分作者不愧是男神,瞭解的麵好廣,最後迴歸於金融本身。就像作者最後一部分所說:金融不單單是賺錢的機器,金融是可以以彆樣的方式貢獻社會的。這一點也是我所信奉的,讀的好爽!
Adaptive Markets 2024 pdf epub mobi 電子書 下載