The Myth of the Rational Market 2024 pdf epub mobi 電子書下載

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The Myth of the Rational Market pdf epub mobi 著者簡介

Justin Fox is TIME's business and economics columnist.

The Myth of the Rational Market pdf epub mobi 圖書描述

Justin Fox’s The Myth of the Rational Market tells the story of how we came to believe that financial markets knew best, and how that belief steered us wrong. Chronicling the rise and fall of efficient market theory and its century-long role in the making of the modern financial industry, the book is both history and intellectual whodunit. It brings to life the people and ideas that forged modern finance and investing, from the Great Depression and into the financial calamity of today. It’s a tale largely about professors, but professors who made and lost fortunes, battled fiercely over ideas, beat the house in blackjack, wrote bestselling books, and played major roles on the world stage. It’s also a tale of Wall Street’s evolution, the power of the market to generate wealth and wreak havoc, and free-market capitalism’s recurrent war with itself.

The efficient market hypothesis—long part of academic folklore but codified in the 1960s at the University of Chicago—has evolved into a powerful myth. It has been the driver of trillions of investing dollars, the inspiration for index funds and vast new derivatives markets. In its strongest form, the theory holds that the decisions of millions of investors, all digging for information and striving for an edge, inevitably add up to rational, perfect markets. That belief has crumbled.

Celebrated journalist Fox introduces a new wave of scholars who no longer teach that investors are rational or that markets are always right. Many now agree with Yale professor Robert Shiller that efficient market theory “represents one of the most remarkable errors in the history of economic thought.” Today the theory is giving way to new hypotheses of market behavior growing out of psychology, physics, evolutionary biology—and even traditional economics. In his landmark intellectual history, Fox uncovers the new ideas that may drive markets in the century ahead.

The Myth of the Rational Market 2024 pdf epub mobi 電子書下載

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Justin Fox's The Myth of the Rational Market reviews the development of financial economics, starting from Irving Fisher, with his The Theory of Interest, to Robert Shiller, with his study in behavioral finance, challenging the efficient-market hypothesis. ...

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作者：英國《金融時報》投資編輯約翰•奧瑟茲(John Authers) 有效市場理論曾是一種“假說”。按照保羅•薩繆爾森(Paul Samuelson)在1937年的說法，這種理論“易被可觀察到的事實駁倒”。但隨著該理論的發展以及金融傢的更加重視，它變成瞭一種“既定事實”。到1978年，...

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其實我覺得書名應該翻譯為《有效市場的神話》，作者並沒有很尖銳的批判有效市場假說，更沒有論證有效市場假說就是個謬論，隻是作者認為許多學者沒有把有效市場和現實世界分開，把有效市場當成瞭信仰而已。看這本書多少是懷著激動的心情看完的。不管是對於學術研究...

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出版者:HarperBusiness

作者:Justin Fox

出品人:

頁數:382

譯者:

出版時間:2009-6-1