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Product Identifiers
PublisherPrinceton University Press
ISBN-100691135142
ISBN-139780691135144
eBay Product ID (ePID)236648935
Product Key Features
Book TitleAdaptive Markets : Financial Evolution at the Speed of Thought
Number of Pages504 Pages
LanguageEnglish
TopicFinance / General, Economics / General, Forecasting
Publication Year2017
IllustratorYes
GenreBusiness & Economics
AuthorAndrew W. Lo
FormatHardcover
Dimensions
Item Height1.5 in
Item Weight29.1 Oz
Item Length9.4 in
Item Width6.6 in
Additional Product Features
Intended AudienceTrade
Reviews"Andrew Lo is a brilliant financial economist, visionary innovator, bold contrarian, gifted writer, and an unrelenting idealist. These traits are evident in this wonderful book, which traces the 'evolutionary explosion of financial innovation' that began with Vanguard's creation of the first index mutual fund in 1974, tracking the S&P 500 Index. I continue to hold to index funds, but Dr. Lo's book persuades me to keep a mind that is open--or at least ajar--to the new world of investment technology, investor preferences, and transaction efficiency, and to the wisdom of those who are smarter than I am." --John C. Bogle, founder of the Vanguard Group and the First Index Mutual Fund, and author of The Little Book of Common Sense Investing, A new theory should be able to capture all that its predecessors have to offer while adding new features. Lo's adaptive-markets hypothesis is just such a replacement. . . . This book is essential reading., "This is a wonderful book. Andrew Lo traces a journey in which he reconsiders rationality in economics, moving from the efficient market hypothesis to his own Adaptive Markets Hypothesis through psychology, neuroscience, biology, and studies of financial innovations and crises. The book presents many valuable findings and is also full of emotion--enthusiasm, joy, frustration, and pain. It is itself a manifestation of the important finding that rational thinking and emotion go together." Nobuhiro Kiyotaki, Princeton University, Lo's new book is a fascinating exploration of the evolution of financial innovation. It's filled with fascinating stories of what drives human behavior and, ultimately, markets. ---Larry Swedroe, ETF.com,, "[ Adaptive Markets ] doubles as a kind of intellectual history of the global financial system and the innovations that have shaped it. . . . The book abounds with interesting anecdotes drawn from many fields, including the author's own experiences." -- Foreign Affairs, "The financial markets we create similarly reflect 'principles of evolution--competition, innovation, reproduction and adaptation'. In this important book, Lo of the Massachusetts Institute of Technology demonstrates the radical implications of this insight." ---Martin Wolf, Financial Times, By reading Adaptive Markets , investors and their advisors will benefit from a better understanding of the reasons, based in biology and human nature, that the market is not efficient. ---Laurence B. Siegel, Advisor Perspectives, "When Lo writes, investors should listen. . . . I have never before read a book with so many memorable quotes that enrich its content and meaning." ---Janet J. Mangano, Financial Analysts Journal, "We tell stories, we learn from them, and we make them up. In this magnificent book, Andrew Lo explains how our attraction to stories drives markets, explains past catastrophes, and suggests future opportunities for world-saving financial engineering. And he packages it all in fascinating stories of his own." --Patrick Henry Winston, Massachusetts Institute of Technology, Winner of the 2018 PROSE Award for Business, Finance & Management, Association of American Publishers, "Mr. Lo makes a convincing argument and he also uses the book to lay out some interesting ideas--such as a huge, diversified fund that would invest in a range of potential cancer treatments." -- Economist, "Mr. Lo's book offers a unique way to think about the idea of 'efficient markets'--a new hypothesis worth considering about how markets can be rational and irrational at the same time." ---Andrew Ross Sorkin, New York Times, "Andrew Lo's ambitious book offers a welcome, fresh look at how financial markets work and why they sometimes fail. . . . Adaptive Markets makes a valuable and welcome contribution, rewarding the reader by broadening and improving our understanding of finance and markets--in stable and unstable times." --Milton Ezrati, City Journal, "[Lo] has a knack for providing a telling anecdote or story to illustrate his point. More important, he also avoids being condescending or triumphalist." --Matthew Partridge, Money Week, " Adaptive Markets will appeal to anyone who distrusts dogmatic economic theories and thirsts for a coherent view of how market economies produce both great gain and great pain for societies. Andrew Lo integrates a deep understanding of finance with a broad knowledge of biology, psychology, and ethics to offer a tantalizing vision of how financial engineering could become a powerful force for a more just, healthy, and prosperous world." --Peter Hancock, President and CEO, AIG, "[Lo] has a knack for providing a telling anecdote or story to illustrate his point. More important, he also avoids being condescending or triumphalist." ---Matthew Partridge, Money Week, Winner of the 2018 PROSE Award for Business, Finance & Management, Association of American Publishers Winner of the 2018 PROSE Award for Excellence in Social Sciences, Association of American Publishers Finalist for the 2017 TIAA Paul A. Samuelson Award, TIAA Institute One of Bloomberg's Best Books of 2017, chosen by Robert Shiller One of Bloomberg's Best Books of 2017, chosen by Vitor Constancio One of Financial Times (FT.com) Best Books of 2017: Economics One of the Microsoft Best Business Books of 2017 One of The Wall Street Journal 's What Business Leaders Read in 2017 One of MoneyWeek 's "Five of the best books of 2017" (chosen by Dr. Matthew Partridge) One of Exame 's "9 books that will help you get rich in 2018" One of The New York Times Deal Book "Business Books Worth Reading" 2017 (chosen by Andrew Sorkin) One of Foreign Affairs Best of Books 2017 - Economic, Social, and Environment / Finance One of the CNBC 13 Best Business Books of 2017 Shortlisted for the 2017 Financial Times and McKinsey Business Book of the Year Award, "This is a wonderful book. Andrew Lo traces a journey in which he reconsiders rationality in economics, moving from the efficient market hypothesis to his own Adaptive Markets Hypothesis through psychology, neuroscience, biology, and studies of financial innovations and crises. The book presents many valuable findings and is also full of emotion--enthusiasm, joy, frustration, and pain. It is itself a manifestation of the important finding that rational thinking and emotion go together."-- Nobuhiro Kiyotaki, Princeton University, "[A] remarkable new book. . . . Lo's book will be read and read widely. . . . His insights should allow investors and regulators alike to manage risks better. They should read it." --John Authers, Financial Times, "Lo's new book is a fascinating exploration of the evolution of financial innovation. It's filled with fascinating stories of what drives human behavior and, ultimately, markets." --Larry Swedroe, ETF.com, [ Adaptive Markets ] doubles as a kind of intellectual history of the global financial system and the innovations that have shaped it. . . . The book abounds with interesting anecdotes drawn from many fields, including the author's own experiences., Lo writes beautifully, and the book reads quickly. . . . Powerful, ageless, memorable, and fun. ---Janet J. Mangano, Financial Analysts Journal, When Lo writes, investors should listen. . . . I have never before read a book with so many memorable quotes that enrich its content and meaning. ---Janet J. Mangano, Financial Analysts Journal, [Lo] has a knack for providing a telling anecdote or story to illustrate his point. More important, he also avoids being condescending or triumphalist. ---Matthew Partridge, Money Week, The financial markets we create similarly reflect 'principles of evolution--competition, innovation, reproduction and adaptation'. In this important book, Lo of the Massachusetts Institute of Technology demonstrates the radical implications of this insight. ---Martin Wolf, Financial Times, Andrew Lo's Adaptive Markets is a masterly synthesis of the traditional, rationality-based approach and new approaches based on psychology and neuroscience, evolutionary theory, and techniques such as computer simulations and artificial intelligence. ---Diane Coyle, Project Syndicate, "[ Adaptive Markets ] is a summation of developments in fields ranging from economics and behavioral finance to neuroscience and artificial intelligence--all influences on the adaptive markets hypothesis Lo proposes as a framework for finance that considers both rational and irrational behavior." -- Institutional Investor, "By reading Adaptive Markets , investors and their advisors will benefit from a better understanding of the reasons, based in biology and human nature, that the market is not efficient." --Laurence B. Siegel, Advisor Perspectives, "A new theory should be able to capture all that its predecessors have to offer while adding new features. Lo's adaptive-markets hypothesis is just such a replacement. . . . This book is essential reading." -- IISS, Using research in evolutionary biology, psychology, neuroscience and artificial intelligence, Mr. Lo . . . explains how human behavior shapes the markets, leading to swings between stability and instability, profit and loss, innovation and regulation., [ Adaptive Markets is] a fascinating read, cogently situating financial behaviour within what we know about human behaviour and evolutionary history. ---Diane Coyle, Nature, Winner of the 2018 PROSE Award for Excellence in Social Sciences, Association of American Publishers, "Andrew Lo combines wonderfully broad scholarship and a delightfully instructive style to present dramatically new perspectives on how markets work and how they can be regulated more effectively. This important book will teach and entertain, and should influence those charged with keeping markets healthy." --Simon A. Levin, Princeton University, [ Adaptive Markets ] is a summation of developments in fields ranging from economics and behavioral finance to neuroscience and artificial intelligence--all influences on the adaptive markets hypothesis Lo proposes as a framework for finance that considers both rational and irrational behavior., "The financial markets we create similarly reflect 'principles of evolution--competition, innovation, reproduction and adaptation'. In this important book, Lo of the Massachusetts Institute of Technology demonstrates the radical implications of this insight." --Martin Wolf, Financial Times, "Using research in evolutionary biology, psychology, neuroscience and artificial intelligence, Mr. Lo . . . explains how human behavior shapes the markets, leading to swings between stability and instability, profit and loss, innovation and regulation." -- Pensions & Investments, Mr. Lo's book offers a unique way to think about the idea of 'efficient markets'--a new hypothesis worth considering about how markets can be rational and irrational at the same time. ---Andrew Ross Sorkin, New York Times, "[ Adaptive Markets is] a fascinating read, cogently situating financial behaviour within what we know about human behaviour and evolutionary history." ---Diane Coyle, Nature, Andrew Lo's ambitious book offers a welcome, fresh look at how financial markets work and why they sometimes fail. . . . Adaptive Markets makes a valuable and welcome contribution, rewarding the reader by broadening and improving our understanding of finance and markets--in stable and unstable times. ---Milton Ezrati, City Journal, "Lo writes beautifully, and the book reads quickly. . . . Powerful, ageless, memorable, and fun." ---Janet J. Mangano, Financial Analysts Journal, "Lo's new book is a fascinating exploration of the evolution of financial innovation. It's filled with fascinating stories of what drives human behavior and, ultimately, markets." ---Larry Swedroe, ETF.com,, "By reading Adaptive Markets , investors and their advisors will benefit from a better understanding of the reasons, based in biology and human nature, that the market is not efficient." ---Laurence B. Siegel, Advisor Perspectives, "Andrew Lo's ambitious book offers a welcome, fresh look at how financial markets work and why they sometimes fail. . . . Adaptive Markets makes a valuable and welcome contribution, rewarding the reader by broadening and improving our understanding of finance and markets--in stable and unstable times." ---Milton Ezrati, City Journal, Mr. Lo makes a convincing argument and he also uses the book to lay out some interesting ideas--such as a huge, diversified fund that would invest in a range of potential cancer treatments., "Lo's new book is a fascinating exploration of the evolution of financial innovation. It's filled with fascinating stories of what drives human behavior and, ultimately, markets." ---Larry Swedroe, ETF.com, "[A] remarkable new book. . . . Lo's book will be read and read widely. . . . His insights should allow investors and regulators alike to manage risks better. They should read it." ---John Authers, Financial Times, "Andrew Lo's Adaptive Markets is a masterly synthesis of the traditional, rationality-based approach and new approaches based on psychology and neuroscience, evolutionary theory, and techniques such as computer simulations and artificial intelligence." --Diane Coyle, Project Syndicate, This new book will become another essential read for anybody interested in financial markets. . . . [It] is a thoroughly interesting and enjoyable read. It is not technical, the explanations are super-clear, and there is some excellent story telling., [A] remarkable new book. . . . Lo's book will be read and read widely. . . . His insights should allow investors and regulators alike to manage risks better. They should read it. ---John Authers, Financial Times, "Andrew Lo's Adaptive Markets is a masterly synthesis of the traditional, rationality-based approach and new approaches based on psychology and neuroscience, evolutionary theory, and techniques such as computer simulations and artificial intelligence." ---Diane Coyle, Project Syndicate
Dewey Edition23
Dewey Decimal332
SynopsisA 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 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., 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., 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 Gal pagos 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., 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 cr
LC Classification NumberHG4538.L6 2017
Bewertungen und Rezensionen
Relevanteste Rezensionen
- 19. Jun. 2023
Clearly presented explanation of the adaptive markets hypothesis
A novel and interesting view of financial marketsBestätigter Kauf: JaArtikelzustand: Gebraucht
- 13. Jun. 2024
Excellent! Thank you very much!
Excellent! Thank you very much!Bestätigter Kauf: JaArtikelzustand: Gebraucht
- 07. Feb. 2019
Fácil de leer
Es un libro que involucra diferentes temas multidisciplinares y propone una nueva teoría sobre los mercados eficientes. Además el libro lleva al lector a comprender los temas propuestos por el autor a través de un lenguaje sencillo.Bestätigter Kauf: JaArtikelzustand: Neu
