出版社: Princeton University Press
副标题: Financial Evolution at the Speed of Thought
出版年: 2017-5-2
页数: 504
定价: USD 37.50
装帧: Hardcover
ISBN: 9780691135144
内容简介 · · · · · ·
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 inves...
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.
作者简介 · · · · · ·
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 m...
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.
目录 · · · · · ·
1
Chapter 1 Are We All Homo economicus Now?
12
Chapter 2 If Youre So Smart Why Arent You Rich?
45
· · · · · · (更多)
1
Chapter 1 Are We All Homo economicus Now?
12
Chapter 2 If Youre So Smart Why Arent You Rich?
45
Chapter 3 If Youre So Rich Why Arent You Smart?
75
Chapter 4 The Power of Narrative
102
Chapter 5 The Evolution Revolution
135
Chapter 6 The Adaptive Markets Hypothesis
176
Chapter 7 The Galapagos Islands of Finance
222
Chapter 8 Adaptive Markets in Action
249
Chapter 9 Fear Greed and Financial Crisis
296
Chapter 10 Finance Behaving Badly
330
Chapter 11 Fixing Finance
365
Chapter 12 To Boldly Go Where No Financier Has Gone Before
395
Notes
421
References
439
Acknowledgments
463
Index
469
版权
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Adaptive Markets的书评 · · · · · · ( 全部 11 条 )
《适应性市场》读书笔记
这篇书评可能有关键情节透露
《适应性市场》的作者罗闻全是MIT的终身教授,被公认为金融学家、金融工程学界领袖、对冲基金研究泰斗和生物金融学的创始人(百度百科)。他比较著名的事件就是提出了AMH(适应性市场假说),用于替代EMH(有效市场假说)。这本书就是他关于适应性市场假说的系统论述。全书读起... (展开)金融市场在快速进化,我们不能简单地“取缔”金融危机,就像我们不能“取缔”森林火灾一样:5星|《适应性市场》
理解市场,适应市场,敬畏市场
这篇书评可能有关键情节透露
《适应性市场》一书,记录的是MIT教授AndrewLo对当代金融市场和经济理论的思考。借助心理学、生物进化学理论的方法和工具,作者对经济学的理性人假设以及当代金融理论的有效市场假说进行了严厉批判,进而提出了一个新的假说,适应性市场假说。全书略长,最精彩的部分应该是“文... (展开)牛逼啊牛逼啊,颠覆了很多金融市场的信念、准则
开放的体系和适应性市场
Adaptive Markets
这篇书评可能有关键情节透露
A very interesting and insightful book to read.. The author tries to set up a theory which overturns the classical efficient market theory by evidence based analysis, especially in the area of biopsychology and neroeconomics, etc. It goes throught the histo... (展开)> 更多书评 11篇
论坛 · · · · · ·
“外文原版图书”(淘宝店名)有售,链接为: | 来自本杰明 | 2018-04-11 16:45:46 |
这本书的其他版本 · · · · · · ( 全部3 )
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中信出版社 (2018)7.8分 348人读过
-
Tantor Media, Inc (2018)暂无评分 2人读过
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订阅关于Adaptive Markets的评论:
feed: rss 2.0
0 有用 kenvi 2019-06-26 09:39:41
从生物学/心理学的角度阐述金融市场的历史演变,非常新颖与实用的角度。
0 有用 本杰明 2018-04-11 16:45:02
购买链接:https://item.taobao.com/item.htm?spm=a230r.1.14.8.3fed2bc5mV6KF4&id=564839251975&ns=1&abbucket=17#detail
0 有用 vermouthjk 2019-01-02 19:58:48
看完感觉就是观点少 扯了一堆没用的
0 有用 Kevin Lee 2020-03-01 00:08:25
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。
0 有用 目送飞鸿 2022-05-25 16:21:41
作者学术水平很高,本书旁征博引,运用了多学科的成果,但是结论不是很清晰。另外学术气太浓,难成为畅销书。第一章引用挑战者号失事的例子来说明市场集体智慧,虽然例子很生动,讲故事可以,但由于归纳法内在的缺陷,再多的例子也无法予以证明。
0 有用 目送飞鸿 2022-05-25 16:21:41
作者学术水平很高,本书旁征博引,运用了多学科的成果,但是结论不是很清晰。另外学术气太浓,难成为畅销书。第一章引用挑战者号失事的例子来说明市场集体智慧,虽然例子很生动,讲故事可以,但由于归纳法内在的缺陷,再多的例子也无法予以证明。
0 有用 Jc 2021-09-25 01:21:03
could be shorter.
0 有用 Lili 2020-04-27 11:29:20
1、前面铺垫部分过于冗长,介绍了大量金融、生物、心理学的基础知识,对于提出这个假说浪费了太多篇幅。2,适应性市场假说有一定道理,事实上与索罗斯的反身理论颇有几分相似,但在实操层面不及反身理论。3,最有价值的部分在于市场特征随环境发生变化,所以近来市场与几十年前市场会有很大不同,如今市场流动性过剩,各种指数型基金数量巨大,这些同质产品必然会极大增加市场的波动性,如果还用此前的投资方式无疑将成为诅上与... 1、前面铺垫部分过于冗长,介绍了大量金融、生物、心理学的基础知识,对于提出这个假说浪费了太多篇幅。2,适应性市场假说有一定道理,事实上与索罗斯的反身理论颇有几分相似,但在实操层面不及反身理论。3,最有价值的部分在于市场特征随环境发生变化,所以近来市场与几十年前市场会有很大不同,如今市场流动性过剩,各种指数型基金数量巨大,这些同质产品必然会极大增加市场的波动性,如果还用此前的投资方式无疑将成为诅上与肉。4,ai投资正当其时! (展开)
0 有用 Kevin Lee 2020-03-01 00:08:25
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。
0 有用 kenvi 2019-06-26 09:39:41
从生物学/心理学的角度阐述金融市场的历史演变,非常新颖与实用的角度。