000			01898 a2200229 4500
003			OSt
005			20230303155453.0
008			230303b xxu||||| |||| 00| 0 eng d
020			_a9780691191362
040			_cIIT Kanpur
041			_aeng
082			_a332 _bL78a
100			_aLo, Andrew W.
245			_aAdaptive markets _bfinancial evolution at the speed of thought _cAndrew W. Lo
260			_bPrinceton University Press _c2019 _aPrinceton
300			_ax, 489p
520			_aA 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. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist―the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is 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. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
650			_aStock exchanges
650			_aEfficient market theory
650			_aFinance
942			_cBK
999			_c566426 _d566426