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. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hangs on the answer. 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 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.
Автор: Campbell, John W. Название: The econometrics of financial markets ISBN: 0691043019 ISBN-13(EAN): 9780691043012 Издательство: Wiley Рейтинг: Цена: 11088.00 р. Наличие на складе: Ожидается поступление.
Описание: Covers the spectrum of empirical finance, including the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, and the term structure of interest rates, dynamic models of economic equilibrium.
Автор: Spread Название: The Evolution of Economies ISBN: 1138122912 ISBN-13(EAN): 9781138122918 Издательство: Taylor&Francis Рейтинг: Цена: 25265.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: It is clear even to casual observation that economies evolve from year to year and over centuries. Yet mainstream economic theory assumes that economies always move towards equilibrium. One consequence of this is that mainstream theory is unable to deal with economic history. The Evolution of Economies provides a clear account of how economies evolve under a process of support-bargaining and money-bargaining. Both support-bargaining and money-bargaining are situation-related - people determine their interests and actions by reference to their present circumstances. This gives the bargaining system a natural evolutionary dynamic. Societies evolve from situation to situation. Historical change follows this evolutionary course. A central chapter of the book applies the new theory in a re-evaluation of the industrial revolution in Britain, showing how specialist money-bargaining agencies, in the form of companies, evolved profitable formats and displaced landowners as the leading sources of employment and economic necessities. Companies took advantage of the evolution of technology to establish effective formats. The book also seeks to establish how it came about that a ‘mainstream’ theory was developed that is so wildly at odds with the observable features of economic history and economic exchange. Theory-making is described as a process of ‘intellectual support-bargaining’ in which theory is shaped to the interests of its makers. The work of major classical and neoclassical economists is contested as incompatible with the idea of an evolving money-bargaining system. The book reviews attempts to derive an evolutionary economic theory from Darwin’s theory of evolution by natural selection. Neoclassical economic theory has had enormous influence on the governance of societies, principally through its theoretical endorsement of the benefits of ‘free markets’. An evolutionary account of economic processes should change the basis of debate. The theory presented here will be of interest immediately to all economists, whether evolutionary, heterodox or neoclassical. It will facilitate the work of economic historians, who complain that current theory gives no guidance for their historical investigations. Beyond the confines of professional theory-making, many will find it a revelatory response to questions that have hitherto gone unanswered.
Автор: Hole Название: Economic Ethics in Late Medieval England, 1300–1500 ISBN: 3319388592 ISBN-13(EAN): 9783319388595 Издательство: Springer Рейтинг: Цена: 14025.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Drawing on an array of archival evidence from court records to the poems of Chaucer, this work explores how medieval thinkers understood economic activity, how their ideas were transmitted and the extent to which they were accepted. Moving beyond the impersonal operations of an economy to its ethical dimension, Hole’s socio-cultural study considers not only the ideas and beliefs of theologians and philosophers, but how these influenced assumptions and preoccupations about material concerns in late medieval English society. Beginning with late medieval English writings on economic ethics and its origins, the author illuminates a society which, although strictly hierarchical and unequal, nevertheless fostered expectations that all its members should avoid greed and excess consumption. Throughout, Hole aims to show that economic ethics had a broader application than trade and usury in late medieval England.
Автор: M. Henrard Название: Interest Rate Modelling in the Multi-Curve Framework ISBN: 1349477044 ISBN-13(EAN): 9781349477043 Издательство: Springer Рейтинг: Цена: 9390.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Following the financial crisis dramatic market changes, a new standard in interest rate modelling emerged, called the multi-curve framework. The author provides a detailed analysis of the framework, through its foundations, evolution and implementation. The book also covers recent extensions to collateral and stochastic spreads modelling.
Автор: Robert Leeson Название: Hayek: A Collaborative Biography ISBN: 3319520539 ISBN-13(EAN): 9783319520537 Издательство: Springer Рейтинг: Цена: 20733.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: F. A. von Hayek (1899-1992) was a Nobel Prize winning economist, famous for promoting an Austrian version of classical liberalism. This multi-volume biography examines the evolution of his life and influence.In this seventh volume, Leeson explores Hayek`s encounters with fifty knowledge communities.
Автор: Georg D. Blind Название: The Entrepreneur in Rule-based Economics ISBN: 3319627783 ISBN-13(EAN): 9783319627786 Издательство: Springer Рейтинг: Цена: 14025.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This volume brings together three areas of interest: the rule-based approach, the entrepreneur, and Japan as an empirical application. The book includes an empirical methodology for applied research in rule-based economics, which it puts to the test in an empirical study of entrepreneurship in contemporary Japan.
Автор: Andreas Pyka; John Foster Название: The Evolution of Economic and Innovation Systems ISBN: 331936698X ISBN-13(EAN): 9783319366982 Издательство: Springer Рейтинг: Цена: 15855.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book is at the cutting edge of the ongoing `neo-Schumpeterian` research program that investigates how economic growth and its fluctuation can be understood as the outcome of a historical process of economic evolution.
Автор: Casson M. , Ed. Название: Markets and Market Institutions: Their Origin and Evolution ISBN: 1849803897 ISBN-13(EAN): 9781849803892 Издательство: Edward Elgar Publishers Рейтинг: Цена: 71174.00 р. Наличие на складе: Поставка под заказ.
Описание: The origin of markets is a central issue in economics and economic history, but until now there has been no definitive reference source on the subject. They show that markets did not evolve in a purely spontaneous fashion, but as part of the planned development of market centres by local landowners and business people.
Автор: Whasun Jho Название: Building Telecom Markets ISBN: 1489997784 ISBN-13(EAN): 9781489997784 Издательство: Springer Рейтинг: Цена: 12196.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book examines the uniqueness of Korean regulatory reforms of the mobile telecom sector. It evaluates the influence of markets and technologies on telecom market liberalization and repudiates the single neo-liberal model of market-oriented reform.
Автор: Avsar Rojhat Название: Evolutionary Origins of Markets ISBN: 0815387199 ISBN-13(EAN): 9780815387190 Издательство: Taylor&Francis Рейтинг: Цена: 6430.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: The book integrates the growing body of experimental evidence on human nature scattered across a variety of disciplines into a coherent, original narrative about the extent to which market relations are reflective of the basic human sociality that was originally adapted to a more tribal existence.
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.
-- "Foreign Affairs"
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