Adaptive Markets: Financial Evolution at the Speed of Thought
Andrew W. Lo
Jan 2018 · Tantor Media Inc · Narrated by Jonathan Yen
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20 hr 21 min
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About this audiobook
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 W. 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.
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About the author
Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, director of the MIT Laboratory for Financial Engineering, and a principal investigator at the MIT Computer Science and Artificial Intelligence Laboratory. He is also an external faculty member at the Santa Fe Institute.
Jonathan Yen was inspired by the Golden Age of Radio, and he's carried that inspiration through to commercial work, voice acting, and stage productions. From vintage Howard Fast science fiction to naturalist Paul Rosolie's true adventures in the Amazon, Jonathan loves to tell a good story.
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