When markets are unstable investors react instinctively creating inefficiencies for others to exploit los 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 groundbreaking new book by award winning financial expert and mit professor andrew w lo addresses the basic question facing both economists and anyone wit. A new evolutionary explanation of markets and investor behavior half of all americans have money in the stock market yet economists cant 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. The adaptive markets hypothesis2 th e term adaptive markets refers to the multiple roles that evolution plays in shaping human behavior and fi nancial markets and hypothesis is meant to connect and contrast this framework with the effi cient markets hypothesis the theory ad. Adaptive markets financial evolution at the speed of thought by andrew w lo princeton university press rrp3195 3750 get alerts on non fiction when a new story is published get alerts
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