Adaptive Markets pdf epub mobi txt 电子书下载 2025

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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.

出版者:Princeton University Press

作者:Andrew W. Lo

出品人:

页数:504

译者:

出版时间:2017-5-2

价格:USD 37.50

装帧:Hardcover

isbn号码:9780691135144

丛书系列:

图书标签:

金融
经济学
金融学
进化论
生物学
进化
英文书
金融知识

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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.

具体描述

读后感

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从西方经济学体系开始建立，市场就一直高傲地在那里，任各路专家、各路商人、各路散民研究探索，有时给人类很大自信，有时给人类重重一击。数字、逻辑、心理，对市场的解读似乎都对，又似乎都不准。有效市场和理性经济人假说都知道是绝对情况，但丝毫不影响经济学家们用模型算...

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看得真是手不释卷。还没看完。讲了很多。大概是讲：情绪是理性的基础，人类把对之前环境适应的反应内化成了情绪，是理性，高效的。但一旦环境变了，这种原本适应环境的行为在新的条件下就非常不理智了。在市场上也是这样。很难一下总结。先记个例子吧就是投资的人都知道...

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人类实时形成的贴现率曲线在一张图上的形状类似于双曲线——短期内非常高，在长期内非常平坦——因此被称为双曲贴现。尤金·法玛有一个聪明的方法来避免双曲贴现陷阱。当法码被邀请演讲或参与一些商业活动时，他说了一个决定是否接受的简单规则：无论一件事情有多遥远，他会问...

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作者是专业学者。全书是作者的专业理论的科普，内容涉及到心理学、进化论、金融等多个学科，几乎没有公式，有一些专业的图表。篇幅较长，有43万字，正文355页，注释与引用60页。信息浓度比较高。在经管类畅销书中算是比较烧脑的作品了。作者在学术界提出了“适应性市场假说”...

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用户评价

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就像另一个安老师所说：economics is great place to get questions, but shitty place to get answers. 罗老师这本书差不多总结了近十几年他的paper，试图用一个大一统的理论框架把所有东西套进去，理论本身并不高明，没有特别多闪闪发光的犀利的新颖的观点，但是罗老师涉猎广泛，而且是个特别好的storyteller。与其说是理论，更不如说是种变化的世界观，最重要的是罗老师是个好人，宣扬的是正能量，善比聪明重要。内容三星正能量加一星。

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陆陆续续读了很久。如果关于挤掉关于智人演化，行为偏差，风险管理基础知识介绍，金融危机简史，对未来社会发展进步展望的水分，这本书的中心思想可以20页篇幅内说完的。定位在后EMH概念的adaptive market介绍，科普读物罢了，谨慎过誉。

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从以往的了解，罗闻全开创了生物金融学这个领域，试图证明损失厌恶等异象为常态，在本书中作者试图挑战有效市场假说，提出了适应性市场假说，这种观点还有待商榷，这本书总体而言还可读，但是并没有达到预期

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Andrew Lo把这些年来的研究堆叠在一起，说是created a new theroy。读完并未感觉豁然开朗。太多的铺陈以至于失却了主题。最后关于harvey lodish的故事打动人心。