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Books > Business & Economics > Finance & accounting > Finance > Investment & securities
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Adaptive Markets - Financial Evolution at the Speed of Thought (Paperback, 2nd edition)
Loot Price: R543
Discovery Miles 5 430
You Save: R70
(11%)
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Adaptive Markets - Financial Evolution at the Speed of Thought (Paperback, 2nd edition)
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List price R613
Loot Price R543
Discovery Miles 5 430
You Save R70 (11%)
Expected to ship within 10 - 15 working days
|
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. 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.
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