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
发表于2024-11-21
Adaptive Markets pdf epub mobi txt 电子书 下载 2024
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.
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.
适应性市场假说实际上采用了二元选择模型糅合了有效市场假说和行为金融学,并从生物进化学,神经科学,人工智能等方面去解释市场,即金融体系不是物理或机械的系统,而是生态系统——一个相互依赖的物种组成的集合,所有人都在不断变化的环境中为生存和繁殖而奋斗。其中最有启发的章节是第六章,第七章,第八章。
评分适应性市场假说实际上采用了二元选择模型糅合了有效市场假说和行为金融学,并从生物进化学,神经科学,人工智能等方面去解释市场,即金融体系不是物理或机械的系统,而是生态系统——一个相互依赖的物种组成的集合,所有人都在不断变化的环境中为生存和繁殖而奋斗。其中最有启发的章节是第六章,第七章,第八章。
评分说实话,乏善可陈。有意思的内容不到20%。许多内容很啰嗦,讲着讲着就变成文献综述了(因而掩盖了真正的主题),我并不在乎之前的人到底做过怎样的贡献,我在乎的是新insight到底有什么实际意义。内容完全可以缩减到一半的篇幅
评分说实话,乏善可陈。有意思的内容不到20%。许多内容很啰嗦,讲着讲着就变成文献综述了(因而掩盖了真正的主题),我并不在乎之前的人到底做过怎样的贡献,我在乎的是新insight到底有什么实际意义。内容完全可以缩减到一半的篇幅
评分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。
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...
评分尽管有诸多反例和不完美,有效市场假说在经济学中的老大地位还是没有被人轻易撼动。行为主人者攻击道:“有效市场假说中的“理性人”只能是存在于有效市场学派脑子里,现实世界根本没有人真正做到那样的理性,因为我们经常可以看到人们情绪失控下做出的糟糕决策,甚至我们自己...
评分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...
评分书只看了一小半,看到了一些批评的声音,一些看法,权做讨论。 应该是基于我们传统的思维习惯,我们国人在看书的时候比较执迷于一套闭合的体系:逻辑严密,框架规整,也即偏好于一套自圆其说、充分自洽的理论,放之四海皆准,更优。因此很多读老外书的人常常大失所望,因为老外...
评分有人批评说经济学家们有一种“羡慕物理学”情结——沉迷于构建精确的数学模型,而不是去研究凌乱的现实世界。但一本新书认为,经济学家一直以来找错了对标的科学方向,他们本应该专注于生物学。 这一思想源自“行为经济学”学派。该学派指出,人类并不是某些模型所依赖的那种超...
Adaptive Markets pdf epub mobi txt 电子书 下载 2024