Adaptive Markets pdf epub mobi txt 电子书下载 2025

简体网页||繁体网页

☆☆☆☆☆

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
适应性市场
市场行为
金融投资
复杂系统
动态调整
行为经济学
市场效率
智能决策
学习理论
不确定性

下载链接在页面底部

facebook linkedin mastodon messenger pinterest reddit telegram twitter viber vkontakte whatsapp 复制链接

想要找书就要到小美书屋

book.quotespace.org

立刻按 ctrl+D收藏本页

你会得到大惊喜!!

具体描述

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.

作者简介

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.

目录信息

Introduction
1
Chapter 1 Are We All Homo economicus Now?
12
Chapter 2 If Youre So Smart Why Arent You Rich?
45
Chapter 3 If Youre So Rich Why Arent You Smart?
75
Chapter 4 The Power of Narrative
102
Chapter 5 The Evolution Revolution
135
Chapter 6 The Adaptive Markets Hypothesis
176
Chapter 7 The Galapagos Islands of Finance
222
Chapter 8 Adaptive Markets in Action
249
Chapter 9 Fear Greed and Financial Crisis
296
Chapter 10 Finance Behaving Badly
330
Chapter 11 Fixing Finance
365
Chapter 12 To Boldly Go Where No Financier Has Gone Before
395
Notes
421
References
439
Acknowledgments
463
Index
469
版权
· · · · · · (收起)

读后感

评分☆☆☆☆☆

因为朋友推荐，以及亚马逊上评价还算不错，于是找来看了看挺失望的如果你看过Misbehaving (行为经济学)，A Man for All Markets (对冲基金), Skin in the Game (风险、非理性行为与survival的关系) 能从这本书里面学到的东西会非常的少另一方面，书中花了相当篇幅介绍神经科...

评分☆☆☆☆☆

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”...

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☆☆☆☆☆

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...

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...

用户评价

评分☆☆☆☆☆

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。

评分☆☆☆☆☆

投资确实需要这样的大一统理论研究，片面的学术研究几乎没有实用价值

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。

评分☆☆☆☆☆

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

评分☆☆☆☆☆

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。