圖書標籤: 金融 經濟學 金融學 進化論 生物學 進化 英文書 金融知識
发表于2024-12-23
Adaptive Markets pdf epub mobi txt 電子書 下載 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.
書很長,有點囉嗦。 沒耐性的,就細讀2, 6, 8 ,10,11,12 章,其實就可以瞭。
評分陸陸續續讀瞭很久。如果關於擠掉關於智人演化,行為偏差,風險管理基礎知識介紹,金融危機簡史,對未來社會發展進步展望的水分,這本書的中心思想可以20頁篇幅內說完的。定位在後EMH概念的adaptive market介紹,科普讀物罷瞭,謹慎過譽。
評分書很長,有點囉嗦。 沒耐性的,就細讀2, 6, 8 ,10,11,12 章,其實就可以瞭。
評分差點就棄瞭,因為這個傢夥說話實在太囉嗦!!但是,用盲人摸象的辦法,以及不錯的文筆,寫瞭一個其實似是而非的理論
評分購買鏈接:https://item.taobao.com/item.htm?spm=a230r.1.14.8.3fed2bc5mV6KF4&id=564839251975&ns=1&abbucket=17#detail
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...
評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...
評分作者是专业学者。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”...
評分书只看了一小半,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...
評分看得真是手不释卷。 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...
Adaptive Markets pdf epub mobi txt 電子書 下載 2024