Adaptive Markets pdf epub mobi txt 电子书 下载 2025
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.
- 金融
- 经济学
- 金融学
- 进化论
- 生物学
- 进化
- 英文书
- 金融知识
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
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...
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...
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...
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...
用户评价
从生物学/心理学的角度阐述金融市场的历史演变，非常新颖与实用的角度。
评分差点就弃了，因为这个家伙说话实在太啰嗦！！但是，用盲人摸象的办法，以及不错的文笔，写了一个其实似是而非的理论
评分作者不愧是男神，了解的面好广，最后回归于金融本身。就像作者最后一部分所说：金融不单单是赚钱的机器，金融是可以以别样的方式贡献社会的。这一点也是我所信奉的，读的好爽！
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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