Adaptive Markets 在线电子书 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2025-02-22
Adaptive Markets 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025
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!
评分购买链接:https://item.taobao.com/item.htm?spm=a230r.1.14.8.3fed2bc5mV6KF4&id=564839251975&ns=1&abbucket=17#detail
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。
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。
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.
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.
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...
Adaptive Markets 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025