A Crisis of Beliefs pdf epub mobi txt 電子書 下載2025
Nicola Gennaioli is professor of finance at Bocconi University in Italy. He lives in Milan. Andrei Shleifer is professor of economics at Harvard University. His books include Inefficient Markets: An Introduction to Behavioral Finance and The Grabbing Hand: Government Pathologies and Their Cures. He lives in Newton, Massachusetts.
- 經濟學
- 金融
- 金融與理財
- 經濟
- 金融心理學
- 金融危機
- 經濟金融
- 洪灝推薦
How investor expectations move markets and the economy
The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks.
Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people--and how financial and economic instability persist.
A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters.
具體描述
讀後感
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biological reality VS rationality
评分biological reality VS rationality
评分人總是會賦予印象深刻的事更多權重。因此一件事情剛發生時，我們很難做到就事論事地評價它帶來的影響；相反，這件事情會喚起我們對類似的經曆的迴憶，從而影響我們當下判斷的客觀性。可以與 Shiller 的 narrative economics 對比著讀，一體兩麵。08年金融危機的媒體報道和渲染肯定在恐慌蔓延中起瞭很大作用。storytelling 不光對事後復盤很重要，也影響實時的判斷和選擇。
评分Everything starts off well. A reintroduction of 2008 financial crisis is concise and not just repetition of what's been said. While qualitative part of the book is coherent and heuristic, quantitative formulas is killing me. So, skip those numerical expressions!
评分Everything starts off well. A reintroduction of 2008 financial crisis is concise and not just repetition of what's been said. While qualitative part of the book is coherent and heuristic, quantitative formulas is killing me. So, skip those numerical expressions!
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