{"product_id":"adaptive-markets-financial-evolution-at-the-speed-of-thought-9780691191362","title":"Adaptive Markets: Financial Evolution at the Speed of Thought","description":"\u003cp\u003e\u003cb\u003eA new, evolutionary explanation of markets and investor behavior\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eHalf 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. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist--the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, \u003ci\u003eAdaptive Markets\u003c\/i\u003e shows that the theory of market efficiency is 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. An ambitious new answer to fundamental questions about economics and investing, \u003ci\u003eAdaptive Markets\u003c\/i\u003e is essential reading for anyone who wants to understand how markets really work.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eAndrew W. Lo\u003c\/b\u003e 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 \u003ci\u003eHedge Funds\u003c\/i\u003e and the coauthor of \u003ci\u003eA Non-Random Walk Down Wall Street \u003c\/i\u003e(both Princeton), among other books.\u003cbr\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":50646619455762,"sku":"9780691191362","price":16.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_e58a9e6a-dbf2-45b3-9bf8-1e095753fecf.jpg?v=1733182371","url":"https:\/\/surprise-castle.myshopify.com\/products\/adaptive-markets-financial-evolution-at-the-speed-of-thought-9780691191362","provider":"Surprise Castle","version":"1.0","type":"link"}