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Publisher's Summary

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 W. 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.
©2017 Princeton University Press (P)2018 Tantor
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Customer Reviews

Most Helpful
5 out of 5 stars
By Amazon Customer on 03-09-18

Most therapeutic book I’ve read

If you were/are a trader burnt by the market, this is the book for you. General people, even psychologists, will likely misinterpret your pain and aftermath symptoms. Not a lot of people can comprehend what you had just went through.

Lo will provide useful advice on how to cope, reminds you that you are not alone, this temporary fall is not a representation of your intelligence whatsoever and; there is hope to use your skills for greater good.

Thank you to the author, you have flipped my life around.

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5 out of 5 stars
By Anonymous User on 02-09-18


why did a book about economics make me cry

shits not right man you can’t do me like that

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0 of 7 people found this review helpful

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Customer Reviews

Most Helpful
2 out of 5 stars
By rod on 02-07-18


This guy labors every point and needs to learn to be more succinct. He sounds like your typical self-pleased academic that loves hearing the sound of his own voice. This guy assumes you just just arrived on planet earth yesterday. Although, this is listed as a finance book, he adds nothing new to our understanding of economics.

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