{"product_id":"adaptive-markets","title":"ADAPTIVE MARKETS","description":"\u003cp\u003e\u003cspan class=\"a-text-bold\"\u003eA new, evolutionary explanation of markets and investor behavior\u003c\/span\u003e\u003cspan\u003e\u003cbr\u003e\u003cbr\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―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.\u003cbr\u003e\u003cbr\u003eDrawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, \u003c\/span\u003e\u003cspan class=\"a-text-italic\"\u003eAdaptive Markets\u003c\/span\u003e\u003cspan\u003e 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.\u003cbr\u003e\u003cbr\u003eA fascinating intellectual journey filled with compelling stories, \u003c\/span\u003e\u003cspan class=\"a-text-italic\"\u003eAdaptive Markets\u003c\/span\u003e\u003cspan\u003e 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 Galápagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.\u003cbr\u003e\u003cbr\u003eAn ambitious new answer to fundamental questions in economics, \u003c\/span\u003e\u003cspan class=\"a-text-italic\"\u003eAdaptive Markets\u003c\/span\u003e\u003cspan\u003e is essential reading for anyone who wants to know how markets really work.\u003c\/span\u003e\u003c\/p\u003e","brand":"Vanguard Books","offers":[{"title":"Default Title","offer_id":43095341498404,"sku":null,"price":3595.0,"currency_code":"PKR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0739\/4823\/3764\/files\/9780691135144.jpg?v=1766468654","url":"https:\/\/vanguardbooks.com\/products\/adaptive-markets","provider":"Vanguard Books","version":"1.0","type":"link"}