The adaptive markets hypothesis : an evolutionary approach to understanding financial system dynamics / Andrew W. Lo, Ruixun Zhang.
'The Adaptive Markets Hypothesis' (AMH) presents a formal and systematic exposition of a new narrative about financial markets that reconciles rational investor behaviour with periods of temporary financial insanity. In this narrative, intelligent but fallible investors learn from and adap...
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| Main Authors: | , |
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| Format: | Ebook |
| Language: | English |
| Published: |
Oxford :
Oxford University Press,
2024.
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| Series: | Clarendon lectures in finance
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| Subjects: | |
| Online Access: | Oxford Scholarship Online |
| Summary: | 'The Adaptive Markets Hypothesis' (AMH) presents a formal and systematic exposition of a new narrative about financial markets that reconciles rational investor behaviour with periods of temporary financial insanity. In this narrative, intelligent but fallible investors learn from and adapt to randomly shifting environments. Financial markets may not always be efficient, but they are highly competitive, innovative, and adaptive, varying in their degree of efficiency as investor populations and the financial landscape change over time. Andrew Lo and Ruixun Zhang develop the mathematical foundations of the AMH - a simple yet surprisingly powerful set of evolutionary models of behaviour - and then apply these foundations to show how the most fundamental economic behaviours that we take for granted can arise solely through natural selection. |
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| Item Description: | Also issued in print: 2024. |
| Physical Description: | 1 online resource : illustrations. |
| Audience: | Specialized. |
| Bibliography: | Includes bibliographical references and index. |
| ISBN: | 9780191767289 019176728X |