Adaptive Markets
A new, evolutionary explanation of markets and investor behaviorHalf 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, Adaptive Markets 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, Adaptive Markets is essential reading for anyone who wants to understand how markets really work. Author Biography Andrew W. Lo 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 Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street (both Princeton), among other books.
A new, evolutionary explanation of markets and investor behaviorHalf 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, Adaptive Markets 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, Adaptive Markets is essential reading for anyone who wants to understand how markets really work. Author Biography Andrew W. Lo 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 Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street (both Princeton), among other books.
A new, evolutionary explanation of markets and investor behaviorHalf 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, Adaptive Markets 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, Adaptive Markets is essential reading for anyone who wants to understand how markets really work. Author Biography Andrew W. Lo 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 Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street (both Princeton), among other books.
A new, evolutionary explanation of markets and investor behaviorHalf 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, Adaptive Markets 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, Adaptive Markets is essential reading for anyone who wants to understand how markets really work. Author Biography Andrew W. Lo 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 Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street (both Princeton), among other books.
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Prices last updated 15 May 2026.
Last updated at 15/05/2026 01:21:03
Adaptive Markets: Financial Evolution at the Speed of Thought
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Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew W. Lo | Paperback | 2019
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Adaptive Markets: Financial Evolution at the Speed of Thought By Andrew W Lo
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Adaptive Markets
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Adaptive Markets
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Adaptive Markets, Accounting & Finance Book By Andrew W. Lo, Financial Evolution at the Speed of Thought, English Paperback
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originally posted on audiobookstore.com
Quite a broad and interesting discussion that wends its way through a myriad of initially disjoint topics that ultimately end up at the same place. Finance is a topic that usually glazes my eyes over, but Lo has managed to talk about credit default swaps and what-have-you in a manner that is engaging, sometimes terrifying, sometimes funny; but always on point.Any technical jargon is explained quite clearly & no previous knowledge is assumed - so it's quite accessible to anyone. At times though (and I mean quite frequently), a compendium of figures are referred to. Whilst many are also explained to some degree, the audiobook format doesn't bode so well here. So if you really want to get deep into the book it's probably better to get a hard copy. Either that or ... MoreQuite a broad and interesting discussion that wends its way through a myriad of initially disjoint topics that ultimately end up at the same place. Finance is a topic that usually glazes my eyes over, but Lo has managed to talk about credit default swaps and what-have-you in a manner that is engaging, sometimes terrifying, sometimes funny; but always on point.Any technical jargon is explained quite clearly & no previous knowledge is assumed - so it's quite accessible to anyone. At times though (and I mean quite frequently), a compendium of figures are referred to. Whilst many are also explained to some degree, the audiobook format doesn't bode so well here. So if you really want to get deep into the book it's probably better to get a hard copy. Either that or don't be cycling through forests without some form of futuristic on-demand heads-up display whilst listening.
originally posted on ebay.com
A novel and interesting view of financial markets
Adaptive Markets: Financial Evolution at the Speed of Thought
Free delivery
Affiliate Disclosure: We may receive a small commission for purchases made through this link at no extra cost to you. This helps support our site. Thank you!
Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew W. Lo | Paperback | 2019
Delivery $8.95
Adaptive Markets: Financial Evolution at the Speed of Thought Andrew W. Lo [New] [Softcover]
Delivery $3.24
Andrew Lo W. Adaptive Markets Paperback Book
Delivery between 18–22 May $8.95
Adaptive Markets: Financial Evolution at the Speed of Thought By Andrew W Lo
Free delivery
Quite a broad and interesting discussion that wends its way through a myriad of initially disjoint topics that ultimately end up at the same place. Finance is a topic that usually glazes my eyes over, but Lo has managed to talk about credit default swaps and what-have-you in a manner that is engaging, sometimes terrifying, sometimes funny; but always on point.Any technical jargon is explained quite clearly & no previous knowledge is assumed - so it's quite accessible to anyone. At times though (and I mean quite frequently), a compendium of figures are referred to. Whilst many are also explained to some degree, the audiobook format doesn't bode so well here. So if you really want to get deep into the book it's probably better to get a hard copy. Either that or ... MoreQuite a broad and interesting discussion that wends its way through a myriad of initially disjoint topics that ultimately end up at the same place. Finance is a topic that usually glazes my eyes over, but Lo has managed to talk about credit default swaps and what-have-you in a manner that is engaging, sometimes terrifying, sometimes funny; but always on point.Any technical jargon is explained quite clearly & no previous knowledge is assumed - so it's quite accessible to anyone. At times though (and I mean quite frequently), a compendium of figures are referred to. Whilst many are also explained to some degree, the audiobook format doesn't bode so well here. So if you really want to get deep into the book it's probably better to get a hard copy. Either that or don't be cycling through forests without some form of futuristic on-demand heads-up display whilst listening.
A novel and interesting view of financial markets
