The Myth Of The Rational Market
DOWNLOAD
Download The Myth Of The Rational Market PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get The Myth Of The Rational Market book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
The Myth Of The Rational Market
DOWNLOAD
Author : Justin Fox
language : en
Publisher: Harriman House
Release Date : 2013-10
The Myth Of The Rational Market written by Justin Fox and has been published by Harriman House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10 with Business & Economics categories.
Chronicling the rise and fall of the efficient market theory and the century-long making of the modern financial industry, Justin Fox's "The Myth of the Rational Market" is as much an intellectual whodunit as a cultural history of the perils and possibilities of risk. The book brings to life the people and ideas that forged modern finance and investing, from the formative days of Wall Street through the Great Depression and into the financial calamity of today. It's a tale that features professors who made and lost fortunes, battled fiercely over ideas, beat the house in blackjack, wrote bestselling books, and played major roles on the world stage. It's also a tale of Wall Street's evolution, the power of the market to generate wealth and wreak havoc, and free market capitalism's war with itself. The efficient market hypothesis - long part of academic folklore but codified in the 1960s at the University of Chicago - has evolved into a powerful myth. It has been the maker and loser of fortunes, the driver of trillions of dollars, the inspiration for index funds and vast new derivatives markets, and the guidepost for thousands of careers. The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock's value. That myth is crumbling. Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who no longer teach that investors are rational or that the markets are always right. Many of them now agree with Yale professor Robert Shiller that the efficient markets theory "represents one of the most remarkable errors in the history of economic thought." Today the theory has given way to counterintuitive hypotheses about human behavior, psychological models of decision making, and the irrationality of the markets. Investors overreact, underreact, and make irrational decisions based on imperfect data. In his landmark treatment of the history of the world's markets, Fox uncovers the new ideas that may come to drive the market in the century ahead.
Myth Of The Rational Market
DOWNLOAD
Author : Justin Fox
language : en
Publisher:
Release Date : 2010
Myth Of The Rational Market written by Justin Fox and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Summary Of Justin Fox S The Myth Of The Rational Market
DOWNLOAD
Author : Everest Media
language : en
Publisher: Everest Media LLC
Release Date : 2022-03-01T21:00:00Z
Summary Of Justin Fox S The Myth Of The Rational Market written by Everest Media and has been published by Everest Media LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-01T21:00:00Z with Business & Economics categories.
Please note: This is a companion version & not the original book. Sample Book Insights: #1 After the theft of his manuscript, Yale University economics professor Irving Fisher went right back to work. He had a habit of overcoming setbacks that might cause a lesser person to despair. His ideas began to have an impact in his lifetime, and after his death, they took off. #2 The idea that the stock market is a place of pure rationality was first put forward by Irving Fisher in the 1920s. However, this idea was not unique to him. In Paris, mathematics student Louis Bachelier studied the price fluctuations on the Paris Bourse in a similar spirit. #3 Bachelier used the assumptions of the bell curve to depict price movements on the Paris exchange. He began with the insight that the mathematical expectation of the speculator is zero, and that price changes in an instant are unpredictable in direction but predictably small. #4 When he died in 1946, one year before Irving Fisher, no one on the trading floor was making use of his ideas. His colleagues were nonplussed by his interest in markets.
Myth Of The Rational Market A Hitory Of Risk Reward And Dellusion On Wall Street
DOWNLOAD
Author : Justin Cox
language : en
Publisher:
Release Date :
Myth Of The Rational Market A Hitory Of Risk Reward And Dellusion On Wall Street written by Justin Cox and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Modern investing know-how is founded on the efficient market hypothesis, which holds that markets are rational and, therefore, difficult to beat. Originally codified in the 1960s at the University of Chicago, the efficient market theory became accepted wisdom for both academicians and market players. This theory has been the driver of trillions of investment dollars, the inspiration for index funds and vast new derivatives markets the world over. The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock's value. The great financial crash of 2008 has forced the investment world to ask the heretical question whether the theory is, in fact, wrong. A hugely acclaimed international bestseller, The Myth of the Rational Market is a fascinating exploration of how and whether the efficient market theory is seriously flawed. The answer could affect how the world invests - and how you should. Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who now agree with Yale professor Robert Shiller that the efficient market theory 'represents one of the most remarkable errors in the history of economic thought.' The new thinking holds that investors overreact, under react, and make irrational decisions based on imperfect data. In his landmark book, Fox uncovers the new ideas that may come to drive the market in the century ahead. So, is your existing investment knowledge flawed? Do investors need to update themselves with new knowledge in order to profit in the contemporary markets? Read this book and decide for yourself; it may be the most important investment decision you will ever make.
Capital Ideas Evolving
DOWNLOAD
Author : Peter L. Bernstein
language : en
Publisher: Wiley + ORM
Release Date : 2011-01-31
Capital Ideas Evolving written by Peter L. Bernstein and has been published by Wiley + ORM this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-31 with Business & Economics categories.
"A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading. This fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era." John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing "Just as Dante could not have understood or survived the perils of the Inferno without Virgil to guide him, investors today need Peter Bernstein to help find their way across dark and shifting ground. No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. He is the only person who could have written this book; thank goodness he did." Jason Zweig, Investing Columnist, Money magazine "Another must-read from Peter Bernstein! This well-written and thought-provoking book provides valuable insights on how key finance theories have evolved from their ivory tower formulation to profitable application by portfolio managers. This book will certainly be read with keen interest by, and undoubtedly influence, a wide range of participants in international finance." Dr. Mohamed A. El-Erian, President and CEO of Harvard Management Company, Deputy Treasurer of Harvard University, and member of the faculty of the Harvard Business School "Reading Capital Ideas Evolving is an experience not to be missed. Peter Bernstein's knowledge of the principal characters-the giants in the development of investment theory and practice-brings this subject to life." Linda B. Strumpf, Vice President and Chief Investment Officer, The Ford Foundation "With great clarity, Peter Bernstein introduces us to the insights of investment giants, and explains how they transformed financial theory into portfolio practice. This is not just a tale of money and models; it is a fascinating and contemporary story about people and the power of their ideas." Elroy Dimson, BGI Professor of Investment Management, London Business School "Capital Ideas Evolving provides us with a unique appreciation for the pervasive impact that the theory of modern finance has had on the development of our capital markets. Peter Bernstein once again has produced a masterpiece that is must reading for practitioners, educators and students of finance." Andr F. Perold, Professor of Finance, Harvard Business School
Hedgehogging
DOWNLOAD
Author : Barton Biggs
language : en
Publisher: John Wiley & Sons
Release Date : 2011-01-11
Hedgehogging written by Barton Biggs and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-11 with Business & Economics categories.
Rare is the opportunity to chat with a legendary financial figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
The Myth Of Democratic Failure
DOWNLOAD
Author : Donald A. Wittman
language : en
Publisher: University of Chicago Press
Release Date : 1995
The Myth Of Democratic Failure written by Donald A. Wittman and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Political Science categories.
In The Myth of Democratic Failure, Donald A. Wittman refutes one of the cornerstone beliefs of economics and political science: that economic markets are more efficient than the processes and institutions of democratic government.
How Markets Fail
DOWNLOAD
Author : Cassidy John
language : en
Publisher: Penguin UK
Release Date : 2013-01-31
How Markets Fail written by Cassidy John and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-31 with Business & Economics categories.
How did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.
Markets Against Modernity
DOWNLOAD
Author : Ryan H. Murphy
language : en
Publisher: Rowman & Littlefield
Release Date : 2019-11-08
Markets Against Modernity written by Ryan H. Murphy and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-08 with Business & Economics categories.
In Markets Against Modernity, economist Ryan Murphy documents a clear continuity between the systematic errors people make in their personal lives and the gaps between public opinion and informed opinion. These errors cluster around specific divergences between how the modern world’s institutions function—including global markets, pluralistic democracy, and even science itself—and how evolution trained our brains to understand the nature of economic relationships, social relationships, and humanity’s relationship to the physical world. Murphy calls these systematic divergences Ecological Irrationality. Exploring them leads him to even more prickly questions—and to conclusions that may challenge the beliefs of those who understand that, for instance, modern vaccines are safe and effective. Do we actually want a less cohesive society? Is doing a task yourself financially prudent? And if we recognize an expert consensus, is there even a way to implement it and achieve the desired effects?
Imperfect Knowledge Economics
DOWNLOAD
Author : Roman Frydman
language : en
Publisher: Princeton University Press
Release Date : 2023-09-26
Imperfect Knowledge Economics written by Roman Frydman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-26 with Business & Economics categories.
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.