The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street

Description

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.

Disclaimer:
Contents of this page are indexed from the Internet. All actions are under your responsability. Email us to report illegal contents or external links and we'll remove them immediately.

Please check the description for download links if any or do a search to find alternative books.

Can't Download?
Please search mirrors if you can't find download links for "The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street" in "Description" and someone else may update the links. Check the comments when back to find any updates.

Search Mirrors
Maybe some mirror pages will be helpful, search this book at top of this page or click here to find more info.

1. Ebooks list page : 3387
2. The Investing Revolutionaries: How the World's Greatest Investors Take on Wall Street and Win in Any Market
3. The Market Maker's Edge: Day Trading Tactics from a Wall Street Insider
4. Wall Street Meat: My Narrow Escape from the Stock Market Grinder
5. The Wall Street Primer: The Players, Deals, and Mechanics of the U.S. Securities Market
6. Undue Influence How the Wall Street Elite Puts the Financial System at Risk
7. Undue.Influence.How.the.Wall.Street.Elite.Puts.the.Financial.System.at.Risk
8. Undue Influence: How the Wall Street Elite Puts the Financial System at Risk
9. Wall Street: A History
10. Dave Kansas - The Wall Street Journal Guide to the End of Wall Street as We Know It
11. The New Reality of Wall Street: An Investor's Survival Guide to Triple Waterfalls and Other Stock Market Perils
12. The New Reality of Wall Street: An Investor's Survival Guide to Triple Waterfalls and Other Stock Market Perils { Repost }
13. Undue Influence : How the Wall Street Elite Puts the Financial System at Risk
14. [share_ebook] Wall Street Veteran Reveals 12 Investment Mistakes Behind Market Decline
15. Wall Street: A History : From Its Beginnings to the Fall of Enron
16. Every Man a Speculator: A History of Wall Street in American Life