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  1. Beyond mechanical markets
    asset price swings, risk, and the role of the state
    Autor*in: Frydman, Roman
    Erschienen: c2011
    Verlag:  Princeton University Press, Princeton

    In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral... mehr

     

    In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption--that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role

     

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    Volltext (Connect to this resource online)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 1283001357; 9781283001359; 0691145776; 1400838185; 9780691145778; 9781400838189
    Schlagworte: Securities; Risk; Economic forecasting; Keynesian economics; Global Financial Crisis, 2008-2009; Rational expectations (Economic theory)
    Umfang: Online-Ressource (xv, 285 p), ill
    Bemerkung(en):

    Includes bibliographical references and index

    Cover Page; Title Page; Copyright Page; Table of Contents; Acknowledgmentss; What Went Wrong and What We Can Do about It; The Fatal Flaw; Assuming Away What Matters Most; The Imperfect Knowledge Alternative; Fishermen and Financial Markets; The Survival of the Rational Market Myth; Opening Economics and Finance to Nonroutine Change and Imperfect Knowledge; Imperfect Knowledge Economics and Its Implications; A New Understanding of Asset-Price Swings, Risk, and the Role of the State; Part I - The Critique; 1. The Invention of Mechanical Markets; Economists' Rationality or Markets?

    Was Milton Friedman Really Unconcerned about Assumptions?The Post-Crisis Life of Interacting Robots; Missing the Point in the Economists' Debate; The Distorted Language of Economic Discourse; 2. The Folly of Fully Predetermined History; The Fatal Conceit Revisited; The Pretense of Exact Knowledge; The Economist as Engineer; Staying the Course in the Face of Reason; 3. The Orwellian World of "Rational Expectations"; Muth's Warning Ignored; The Rational Expectations Revolution: Model Consistency as a Standard of Rationality; The Spurious Narrative of Rational Expectations

    A World of Stasis and Thought UniformityEconomists' Rationality and Socialist Planning; 4. The Figment of the "Rational Market"; Pseudo-Diversity in the "Rational Market"; The Irrelevance of the "Rational Market"; Beware of Rational Expectations Models; The Fatal Conceit of the Rational Expectations Hypothesis; 5. Castles in the Air: The Efficient Market Hypothesis; The Market Metaphor; Imagining Markets in a Fully Predetermined World; Samuelson's Doubts; The Illusory Stability of the "Rational Market"; Efficient Market Hypothesis and Asset-Price Swings

    6. The Fable of Price Swings as BubblesReinventing Irrationality; Bubbles in a World of Rational Expectations: Mechanizing Crowd Psychology; A Seductive Narrative of Behavioral Bubbles; Limits to Arbitrage: An Artifact of Mechanistic Theory; The Trouble with Behavioral Bubbles; Forgotten Fundamentals; Part II - An Alternative; 7. Keynes and Fundamentals; Was Keynes a Behavioral Economist?; Imperfect Knowledge and Fundamentals; Are Fundamentals Really Irrelevant in the Beauty Contest?; Fundamentals and Equity-Price Movements: Evidence from Bloomberg's Market Stories

    8. Speculation and the Allocative Performance of Financial MarketsShort-Term and Value Speculators; How Short-Term Speculation Facilitates Value Speculation; Speculation and Economic Dynamism; 9. Fundamentals and Psychology in Price Swings; Bulls, Bears, and Individual Forecasting; Persistent Trends in Fundamentals; Guardedly Moderate Revisions; Price Swings in Individual Stocks and the Market; Price Swings, Genuine Diversity, and Rationality; Sustained Reversals; 10. Bounded Instability: Linking Risk and Asset-Price Swings; The Indispensable Role of Asset-Price Swings in Allocating Capital

    Historical Benchmarks as Gauges of Longer-Term Prospects

    Electronic reproduction; Available via World Wide Web

  2. Beyond mechanical markets
    asset price swings, risk, and the role of the state
    Erschienen: 2011
    Verlag:  Princeton University Press, Princeton, N.J. [u.a.]

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