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The evolutionary element of markets

Published by The Economist on Fri, 07 Apr 2017


Adaptive Markets: Financial Evolution at the Speed of Thought. By Andrew Lo. Princeton; 483 pages; $37.50 and 31.95.ECONOMISTS have been accused of 'physics envy', an obsession with constructing precise mathematical models instead of studying the real, messy, world. But a new book suggests that economists have been looking at the wrong science; they should have focused on biology.The idea stems from the school of 'behavioural economics' which observes that humans are not the kind of hyper-rational calculating machines that some models rely on them to be. As a result, markets are not always 'efficient''accurately pricing all the available information.When Andrew Lo was a young academic, he presented a paper at a conference which showed that one of the key assumptions of the efficient market hypothesis was not borne out by the data. He was instantly told that he must have made a programming error; his results could not possibly be right.Mr Lo, who is now a professor at MIT, has spent much of his career battling to steer economics away from such narrow-minded thinking. His grand idea is the...Continue reading
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