Beyond Mechanical Markets : : Asset Price Swings, Risk, and the Role of the State / / Michael D. Goldberg, Roman Frydman.
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 assu...
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| Superior document: | Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
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| Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2011] ©2011 |
| Year of Publication: | 2011 |
| Edition: | Course Book |
| Language: | English |
| Online Access: | |
| Physical Description: | 1 online resource (288 p.) |
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Table of Contents:
- Frontmatter
- Contents
- Acknowledgments
- What Went Wrong and What We Can Do about It
- PART I. The Critique
- 1. The Invention of Mechanical Markets
- 2.The Folly of Fully Predetermined History
- 3. The Orwellian World of "Rational Expectations"
- 4.The Figment of the "Rational Market"
- 5. Castles in the Air: The Efficient Market Hypothesis
- 6.The Fable of Price Swings as Bubbles
- PART II. An Alternative
- 7. Keynes and Fundamentals
- 8. Speculation and the Allocative Performance of Financial Markets
- 9. Fundamentals and Psychology in Price Swings
- 10. Bounded Instability: Linking Risk and Asset-Price Swings
- 11. Contingency and Markets
- 12. Restoring the Market-State Balance
- Epilogue
- References
- Index