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The myth of the rational market : a history of risk, reward, and delusion on Wall Street / Justin Fox.

by Fox, Justin, 1964-

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New York : Harper Business, c2009.

Rational expectations (Economic theory)

Efficient market theory.

Capital market -- United States -- History.

Economics -- Psychological aspects.

Economics -- History.

Wall Street (New York, N.Y.)

xvi, 382 p. ; 24 cm.

Introduction: It had been working so exceptionally well -- Early days: Irving Fisher loses his briefcase, and then his fortune ; A random walk from Fred Macaulay to Holbrook Working -- The rise of the rational market: Harry Markowitz brings statistical man to the stock market ; A random walk from Paul Samuelson to Paul Samuelson ; Modigliani and Miller arrive at a simplifying assumption ; Gene Fama makes the best proposition in economics -- The conquest of Wall Street: Jack Bogle takes on the performance cult (and wins) ; Fischer Black chooses to focus on the probably ; Michael Jensen gets corporations to obey the market -- The challenge: Dick Thaler gives economic man a personality ; Bob Shiller points out the most remarkable error ; Beating the market with Warren Buffett and Ed Thorp ; Alan Greenspan stops a random plunge down Wall Street -- The fall: Andrei Shleifer moves beyond rabbi economics ; Mike Jensen changes his mind about the corporation ; Gene Fama and Dick Thaler knock each other out -- The anatomy of a financial crisis.

Examines the rise and fall of the efficient markets theory, the development of modern finance, and the rise of behavioral economics, in an account that draws on interviews with top thinkers while demystifying the ideas that forged the modern market.

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