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Adaptive Markets: Financial Market Dynamics and Human Behavior
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Unit 0: Welcome to 15.481x!
Course Overview
Syllabus, Course Schedule, and Grading Policy
Homework and Collaboration Guidelines
Unit 1: Introduction and Financial Orthodoxy
Overview and Slides
Lecture: A Taste of Adaptive Markets
Lecture: The Power of Economics and Finance
Tutorial 1: Probability
Tutorial 2: Hog Cycle
Unit 2: Rejecting the Random Walk and Efficient Markets
Overview and Slides
Lecture: The Random Walk Hypothesis
Lecture: Contemporary Tests of the Random Walk
Tutorial: Random Walks and Variance Ratio Tests
Unit 3: Psychology and Behavioral Biases
Overview and Slides
Lecture: Behavioral Biases
Lecture: Psychology and Finance
Tutorial: Utility Theory and Risk Aversion
Unit 4: Neuroscience and Decision-Making
Overview and Slides
Lecture: Neuroscience
Lecture: Rationality
Lecture: Applications to Finance
Unit 5: Evolution and the Origin of Behavior
Overview and Slides
Lecture: Principles of Evolution
Lecture: Behavior and Genetics
Lecture: Sociobiology and Evolutionary Psychology
Tutorial: Maximum and Minimum of IID Random Variables
Unit 6: The Adaptive Markets Hypothesis
Overview and Slides
Lecture: The Origin of Behavior
Lecture: Human and Artificial Intelligence
Lecture: The Adaptive Markets Hypothesis
Tutorial: The Binary Choice Model
Unit 7: Hedge Funds – The Galapagos Islands of Finance
Overview and Slides
Lecture: What is a Hedge Fund?
Lecture: Alpha, Beta and Hedge Fund Replication
Lecture: Implication for the Current Financial Landscape
Tutorial 1: Linear Regression
Tutorial 2: Using Excel for Regressions
Unit 8: Applications of Adaptive Markets
Overview and Slides
Lecture: Hedge Fund Risk and Illiquidity
Lecture: Hedge Funds and Systemic Risk
Lecture: The Confluence of Technology with Human Behavior
Supplemental Lecture: COVID-19, An Adaptive Markets Perspective
Unit 9: The Financial Crisis
Overview and Slides
Lecture: What Happened?
Lecture: Could We Have Avoided the Crisis?
Unit 10: Ethics and Adaptive Markets
Overview and Slides
Lecture: Culture and Evolution
Lecture: The Moral Instinct
Lecture: Morals and Ethics in Practice
Guest Lecture: Prof. Joshua Greene on Ethics
Unit 11: The Future of Finance and the Finance of the Future
Overview and Slides
Lecture: Capitalism
Lecture: The Future of Finance and the Finance of the Future
Supplemental Material: Guest Lectures
Course Conclusion
Course Conclusion and Acknowledgments
