An in-depth look at how to account for the human complexities at the heart of today's financial systemOur economy may have recovered from the Great Recession-but not our economics. In The End of Theory, Richard Bookstaber discusses why the human condition and the radical uncertainty of our world...

This chapter takes as its starting point the idea that any model of the economy must have heterogeneous agents. Such agents together form a complex adaptive system where the aggregate behavior emerges from the interaction between the individuals. Such systems do not lend themselves to being...

Frontmatter -- Contents -- Streetwise -- Introduction -- PART ONE: Market Behavior -- Challenge to Judgment (Fall 1974) -- The Dividend Puzzle (Winter 1976) -- The Capital Asset Pricing Model and the Market Model (Winter 1981) -- Factors in New York Stock Exchange Security Returns, 1931-1979...