Andrew W. Lo


Andrew W. Lo

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Andrew W. Lo is the Charles E. and Susan T. Harris Professor, a Professor of Finance, and the Director of the Laboratory for Financial Engineering at the MIT Sloan School of Management.

Lo's current research spans three areas: evolutionary models of investor behavior and adaptive markets, quantitative models of financial markets, and healthcare finance. Recent projects include: an evolutionary explanation for bias and discrimination, and how to reduce their effects; a new analytical framework for measuring the impact of impact investing; and new statistical tools for predicting clinical trial outcomes, incorporating patient preferences into the drug approval process, and accelerating biomedical innovation via novel business and financing structures.

Lo has published extensively in academic journals (see and his most recent book is Adaptive Markets: Financial Evolution at the Speed of Thought.  His awards include Batterymarch, Guggenheim, and Sloan Fellowships; the Paul A. Samuelson Award; the Eugene Fama Prize; the IAFE-SunGard Financial Engineer of the Year; the Global Association of Risk Professionals Risk Manager of the Year; the Harry M. Markowitz Award; the Managed Futures Pinnacle Achievement Award; one of TIME’s “100 most influential people in the world”; and awards for teaching excellence from both Wharton and MIT. His book Adaptive Markets has also received a number of awards, listed here. He is a Fellow of Academia Sinica; the American Academy of Arts and Sciences; the Econometric Society; and the Society of Financial Econometrics.

Lo is also a principal investigator at the MIT Computer Science and Artificial Intelligence Laboratory, an affiliated faculty member of the MIT Department of Electrical Engineering and Computer Science, an external faculty member of the Santa Fe Institute, and a research associate of the National Bureau of Economic Research. He is a member of the New York Federal Reserve Board’s Financial Advisory Roundtable, FINRA’s Economic Advisory Committee, the National Academy of Sciences Board on Mathematical Sciences and Their Applications, Beth Israel Deaconess Medical Center’s Board of Overseers, and the boards of Roivant Sciences and the Whitehead Institute for Biomedical Research.

Lo holds a BA in economics from Yale University and an AM and PhD in economics from Harvard University.


Lo wins 2021 digital teaching award

Lo wins Jamieson Prize

Pinnacle Achievement Award Given to Lo

GARP honors Lo as Risk Manager of the Year

Lo’s book wins PROSE Award

Markowitz Award given to Lo


"Financially Adaptive Clinical Trials via Option Pricing Analysis."

Chaudhuri, Shomesh E., and Andrew W. Lo. Journal of Econometrics. Forthcoming.

"Financing Fusion Energy."

Alhamdan, Abdullah, Zachery M. Halem, Irene Hernandez, Andrew W. Lo, Manish Singh, and Dennis Whyte. Journal of Investment Management. Forthcoming. Practitioners Digest.

"Identifying and Mitigating Potential Biases in Predicting Drug Approvals."

Xu, Qingyang, Elaheh Ahmadi, Alexander Amini, Daniela Rus, and Andrew W. Lo. Drug Safety. Forthcoming.

"Is It Real or Is It Randomized?: A Financial Turing Test."

Hasanhodzic, Jasmina, Andrew W. Lo, and Emanuele Viola. Journal of Portfolio Management. Forthcoming. SSRN Preprint.

"Macro-Finance Models with Nonlinear Dynamics."

Dou, Winston, Xiang Fang, Andrew W. Lo, and Harald Uhlig. Annual Review of Financial Economics. Forthcoming. SSRN Preprint.

The Adaptive Markets Hypothesis.

Lo, Andrew W., and Ruixun Zhang. Oxford, UK: Oxford University Press, Forthcoming.

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Ideas Made to Matter

Let’s choose collective intelligence over the madness of mobs

Evolution can drive prejudices, MIT Sloan economist Andrew Lo finds. To nurture group wisdom, biases in data sets must be documented and understood.

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Study: Evolutionary forces are behind collective discrimination

Prof. Andrew Lo and co-author created a mathematical model of natural selection on behavior to study the controversial idea of “group selection."

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