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Evolutionary foundations of equilibria in irrational markets

Author: Guo Ying Luo
Publisher: New York, NY : Springer, ©2012.
Series: Studies in economic theory, 28.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables remain static. Many traditional equilibrium models, or equilibria, are established based on the rational behavior of individuals within financial markets, such as traders, market analysts,  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guo Ying Luo
ISBN: 9781461407126 1461407125 1461407117 9781461407119
OCLC Number: 765888783
Description: 1 online resource (xi, 198 pages).
Contents: 1. Evolution, Irrationality and Perfectly Competitive Equilibrium --
2. Evolution, Irrationality and Monopolistically Competitive Equilibrium --
3. Evolution and Informationally Efficient Equilibrium in a Commodity Futures Market --
4. Natural Selection, Random Shocks and Market Efficiency in a Futures Market --
5. Evolution, Noise Traders and Market Efficiency in a One-Sided Auction Market --
6. The Evolution of Money as a Medium of Exchange in a Primitive Economy --
7. Conclusion.
Series Title: Studies in economic theory, 28.
Responsibility: Guo Ying Luo.

Abstract:

The economic concept of equilibrium infers rational participants, yet what happens when analysts and traders behave unpredictably? Darwin takes over. This book shows how traditional economic  Read more...

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