Beyond Equilibrium and Efficiency
ISBN: 9780195150957 | 0195150953
Format: PaperbackPublisher: Oxford Univ Pr
Pub. Date: 6/30/2013
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This book presents recent thought on market efficiency, using a complex systems approach to move past equilibrium models and quantify the actual efficiency of markets. The older view that markets are perfectly efficient has come under attack from several different directions, including studies of market anomalies, human psychology, bounded rationality, agent-based modeling, and evolutionary game theory. This volume brings together some of the best economists, physicists, andbiologists working on quantitative models of complex, self-organized be... MORE
c Preface a J. Doyne Farmer and John Geanakoplos c Money and Goldstone Modes a Per Bak, Simon F. Norrelykke, and Martin Schubik c Power Laws in Economics and Finance: Some Ideas from Physics a Jean-Phillip Bouchaud c Scaling in Financial Prices: I. Tails and Dependence a Benoit Mandelbrot c Scaling in Financial Prices: II. Multifractals and the Star Equation a Benoit Mandelbrot c Multifractal Returns and Hierarchical Portfolio Theory a J.-F. Muzy, D. Sornett, J. Delour, and A. Arneodo c Financial Markets as Nonlinear Adaptive Evolutionary Syste... MORE
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