E-Book, Englisch, Band 28, 200 Seiten, eBook
Reihe: Studies in Economic Theory
ISBN: 978-1-4614-0712-6
Verlag: Springer US
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)
irrational
manner, and how does this impact economic equilibria? Contemporary economists have agreed that a process similar to Darwin’s Theory of Natural Selection takes over, whereby equilibria are shaped not by the behavior of individual participants but by an environment outside its control (i.e., an environment with little concern for maximizing profits). It is an environment in which those “selected” produce positive financial gains, but have no regard for how it was obtained or underlying motivations—and those participants suffering losses disappear altogether.
Evolutionary Foundations of Equilibria in Irrational Markets
proves traditional economic equilibria continue to occur despite natural selection in irrational markets. It covers a wide sampling of equilibria under various scenarios, and each chapter addresses the results of these models at an aggregate level. The text is supplemented with charts and figures to drive home key findings and proofs, making it of interest to students and researchers in the areas of economics and behavioral finance.
Zielgruppe
Research
Autoren/Hrsg.
Weitere Infos & Material
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.