The Evolution of Equilibria in Irrational Markets - Theoretical Economics Letters

TEL > Vol.7 No.7, December 2017

The Evolution of Equilibria in Irrational Markets ()

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DOI: 10.4236/tel.2017.77141 657 Downloads 1,264 Views

Author(s)

Guo Ying Luo

Affiliation(s)

DeGroote School of Business, McMaster University, Hamilton, Canada.

ABSTRACT

This paper reviews the articles with the focus on the validation of the notions of different equilibria in irrational markets. In all those articles, the evolutionary idea of natural selection is used to explain the eventual occurrences of different equilibria in different market processes where individuals are irrational. The future research direction in this area is also mentioned.

KEYWORDS

Evolution, Market Rationality, Natural Selection, Market Efficiency, Irrationality

Share and Cite:

Luo, G. (2017) The Evolution of Equilibria in Irrational Markets. Theoretical Economics Letters, 7, 2081-2088. doi: 10.4236/tel.2017.77141.

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