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001 978-1-4614-0712-6
003 DE-He213
005 20140220083239.0
007 cr nn 008mamaa
008 111118s2012 xxu| s |||| 0|eng d
020 _a9781461407126
_9978-1-4614-0712-6
024 7 _a10.1007/978-1-4614-0712-6
_2doi
050 4 _aHB71-74
072 7 _aK
_2bicssc
072 7 _aBUS000000
_2bisacsh
082 0 4 _a330
_223
100 1 _aLuo, Guo Ying.
_eauthor.
245 1 0 _aEvolutionary Foundations of Equilibria in Irrational Markets
_h[electronic resource] /
_cby Guo Ying Luo.
264 1 _aNew York, NY :
_bSpringer New York :
_bImprint: Springer,
_c2012.
300 _aXII, 200 p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 1 _aStudies in Economic Theory,
_x1431-8849 ;
_v28
505 0 _a1. 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.
520 _aOne 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, and investing firms, and their ability to maximize profits, no matter the cost.  Yet what happens when these market participants behave in an 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.
650 0 _aEconomics.
650 0 _aEconomics, Mathematical.
650 0 _aFinance.
650 1 4 _aEconomics/Management Science.
650 2 4 _aEconomics/Management Science, general.
650 2 4 _aGame Theory/Mathematical Methods.
650 2 4 _aFinancial Economics.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9781461407119
830 0 _aStudies in Economic Theory,
_x1431-8849 ;
_v28
856 4 0 _uhttp://dx.doi.org/10.1007/978-1-4614-0712-6
912 _aZDB-2-SBE
999 _c100908
_d100908