Evolutionary foundations of equilibria in irrational markets:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
Springer
2012
|
| Series: | Studies in economic theory
28 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 198 S. graph. Darst. |
| ISBN: | 1461407117 9781461407119 |
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MARC
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| 100 | 1 | |a Luo, Guo Ying |e Verfasser |0 (DE-588)171468945 |4 aut | |
| 245 | 1 | 0 | |a Evolutionary foundations of equilibria in irrational markets |c Guo Ying Luo |
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Record in the Search Index
| _version_ | 1804148752579035136 |
|---|---|
| adam_text | Contents
1
Introduction
.................................................................. 1
References
..................................................................... 4
2
Evolution, Irrationality, and Perfectly Competitive Equilibrium
...... 5
2.1
Introduction
............................................................. 5
2.2
The Model
............................................................... 8
2.3
The Results
.............................................................. 12
2.4
Numerical Illustration
................................................... 24
2.5
Conclusions
............................................................. 27
Appendix
...................................................................... 28
References
..................................................................... 30
3
Evolution, Irrationality, and Monopolistically Competitive
Equilibrium
................................................................... 33
3.1
Introduction
............................................................. 33
3.2
The Model
............................................................... 37
3.2.1
The Demand and Average Cost Functions
..................... 37
3.2.2
The Dynamic Process of Monopolistic Competition
.......... 41
3.3
The Results
.............................................................. 42
3.4
Numerical Illustration
................................................... 44
3.5
Conclusions
............................................................. 47
Appendix A
.................................................................... 48
Appendix
В
.................................................................... 57
References
..................................................................... 58
4
Evolution and Informationally Efficient Equilibrium
in a Commodity Futures Market
........................................... 61
4.1
Introduction
............................................................. 61
4.2
The Model
............................................................... 64
4.2.1
Speculators Types
.............................................. 65
4.2.2
Speculators in the Market Selection Process
.................. 68
4.2.3
The Futures Market Equilibrium
............................... 70
x
Contents
4.3
Convergence of Futures Market to Efficiency
......................... 71
4.4
Conclusions
............................................................. 75
Appendix A
.................................................................... 76
Appendix
В
.................................................................... 82
AppendixC
.................................................................... 84
Appendix
D....................................................................
84
References
..................................................................... 87
5
Natural Selection, Random Shocks, and Market Efficiency
in a Futures Market
.......................................................... 89
5.1
Introduction
............................................................. 89
5.2
Commodity Futures Market
............................................ 93
5.3
Traders Predetermined Behavior Rules
............................... 96
5.4
Numerical Examples and Results
...................................... 98
5.5
Conclusions
............................................................. 102
Appendix A
.................................................................... 103
Appendix
В
.................................................................... 103
References
.....................................................................
Ill
6
Evolution, Noise Traders, and Market Efficiency
in a One-Sided Auction Market
............................................ 113
6.1
Introduction
............................................................. 113
6.2
The Model
............................................................... 117
6.2.1
Traders Prediction Errors
...................................... 117
6.2.2
Traders Wealth Dynamics in the Market Process
............ 119
6.2.3
The Asset Market Equilibrium
................................. 121
6.3
Convergence of the Asset Price to the Fundamental Value
........... 122
6.4
Conclusions
............................................................. 126
Appendix A
.................................................................... 127
Appendix
В
.................................................................... 141
Appendix
С
.................................................................... 150
С.
1
Failure of Convergence with Too Noisy Traders
.............. 151
C.2 Convergence when the Probability of Predicting
the Fundamental Value is Allowed
to be Arbitrarily Close to
1..................................... 151
C.3 Convergence when the Probability of Predicting
the Fundamental Value is Constrained to be Less
than a Number Below
1 ........................................ 153
References
..................................................................... 154
7
The Evolution of Money as a Medium of Exchange
in a Primiti>e Economy
..................................................... 157
7.1
Introduction
............................................................. 157
7.2
Framework
.............................................................. 160
7.2.1
Physical Environment
.......................................... 160
7.2.2
The Trading Sessions
........................................... 161
Contents xi
7.3 Evolution
of Strategies
.................................................. 164
7.3.1
Example
1 :
Random Sampling Among
the Same Population
............................................ 165
7.3.2
The General Class of Dynamics
............................... 166
7.3.3
Equilibria Selection
............................................. 169
7.4
Mutation
................................................................. 175
7.4.1
The General Class of Dynamics
............................... 177
7.4.2
Equilibria Selection with Mutation
............................ 178
7.5
Conclusions
............................................................. 180
Appendix A
.................................................................... 182
Appendix
В
.................................................................... 187
AppendixC
.................................................................... 192
Appendix
D....................................................................
193
References
..................................................................... 194
8
Conclusions
................................................................... 197
Reference
...................................................................... 198
|
| any_adam_object | 1 |
| author | Luo, Guo Ying |
| author_GND | (DE-588)171468945 |
| author_facet | Luo, Guo Ying |
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| bvnumber | BV039818426 |
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| ctrlnum | (OCoLC)731921761 (DE-599)BVBBV039818426 |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre_facet | Hochschulschrift |
| id | DE-604.BV039818426 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:12:08Z |
| institution | BVB |
| isbn | 1461407117 9781461407119 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024678619 |
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| owner_facet | DE-83 DE-355 DE-BY-UBR DE-11 |
| physical | XI, 198 S. graph. Darst. |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Springer |
| record_format | marc |
| series | Studies in economic theory |
| series2 | Studies in economic theory |
| spelling | Luo, Guo Ying Verfasser (DE-588)171468945 aut Evolutionary foundations of equilibria in irrational markets Guo Ying Luo New York, NY [u.a.] Springer 2012 XI, 198 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Studies in economic theory 28 Zugl.: [West Ontario], Univ., Diss., [2012] Gleichgewichtstheorie (DE-588)4071876-1 gnd rswk-swf Auktionsbörse (DE-588)4581728-5 gnd rswk-swf Irrationalität (DE-588)4162427-0 gnd rswk-swf Terminmarkt (DE-588)4184759-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Terminmarkt (DE-588)4184759-3 s Auktionsbörse (DE-588)4581728-5 s Gleichgewichtstheorie (DE-588)4071876-1 s Irrationalität (DE-588)4162427-0 s DE-604 Erscheint auch als Online-Ausgabe 978-1-4614-0712-6 Studies in economic theory 28 (DE-604)BV004683666 28 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024678619&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Luo, Guo Ying Evolutionary foundations of equilibria in irrational markets Studies in economic theory Gleichgewichtstheorie (DE-588)4071876-1 gnd Auktionsbörse (DE-588)4581728-5 gnd Irrationalität (DE-588)4162427-0 gnd Terminmarkt (DE-588)4184759-3 gnd |
| subject_GND | (DE-588)4071876-1 (DE-588)4581728-5 (DE-588)4162427-0 (DE-588)4184759-3 (DE-588)4113937-9 |
| title | Evolutionary foundations of equilibria in irrational markets |
| title_auth | Evolutionary foundations of equilibria in irrational markets |
| title_exact_search | Evolutionary foundations of equilibria in irrational markets |
| title_full | Evolutionary foundations of equilibria in irrational markets Guo Ying Luo |
| title_fullStr | Evolutionary foundations of equilibria in irrational markets Guo Ying Luo |
| title_full_unstemmed | Evolutionary foundations of equilibria in irrational markets Guo Ying Luo |
| title_short | Evolutionary foundations of equilibria in irrational markets |
| title_sort | evolutionary foundations of equilibria in irrational markets |
| topic | Gleichgewichtstheorie (DE-588)4071876-1 gnd Auktionsbörse (DE-588)4581728-5 gnd Irrationalität (DE-588)4162427-0 gnd Terminmarkt (DE-588)4184759-3 gnd |
| topic_facet | Gleichgewichtstheorie Auktionsbörse Irrationalität Terminmarkt Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024678619&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV004683666 |
| work_keys_str_mv | AT luoguoying evolutionaryfoundationsofequilibriainirrationalmarkets |