Evolutionary Foundations of Equilibria in Irrational Markets

• Main Author: Luo, Guo Ying (Author)
• Corporate Author: SpringerLink (Online service)
• Format: Electronic eBook
• Language: English
• Published: New York, NY : Springer New York : Imprint: Springer, 2012.
• Series: Studies in Economic Theory, 28
• Subjects: Economic theory.; Macroeconomics.; Economics.; Economic Theory/Quantitative Economics/Mathematical Methods.; Macroeconomics/Monetary Economics//Financial Economics.

One 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...

Table of Contents:

• 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.