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The Evolution of Equilibria in Irrational Markets
DeGroote School of Business, McMaster University, Hamilton, Canada
- 1 DeGroote School of Business, McMaster University, Hamilton, Canada
Theoretical Economics Letters·Volume 07 (2017)·Pages 2081–2088·Published 21 November 2017·DOI10.4236/tel.2017.77141
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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.
KeywordsEvolutionMarket RationalityNatural SelectionMarket EfficiencyIrrationality
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