TITLE:
The Evolution of Equilibria in Irrational Markets
AUTHORS:
Guo Ying Luo
KEYWORDS:
Evolution, Market Rationality, Natural Selection, Market Efficiency, Irrationality
JOURNAL NAME:
Theoretical Economics Letters,
Vol.7 No.7,
December
8,
2017
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.