Beyond Equilibrium & Efficiency Sfissc - Santa Fe Inst Stu Sci
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Beyond Equilibrium & Efficiency Sfissc - Santa Fe Inst Stu Sci

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This text presents thoughts on market efficiency, using a complex systems approach to move past equilibrium models and quantify the actual efficiency of markets. The older view that markets are perfectly efficient has come under attack from several different directions, including studies of market anomalies, human psychology, bounded rationality, agent-based modelling, and evolutionary game theory. This volume brings together some of the best economists, physicists, and biologists working on quantitative models of complex, self-organized behaviour relevant to measuring marketing efficiency, to...