Purpose: Recent criticisms of organizational science theory have lamented a lack of depth and a growing “maturity” that is impeding empirical advances. The purpose of this paper is to propose that organizational scientists can address this problem by embracing “evolutionary awareness”...

Efficient market models cannot explain the high level of trading in financial markets in terms of asset portfolio adjustment. It is presumed that much of this excessive trading is irrational noise trading. A corollary is that there must either be irrational traders in the market or rational...