An agent-based artificial financial market (AFM) is used to study market efficiency and learning in the context of the Neo-Austrian economic paradigm. Efficiency is defined in terms of the “excess” profits associated with different trading strategies, where excess is defined relative to a...

Financial crises, such as the Great Financial Crisis of 2007-2009 and the COVID-19 Crisis of 2020-2021, lead to high volatility in financial markets and highlight the importance of the debate on the Efficient Markets Hypothesis, a corollary of which is that in an efficient market it should not...

An oft stated corrollary, sometimes taken as its definition, of the Efficient Markets Hypothesis is that in an efficient market it should not be possible to systematically make excess or abnormal returns. This begs the question of excess or abnormal relative to what? Traditional benchmarks...

Financial crises, such as the Great Financial Crisis of 2007-2009 and the COVID-19 Crisis of 2020-2021, lead to high volatility in financial markets and highlight the importance of the debate on the Efficient Markets Hypothesis, a corollary of which is that in an efficient market it should not...