From a computation-theoretic standpoint, this paper formalizes the notion of unpredictability in the efficient market hypothesis (EMH) by a biological-based search program, i.e., genetic programming (GP). This formalization differs from the traditional notion based on probabilistic independence...

In this paper, we propose a new architecture to study artificial stock markets. This architecture rests on a mechanism called "school" which is a procedure for mapping the phenotype to the genotype or, in plain English, to uncover the secret of success. We propose an agent-based model of school,...

The relationship between competitiveness and market performance has been discussed for a long time. In a competitive economic environment, each firm or individual is unable to influence the market. It has been mentioned in the economics courses that the competitive market is more efficient and...