Introduction -- Evolution, irrationality, and perfectly competitive equilibrium -- Evolution, irrationality, and monopolistically competitive equilibrium -- Evolution and informationally efficient equilibrium in a commodity futures market -- Natural selection, random shocks, and market...

One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables remain static. Many traditional equilibrium models, or equilibria,...

Profit maximization is the usual prerequisite for achievement of a perfectly competitive equilibrium. However, for a long time it has been thought that this principle of profit maximization can be replaced by natural selection. This paper shows analytically that with the market selection...

This paper examines the impact on market efficiency of traders who are behaving conservatively in their trading activities to avoid potential losses. To date, the consensus in the literature has been that the presence of well informed traders is necessary for achieving market efficiency. In...