Showing 1 - 10 of 612,811
theory. This new player is econophysics. Econophysics is a very recent movement that is beginning to interest increasing … financial theory. Although they still largely dominate modern financial theory, in the past few years a new “player” has … numbers of financial practionners. To date, no history of econophysics has been produced. This article aims at filling both …
Persistent link: https://www.econbiz.de/10012907162
complex systems theory in the economics and further discusses the methodological contribution of the econophysics in the area … of stock market. To date, the complex systems theory and the methodologies from the econophysics are well-established as …This paper traces the origin and development of the complex systems theory over the course of history, up to its latest …
Persistent link: https://www.econbiz.de/10012966774
The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the...
Persistent link: https://www.econbiz.de/10003914180
Although there are many stock market anomalies which the Efficient Market Hypothesis (EMH) finds difficult to explain, it also has its strengths, and so far no alternative hypothesis has been developed which can explain what the EMH explains but which can also do a better job in explaining the...
Persistent link: https://www.econbiz.de/10012010417
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists’ engagements with other disciplines – e.g. mathematics, statistics,...
Persistent link: https://www.econbiz.de/10011524191
This paper uses the theory of complex systems as a conceptual lens through which to compare the work of Friedrich Hayek … theory of complex systems as a framework for comparing the Hayekian and Ostromian approaches will be shown to serve two other … purposes. First, it can be used to show how one widely-criticised aspect of Hayek's theory of society as a complex system …
Persistent link: https://www.econbiz.de/10012960213
Historians of economic thought are paying greater attention to issues of social ontology (that is, to the assumptions that economists make about the nature of social reality). In this paper, we contribute to this burgeoning literature by exploring the hitherto neglected way in which James...
Persistent link: https://www.econbiz.de/10012868240
This paper develops a response to some of the criticisms that have been made of G.L.S. Shackle's analysis of human decision-making because of its reliance on a Cartesian account of the mind. It is argued that the basis for a response can be found in the work on theoretical psychology developed...
Persistent link: https://www.econbiz.de/10013005194
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists' engagements with other disciplines - e.g. mathematics, statistics,...
Persistent link: https://www.econbiz.de/10011599879
Whatever F.A. Hayek meant by "knowledge" could not have been the justified true belief conception common in the Western intellectual tradition from at least the time of Plato onward. In this brief note, I aim to uncover and succinctly state Hayek's unique definition of knowledge.
Persistent link: https://www.econbiz.de/10011950203