2022
DOI: 10.48550/arxiv.2206.05568
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Bounded strategic reasoning explains crisis emergence in multi-agent market games

Abstract: The efficient market hypothesis (EMH), based on rational expectations and market equilibrium, is the dominant perspective for modelling economic markets. However, the most notable critique of the EMH is the inability to model periods of out-of-equilibrium behaviour in the absence of any significant external news. When such dynamics emerge endogenously, the traditional economic frameworks provide no explanation for such behaviour and the deviation from equilibrium. This work offers an alternate perspective expl… Show more

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