 Evidence for ecological learning and domain specificity in rational asset pricing and market efficiencyJames Goodman Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2014, vol. 48, issue C, 27-39 Abstract: This article is interested in how efficiently individuals can use available information, and if this will translate into efficient outcomes at the market level. Our use of available information in markets is further specified by evolutionary psychology and behavioral ecology, which extend core theory and evidence in behavioral finance throughout the reviewed literature. The survey of the social, biological and physical literature is integrative, and demonstrates how evolved design at the individual level can interact with a market environment that evolves as a complex adaptive system. In general, the analysis also highlights the central importance of complex systems in the study of rational and efficient markets. Keywords: Efficient markets; Information theory; Behavioral ecology; Evolutionary psychology; Social-ecological systems (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:48:y:2014:i:c:p:27-39 DOI: 10.1016/j.socec.2013.10.002 Access Statistics for this article Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) is currently edited by Pablo Brañas Garza More articles in Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) from Elsevier |
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