Methodology of examining the efficient markets hypothesis - gradual evolution or paradigmatic leaps?

Metodológia skúmania hypotézy efektívnych trhov - postupná evolúcia alebo paradigmatické skoky?

Michal Vyletelka

E-LOGOS, 2021, vol. 2021, issue 2, 16-25

Abstract: The article reflects the historical progress of the research of the efficient market hypothesis with selected opinions of the methodology of the science. From a scientific study of financial markets, it appears that despite the apparent paradigmatic leaps between the various hypotheses, the level of scientific knowledge has elevated gradually, mainly through the application of new analytical instruments and new testing methods. Contradictory scientific theories originated and were tested in parallel, the difference between their acceptance and rejection lay in the strength of the empirical evidence provided over a given period of time. The development of theories accompanied with ever-growing methodologic framework thus faithfully resembles Toulmin's evolutionary model, while methodological attitudes of Kuhn and Feyerabend appears unsatisfactory.

Keywords: Efficient markets hypothesis; Toulmin'; s evolutionary model; Popper; Kuhn; Feyerabend; falsifiability; hypotéza efektívnych trhov; Toulminov evolučný model; falsifikacionizmus (search for similar items in EconPapers)
Date: 2021
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DOI: 10.18267/j.e-logos.487

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