An evolutionary approach to the examination of capital market efficiency

Joachim Coche ()
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Joachim Coche: DG Bank Frankfurt, Am Platz der Republik, D-60325 Frankfurt am Main, Germany

Journal of Evolutionary Economics, 1998, vol. 8, issue 4, 357-382

Abstract: The paper investigates capital market efficiency on basis of an evolutionary model of asset pricing. Participants of capital markets are considered as organizations in the sense of Nelson and Winter (1982). Behavior of these organizations is described by routines. Routines are regular and predictable behavioral patterns, which determine how individuals gather information, form expectations, and order assets. The participants change their behavior by innovating new routines or by imitating routines of other participants.

Keywords: Capital market efficiency; Interacting agents; Routines (search for similar items in EconPapers)
JEL-codes: C63 D80 G12 (search for similar items in EconPapers)
Date: 1999-01-29
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