Phase Transition of Super and Normal Diffusion Phases

Masato Hisakado
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Masato Hisakado: Nomura Hodings, Inc.

Chapter Chapter 3 in Urn Models and Their Applications in Finance, 2025, pp 29-47 from Springer

Abstract: Abstract The Keynesian beauty contest is a popular concept that is used to explain price fluctuations in equity markets Keynes (1936). Keynes described the actions of rational agents in a market using an analogy based on a fictional newspaper contest.

Date: 2025
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DOI: 10.1007/978-981-96-3825-3_3

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