On a Constructive Theory of Markets

Steven D. Moffitt

Papers from arXiv.org

Abstract: This article is a prologue to the article "Why Markets are Inefficient: A Gambling 'Theory' of Financial Markets for Practitioners and Theorists." It presents important background for that article --- why gambling is important, even necessary, for real-world traders --- the reason for the superiority of the strategic/gambling approach to the competing market ideologies of market fundamentalism and the scientific approach --- and its potential to uncover profitable trading systems. Much of this article was drawn from Chapter 1 of the book "The Strategic Analysis of Financial Markets (in 2 volumes)" World Scientific, 2017.

Date: 2018-01
New Economics Papers: this item is included in nep-hme
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1801.02994

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