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Evolutionary Behavioural Finance: A Model with Endogenous Asset Payoffs

Igor V. Evstigneev and Mohammad Javad Vanaei

Economics Discussion Paper Series from Economics, The University of Manchester

Abstract: The paper explores financial market dynamics from evolutionary and behavioural perspectives. Most of the studies on this topic deal with models in which asset payo¤s are exogenous and depend only on the underlying stochastic process of states of the world. The present work proposes a model in which the payoffs of assets are endogenous: they depend on the share of total market wealth invested in the asset.

Date: 2022-04
New Economics Papers: this item is included in nep-evo
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