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
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.
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