The market organism: Long-run survival in markets with heterogeneous traders

DOI10.1016/J.JEDC.2009.01.007zbMath1170.91349OpenAlexW2090412572MaRDI QIDQ2270558

David A. Easley, Lawrence E. Blume

Publication date: 28 July 2009

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jedc.2009.01.007

zbMATH Keywords

general equilibriummarket selection hypothesis

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74)

Related Items (10)

Markets with heterogeneous beliefs: a necessary and sufficient condition for a trader to vanish ⋮ Updating wealth in an asset pricing model with heterogeneous agents ⋮ Market selection and learning under model misspecification ⋮ Market selection: hungry misers and bloated bankrupts ⋮ The dynamics of efficient asset trading with heterogeneous beliefs ⋮ Market selection with an endogenous state ⋮ Evolution and market behavior with endogenous investment rules ⋮ Price manipulation, dynamic informed trading, and the uniqueness of equilibrium in sequential trading ⋮ Long-run heterogeneity in an exchange economy with fixed-mix traders ⋮ Far from the madding crowd: collective wisdom in prediction markets

Cites Work

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• Consumption dynamics in general equilibrium: a characterisation when markets are incomplete
• Evolution and market behavior
• Market Selection and Asymmetric Information
• Systems of Inequalities Involving Convex Functions
• If You're so Smart, why Aren't You Rich? Belief Selection in Complete and Incomplete Markets
• Do Markets Favor Agents able to Make Accurate Predictions?
• Markets with Countably Many Commodities

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