We developed various artificial stock markets populated with different numbers of traders
using a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based …

An agent-based artificial financial market (AFM) is used to study market efficiency and
learning in the context of the Neo-Austrian economic paradigm. Efficiency is defined in terms …

The recent rapid growth of algorithmic high‐frequency trading strategies makes it a very
interesting time to revisit the long‐standing debates about the efficiency of stock prices and …

The relation between market diversity and market efficiency has been studied. Economic
heterogeneity is a fundamental driving force and an essential property in the economic …

In this paper, we propose a new architecture to study artificial stock markets. This
architecture rests on a mechanism called 'school'which is a procedure to map the phenotype …

We build a parsimonious agent-based model under the adaptive market hypothesis (AMH),
which can explain the formation of equilibrium prices and market efficiency dynamics. Our …

This book reconciles the existence of technical trading with the Efficient Market Hypothesis.
By analyzing a well-known agent-based model, the Santa Fe Institute Artificial Stock Market …

Well‐functioning financial markets are key to efficient resource allocation in a capitalist
economy. While many managers express reservations about the accuracy of stock prices …

Purpose This study's goal was to identify how several markets have developed over time
and what determinants have influenced this process, based on adaptive markets hypothesis …

One of the most influential ideas in the past 30 years is the Efficient Markets Hypothesis, the
idea that market prices incorporate all information rationally and instantaneously. However …