Complexity of Agents and Complexity of Markets
نویسنده
چکیده
In this study we rethought efficient market hypothesis from a viewpoint of complexity of market participants’ prediction methods and market price’s dynamics, and examined the hypothesis using simulation results of our artificial market model. As a result, we found the two difference from the hypothesis. (a) Complexity of markets was not fixed, but changed with complexity of agents. (b) When agents increased the complexity of their prediction methods, structure of dynamic patterns of market price didn’t disappear, but it can’t be described by equation of any dimensions.
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تاریخ انتشار 2001