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- W2148907787 abstract "Evolutionary game theory provides a fresh perspective on the prospect that agents with heterogeneous expectations might eventually come to agree on a single expectation corresponding to the efficient markets hypothesis. We establish conditions under which agreement on a unique forecast is stable, but also show that persistent heterogeneous expectations can arise if those conditions do not hold. The critical element is the degree of curvature in the payoff weighting functions agents use to value forecasting performance. We illustrate our results in the context of an asset pricing model where a martingale solution competes with the fundamental solution for agents' attention." @default.
- W2148907787 created "2016-06-24" @default.
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- W2148907787 date "2013-06-18" @default.
- W2148907787 modified "2023-09-23" @default.
- W2148907787 title "ON THE EVOLUTIONARY STABILITY OF RATIONAL EXPECTATIONS" @default.
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- W2148907787 doi "https://doi.org/10.1017/s1365100513000059" @default.
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