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- W2486384568 abstract "Abstract This chapter examines the implications of trader rationality for the price behavior of financial assets. It argues that rationality imposes few constraints on asset prices. Nonetheless, the market as a whole may in effect learn by transferring wealth across traders with different beliefs, and this market learning may have long-run asset price implications. This finding complements the contribution of Farmer et al. by arguing that it is the interaction mechanism rather than specific agent behaviors that drive the general features of asset price processes." @default.
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- W2486384568 date "2005-10-20" @default.
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- W2486384568 title "Rationality and Selection in Asset Markets" @default.
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- W2486384568 doi "https://doi.org/10.1093/acprof:oso/9780195162592.003.0004" @default.
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