Learning and adaptation’s impact on market efficiency
نویسندگان
چکیده
A dynamic model with learning and adaptation captures the evolution in trader beliefs and trading strategies. Through a process of learning and observation, traders improve their understanding of the market. Traders also engage in a process of adaptation by switching between trading strategies based on past performance. The asymptotic properties are derived analytically, demonstrating that convergence to efficiency depends on the model of adaptation. JEL Codes: G14, D82, D83, C61, C62
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