SCOPUS 정보 검색 플랫폼

Complexity

Volumn 8, Issue 2, 2002, Pages 20-23

Are financial markets efficient? Phase transition in the aggregation of information

(4) Berg, Johannes a,d Marsili, Matteo b Rustichini, Aldo c Zecchina, Riccardo a

a ABDUS SALAM INTERNATIONAL CENTRE FOR THEORETICAL PHYSICS (Italy)

b INFM (Italy)

c UNIVERSITY OF MINNESOTA (United States)

d UNIVERSITY OF COLOGNE (Germany)

Author keywords

Agent based models; Complex systems; Disordered systems; Financial markets; Phase transitions

Indexed keywords

EID: 24644452888 PISSN: 10762787 EISSN: 10990526 Source Type: Journal
DOI: 10.1002/cplx.10065 Document Type: Article

Times cited : (5)

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- ω) of prices from returns.

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- The term “efficient” does not refer to the “efficient market hypothesis. The latter refers to the ability of the market to predict future prices, whereas we refer to the ability of the market to aggregate dispersed information, eliminating any opportunity for profitable trading.
- The latter refers to the ability of the market to predict future prices, whereas we refer to the ability of the market to aggregate dispersed information, eliminating any opportunity for profitable trading

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- c is larger with respect to the model with constant wealth. Some details on the analytical calculations may be found in [24].

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- Berg, J.¹ Marsili, M.² Rustichini, A.³ Zecchina, R.⁴

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