The Apparent Madness of Crowds: Irrational Collective Behavior Emerging from Interactions among Rational Agents View Full Text


Ontology type: schema:Chapter      Open Access: True


Chapter Info

DATE

2006-01-01

AUTHORS

Sitabhra Sinha

ABSTRACT

Standard economic theory assumes that agents in markets behave rationally. However, the observation of extremely large fluctuations in the price of financial assets that are not correlated to changes in their fundamental value, as well as the extreme instance of financial bubbles and crashes, imply that markets (at least occasionally) do display irrational behavior. In this paper, we briefly outline our recent work demonstrating that a market with interacting agents having bounded rationality can display price fluctuations that are quantitatively similar to those seen in real markets. More... »

PAGES

159-162

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/978-88-470-0502-0_16

DOI

http://dx.doi.org/10.1007/978-88-470-0502-0_16

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1028749215


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