On a Constructive Theory of Markets

Por • 11 ene, 2018 • Sección: Economía

Steven D. Moffitt

Abstract: This article is a prologue to the article “Why Markets are Inefficient: A Gambling ‘Theory’ of Financial Markets for Practitioners and Theorists.” It presents important background for that article — why gambling is important, even necessary, for real-world traders — the reason for the superiority of the strategic/gambling approach to the competing market ideologies of market fundamentalism and the scientific approach — and its potential to uncover profitable trading systems. Much of this article was drawn from Chapter 1 of the book “The Strategic Analysis of Financial Markets (in 2 volumes)” World Scientific, 2017.

arXiv:1801.02994v1 [econ.EM]

Econometrics (econ.EM); General Finance (q-fin.GN)

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