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An evolutionary approach to the examination of capital market efficiency

Author

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  • Joachim Coche

    (DG Bank Frankfurt, Am Platz der Republik, D-60325 Frankfurt am Main, Germany)

Abstract

The paper investigates capital market efficiency on basis of an evolutionary model of asset pricing. Participants of capital markets are considered as organizations in the sense of Nelson and Winter (1982). Behavior of these organizations is described by routines. Routines are regular and predictable behavioral patterns, which determine how individuals gather information, form expectations, and order assets. The participants change their behavior by innovating new routines or by imitating routines of other participants.

Suggested Citation

  • Joachim Coche, 1998. "An evolutionary approach to the examination of capital market efficiency," Journal of Evolutionary Economics, Springer, vol. 8(4), pages 357-382.
    • Handle: RePEc:spr:joevec:v:8:y:1998:i:4:p:357-382
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    More about this item

    Keywords

    Capital market efficiency ; Interacting agents ; Routines;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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