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How do Conflicting Theories about Financial Markets Coexist?

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  • Wesley Phoa
  • Sergio Focardi
  • Frank Fabozzi

Abstract

There are many conflicting interpretations of security prices and price determination in financial markets. They range from academic theories based on efficient markets and rational expectations hypotheses, to more traditional methods of fundamental analysis, to theories of "value" and "growth" investing, to chart-reading and technical analysis, to notions such as "reflexivity." These interpretations are logically inconsistent with each other, but they seem to co-exist, sometimes even on the same trading desk. In this paper, we seek to formulate an explanation for this strange coexistence, using some tools from critical theory to understand how financial markets operate. Structuralism is used to analyze various kinds of narratives appearing in the financial literatu

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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number amz2445.

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Date of creation: 01 Apr 2006
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Handle: RePEc:ysm:somwrk:amz2445

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  1. William A. Brock & Steven N. Durlauf, 1997. "A Formal Model of Theory Choice in Science," Research in Economics 97-04-031e, Santa Fe Institute.
  2. Edward W. Piotrowski & Jan Sladkowski & Jacek Syska, . "Interference of quantum market strategies," Departmental Working Papers 11, University of Bialtystok, Department of Theoretical Physics.
  3. Solow,Robert M., 1998. "Monopolistic Competition and Macroeconomic Theory," Cambridge Books, Cambridge University Press, number 9780521623384.
  4. Sheffrin,Steven M., 1996. "Rational Expectations," Cambridge Books, Cambridge University Press, number 9780521479394.
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Cited by:
  1. Sergio Focardi & Frank Fabozzi, 2009. "Black swans and white eagles: on mathematics and finance," Computational Statistics, Springer, vol. 69(3), pages 379-394, July.

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