Beyond Equilibrium and Efficiency

J. Doyne Farmer, John Geanakoplos
Oxford University Press, 2005
Level: advanced
Perspective: Complexity Economics, Other
Topic: Other
page count: 352 pages
ISBN: 9780195150957


This book presents recent thought on market efficiency, using a complex systems approach to move past equilibrium models and quantify the actual efficiency of markets. The older view that markets are perfectly efficient has come under attack from several different directions, including studiesof market anomalies, human psychology, bounded rationality, agent-based modeling, and evolutionary game theory. This volume brings together some of the best economists, physicists, and biologists working on quantitative models of complex, self-organized behavior relevant to measuring marketingefficiency, to stimulate new approaches to understanding financial markets.


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