Financial Markets as Adaptive Ecosystems Export

@misc{citeulike:1175937, abstract = {clearly shows that, despite the lack of an appropriate model, traders have empirically adapted to incorporate some subtle information on the real statistics of price changes. More precisely, a `call' option is such that if the price x(T ) of a given asset at time T (the `maturity') exceeds a certain level x c (the `strike' price), the owner of the option receives the difference x(T ) \Gamma x c . Conversely, if x(T ) ! x c , the contract is lost. To make a long story short [1, 2, 3], if T is...}, author = {Cont, Rama and Potters, Marc and Bouchaud, Jean P.}, citeulike-article-id = {1175937}, citeulike-linkout-0 = {http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.49.8786}, keywords = {adaptivity, al, dynamics, markets, mas}, posted-at = {2007-03-19 14:10:44}, priority = {2}, title = {Financial Markets as Adaptive Ecosystems}, url = {http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.49.8786} }

TY - GEN ID - citeulike:1175937 L3 - citeulike-article-id:1175937 N2 - clearly shows that, despite the lack of an appropriate model, traders have empirically adapted to incorporate some subtle information on the real statistics of price changes. More precisely, a `call' option is such that if the price x(T ) of a given asset at time T (the `maturity') exceeds a certain level x c (the `strike' price), the owner of the option receives the difference x(T ) \Gamma x c . Conversely, if x(T ) ! x c , the contract is lost. To make a long story short [1, 2, 3], if T is... TI - Financial Markets as Adaptive Ecosystems KW - adaptivity KW - al KW - dynamics KW - markets KW - mas AU - Cont, Rama AU - Potters, Marc AU - Bouchaud, Jean UR - http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.49.8786 ER -