Financial markets as adaptative ecosystems
| dc.creator | Potters, Marc | |
| dc.creator | Cont, Rama | |
| dc.creator | Bouchaud, Jean-Philippe | |
| dc.date | 1996-09-18 | |
| dc.date | 1997-06-18 | |
| dc.date.accessioned | 2026-07-07T09:02:31Z | |
| dc.date.available | 2026-07-07T09:02:31Z | |
| dc.description | We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: `fat tails' and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems. | |
| dc.description | Revised version, 1 figure added | |
| dc.identifier | https://arxiv.org/abs/cond-mat/9609172 | |
| dc.identifier | http://arxiv.org/abs/cond-mat/9609172 | |
| dc.identifier.uri | http://salesiana.dossiersoluciones.com/handle/123456789/148660 | |
| dc.subject | Condensed Matter | |
| dc.title | Financial markets as adaptative ecosystems | |
| dc.type | text |