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This book reconciles the existence of technical trading with the Efficient Market Hypothesis. By analyzing a well-known agent-based model, the Santa Fe Institute Artificial Stock Market (SFI-ASM), it finds that when selective forces are weak, financial evolution cannot guarantee that only the fittest trading rules will survive.Its main contribution lies in the application of standard results from population genetics which have widely been neglected in the agent-based community. This has led to various misinterpretations of previous simulation results. The book is able to finally establish the

Equilibrium (Economics) --- Evolutionary economics. --- Financial engineering. --- Rational expectations (Economic theory) --- Econometric models. --- Expectations, Rational (Economic theory) --- Economic forecasting --- Time and economic reactions --- Uncertainty --- Computational finance --- Engineering, Financial --- Finance --- Economics --- Macroeconomics. --- Economic theory. --- Artificial intelligence. --- Operations research. --- Economic history. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Artificial Intelligence. --- Operations Research/Decision Theory. --- History of Economic Thought/Methodology. --- AI (Artificial intelligence) --- Artificial thinking --- Electronic brains --- Intellectronics --- Intelligence, Artificial --- Intelligent machines --- Machine intelligence --- Thinking, Artificial --- Bionics --- Cognitive science --- Digital computer simulation --- Electronic data processing --- Logic machines --- Machine theory --- Self-organizing systems --- Simulation methods --- Fifth generation computers --- Neural computers --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic conditions --- History, Economic --- Operational analysis --- Operational research --- Industrial engineering --- Management science --- Research --- System theory --- Decision making. --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management --- Management decisions --- Choice (Psychology) --- Problem solving --- Decision making --- Econometrics. --- Macroeconomics and Monetary Economics. --- Quantitative Economics. --- Operations Research and Decision Theory. --- History of Economic Thought and Methodology. --- History. --- Economics, Mathematical --- Statistics

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A great variety of complex phenomena in many scientific fields exhibit power-law behaviour, reflecting a hierarchical or fractal structure. Many of these phenomena seem to be susceptible to description using approaches drawn from thermodynamics or statistical mechanics, particularly approaches involving the maximization of entropy. During recent years a good deal of study has been devoted to a nonextensive generalizations of entropy and of Boltzmann-Gibbs statistical mechanics and standard laws in a natural way. The book addresses the interdisciplinary applications of these ideas, and also on various phenomena that could possibly be quantitatively describable in terms of these ideas.

Statistical mechanics. --- Mechanics --- Mechanics, Analytic --- Quantum statistics --- Statistical physics --- Thermodynamics --- Mécanique statistique

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'What is history anyway? Most would say it's what happened in the past, but how far back does the past extend? To the first written sources? To what other forms of evidence reveal about pre-literate civilizations? And what does the term "civilization" mean - an empire, a nation, a city, a village, a family, a lonely hermit somewhere? Why stop with people: shouldn't history also comprise the environment in which they exist, and if so on what scale and how far back? And why stop with the earth and the solar system? Why not go all the way back to the Big Bang itself? This inaugural volume of the SFI Press - and the first of the SFI Press Seminar Series - attempts to address these questions via thoguthful essays on history written by distinguished scholars - including Nobel laurate Murray Gell-Mann - from across a wide range of fields' --

Complexity (Philosophy). --- Evolution (Biology). --- History --- Interdisciplinary research. --- Social evolution. --- Methodology.