The paper investigates the minimum level of individual rationality that is needed for market prices to converge toward their equilibrium level. It does so by examining the theoretical and methodological foundations of the 'zero-intelligence' (ZI) agent trading approach, with which Gode and...

In discussing rational choice theory (RCT) as an explanation of demand behavior, Becker (1962, Journal of Political Economy, 70, 1-13) proposed a model of random choice in which consumers pick a bundle on their budget line according to a uniform distribution. This model has then been used in...