Benink, Harald A.; Gordillo, José Luis; Pardo, Juan Pablo - In: Journal of Empirical Finance 17 (2010) 4, pp. 668-688
An agent-based artificial financial market (AFM) is used to study market efficiency and learning in the context of the Neo-Austrian economic paradigm. Efficiency is defined in terms of the "excess" profits associated with different trading strategies, where excess is defined relative to a...