On the Evolution of the Stock Market Efficiency: Evidence From Emerging Markets

The study of market efficiency is one of the most covered topics in the field of financial markets, with the Efficient Market Hypothesis gathering devotees as well as several critics. The perception of markets as agents with an adaptive nature gave rise to the Adaptive Market Hypothesis (AMH). This paper aims to combine this evolutionary view of market efficiency with the need to assess the behavior of emerging markets over the years. The empirical method selected was the Adjusted Market Inef...

You want to play a game?: detecting two personality traits with short-duration mobile games

Evidence of anti-herding in Canadian regional housing markets

The lack of transparency in real estate markets, combined with issues of asset heterogeneity and illiquidity, makes participants particularly susceptible to the influence of behavioral biases. In this paper, I investigated the phenomena of herding and anti-herding in Canada's regional housing markets, using data from February 1986 to November 2023. A comprehensive set of econometric techniques, including sub-sample analysis, rolling window regressions, quantile regressions, and probit regress...

Learning Coordination Through New Actions

In this paper, we provide a novel approach to achieving a desired outcome in a coordination game: the original 2 x 2 game is embedded in a 2 x 3 game where one of the players may use a third action. For a large set of payoff values, only one of the Nash equilibria of the original 2 x 2 game is stable under replicator dynamics. We show that this Nash equilibrium attracts all initial conditions in the interior of the state space for the modified 2 x 3 game. Thus, the existence of a third action...