2018/01/07 by Steven D. Moffitt, Moffitt, Steven D.
Economics, Econometrics and Finance · #Complex Systems and Time Series Analysis #Econometrics (econ.EM) #Economic theories and models #FOS: Economics and business #General Finance (q-fin.GN) #econ.EM #q-fin.GN
paper · pdf · doi:10.48550/arxiv.1801.02994
21 pages, 2 figures
arxiv created 2018/01/07 · openalex publication_date 2018/01/07 · arxiv updated 2018/01/10 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
This article is a prologue to the article "Why Markets are Inefficient: A Gambling 'Theory' of Financial Markets for Practitioners and Theorists." It presents important background for that article --- why gambling is important, even necessary, for real-world traders --- the reason for the superiority of the strategic/gambling approach to the competing market ideologies of market fundamentalism and the scientific approach --- and its potential to uncover profitable trading systems. Much of this article was drawn from Chapter 1 of the book "The Strategic Analysis of Financial Markets (in 2 volumes)" World Scientific, 2017.