This introductory text is devoted to exposing the underlying
nature of price formation in financial markets as a predominantly
sociological phenomenon that relates individual decision-making to
emergent and co-evolving social and financial structures.
Two different levels of this sociological influence are
considered: First, we examine how price formation results from the
social dynamics of interacting individuals, where interaction
occurs either through the price or by direct communication. Then
the same processes are revisited and examined at the level of
larger groups of individuals.
In this book, models of both levels of socio-finance are
presented, and it is shown, in particular, how complexity theory
provides the conceptual and methodological tools needed to
understand and describe such phenomena. Accordingly, readers are
first given a broad introduction to the standard economic theory of
rational financial markets and will come to understand its
shortcomings with the help of concrete examples. Complexity theory
is then introduced in order to properly account for behavioral
decision-making and match the observed market dynamics.
This book is conceived as a primer for newcomers to the field,
as well as for practitioners seeking new insights into the field of
complexity science applied to socio-economic systems in general,
and financial markets and price formation in particular.
General
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