Rationality Rules

  • Harold L. Vogel


The history of studies on bubbles and crashes is mired in misleading and flawed theory elegantly packaged in mathematical economics approaches that plainly don’t work: That’s because trading is always conducted in an open nonlinear system that noticeably destabilize as extreme market events unfold. Moreover, the underlying and still predominant efficient-market and capital asset pricing models were never designed nor intended to be used as platforms for the study of such events. Flaws in the rationality approach thus run so deep as to render the entire framework—as here surveyed for reference and historical perspective purposes—bereft of any ongoing analytical benefits.


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Authors and Affiliations

  • Harold L. Vogel
    • 1
  1. 1.New YorkUSA

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