A note on the relationship between market efficiency and adaptability  New evidence from artificial stock markets
Greater genetic diversity characterised by Hurst exponent of 0.5. The presence of more traders is related to a short-memory process. The standard deviation is higher in markets with fewer traders. There is no presence of ARCH effect in the most efficient markets. Market adaptability in line with the null hypothesis of BDS and Kaplan tests.
artificial stock markets efficient market hypothesis adaptive market hypothesis agent-based modelling genetic programming