## https://en.wikipedia.org/wiki/The_Theory_of_Moral_Sentiments


## [REVISITING MARKET EFFICIENCY: THE STOCK MARKET AS A COMPLEX ADAPTIVE SYSTEM](http://www.e-m-h.org/Maub02.pdf) by Michael J. Mauboussin


2001 [Financial Market Efficiency in Coevolutionary Environment](http://people.brandeis.edu/~blebaron/wps/coev.pdf) Blake LeBaron

[Assessing Financial Markets through System Complexity Management](https://www.cftc.gov/sites/default/files/idc/groups/public/@economicanalysis/documents/file/oce_assessingfinancial1213.pdf)
A Dissertation

## [Adaptive Markets: Financial Evolution at the Speed of Thought](https://www.amazon.com/Adaptive-Markets-Financial-Evolution-Thought/dp/0691135142) by Andrew W. Lo (MIT)

Markets adapt indeed when humans at the speed of individual and collective (via narratives) change their views about uncertain future 

[The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective](https://www.researchgate.net/profile/Andrew_Lo/publication/228183756_The_Adaptive_Markets_Hypothesis_Market_Efficiency_from_an_Evolutionary_Perspective/links/54998bde0cf21eb3df60d7a8/The-Adaptive-Markets-Hypothesis-Market-Efficiency-from-an-Evolutionary-Perspective.pdf?origin=publication_detail)
https://alo.mit.edu/book/adaptive-markets/
[Hedge Fund Holdings and StockMarket Efficiency](https://alo.mit.edu/wp-content/uploads/2017/04/Hedge-Fund-Holdings-and-Stock-Market-Efficiency.pdf)
[The growth of relative wealth and the Kelly criterion](https://alo.mit.edu/wp-content/uploads/2017/09/Lo2018_Article_TheGrowthOfRelativeWealthAndTh.pdf)

## [Does Covid-19 Prove the Stock Market Is Inefficient?]()

## check other NODES of Knowen tree

[Inefficient markets and arbitrage](https://knowen.org/nodes/620)
[Quality and uncertainty](https://knowen.org/nodes/24503)

## Andrei Schleifer [Inefficient Markets - an Introduction to Behavioural Finance](https://fernandonogueiracosta.files.wordpress.com/2015/08/shleifer-andrei-inefficient-markets-an-introduction-to-behavioral-finance-oxford-university-press-2000.pdf)

[Psychologists at the Gate: A Review of Daniel Kahneman’s Thinking, Fast and Slow](https://pubs.aeaweb.org/doi/pdfplus/10.1257/jel.50.4.1080)