An important notion that has been debated in financial literature is market heterogeneity. Traditional financial models adopt the popular assumption that markets are efficient and that participants act rationally such that their actions are homogeneous.
We have all heard the expression “cut your losses” whenever it has become evident that we are wasting valuable time and resources on something that is deemed as failing.
One morning, when Gregor Samsa woke from troubled dreams, he found himself transformed in his bed into a horrible vermin. He lay on his armour-like back, and if he lifted his head a little he could see his brown belly, slightly domed and divided by arches.
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