ABSTRACT
Starting with a short abstract synthesis of the issue of modelling in the economic field, the chapter examines the sufficient conditions of modelling (logically and quantitatively as well). In such a context, the two very distinct models of financial market (Efficient Market Hypothesis – EMH, and Adaptive Market Hypothesis – AMH, respectively) are analysed in their essence, including the arising problems from their basic assumptions. The core effort of the chapter is focused on the relationship between information and behaviour, by intermediation of the reaction-norm concept. The adaptive preference is further examined under its connections with adaptation/exaptation, selection/self-organizing, niching/succeeding, and exogeneity/endogeneity. Consequently, a structure of the financial market is derived, including the establishment of its genotype and phenotype, which could further put the basic bricks for an autopoietic financial market model. Based on the classical concept of Kuhn-ian paradigm, in the chapter, the two well-known models of the financial market (EMH and AMH, respectively) are analysed and entitled (or not) as financial paradigms.
