I. Main objectives

(OP1) developing the adaptive preference mechanism to integrate the information available in the market

Relevance to the project: this objective is at the core of the research as it proposes a solution to a problem not yet satisfactorily solved even in AMH, let alone EMH – the mechanism by which available information is integrated by the market, a mechanism based on the concept of adaptive preference;

(OP2) development of a (logical and quantitative) model of price-information-preference co-evolution (PIP modelling)

Relevance to the project: this is the objective that underpins, beyond AMH, the co-evolutionary process that characterises, in the background, the emergence and functioning of the generic financial market;

(OP3) developing the autopoietic financial market model

Relevance to the project: this objective refers to the main conceptual innovation of the project, namely the proposal of an autopoietic model of the financial market (such a model, obviously, is not currently proposed in the literature – for the case of the economic firm there is the proposal of Sidney Winter and Richard Nelson, and for sociology, there is the model proposed by Niklas Luhmann).

(OP4) Development of the (logical and quantitative) model of the natural (self-sustaining) price on the fine market.

Relevance to the project: it concerns the derivation of the natural (or sustainable) price of the financial market, based on the mathematical condition of sustainability, not optimality (extremization), using the co-evolutionary model of the financial market

II. Related (derived) objectives

a. of a conceptual nature

(OC1) formulate an informed opinion on the scientificity (i.e. factual testability, in Popper’s sense) of the standard EMH hypothesis (the issue is addressed, relatively disparately, in the literature);

b. methodological

(OC2) formulate an informed opinion on the possibility of using Lotka-Voltera (predator-prey) equations in modelling the “tripartite” co-evolution: information-price-preference in the financial market (sporadically, in the AMH hypothesis, the problem is reached);

c. of an instrumental nature

(OC3) formulate a reasoned view on the possibility of using interval mathematics (not discrete mathematics – interval mathematics maintains continuity, so it is in the crowd of real numbers) in the formalism required by the co-evolutionary model, i.e. the autopoietic hypothesis of the financial market (such an approach does not exist in the literature).

III. Follow-up objectives

(OF1) writing/publication of a minimum of six articles (red and yellow zone, WoS magazines)

(OF2) drafting a research grant applicable for national or international funding.