This paper develops a general continuous-time evolutionary finance model with time-dependent\r\nstrategies based on evolutionary game theory. We show that the continuous model, which is a limit of a\r\ngeneral discrete model, is well-defined and if there exists one completely diversified strategy in the\r\nmarket, then there is no sudden bankruptcy. We study in detail, a deterministic evolutionary bond\r\nmarket and certify that a bond market is evolutionary stable if and only if the total returns across all\r\nassets are the same. By this way, we derive an explicit expression for the bond valuation and provide\r\nan approach to recover the benchmark interest rate from an effective bond market.
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