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Keynesian beauty contest
A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his masterwork, General Theory of Employment Interest and Money (1936), to explain price fluctuations in equity markets. Keynes described the action of rational agents in a market using an analogy based on a contest that was run by a London newspaper where entrants were asked to choose a set of six faces from 100 photographs of women that were the "most beautiful".
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