The Price Impact and Survival of Irrational Traders
论证非理性交易者的价格影响与长期生存是独立概念，即使财富趋近于零，他们仍能显著影响资产价格，且其投资策略在价格趋近长期极限后仍可能偏离极限。
ABSTRACT Milton Friedman argued that irrational traders will consistently lose money, will not survive, and, therefore, cannot influence long‐run asset prices. Since his work, survival and price impact have been assumed to be the same. In this paper, we demonstrate that survival and price impact are two independent concepts. The price impact of irrational traders does not rely on their long‐run survival, and they can have a significant impact on asset prices even when their wealth becomes negligible. We also show that irrational traders' portfolio policies can deviate from their limits long after the price process approaches its long‐run limit.