{"id":"https://openalex.org/W7225270472","doi":"https://doi.org/10.5281/zenodo.23939886","title":"The Axiomatic Theory of Financial-Market Valuation, Human-Welfare Divergence and Agentic Systemic Risk","display_name":"The Axiomatic Theory of Financial-Market Valuation, Human-Welfare Divergence and Agentic Systemic Risk","publication_year":2026,"publication_date":"2026-11-04","ids":{"openalex":"https://openalex.org/W7225270472","doi":"https://doi.org/10.5281/zenodo.23939886"},"language":"en","primary_location":{"id":"doi:10.5281/zenodo.23939886","doi":"https://doi.org/10.5281/zenodo.23939886","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23939886","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},"volume":null,"type":"article","indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.5281/zenodo.23939886","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5125642896","display_name":"Marco Patrone","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Patrone, Marco","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5125642896"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.89423853,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.3467000126838684,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.3467000126838684,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.11320000141859055,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.08089999854564667,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5978000164031982},{"id":"https://openalex.org/C125773388","wikidata":"https://www.wikidata.org/wiki/Q792542","display_name":"Axiomatic system","level":3,"score":0.5332000255584717},{"id":"https://openalex.org/C167729594","wikidata":"https://www.wikidata.org/wiki/Q17736","display_name":"Axiom","level":2,"score":0.5059999823570251},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.4009999930858612},{"id":"https://openalex.org/C207390915","wikidata":"https://www.wikidata.org/wiki/Q1230525","display_name":"Divergence (linguistics)","level":2,"score":0.3995000123977661},{"id":"https://openalex.org/C31772880","wikidata":"https://www.wikidata.org/wiki/Q2666479","display_name":"Rational agent","level":2,"score":0.3806000053882599},{"id":"https://openalex.org/C14224292","wikidata":"https://www.wikidata.org/wiki/Q13600188","display_name":"Conceptual framework","level":2,"score":0.3686999976634979},{"id":"https://openalex.org/C73374054","wikidata":"https://www.wikidata.org/wiki/Q2995667","display_name":"Economic stability","level":2,"score":0.3675999939441681},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.3553999960422516},{"id":"https://openalex.org/C116222747","wikidata":"https://www.wikidata.org/wiki/Q220888","display_name":"Falsifiability","level":2,"score":0.3472000062465668},{"id":"https://openalex.org/C119693030","wikidata":"https://www.wikidata.org/wiki/Q2180497","display_name":"Economic model","level":2,"score":0.31700000166893005},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.2809000015258789},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.2761000096797943},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.2750999927520752},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26579999923706055},{"id":"https://openalex.org/C2778568292","wikidata":"https://www.wikidata.org/wiki/Q7727275","display_name":"The Conceptual Framework","level":3,"score":0.2623000144958496},{"id":"https://openalex.org/C2779652836","wikidata":"https://www.wikidata.org/wiki/Q1548830","display_name":"Knightian uncertainty","level":3,"score":0.2605000138282776},{"id":"https://openalex.org/C20136886","wikidata":"https://www.wikidata.org/wiki/Q749647","display_name":"Interoperability","level":2,"score":0.2556000053882599},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.25110000371932983}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5281/zenodo.23939886","doi":"https://doi.org/10.5281/zenodo.23939886","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23939886","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},{"id":"doi:10.5281/zenodo.23939887","doi":"https://doi.org/10.5281/zenodo.23939887","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23939887","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"doi:10.5281/zenodo.23939886","doi":"https://doi.org/10.5281/zenodo.23939886","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23939886","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"ANOA":[0,161,200],"\u2014":[1],"Essay":[2],"VIII":[3],"|":[4],"Version":[5],"1.0":[6],"The":[7,48,102,156,245],"Axiomatic":[8],"Theory":[9],"of":[10,76,81,107,206],"Financial-Market":[11],"Valuation,":[12],"Human-Welfare":[13],"Divergence":[14],"and":[15,27,42,57,71,84,99,116,147,178,193,210,232,239,253,261,268,299],"Agentic":[16],"Systemic":[17],"Risk":[18],"This":[19],"independent":[20],"theoretical":[21,275],"working":[22,276],"paper":[23,103,214,246],"develops":[24,105],"an":[25],"axiomatic":[26],"mathematical":[28,120],"framework":[29,89,158],"for":[30,68,257],"examining":[31],"the":[32,74,160,165,204,213],"relationship":[33],"between":[34],"financial-market":[35],"valuation,":[36],"human":[37,58,82,97,216,231,262],"welfare,":[38],"autonomous":[39,126,170,223],"economic":[40,95,180,191,227,259],"agents,":[41],"systemic":[43,100],"stability":[44],"in":[45],"AI-native":[46],"economies.":[47],"research":[49,162,188,255],"demonstrates,":[50],"under":[51],"explicit":[52],"assumptions,":[53],"that":[54],"equity-market":[55],"valuation":[56],"welfare":[59,263],"are":[60,150,283,291],"not":[61,278,292,306],"generally":[62],"equivalent":[63],"objectives.":[64],"It":[65,182],"establishes":[66],"conditions":[67],"their":[69,286],"alignment":[70],"divergence,":[72],"examines":[73],"limitations":[75],"financial":[77,91,112,139,270,301],"prices":[78],"as":[79,218],"indicators":[80],"prosperity,":[83],"introduces":[85,215],"a":[86,219,254],"multidimensional":[87],"accounting":[88],"distinguishing":[90,134],"claims,":[92],"real":[93],"resources,":[94],"representations,":[96],"capabilities,":[98],"risk.":[101],"further":[104],"models":[106],"agentic":[108],"coordination,":[109],"correlated":[110],"decision-making,":[111],"contagion,":[113],"liquidity":[114],"amplification,":[115],"distributed-network":[117],"instability.":[118],"Conditional":[119],"results":[121],"show":[122],"how":[123],"individually":[124],"stable":[125],"components":[127],"may":[128,225],"generate":[129],"unstable":[130],"collective":[131],"dynamics,":[132],"while":[133],"local":[135],"instability":[136],"from":[137],"actual":[138],"collapse.":[140],"Inflationary":[141],"transmission,":[142],"employment":[143],"displacement,":[144],"monetary-policy":[145],"controllability,":[146],"protocol-based":[148],"stabilization":[149],"examined":[151],"through":[152],"explicitly":[153],"conditional":[154,284],"models.":[155],"extended":[157],"connects":[159],"programme":[163],"with":[164,186,194],"emerging":[166],"Machine-Native":[167],"Economy,":[168],"including":[169],"intelligence,":[171],"programmable":[172],"payments,":[173],"computational":[174],"infrastructure,":[175],"distributed":[176],"applications,":[177],"interoperable":[179],"networks.":[181],"draws":[183],"conceptual":[184],"comparisons":[185],"BlackRock's":[187],"on":[189,285],"machine-native":[190],"infrastructure":[192],"institutional":[195,221,233,309],"financial-stability":[196],"literature.":[197],"Building":[198],"upon":[199],"Essays":[201],"I\u2013VII,":[202],"particularly":[203],"theory":[205],"Global":[207],"Protocol":[208],"Federalism":[209],"Constitutional":[211],"Order,":[212],"custodianship":[217],"fundamental":[220,235],"constraint:":[222],"systems":[224],"execute":[226],"operations,":[228],"but":[229],"legitimate":[230],"authority,":[234],"rights,":[236],"accountability,":[237],"contestability,":[238],"effective":[240],"remedies":[241],"must":[242],"remain":[243],"protected.":[244],"proposes":[247],"falsifiable":[248],"hypotheses,":[249],"financial-network":[250],"stress-testing":[251],"methods,":[252],"agenda":[256],"evaluating":[258],"resilience":[260],"beyond":[264],"conventional":[265],"market":[266,294],"capitalization":[267],"aggregate":[269],"indicators.":[271],"Research":[272],"status:":[273],"Independent":[274],"paper,":[277],"peer":[279],"reviewed.":[280],"Mathematical":[281],"findings":[282],"stated":[287],"assumptions.":[288],"Numerical":[289],"illustrations":[290],"empirical":[293],"estimates.":[295],"References":[296],"to":[297],"BlackRock":[298],"public":[300],"institutions":[302],"indicate":[303],"analytical":[304],"comparison,":[305],"endorsement":[307],"or":[308],"affiliation.":[310],"Copyright:":[311],"\u00a9":[312],"2026":[313],"Marco":[314],"Patrone.":[315],"All":[316],"rights":[317],"reserved.":[318]},"counts_by_year":[],"updated_date":"2026-11-05T12:25:35.769452","created_date":"2026-11-05T00:00:00"}