Han et. al.,2021 mentioned
In particular, the evolutionary predominance of investors who adopt active strategies provides a social explanation for anomalies such as the lottery, volatility, beta, and IPO effects in capital market equilibrium
I am wondering what does "evolutionary predominance" mean?
evolutionary is gradually develop
predominance is the state or condition of being greater in number or amount
It seems to me that "evolutionary predominance" equals to "increasing important". But when I put this explanation to this context, it makes no sense.