3 ms·
EMH that this paper refers to is about financial markets. In other areas of econ, no one is claiming that markets are efficient, in fact most of econ talks abou
by zmk_ 8y ago
EMH that this paper refers to is about financial markets. In other areas of econ, no one is claiming that markets are efficient, in fact most of econ talks about "first best", "second best", "losses in efficiency", etc.