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Why financial markets are inefficient
www.voxeu.org
The efficient market hypothesis – in various forms – is at the heart of modern finance and macroeconomics. This column argues that market efficiency is extremely unlikely even without frictions or irrationality. Why? Because there are multiple equilibria, only one of which is Pareto efficient. For a...
http://www.voxeu.org/article/why-financial-markets-are-inefficient#.UP841rTnNaU.facebook
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