Efficient-market theory ought, with any methodological justice, to be relegated to the Museum of Nice Tries. But there is no unified replacement theory, and developing one will be arduous, involving empirical and theoretical work on all scales, from the experimental psychology of individual investors, through the institutional constraints under which money managers work, to solving for the aggregated effects of market participants’ interactions.
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ognjen
2009-11-04 18:09
economics
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books
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cshalizi
http://www.americanscientist.org/bookshelf/pub/twilight-of-the-efficient-markets
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simpy
