Question
The EMH has nothing to do with the rationality of individual market participants, it is the statistical result of a very large number of mutually
The EMH has nothing to do with the "rationality" of individual market participants, it is the statistical result of a very large number of mutually agreeable transactions made with fairly complete information. In what way could "behavioural finance" possibly undermine an argument about statistical market efficiency?
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
