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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International Economics
Authors: Robert Carbaugh
15th edition
1285854357, 978-1305177093, 1305177096, 978-1285854359
