Another anti-EMH argument bites the dust: When I started blogging I would occasionally defend the EMH. A num... http://bit.ly/2diS23u
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Replying to @MoneyIllusion
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@MoneyIllusion must distinguish informational efficiency & Pareto efficiency. Markets informationally efficient. Not IMO Pareto efficient1 reply 1 retweet 3 likes -
Replying to @farmerrf @MoneyIllusion
EMH makes no claim of Pareto efficiency, though you are right to remind us.
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Change the name & the thesis will be taken more seriously. Something like: "It's hard to beat the market"
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Yep. But what can we do? Labels have a life of their own.
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EMH must be changed. Emotional reactions to the word "efficient" among practitioners are far too strong.
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Replying to @trengriffin
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@trengriffin@dandolfa@farmerrf@MoneyIllusion I see@ESYudkowsky call them "inexploitable" markets (as opposed to "efficient").2 replies 0 retweets 1 like
"Inexploitable" wider than EMH. Housing prices can predictably go down, but you can't short-sell house.
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