Imagine a huge greased bowl. Drop a marble in it. The marble will always roll to the bottom of the bowl.
So the initial position of the marble doesn't matter. That's the "free market version".
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Now imagine a bowl smeared with sticky mud. The sticky mud is transaction costs--the marble sticks near where it starts.
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The other two formulations seem to be what happens when there's incentive to tilt the entire bowl, but I'm not an expert.
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. Banned in Sweden. SubGenius, Zhuangist, white-hat troll. Defrocked mathematician. Brain problems.