The best simple illustration of the limits of efficient markets is poor queuing. Despite near perfect info (lengths, processing times) people don’t queue rationally
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Not an accurate comparison. There's no easy way for an astute observer to short an irrational queue (no pun intended) enough to change its behaviour. EMH requires exploitability.
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I once got in an argument at a supermarket with three other customers and an employee over their insistence that we form two lines when one was the most efficient
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my favorite example of market limitations is parking lot overstay penalties. there's no downward pressure to limit those fees because no one selects their parking lot based on potential fees since no one expects to incur them by overstaying. regulation is required to limit them
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