2001/05/18 by Yi-Cheng Zhang, Zhang, Yi-Cheng
Economics, Econometrics and Finance · Physics and Astronomy · #Disordered Systems and Neural Networks (cond-mat.dis-nn) #FOS: Economics and business #FOS: Physical sciences #Trading and Market Microstructure (q-fin.TR) #cond-mat.dis-nn #q-fin.TR
paper · pdf · doi:10.48550/arxiv.cond-mat/0105373
5 pages, 1 figure. based on a speech at Tokyo Econophysics Meeting, Nov 14th 2000
arxiv created 2001/05/18 · arxiv updated 2009/11/30
I summarize the recent work on market (in)efficiency, highlighting key elements why financial markets will never be made efficient. My approach is not by adding more empirical evidence, but giving plausible reasons as to where inefficiency arises and why it's not rational to arbitrage it away.