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Why Financial Markets Will Remain Marginally Inefficient?

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  • Yi-Cheng Zhang

Abstract

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.

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  • Yi-Cheng Zhang, 2001. "Why Financial Markets Will Remain Marginally Inefficient?," Papers cond-mat/0105373, arXiv.org.
    • Handle: RePEc:arx:papers:cond-mat/0105373
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    Cited by:

    1. Ari Belenkiy, 2001. "Inner Market as a "Black Box"," Papers cond-mat/0106401, arXiv.org.
    2. Challet, Damien, 2008. "Inter-pattern speculation: Beyond minority, majority and $-games," Journal of Economic Dynamics and Control, Elsevier, vol. 32(1), pages 85-100, January.

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