Daniel Kahneman and Olivier Sibony: Noise
The Book Club
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Is There a Market in Noise Audits?
Noise in economics is the idea that, for example, Head Fund Management and so on are noisy. The problem with noise is if you and I are not on both sides of the same trade, but are supposedly interchangeable analysts deciding whether to buy or sell a security. There is a lot of noise in the way your analysts are making those evaluations. A new secondary market in noise-allegiting emerging? We think a market is emerging.
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