Is the Price Right? Two Nobel Laureates Debate How Markets Work
Chicago Booth Review Podcast
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The Importance of Market Efficiency
In your book, Richard Thales, you talk about the 1987 crash, Black Monday. And you give that as an example of how prices are not right. You say if prices are too variable, they're in some sense wrong. But isn't the idea that efficient markets are supposed to be unpredictable? Yes, but unpredictable doesn't mean rational.
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