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en gives a test Consider cost-effective market definition: For information on collectiont, if the base In the collection of information impossible to obtain economic profits, said the market on the t information set is valid (Jensen M. C.,1978). Theory of market efficiency is based on the premise of a series of assumptions Basis. Shleifer suggested that the validity of the theory of the market in On three assumptions: ① investors are rational, and thus a rational assessment Assess the price of securities; ② Even though some investors are irrational, but Transactions in their random, and therefore be able to offset one another on prices Impact; ③ If some investors have the same non-rational, the market will The use of arbitrage pricing mechanism to respond to rational price (Shleifer A,2000).

Reference

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