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To: re3 who wrote (46675)6/13/1999 9:10:00 PM
From: Oblomov  Respond to of 86076
 
_E_fficient _M_arket _H_ypothesis. I should have elaborated.
Some call it the Efficient Market Theorem, but as a mathematician, I
say this title is unwarranted. "Theorem", to me, implies that a
proof exists, but all that economists have been able to offer for
EMH is empirical evidence and models of the market. Although the
work of Fama et al was well-reasoned, I think that there is great
danger in conflating a model with reality.

AA


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