Re: Poll on market efficiency

From: John Conover <>
Subject: Re: Poll on market efficiency
Date: Thu, 3 Aug 2000 10:06:38 -0000

<> wrote in message
> FWIW, efficiency in the sense of the EMH, (depending on who is telling
> the story, of course,) gets larger as the system's entropy gets
> larger, (the EMH assumes infinite entropy, i.e., 100% efficiency, as a
> first order approximation; .....etc.


I have thought over your clam of a relationship between "efficiency" and
entropy (=disorder), but fail to see any connection.  If anything, I would
expect a reverse relationship (if any).  Greater order connected to greater

At any rate, one problem with entropy is the need to define a "zero level".
That is, only changes in entropy can be measured.

In chemistry, the 3rd Law establishes (defines) the zero level of entropy.
But what is it in economics/market/or whatever it is we are trying to relate

_______________ooo___(_O O_)___ooo_______________
jim blair ( For a good time call

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