How Did Financial-Crisis-Based Criticisms of Market Efficiency Get it so Wrong?

Szafarz, Ariane

doi:10.2139/ssrn.1510444

SSRN Journal

2009

DOI: 10.2139/ssrn.1510444

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How Did Financial-Crisis-Based Criticisms of Market Efficiency Get it so Wrong?

Ariane Szafarz

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“… 11 In the same line of argument, Szafarz (2009 and 2012) discusses potential responsibilities for crises in efficient financial markets.…”

mentioning

confidence: 99%

Identifying economic crises: insights from history

Scheemaekere

Oosterlinck

Szafarz

2015

Financial History Review

Self Cite

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Economists have been blamed for their inability to forecast and address crises. This article attributes this inability to intertwined factors: the lack of a coherent definition of crises, the reference-class problem, the lack of imagination regarding the nature of future crises and sample-selection biases. Specifically, economists tend to adapt their views on crises to recent episodes, and omit averted and potential crises. Threshold-based definitions of crises run the risk of being ad hoc. Using historical examples, this article highlights some epistemological shortcomings of the current approach.

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“… 11 In the same line of argument, Szafarz (2009 and 2012) discusses potential responsibilities for crises in efficient financial markets.…”

mentioning

confidence: 99%

Identifying economic crises: insights from history

Scheemaekere

Oosterlinck

Szafarz

2015

Financial History Review

Self Cite

View full text Add to dashboard Cite

show abstract

scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.

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How Did Financial-Crisis-Based Criticisms of Market Efficiency Get it so Wrong?

Cited by 1 publication

References 73 publications

Identifying economic crises: insights from history

Identifying economic crises: insights from history

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