Price of missing information

Financial assets (such as stocks) and real assets (such as real estate) are valued based on available information to the evaluator.  There are only two factors that help in the assessment of value - the available information and the valuation process deployed by the evaluator. In a networked world of low information friction, all known information is available to any evaluator. Thus, one has to assume that the variability seen in the valuations conducted by random evaluators is driven only...

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Published on March 25, 2010 15:54
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